5 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 9,079 6,722 553 7,275 1,804 2,357 xbrli:pure xbrli:shares iso4217:GBP 06287391 2022-02-01 2023-01-31 06287391 2023-01-31 06287391 2022-01-31 06287391 2021-02-01 2022-01-31 06287391 2022-01-31 06287391 bus:Director1 2022-02-01 2023-01-31 06287391 core:WithinOneYear 2023-01-31 06287391 core:WithinOneYear 2022-01-31 06287391 core:AfterOneYear 2023-01-31 06287391 core:AfterOneYear 2022-01-31 06287391 core:ShareCapital 2023-01-31 06287391 core:ShareCapital 2022-01-31 06287391 core:RetainedEarningsAccumulatedLosses 2023-01-31 06287391 core:RetainedEarningsAccumulatedLosses 2022-01-31 06287391 bus:SmallEntities 2022-02-01 2023-01-31 06287391 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06287391 bus:FullAccounts 2022-02-01 2023-01-31 06287391 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 06287391 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06287391 core:FurnitureFittingsToolsEquipment 2023-01-31 06287391 core:FurnitureFittingsToolsEquipment 2022-01-31 06287391 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 06287391 bus:ChiefExecutive 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 06287391
Mills Property Group Limited
Filleted Unaudited Financial Statements
31 January 2023
Mills Property Group Limited
Balance Sheet
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,804
2,357
Current assets
Debtors
6
33,119
15,659
Cash at bank and in hand
14,089
16,458
--------
--------
47,208
32,117
Creditors: amounts falling due within one year
7
50,782
46,446
--------
--------
Net current liabilities
3,574
14,329
-------
--------
Total assets less current liabilities
( 1,770)
( 11,972)
Creditors: amounts falling due after more than one year
8
24,963
34,042
--------
--------
Net liabilities
( 26,733)
( 46,014)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 26,833)
( 46,114)
--------
--------
Shareholder deficit
( 26,733)
( 46,014)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mills Property Group Limited
Balance Sheet (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
A J Mills
Director
Company registration number: 06287391
Mills Property Group Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 77 Marstone Crescent, Sheffield, S17 4DG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is reliant on the continued financial support of the director.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced in respect of property sales completions and income from lettings, together with other sundry income and excludes value added tax.
Income tax
Provision is made at current rates for tax deferred in respect of all material timing differences. The company has not adopted a policy of discounting deferred tax assets and liabilities.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
10 - 33% - straight line basis
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2022 and 31 January 2023
9,079
9,079
-------
-------
Depreciation
At 1 February 2022
6,722
6,722
Charge for the year
553
553
-------
-------
At 31 January 2023
7,275
7,275
-------
-------
Carrying amount
At 31 January 2023
1,804
1,804
-------
-------
At 31 January 2022
2,357
2,357
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
4,668
3,101
Other debtors
28,451
12,558
--------
--------
33,119
15,659
--------
--------
Other debtors includes £15,643 owed to the company by Mr A Mills, a director .
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,079
9,660
Trade creditors
22,590
19,053
Social security and other taxes
12,252
8,932
Other creditors
6,861
8,801
--------
--------
50,782
46,446
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,963
34,042
--------
--------
The company took out a £50,000 Bounce Back loan in June 2020. Repayments of £887.37 per month commenced on 21 June 2021. The loan is repayable over a period of 6 years and interest is payable at 2.5% per annum.
9. Director's advances, credits and guarantees
During the year the director's current account became overdrawn. The maximum amount overdrawn during the year was £17,687.48 and at the year ended 31 January 2023 the amount owing was £15,643.28 (2022: £182 owed to the director). The total balance owing has been repaid since the year end.