Ian R McMillan Ltd - Accounts

Ian R McMillan Ltd - Accounts

IAN R MCMILLAN LTD - Company Information

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Registered Number: 08860900
England and Wales

 

 

 

IAN R MCMILLAN LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2021

End date: 31 January 2022

Ian R McMillan Ltd
Contents Page
For the year ended 31 January 2022
Director Ian Robert McMillan
Registered Number 08860900
Registered Office 16 View Close
Biggin Hill
Westerham
Kent
TN16 3XE
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
1
The directors present their annual report and the financial statements for the year ended 31 January 2022.
Principal activities
Principal activity of the company during the financial year was of specialised construction activities
Director
The director who served the company throughout the year was as follows:
Ian Robert McMillan
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.


Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.


In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Ian Robert McMillan
Director

Date approved: 13 April 2022
2
Report to the directors on the preparation of the unaudited statutory accounts of Ian R McMillan Ltd for the year ended 31 January 2022.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ian R McMillan Ltd for the year ended 31 January 2022 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.


As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.


This report is made solely to the Board of Directors of Ian R McMillan Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ian R McMillan Ltd and state those matters that we have agreed to state to the Board of Directors of Ian R McMillan Ltd, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian R McMillan Ltd and its Board of Directors as a body for our work or for this report.


It is your duty to ensure that Ian R McMillan Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Ian R McMillan Ltd.You consider that Ian R McMillan Ltd is exempt from the statutory audit requirement for the year.


We have not been instructed to carry out an audit of the accounts of Ian R McMillan Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements 31 January 2022.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
13 April 2022
3
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 3 1,331    1,775 
1,331    1,775 
Current assets      
Cash at bank and in hand 7,920    7,992 
Creditors: amount falling due within one year 4 (8,109)   (8,770)
Net current liabilities (189)   (778)
 
Total assets less current liabilities 1,142    997 
Provisions for liabilities 5 (253)   (338)
Net assets 889    659 
 

Capital and reserves 		     
Called up share capital 6 1    1 
Profit and loss account 888    658 
Shareholder's funds 889    659 
 


For the year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 13 April 2022 and were signed by:


--------------------------------
Ian Robert McMillan
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 February 2020 1  1,506  1,507 
Profit for the year 21,852  21,852 
Total comprehensive income for the year -  21,852  21,852 
Dividends (22,700) (22,700)
Total investments by and distributions to owners -  (22,700) (22,700)
At 31 January 2021 1  658  659 
At 01 February 2021 1  658  659 
Profit for the year 17,930  17,930 
Total comprehensive income for the year -  17,930  17,930 
Dividends (17,700) (17,700)
Total investments by and distributions to owners -  (17,700) (17,700)
At 31 January 2022 1  888  889 
5
General Information
Ian R McMillan Ltd is a private company, limited by shares, registered in England and Wales, registration number 08860900, registration address 16 View Close, Biggin Hill, Westerham, Kent, TN16 3XE

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

     

3.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 February 2021 4,234    4,234 
Additions -    - 
Disposals -    - 
At 31 January 2022 4,234    4,234 
Depreciation
At 01 February 2021 2,459    2,459 
Charge for year 444    444 
On disposals -    - 
At 31 January 2022 2,903    2,903 
Net book values
Closing balance as at 31 January 2022 1,331    1,331 
Opening balance as at 01 February 2021 1,775    1,775 


5.

Creditors: amount falling due within one year

2022
£		   2021
£
Corporation Tax 4,290    5,238 
Other Creditors 906    894 
Wages & Salaries Control Account 745    730 
Directors Current Account 2,168    1,908 
8,109    8,770 

6.

Provisions for liabilities

2022
£		   2021
£
Deferred Tax 337    450 
Charged to Profit & Loss (84)   (112)
253    338 

7.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
1 Class A share of £1.00 each 1    1 
1    1 

6