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Registration number: 10021875

Mills Stores Ltd

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Mills Stores Ltd
(Registration number: 10021875)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Mills Stores Ltd
(Registration number: 10021875)

Company Information

Directors

Mr M C Howe

Mrs J M Howe

Mrs K Howe

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Mills Stores Ltd
(Registration number: 10021875)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

156,250

168,750

Tangible assets

5

166,808

162,952

Investments

302

302

 

323,360

332,004

Current assets

 

Stocks

7

55,093

48,041

Debtors

8

193,929

145,534

Cash at bank and in hand

 

172,358

125,766

 

421,380

319,341

Creditors: Amounts falling due within one year

9

(241,060)

(194,513)

Net current assets

 

180,320

124,828

Total assets less current liabilities

 

503,680

456,832

Creditors: Amounts falling due after more than one year

9

(113,062)

(151,062)

Provisions for liabilities

(40,096)

(39,132)

Net assets

 

350,522

266,638

Capital and reserves

 

Called up share capital

304

304

Profit and loss account

350,218

266,334

Total equity

 

350,522

266,638

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Mills Stores Ltd
(Registration number: 10021875)

Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 November 2024 and signed on its behalf by:
 

.........................................
Mr M C Howe
Director

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures fittings and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Leasehold improvements

not depreciated

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

250,000

250,000

At 29 February 2024

250,000

250,000

Amortisation

At 1 March 2023

81,250

81,250

Amortisation charge

12,500

12,500

At 29 February 2024

93,750

93,750

Carrying amount

At 29 February 2024

156,250

156,250

At 28 February 2023

168,750

168,750

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

6,423

220,786

41,420

268,629

Additions

-

35,082

-

35,082

At 29 February 2024

6,423

255,868

41,420

303,711

Depreciation

At 1 March 2023

-

101,362

4,315

105,677

Charge for the year

-

21,950

9,276

31,226

At 29 February 2024

-

123,312

13,591

136,903

Carrying amount

At 29 February 2024

6,423

132,556

27,829

166,808

At 28 February 2023

6,423

119,424

37,105

162,952

Included within the net book value of land and buildings above is £6,423 (2023 - £6,423) in respect of short leasehold land and buildings.
 

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

302

302

Subsidiaries

£

Cost or valuation

At 1 March 2023

302

Provision

Carrying amount

At 29 February 2024

302

At 28 February 2023

302

7

Stocks

2024
£

2023
£

Other stocks

55,093

48,041

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

5,356

5,628

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

145,893

125,059

Other debtors

 

36,372

10,886

Prepayments and accrued income

 

6,308

3,961

Total current trade and other debtors

 

193,929

145,534

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

24,465

19,527

Trade creditors

 

107,871

97,282

Taxation and social security

 

59,443

36,121

Other creditors

 

4,008

12,505

Accrued expenses

 

45,273

29,078

 

241,060

194,513

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

113,062

151,062

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

24,465

19,527

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

113,062

151,062

 

Mills Stores Ltd
(Registration number: 10021875)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Transactions with directors

2024

Advances to directors
£

Repayments by director
£

At 29 February 2024
£

Interest free loan

40,442

(28,637)

22,691

       
     

Interest free loan

13,680

-

13,680

       
     

 

2023

Advances to directors
£

At 28 February 2023
£

Interest free loan

10,886

10,886