Silverfin false false 29/02/2024 01/03/2023 29/02/2024 M J Uren 06/03/2003 29 November 2024 The principal activity of the Company during the financial year was the construction of residential housing. The company also sells second hand vehicles and services and repairs vehicles. 04658228 2024-02-29 04658228 bus:Director1 2024-02-29 04658228 2023-02-28 04658228 core:CurrentFinancialInstruments 2024-02-29 04658228 core:CurrentFinancialInstruments 2023-02-28 04658228 core:Non-currentFinancialInstruments 2024-02-29 04658228 core:Non-currentFinancialInstruments 2023-02-28 04658228 core:ShareCapital 2024-02-29 04658228 core:ShareCapital 2023-02-28 04658228 core:RevaluationReserve 2024-02-29 04658228 core:RevaluationReserve 2023-02-28 04658228 core:RetainedEarningsAccumulatedLosses 2024-02-29 04658228 core:RetainedEarningsAccumulatedLosses 2023-02-28 04658228 core:Vehicles 2023-02-28 04658228 core:FurnitureFittings 2023-02-28 04658228 core:Vehicles 2024-02-29 04658228 core:FurnitureFittings 2024-02-29 04658228 2023-03-01 2024-02-29 04658228 bus:FilletedAccounts 2023-03-01 2024-02-29 04658228 bus:SmallEntities 2023-03-01 2024-02-29 04658228 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04658228 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04658228 bus:Director1 2023-03-01 2024-02-29 04658228 core:Vehicles 2023-03-01 2024-02-29 04658228 core:FurnitureFittings 2023-03-01 2024-02-29 04658228 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 04658228 (England and Wales)

MILL GRIST DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MILL GRIST DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MILL GRIST DEVELOPMENTS LIMITED

BALANCE SHEET

As at 29 February 2024
MILL GRIST DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,028 1,788
Investment property 4 1,240,000 1,340,000
1,244,028 1,341,788
Current assets
Stocks 38,001 45,355
Debtors 5 15,789 17,696
Cash at bank and in hand 4,507 1,053
58,297 64,104
Creditors: amounts falling due within one year 6 ( 28,378) ( 105,457)
Net current assets/(liabilities) 29,919 (41,353)
Total assets less current liabilities 1,273,947 1,300,435
Creditors: amounts falling due after more than one year 7 ( 1,366,527) ( 1,339,750)
Net liabilities ( 92,580) ( 39,315)
Capital and reserves
Called-up share capital 2 2
Revaluation reserve 500,000 470,485
Profit and loss account ( 592,582 ) ( 509,802 )
Total shareholder's deficit ( 92,580) ( 39,315)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mill Grist Developments Limited (registered number: 04658228) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

M J Uren
Director
MILL GRIST DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MILL GRIST DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

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.

General information and basis of accounting

Mill Grist Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 41 Newton Rd, Troon, Camborne, TR14 9DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 0 26,840 26,840
Additions 3,000 0 3,000
At 29 February 2024 3,000 26,840 29,840
Accumulated depreciation
At 01 March 2023 0 25,052 25,052
Charge for the financial year 313 447 760
At 29 February 2024 313 25,499 25,812
Net book value
At 29 February 2024 2,687 1,341 4,028
At 28 February 2023 0 1,788 1,788

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 1,340,000
Fair value movement 40,000
Disposals (140,000)
As at 29 February 2024 1,240,000

The investment properties were valued by the director on 29 February 2024.

5. Debtors

2024 2023
£ £
Trade debtors 7,590 8,586
Other debtors 8,199 9,110
15,789 17,696

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 2,085 65,085
Trade creditors 4,518 10,076
Corporation tax 1,314 1,242
Other taxation and social security 17,011 25,654
Other creditors 3,450 3,400
28,378 105,457

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 705,331 707,174
Other creditors 661,196 632,576
1,366,527 1,339,750

8. Financial commitments

Other financial commitments

2024 2023
£ £
Amounts disclosed in the balance sheet 0 63,000