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Registration number: 11077211

G Mills & Partners Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

G Mills & Partners Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 5

 

G Mills & Partners Limited

(Registration number: 11077211)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,342

20,684

Tangible assets

5

1,128,898

939,290

Investments

6

95,035

89,551

Other financial assets

7

284,019

319,942

 

1,518,294

1,369,467

Current assets

 

Stocks

804,577

594,330

Debtors

142,654

121,587

Cash at bank and in hand

 

23,753

-

 

970,984

715,917

Creditors: Amounts falling due within one year

8

(909,222)

(1,046,718)

Net current assets/(liabilities)

 

61,762

(330,801)

Total assets less current liabilities

 

1,580,056

1,038,666

Creditors: Amounts falling due after more than one year

9

(401,696)

(206,396)

Provisions for liabilities

(196,373)

(167,590)

Net assets

 

981,987

664,680

Capital and reserves

 

Called up share capital

105

105

Profit and loss account

981,882

664,575

Total equity

 

981,987

664,680

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

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

Mrs V Mills

Director

 

G Mills & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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:
North Coombe Farm
Witheridge
Tiverton
Devon
EX16 8QH

These financial statements were authorised for issue by the Board on 4 October 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 income 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.


 

G Mills & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Biological assets

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

G Mills & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

41,368

At 31 March 2023

41,368

Amortisation

At 1 April 2022

20,684

Amortisation charge

10,342

At 31 March 2023

31,026

Carrying amount

At 31 March 2023

10,342

At 31 March 2022

20,684

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

1,281,513

Additions

379,543

Disposals

(24,100)

At 31 March 2023

1,636,956

Depreciation

At 1 April 2022

342,223

Charge for the year

173,981

Eliminated on disposal

(8,146)

At 31 March 2023

508,058

Carrying amount

At 31 March 2023

1,128,898

At 31 March 2022

939,290

 

G Mills & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Investments

Total
£

Cost or valuation

At 1 April 2022

89,551

Additions

5,484

At 31 March 2023

95,035

Provision

Carrying amount

At 31 March 2023

95,035

At 31 March 2022

89,551

7

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

50,595

62,182

Financial assets at cost less impairment

233,424

257,760

284,019

319,942

8

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £139,605 (2022 - £116,150).

9

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £401,696 (2022 - £206,396).