REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Mill Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Mill Company Limited |
The Mill Company Limited (Registered number: 00032795) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Mill Company Limited |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
The Mill Company Limited (Registered number: 00032795) |
Abridged Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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 Mill Company Limited (Registered number: 00032795) |
Abridged Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Mill Company Limited (Registered number: 00032795) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
The Mill Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Pension costs and other post-retirement benefits |
The company operated a defined contribution pension scheme until 31/3/22,when the employee left the company. Contributions payable to the company's pension scheme were charged to profit or loss in the period to which they related. |
Tangible fixed assets |
The company's land and buildings have been valued by the directors on the basis of rental income. |
Depreciation is provided on a straight line basis to write off the cost of other assets over their estimated useful life as follows: |
Plant and equipment : 20% p.a. |
Investments |
Investments listed on a recognised stock exchange are revalued annually to market value with the gain or loss on revaluation being recognised in the income statement. |
Turnover |
Turnover represents net rents receivable together with work done for other organisations, net of value added tax. |
The Mill Company Limited (Registered number: 00032795) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | EMPLOYEES |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Totals |
£ |
Valuation in 2023 | 591,673 |
Cost | 119,457 |
711,130 |
The valuation of freehold land and buildings was reviewed at 31 March 2018 by an independent firm of chartered surveyors, Petty Chartered Surveyors. In their opinion the total value of the company's premises was £675,000.The directors consider that this valuation is still appropriate. |
The potential tax liability arising on the revaluation surplus is £57,900 (2022 £57,900). |
The Mill Company Limited (Registered number: 00032795) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 April 2022 | 383,600 |
Revaluations | (17,944 | ) |
At 31 March 2023 | 365,656 |
NET BOOK VALUE |
At 31 March 2023 | 365,656 |
At 31 March 2022 | 383,600 |
Cost or valuation at 31 March 2023 is represented by: |
Totals |
£ |
Valuation in 2022 | 352,326 |
Cost | 13,330 |
365,656 |
Investments (neither listed nor unlisted) were as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Ground rents and land, at cost | 27,968 | 27,980 |
Ground rents and land disposal s | (23,662 | ) | (12 | ) |
4,306 | 27,968 |
The deferred tax liability on market value was £55,800 (2022 £59,200). |
6. | PROVISIONS FOR LIABILITIES |
31/3/23 | 31/3/22 |
£ | £ |
Deferred tax |
Other timing differences | 113,980 | 117,490 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
The Mill Company Limited (Registered number: 00032795) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | CALLED UP SHARE CAPITAL |
31/3/23 31/3/22 |
£ £ |
Allotted, issued and fully paid |
Ordinary shares of 50p each Number |
At 1 April 2022 27,640 13,820 13,820 |
Purchased during the year (590) (295) - |
At 31 March 2023 27,050 13,525 13,820 |
8. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 1,172,020 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (295 | ) | 295 | - |
Premium paid on purchase of ow |
n shares | (17,405 | ) | - | (17,405 | ) |
At 31 March 2023 | 1,196,321 |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £50,974 (2022 - £9,218) were paid to the directors . |
The company's accounting and secretarial functions were partly managed by Mayes Business Partnership Ltd to whom Mr P F Baldwin was a consultant. |
The amount paid for services on a normal commercial basis was: |
2023 £2,700 |
2022 £2,700 |