1st Millennium Electronics Ltd - Period Ending 2016-11-30

Registration number: 03788514

1st Millennium Electronics Ltd

trading as 1st Millennium Electronics Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

Ashfield Accountancy
Suite 3A
Oriental Road
Woking
Surrey
GU22 7AH

1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Abbreviated Statutory Accounts of
1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
for the Year Ended 30 November 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 1st Millennium Electronics Ltd for the year ended 30 November 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of 1st Millennium Electronics Ltd, as a body, in accordance with the terms of our engagement letterdated 21 January 2013. Our work has been undertaken solely to prepare for your approval the accounts of 1st Millennium Electronics Ltd and state those matters that we have agreed to state to them, as a body, in this report and for no other purpose . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Millennium Electronics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 1st Millennium Electronics 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 of 1st Millennium Electronics Ltd. You consider that 1st Millennium Electronics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 1st Millennium Electronics 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 statutory accounts.

......................................

Ashfield Accountancy
Suite 3A
Oriental Road
Woking
Surrey
GU22 7AH

17 August 2017

Page 1

1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
(Registration number: 03788514)
Abbreviated Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,285			1,294
Current assets
Stocks					150,000			100,000
Debtors					407,032			188,281
Cash at bank and in hand					212,651			355,031
					769,683			643,312
Creditors: Amounts falling due within one year					(435,291)			(417,978)
Net current assets					334,392			225,334
Total assets less current liabilities					335,677			226,628
Provisions for liabilities					(297)			-
Net assets					335,380			226,628
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					335,280			226,528
Shareholders' funds					335,380			226,628

For the year ending 30 November 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 17 August 2017 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
(Registration number: 03788514)
Abbreviated Balance Sheet at 30 November 2016
......... continued

.........................................
S D Read
Company secretary and director

.........................................
I MacDonald
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life.

Asset class	Depreciation method and rate
Plant and machinery	25% on the reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account as incurred over the term of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company contributes to a group personal pension plan.

Page 4

1st Millennium Electronics Ltd
trading as 1st Millennium Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		10,551			10,551
Additions		420			420
At 30 November 2016		10,971			10,971
Depreciation
At 1 December 2015		9,257			9,257
Charge for the year		429			429
At 30 November 2016		9,686			9,686
Net book value
At 30 November 2016		1,285			1,285
At 30 November 2015		1,294			1,294

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary 'A' shares of £1 each		25			25			25			25
Ordinary 'B' shares of £1 each		25			25			25			25
Ordinary 'C' shares of £1 each		25			25			25			25
Ordinary 'D' shares of £1 each		25			25			25			25
		100			100			100			100

Page 5