Company registration number 02451243 (England and Wales)
MACMILLANS (WADEBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MACMILLANS (WADEBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MACMILLANS (WADEBRIDGE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March
31 December
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
275,000
140,000
Current assets
Debtors
4
62,532
50,333
Cash at bank and in hand
4,479
1,721
67,011
52,054
Creditors: amounts falling due within one year
5
(7,598)
(7,591)
Net current assets
59,413
44,463
Net assets
334,413
184,463
Capital and reserves
Called up share capital
100
100
Revaluation reserve
6
232,572
97,572
Profit and loss reserves
101,741
86,791
Total equity
334,413
184,463

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mrs L Gillespie
Mrs A Martin
Director
Director
Company registration number 02451243 (England and Wales)
MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Macmillans (Wadebridge) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor House, Wadebridge, Cornwall, PL27 6BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in general administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 January 2023
140,000
Revaluation
135,000
At 31 March 2024
275,000
Depreciation and impairment
At 1 January 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
275,000
At 31 December 2022
140,000

Freehold land and buildings with a carrying amount of £275,000 (2022 : £140,000) have been pledged to secure borrowings of Macmillans Solicitors LLP who operate from the buildings owned by the company. The LLP is controlled by A K Davison and LC Gillespie, who also each own 50% of the shares of the company.

The land and buildings were revalued on 24 May 2023 by Scott Burridge Commercials LLP, independent valuers not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices of similar properties.

 

If freehold land and buildings were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

2024
2022
£
£
Cost
42,428
42,428
MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
4
Debtors: amounts falling due within one year
2024
2022
£
£
Trade debtors
37,533
32,334
Other debtors
24,999
17,999
62,532
50,333
5
Creditors: amounts falling due within one year
2024
2022
£
£
Corporation tax
5,383
5,376
Other creditors
2,215
2,215
7,598
7,591
6
Revaluation reserve
2024
2022
£
£
At the beginning of the period
97,572
97,572
Other movements
135,000
-
At the end of the period
232,572
97,572
7
Related party transactions

During the period administration services were provided from the company to an associated LLP in which shareholders of the company are designated members. The company has charged the LLP £24,999 (2022: £20,000) for these services.

 

The company has charged the LLP £30,000 (2022: £24,000) rent for the use of the property.

 

Trade debtors at 31 March 2024 included £37,533 (2022: £32,333) owing from Macmillans Solicitors LLP.

 

The company is controlled by A K Davison and L C Gillespie who each own 50% of the shares.

 

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