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Company registration number: 03089504
Mill Street Properties Limited
Unaudited filleted financial statements
31 August 2023
Mill Street Properties Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Mill Street Properties Limited
Directors and other information
Directors Mr Simon Ridgway
Mr John Ridgway
Secretary J A Ridgway
Company number 03089504
Registered office Old Mill Antiques Centre
Mill Street
Bridgnorth
WV15 5AG
Accountant R G Justice & Co
36 Heath Street
Stourbridge
West Midlands
DY8 1SB
Mill Street Properties Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Mill Street Properties Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Mill Street Properties Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Mill Street Properties Limited, as a body, in accordance with the terms of my engagement letter dated 1 November 2007. My work has been undertaken solely to prepare for your approval the financial statements of Mill Street Properties Limited and state those matters that we have agreed to state to the board of directors of Mill Street Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Mill Street Properties Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Mill Street Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mill Street Properties Limited. You consider that Mill Street Properties Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Mill Street Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
R G Justice & Co
Chartered Accountants
36 Heath Street
Stourbridge
West Midlands
DY8 1SB
14 March 2024
Mill Street Properties Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 277,947 255,195
_______ _______
277,947 255,195
Current assets
Stocks 132,000 131,500
Debtors 740 2,816
Cash at bank and in hand 110,904 72,845
_______ _______
243,644 207,161
Creditors: amounts falling due
within one year 5 ( 360,826) ( 340,930)
_______ _______
Net current liabilities ( 117,182) ( 133,769)
_______ _______
Total assets less current liabilities 160,765 121,426
Creditors: amounts falling due
after more than one year 6 ( 32,297) ( 27,500)
_______ _______
Net assets 128,468 93,926
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 180,000 180,000
Profit and loss account ( 51,534) ( 86,076)
_______ _______
Shareholders funds 128,468 93,926
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Mr John Ridgway
Director
Company registration number: 03089504
Mill Street Properties Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Old Mill Antiques Centre, Mill Street, Bridgnorth, WV15 5AG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Freehold property - No depreciation is charged
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles
£ £ £ £
Cost
At 1 September 2022 248,872 4,694 17,043 18,998
Additions - - - 29,995
_______ _______ _______ _______
At 31 August 2023 248,872 4,694 17,043 48,993
_______ _______ _______ _______
Depreciation
At 1 September 2022 - 4,672 16,967 12,773
Charge for the year - 4 15 7,224
_______ _______ _______ _______
At 31 August 2023 - 4,676 16,982 19,997
_______ _______ _______ _______
Carrying amount
At 31 August 2023 248,872 18 61 28,996
_______ _______ _______ _______
At 31 August 2022 248,872 22 76 6,225
_______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
At 31 August 2023
Aggregate cost 248,872 4,694 17,043 48,993 319,602
Aggregate depreciation - (4,676) (16,982) (19,997) (41,655)
_______ _______ _______ _______ _______
Carrying amount 248,872 18 61 28,996 277,947
_______ _______ _______ _______ _______
At 31 August 2022
Aggregate cost 248,872 4,694 17,043 18,998 289,607
Aggregate depreciation - (4,672) (16,967) (12,773) (34,412)
_______ _______ _______ _______ _______
Carrying amount 248,872 22 76 6,225 255,195
_______ _______ _______ _______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 158,200 146,300
Social security and other taxes 7,318 6,450
Other creditors 185,308 178,180
_______ _______
360,826 340,930
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,500 27,500
Other creditors 14,797 -
_______ _______
32,297 27,500
_______ _______
Instalments on Bounce Back Loan are repayable @ 2.5% interest.
Hire purchase instalments are payable over the next 4 years.
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Simon Ridgway ( 157,295) ( 2,000) ( 159,295)
Mr John Ridgway ( 18,481) - ( 18,481)
_______ _______ _______
( 175,776) ( 2,000) ( 177,776)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Simon Ridgway ( 157,295) - ( 157,295)
Mr John Ridgway ( 18,481) - ( 18,481)
_______ _______ _______
( 175,776) - ( 175,776)
_______ _______ _______
8. Controlling party
All the directors hold a controlling interest in the company.