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REGISTERED NUMBER: 09029053 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

The Old Woollen Mill Associates Ltd

The Old Woollen Mill Associates Ltd (Registered number: 09029053)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Old Woollen Mill Associates Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr M G Oliver
Mrs N A Oliver





REGISTERED OFFICE: 14a Waterside Business Park
Livingstone Road
Hessle
East Yorkshire
HU13 0EG





REGISTERED NUMBER: 09029053 (England and Wales)






The Old Woollen Mill Associates Ltd (Registered number: 09029053)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 137 977
Investment property 5 638,441 312,639
638,578 313,616

CURRENT ASSETS
Debtors 6 1,860 -
Cash at bank and in hand 3,200 320,695
5,060 320,695
CREDITORS
Amounts falling due within one year 7 613,563 528,091
NET CURRENT LIABILITIES (608,503 ) (207,396 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,075

106,220

CREDITORS
Amounts falling due after more than one
year

8

-

(89,254

)

PROVISIONS FOR LIABILITIES (3,636 ) (3,796 )
NET ASSETS 26,439 13,170

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 26,239 12,970
SHAREHOLDERS' FUNDS 26,439 13,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Old Woollen Mill Associates Ltd (Registered number: 09029053)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:





Mr M G Oliver - Director


The Old Woollen Mill Associates Ltd (Registered number: 09029053)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

The Old Woollen Mill Associates Ltd is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services and income from properties.

Revenue Recognition
Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost and 20% on reducing balance
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


The Old Woollen Mill Associates Ltd (Registered number: 09029053)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 838 5,470 6,308
DEPRECIATION
At 1 June 2022 700 4,631 5,331
Charge for year 27 813 840
At 31 May 2023 727 5,444 6,171
NET BOOK VALUE
At 31 May 2023 111 26 137
At 31 May 2022 138 839 977

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 312,639
Additions 325,802
At 31 May 2023 638,441
NET BOOK VALUE
At 31 May 2023 638,441
At 31 May 2022 312,639

The Old Woollen Mill Associates Ltd (Registered number: 09029053)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 1,860 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts - 3,059
Corporation tax 2,116 -
Other creditors 411,000 320,000
Directors' current accounts 198,365 203,378
Accrued expenses 2,082 1,654
613,563 528,091

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years - 2,994
Bank loans - 2-5 years - 8,383
Bank loans more 5 yr by instal - 77,877
- 89,254

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 77,877

9. SECURED DEBTS

The loans of £Nil (2022: £92,313) are secured against the investment properties to which they relate.

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.