Stewart Miller & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI007419 (Northern Ireland)

Stewart Miller & Sons Limited

Unaudited Financial Statements for the Year Ended 28 February 2018

Page

Company information

1

Abridged statement of financial position

2

Notes to the financial statements

4

Directors:

Mrs S Jackson

Mrs. S M Leeming

Mr S Miller

Mr. P S Miller

Mr M S Miller

Mr. R V Weatherup

Secretary:

Mrs S Jackson

Registered office:

95-97 High Street

Hollywood

Co. Down

BT18 9AQ

Registered number:

NI007419 (Northern Ireland)

Accountants:

Exchange Accountancy Services Limited

Chartered Certified Accountants

Second Floor

Murray's Exchange

1-9 Linfield Road

Belfast

BT12 5DR

Fixed assets

Tangible assets

4

1,067,068

1,099,846

Current assets

Stocks

195,729

178,580

Debtors

26,296

25,219

Cash at bank and in hand

370,347

274,470

592,372

478,269

Creditors

Amounts falling due within one year

(325,837

)

(247,002

)

Net current assets

266,535

231,267

Total assets less current liabilities

1,333,603

1,331,113

Capital and reserves

Called up share capital

6

46,667

46,667

Capital redemption reserve

3,333

3,333

Retained earnings

1,283,603

1,281,113

Shareholders' funds

1,333,603

1,331,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income statement and an abridged Statement of financial position for the year ended 28 February 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 October 2018 and were signed on its behalf by:

Mr S Miller - Director

1.	Statutory information

Stewart Miller & Sons Limited is a private company, limited by shares , registered in Northern Ireland.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% Straight line

Plant and machinery etc

-

50% on reducing balance and 25% Reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legal enforceable right to set off the recognised amounts and there is an intention to

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless arrangement constitutes a financing transaction, where the transaction

is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present

value of the future payments discounted at a market rate of interest. Financial liabilities classified as

payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant

risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the

ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at

amortised cost using the effective interest method, less provision for impairment, A provision for the

impairment of trade debtors is established when there is objective evidence that the company will not

be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if the company

does not have an unconditional right, at the end of the reporting period, to defer settlement of the

creditor for at least twelve months after the reporting date. If there is an unconditional right to defer

settlement for at least twelve months after the reporting date, they are presented as non-current

liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at

amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net

of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and

Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest

payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer

settlement of the liability for at least twelve months after the reporting date.

3.	Employees and directors

The average number of employees during the year was 23 (2017 - 22 ) .

4.	Tangible fixed assets

Totals

£

Cost

At 1 March 2017

and 28 February 2018

2,247,774

Depreciation

At 1 March 2017

1,147,928

Charge for year

32,778

At 28 February 2018

1,180,706

Net book value

At 28 February 2018

1,067,068

At 28 February 2017

1,099,846

5.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

87,136

8,672

Danske Bank hold an equitable mortgage, by way of the deposit of title deeds of certain property

owned by the company, in respect of all monies advanced by the bank.

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

46,667

Ordinary

1

46,667

46,667

7.	Ultimate controlling party

By virtue of their shareholdings the directors are the controlling party.