A & B Milligan Limited

Annual Report and Unaudited Financial Statements

Year Ended 31 May 2017

Balance Sheet

31 May 2017

Registration Number: 05428027

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	61,184	61,548
Current assets
Stocks		129,203	107,781
Debtors	5	105,156	129,877
Cash at bank and in hand		954,104	727,234
		1,188,463	964,892
Creditors: Amounts falling due within one year	6	(341,480)	(316,603)
Net current assets		846,983	648,289
Total assets less current liabilities		908,167	709,837
Provisions for liabilities		(9,095)	(9,135)
Net assets		899,072	700,702
Capital and reserves
Called up share capital		100	100
Profit and loss account		898,972	700,602
Total equity		899,072	700,702

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on
12 January 2018 and signed on its behalf by:

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

Mr Stuart Milligan

Director

- 1 -

A & B Milligan Limited

Notes to the Financial Statements

Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
St Crispin House
St Crispin Way
Haslingden
Rossendale
Lancashire
BB4 4PW

The principal place of business is:
Dean Mill
Plumbe Street
Burnley
Lancashire
BB11 3AG

These financial statements were authorised for issue by the Board on 12 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

- 2 -

A & B Milligan Limited

Notes to the Financial Statements

Year Ended 31 May 2017

Tangible assets

Tangible assets is stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

- 3 -

A & B Milligan Limited

Notes to the Financial Statements

Year Ended 31 May 2017

4	Tangible assets

Leasehold
Improvements
£

Motor vehicles
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2016

15,204

1,600

73,801

90,605

Additions

-

-

7,830

7,830

At 31 May 2017

15,204

1,600

81,631

98,435

Depreciation

At 1 June 2016

-

925

28,132

29,057

Charge for the year

-

169

8,025

8,194

At 31 May 2017

-

1,094

36,157

37,251

Carrying amount

At 31 May 2017

15,204

506

45,474

61,184

At 31 May 2016

15,204

675

45,669

61,548

5

Debtors

2017
£

2016
£

Trade debtors

75,607

98,990

Other debtors

29,549

30,887

Total current trade and other debtors

105,156

129,877

6

Creditors

Note

2017
£

2016
£

Due within one year

Trade creditors

16,282

21,355

Taxation and social security

67,732

56,135

Other creditors

7,966

7,407

Directors' loan accounts

249,500

231,706

341,480

316,603

7

Transition to FRS 102

This is the first accounting period the company has prepared financial statements in accordance with FRS 102. There are no adjustments arising on transition from previous UK GAAP to FRS 102.

- 4 -

	Leasehold Improvements £	Motor vehicles £	Plant and machinery £	Total £
Cost or valuation
At 1 June 2016	15,204	1,600	73,801	90,605
Additions	-	-	7,830	7,830
At 31 May 2017	15,204	1,600	81,631	98,435
Depreciation
At 1 June 2016	-	925	28,132	29,057
Charge for the year	-	169	8,025	8,194
At 31 May 2017	-	1,094	36,157	37,251
Carrying amount
At 31 May 2017	15,204	506	45,474	61,184
At 31 May 2016	15,204	675	45,669	61,548