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REGISTERED NUMBER: 02146472 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE MILL PROPERTY COMPANY LIMITED

THE MILL PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 02146472)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE MILL PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr I Nissim
Mrs L Nissim





SECRETARY: Mrs L Nissim





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 02146472 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

THE MILL PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 02146472)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,075,000 2,075,000

CURRENT ASSETS
Debtors 5 85,491 24,668
Investments 6 155,355 -
Cash at bank 182,986 400,886
423,832 425,554
CREDITORS
Amounts falling due within one year 7 49,991 32,758
NET CURRENT ASSETS 373,841 392,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,448,841

2,467,796

CREDITORS
Amounts falling due after more than one
year

8

(202,868

)

(204,939

)

PROVISIONS FOR LIABILITIES (444,000 ) (444,000 )
NET ASSETS 1,801,973 1,818,857

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 1,331,266 1,331,266
Retained earnings 470,607 487,491
SHAREHOLDERS' FUNDS 1,801,973 1,818,857

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 19 November 2024 and were signed on its behalf by:





Mr I Nissim - Director


THE MILL PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 02146472)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

The Mill Property Company 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.

Turnover
Turnover represents the amount derived from rents receivable from property owned by the company.

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.

Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment property.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because the property is not held for consumption but for its investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been decreased by the amount of depreciation.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 yearr 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.

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 2 (2023 - NIL ) .

THE MILL PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 02146472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,075,000
NET BOOK VALUE
At 31 March 2024 2,075,000
At 31 March 2023 2,075,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,775,266
Cost 299,734
2,075,000

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

2024 2023
£    £   
Cost 299,734 299,734

Investment property was valued on a fair value basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 85,491 24,668

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investments 155,355 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,027 3,926
Trade creditors - 1,667
Taxation and social security 43,414 24,566
Other creditors 2,550 2,599
49,991 32,758

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 20,603 24,593
Other creditors 182,265 180,346
202,868 204,939

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 3,450 7,863

THE MILL PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 02146472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr I Nissim and Mrs L Nissim
Balance outstanding at start of year 24,668 48,556
Amounts advanced 193,390 58,986
Amounts repaid (132,567 ) (82,874 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 85,491 24,668

Interest, at the official rate, amounting to £389 (2023: £57), was charged on the overdrawn loan account during the year.The loan was repaid within nine months of the year end.

10. ULTIMATE CONTROLLING PARTY

During the period under review, the company was not under the control of any one individual.