Company registration number 05635871 (England and Wales)
MITCHELL MILNE HOME LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MITCHELL MILNE HOME LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MITCHELL MILNE HOME LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
290,000
400,000
Investments
5
24,730
314,730
400,000
Current assets
Debtors
6
12,002
12,001
Cash at bank and in hand
72,937
117
84,939
12,118
Creditors: amounts falling due within one year
7
(42,262)
(44,340)
Net current assets/(liabilities)
42,677
(32,222)
Total assets less current liabilities
357,407
367,778
Creditors: amounts falling due after more than one year
8
(541,986)
(436,285)
Net liabilities
(184,579)
(68,507)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(184,589)
(68,517)
Total equity
(184,579)
(68,507)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year 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.
MITCHELL MILNE HOME LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr F Mitchell
Director
Company registration number 05635871 (England and Wales)
MITCHELL MILNE HOME LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Mitchell Milne Home Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Witney Street, Burford, Oxford, OX18 4SN.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is funded with a loan from the director. This loan will not be recalled until the company has the ability to repay it. On this basis the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MITCHELL MILNE HOME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
MITCHELL MILNE HOME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 December 2022
400,000
Additions
3,846
Revaluations
(113,846)
At 30 November 2023
290,000
Investment property comprises Chimney Farm Barn. The valuation at 30 November 2023 was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The reduction in valuation reflects the current market conditions.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
24,730
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2022
-
Additions
25,000
At 30 November 2023
25,000
Impairment
At 1 December 2022
-
Impairment losses
270
At 30 November 2023
270
Carrying amount
At 30 November 2023
24,730
At 30 November 2022
-
Investment in Crockwell Farm LLP of £25,000 (2022 £nil)
MITCHELL MILNE HOME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,002
3,001
Other debtors
9,000
9,000
12,002
12,001
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,800
Corporation tax
229
Other creditors
42,262
42,311
42,262
44,340
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
541,986
436,285
9
Related party transactions
At the year end the company owed the director £541,985 (2022 - £436,285). No interest has been charged on this loan.