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REGISTERED NUMBER: 04232012 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Millcard Limited

Millcard Limited (Registered number: 04232012)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Millcard Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr R J B D'Arcy
Mrs J M D'Arcy
Mr J A D'Arcy





SECRETARY: Mr R J B D'Arcy





REGISTERED OFFICE: Base Business Park
15 Britannia House
Rendlesham
Woodbridge
Suffolk
IP12 2TZ





REGISTERED NUMBER: 04232012 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

Millcard Limited (Registered number: 04232012)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,120,255 2,200,411
Investment property 5 2,640,000 2,640,000
4,760,255 4,840,411

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 240,785 285,400
Cash at bank and in hand 56,062 22,874
298,847 310,274
CREDITORS
Amounts falling due within one year 7 1,290,752 1,196,413
NET CURRENT LIABILITIES (991,905 ) (886,139 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,768,350

3,954,272

CREDITORS
Amounts falling due after more than one
year

8

(2,380,859

)

(2,439,854

)

PROVISIONS FOR LIABILITIES 11 (133,814 ) (114,758 )
NET ASSETS 1,253,677 1,399,660

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 12 1,253,577 1,399,560
SHAREHOLDERS' FUNDS 1,253,677 1,399,660

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Millcard Limited (Registered number: 04232012)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr J A D'Arcy - Director


Millcard Limited (Registered number: 04232012)

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

1. STATUTORY INFORMATION

Millcard Limited 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.

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 as modified by the revaluation of certain assets.

At the 31 December 2023 the Company had net current liabilities. In meeting the Company's working capital requirements the directors have agreed to continue to support the Company for the next 12 months. On the basis that the directors consider, with their support, it appropriate to prepare the financial statements on a going concern basis, the financial statements do not contain any adjustments that would result from the withdrawal of their support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Lodges - 4% on cost
Cottage - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Millcard Limited (Registered number: 04232012)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Freehold
land Lodges Cottage
£    £    £   
COST
At 1 January 2023 754,632 1,361,793 113,926
Additions 964 4,325 -
At 31 December 2023 755,596 1,366,118 113,926
DEPRECIATION
At 1 January 2023 - 167,931 18,228
Charge for year - 54,645 4,557
At 31 December 2023 - 222,576 22,785
NET BOOK VALUE
At 31 December 2023 755,596 1,143,542 91,141
At 31 December 2022 754,632 1,193,862 95,698

Millcard Limited (Registered number: 04232012)

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

4. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 123,056 185,853 2,539,260
Additions 3,775 2,476 11,540
At 31 December 2023 126,831 188,329 2,550,800
DEPRECIATION
At 1 January 2023 63,782 88,908 338,849
Charge for year 12,610 19,884 91,696
At 31 December 2023 76,392 108,792 430,545
NET BOOK VALUE
At 31 December 2023 50,439 79,537 2,120,255
At 31 December 2022 59,274 96,945 2,200,411

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 2,640,000
NET BOOK VALUE
At 31 December 2023 2,640,000
At 31 December 2022 2,640,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 916,535
Cost 1,723,465
2,640,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,723,465 1,723,465

Investment property was valued on an open market basis on 31 December 2021 by Lambert Smith Hampton .

Millcard Limited (Registered number: 04232012)

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

5. INVESTMENT PROPERTY - continued

For the year ended 31 December 2023 the directors reviewed the valuation of the investment properties on an open market basis and were of the opinion that no revaluation adjustment was required to the valuation of £2,640,000.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,478 539
Other debtors 235,307 284,861
240,785 285,400

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 58,995 58,995
Trade creditors 1,156,554 1,093,498
Taxation and social security 16,006 2,498
Other creditors 59,197 41,422
1,290,752 1,196,413

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 2,380,859 2,439,854

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 58,995 58,995

Amounts falling due between two and five years:
Bank loans - over 1 year 2,380,859 2,439,854

Millcard Limited (Registered number: 04232012)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,439,854 2,498,849

The bank loans are secured by a debenture charge over the assets of the company and by a legal charge over all of the company's properties.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 133,814 114,758

Deferred
tax
£   
Balance at 1 January 2023 114,758
Charge to Income Statement during year 19,056
Revaluation of inv. properties
Balance at 31 December 2023 133,814

12. RESERVES
Retained
earnings
£   

At 1 January 2023 1,399,560
Deficit for the year (145,983 )
At 31 December 2023 1,253,577

Retained earnings



Distributable
Non -
Distributable

Total
£   £   £   
Retained earnings at 1 January 2023423,981975,5791,399,560
Profit for the year(119,117)(26,866)(145,983)
Retained earnings at 31 December 2023304,864948,7131,253,577

13. OTHER FINANCIAL COMMITMENTS

In addition to the security given for the bank loans in note 10, the company is party to a cross guarantee with respect to bank borrowings of related companies which at 31 December 2023 totalled £7,197,810 (2022: £7,261,010).