Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28falseNo description of principal activity2022-03-0167truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06041202 2022-03-01 2023-02-28 06041202 2021-03-01 2022-02-28 06041202 2023-02-28 06041202 2022-02-28 06041202 c:Director1 2022-03-01 2023-02-28 06041202 d:Buildings 2022-03-01 2023-02-28 06041202 d:Buildings 2023-02-28 06041202 d:Buildings 2022-02-28 06041202 d:Buildings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06041202 d:LandBuildings 2023-02-28 06041202 d:LandBuildings 2022-02-28 06041202 d:PlantMachinery 2022-03-01 2023-02-28 06041202 d:PlantMachinery 2023-02-28 06041202 d:PlantMachinery 2022-02-28 06041202 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06041202 d:MotorVehicles 2022-03-01 2023-02-28 06041202 d:MotorVehicles 2023-02-28 06041202 d:MotorVehicles 2022-02-28 06041202 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06041202 d:OfficeEquipment 2022-03-01 2023-02-28 06041202 d:OfficeEquipment 2023-02-28 06041202 d:OfficeEquipment 2022-02-28 06041202 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06041202 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06041202 d:CurrentFinancialInstruments 2023-02-28 06041202 d:CurrentFinancialInstruments 2022-02-28 06041202 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06041202 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 06041202 d:ShareCapital 2023-02-28 06041202 d:ShareCapital 2022-02-28 06041202 d:RetainedEarningsAccumulatedLosses 2023-02-28 06041202 d:RetainedEarningsAccumulatedLosses 2022-02-28 06041202 c:OrdinaryShareClass1 2022-03-01 2023-02-28 06041202 c:OrdinaryShareClass1 2023-02-28 06041202 c:OrdinaryShareClass1 2022-02-28 06041202 c:FRS102 2022-03-01 2023-02-28 06041202 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 06041202 c:FullAccounts 2022-03-01 2023-02-28 06041202 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06041202 2 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06041202









MILL HOUSE STUD (SHROPSHIRE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
REGISTERED NUMBER: 06041202

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,724
32,961

  
41,724
32,961

Current assets
  

Stocks
  
363,422
230,500

Debtors: amounts falling due within one year
 5 
52,351
66,108

Current asset investments
 6 
32,082
34,124

Cash at bank and in hand
  
243,590
233,281

  
691,445
564,013

Creditors: amounts falling due within one year
 7 
(120,043)
(87,581)

Net current assets
  
 
 
571,402
 
 
476,432

Total assets less current liabilities
  
613,126
509,393

Provisions for liabilities
  

Deferred tax
  
(9,375)
(7,100)

  
 
 
(9,375)
 
 
(7,100)

Net assets
  
603,751
502,293


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
603,651
502,193

  
603,751
502,293


Page 1

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
REGISTERED NUMBER: 06041202
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J Minton
Director

Date: 6 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Mill House Stud (Shropshire) Limited was incorporated and domiciled in the England and Wales. The registered office is 4 The Business Quarter, Eco Park Road, Ludlow, Shropshire, SY8 1FD and the principal place of business of The Mill House, Callaughton, Much Wenlock, TF13 6PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
15%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.
Page 6

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 7

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
59,088
36,539
22,500
4,766
122,893


Additions
-
19,804
-
150
19,954



At 28 February 2023

59,088
56,343
22,500
4,916
142,847



Depreciation


At 1 March 2022
54,117
24,859
6,445
4,511
89,932


Charge for the year on owned assets
746
6,297
4,014
134
11,191



At 28 February 2023

54,863
31,156
10,459
4,645
101,123



Net book value



At 28 February 2023
4,225
25,187
12,041
271
41,724



At 28 February 2022
4,971
11,680
16,055
255
32,961




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
4,225
4,971

4,225
4,971


Page 8

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
47,621
61,662

Prepayments and accrued income
4,730
4,446

52,351
66,108



6.


Current asset investments

2023
2022
£
£

Listed investments
32,082
34,124

32,082
34,124



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
58,346
44,035

Other taxation and social security
42,758
32,884

Other creditors
13,879
6,003

Accruals and deferred income
5,060
4,659

120,043
87,581



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 9

 
MILL HOUSE STUD (SHROPSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,400 (2022 - £25,000) .Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are iincluded in creditors.


10.


Related party transactions

The Company is charged rent by the director for the use of the land and buildings.This rent is reviewed annually, in 2023 £37,896 (2022 £16,856). 

 
Page 10