Company No:
Contents
2024 | 2023 | |||
£ | £ | |||
Current assets | ||||
Stocks |
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Cash at bank and in hand |
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475,708 | 476,929 | |||
Creditors: amounts falling due within one year | 3 | (
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Net current liabilities | (10,784) | (9,563) | ||
Total assets less current liabilities | (10,784) | (9,563) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 4 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Millhouse Developments (Inverurie) Ltd (registered number:
Alexander William Adam
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Millhouse Developments (Inverurie) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 10 Southfield Drive, Elgin, IV30 6GR, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Although the financial statements have net current liabilities of £10,784 (2022 - £9,563) they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so. The directors are therefore of the opinion that the Financial statements should be prepared on the going concern basis.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all it's financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Key Management Personnel | 480,107 | 480,107 |
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Company Under Common Control | 5,085 | 5,085 |
A loan from a company under common control made to Millhouse Developments (Inverurie) Ltd in the year to March 2020. This balance is interest free and has no fixed terms of repayment.