REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2016 |
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for |
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MIL COLLECTIONS LTD |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2016 |
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for |
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MIL COLLECTIONS LTD |
MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Contents of the Financial Statements |
for the year ended 31 May 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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MIL COLLECTIONS LTD |
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Company Information |
for the year ended 31 May 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Balance Sheet |
31 May 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Balance Sheet - continued |
31 May 2016 |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Notes to the Financial Statements |
for the year ended 31 May 2016 |
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1. | STATUTORY INFORMATION |
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MIL Collections Ltd is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The 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. The financial statements have been prepared under the historical cost |
convention except for the modification to a fair value basis for certain financial instruments as specified |
in the accounting policies below. |
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The financial statements are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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This is the first year in which the financial statements have been prepared under FRS 102. The date of |
transition was 1 June 2014. No balances have required restatement and there have been no changes |
to profit or loss, or shareholder funds. |
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The director, after making enquiries and having considered the company's business, its financial plans |
and the facilities available to finance the business, has a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. Accordingly, the |
going concern basis is adopted in preparing the financial statements. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the |
period. |
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Goodwill |
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Tangible fixed assets |
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Telephone connection | - |
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Fixture, fittings & equipment | - |
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Motor vehicles | - |
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Software development | - |
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MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any |
such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of |
an individual asset, the company estimates the recoverable amount of the cash-generating unit to |
which the asset belongs. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing |
value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks |
specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset |
(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss. |
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Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
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Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are |
offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends |
either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
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Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive |
income because it excludes items of income or expense that are taxable or deductible in other periods. |
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively |
enacted by the reporting period. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events have occurred at that date that will result in an |
obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Accrued income |
At the balance sheet date the company had come to an agreement with a particular client's debtor to |
make repayments against that debt over a period of time. MIL could therefore predict it would receive |
income commission on these balances as a result of an agreement in place at the balance sheet date. |
In theory therefore MIL had completed the majority of its work i.e. securing a repayment agreement |
and in the majority of cases it would receive its commission on the repayments with little or no further |
intervention. This therefore forms the basis of the calculation for the accrued income. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and |
Section 12 "Other Financial Instruments" of FRS to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when |
the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specified categories. The classification depends on |
the nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables, including staff loans and 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 the arrangement |
constitute a financing transaction, where the transaction is measure at the present value of the future |
receipts discounted at a market rate of interest. |
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Basic financial liabilities, which include trade and other payables are initially measured 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. |
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Other financial assets and / or liabilities, which include forward contracts are initially measured at their |
fair value, which is normally the transaction price and are subsequently carried at fair value with all |
changes being recognised in the profit or loss. |
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Financial liabilities are decolonised when, and only when, the company's obligations are discharged, |
cancelled, or they expire. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2015 |
and 31 May 2016 |
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AMORTISATION |
At 1 June 2015 |
and 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixture, |
Telephone | fittings | Motor | Software |
connection | & equipment | vehicles | development | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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Included within the above are assets held under finance leases or hire purchase contracts as follows: |
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2016 | 2015 |
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Net Book
Value |
Depreciation
Charge |
Net Book
Value |
Depreciation
Charge |
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Motor vehicles | 10,125 | 5,063 | 15,187 | 5,063 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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MIL COLLECTIONS LTD (REGISTERED NUMBER: 04757416) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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9. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 3,862 | 4,114 |
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Deferred |
tax |
£ |
Balance at 1 June 2015 |
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Movement in year | (252 | ) |
Balance at 31 May 2016 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2016 and |
31 May 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest has been charged on the overdrawn loan at the official rate of interest. |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date
MIL Outsource Ltd
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a company of which A G Davis is a director
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company £50,474 (2015 : £84,474) as disclosed within debtors: amounts falling due withi n 1 year. |
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At the balance sheet date
Gleam Clean Service Limited
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a company of which A G Davis is a director
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owed the company £25,035 (2015: £100,142). As disclosed within debtors: amounts falling due within 1 year. |
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12. | ULTIMATE CONTROLLING PARTY |
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