Company No: 09412788 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Ms E Smith

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

COMPANY NUMBER

09412788 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	43,702		54,149
		43,702		54,149
Current assets
Debtors	4	83,126		68,135
Cash at bank and in hand		119,714		102,917
		202,840		171,052
Creditors: amounts falling due within one year	5	( 63,473)		( 68,463)
Net current assets		139,367		102,589
Total assets less current liabilities		183,069		156,738
Creditors: amounts falling due after more than one year	6	( 37,609)		( 43,859)
Provision for liabilities		( 10,948)		( 13,500)
Net assets		134,512		99,379
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		134,412		99,279
Total shareholders' funds		134,512		99,379

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Milsen Smith Limited (registered number: 09412788) were approved and authorised for issue by the Director on 16 October 2023. They were signed on its behalf by:

Ms E Smith Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Milsen Smith Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The trading address of the Company is Cedar House, Green Lane, Ilsington, Devon TQ13 9RB

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 February 2022	63,668		6,186		69,854
Additions	0		813		813
At 31 January 2023	63,668		6,999		70,667
Accumulated depreciation
At 01 February 2022	10,613		5,092		15,705
Charge for the financial year	10,611		649		11,260
At 31 January 2023	21,224		5,741		26,965
Net book value
At 31 January 2023	42,444		1,258		43,702
At 31 January 2022	53,055		1,094		54,149

4. Debtors

	2023		2022
	£		£
Trade debtors	61,776		56,315
Other debtors	21,350		11,820
	83,126		68,135

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	0		2,599
Amounts owed to director	3,879		2,704
Accruals and deferred income	3,013		34,623
Taxation and social security	49,081		21,227
Obligations under finance leases and hire purchase contracts (secured)	6,250		6,250
Other creditors	1,250		1,060
	63,473		68,463

Secured against the asset to which it concerns.

6. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts (secured)	37,609		43,859

Secured against the asset to which it concerns

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100