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COMPANY REGISTRATION NUMBER: 14746307
MILLFIELDS III LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
MILLFIELDS III LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
30 Nov 23
Note
£
£
CURRENT ASSETS
Stocks
4
302,241
Debtors
5
10
---------
302,251
CREDITORS: amounts falling due within one year
6
302,241
---------
NET CURRENT ASSETS
10
----
TOTAL ASSETS LESS CURRENT LIABILITIES
10
----
CAPITAL AND RESERVES
Called up share capital
10
----
SHAREHOLDERS FUNDS
10
----
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 statement of comprehensive income has not been delivered.
For the period ending 30 November 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 period 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 were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mr G A Thompson
Director
Company registration number: 14746307
MILLFIELDS III LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period from 21 March 2023 to 30 November 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 3rd Floor, Regent House, Bath Avenue, WV1 4EG.
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, 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress Housing work in progress is stated at the lower of direct cost and net realisable value. Direct costs include direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value is assessed by estimating selling prices and costs, including sales and marketing expenses, taking into account current market conditions.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. STOCKS
30 Nov 23
£
Housing work in progress
302,241
---------
5. DEBTORS
30 Nov 23
£
Other debtors
10
----
6. CREDITORS: amounts falling due within one year
30 Nov 23
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
302,241
---------