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Company No: 05773154 (England and Wales)

MILDENHIRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MILDENHIRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MILDENHIRE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
MILDENHIRE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR David John Weston
SECRETARY Gillian Weston Howe
REGISTERED OFFICE Gascoyne House Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
United Kingdom
COMPANY NUMBER 05773154 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
MILDENHIRE LIMITED

BALANCE SHEET

As at 31 March 2024
MILDENHIRE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 25,000 25,000
Tangible assets 4 1,229,122 1,581,975
1,254,122 1,606,975
Current assets
Stocks 5 2,500 2,500
Debtors 6 3,495 15,142
Cash at bank and in hand 60,494 138,928
66,489 156,570
Creditors: amounts falling due within one year 7 ( 676,281) ( 584,258)
Net current liabilities (609,792) (427,688)
Total assets less current liabilities 644,330 1,179,287
Creditors: amounts falling due after more than one year 8 ( 203,196) ( 704,750)
Net assets 441,134 474,537
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 441,034 474,437
Total shareholder's funds 441,134 474,537

For the financial year ending 31 March 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 Mildenhire Limited (registered number: 05773154) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

David John Weston
Director
MILDENHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MILDENHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Mildenhire 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 Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, 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 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
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 straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 25,000 25,000
At 31 March 2024 25,000 25,000
Accumulated amortisation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 25,000 25,000
At 31 March 2023 25,000 25,000

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 190,000 2,960,769 86,240 17,253 3,254,262
Additions 0 0 0 166 166
Disposals 0 ( 91,922) 0 0 ( 91,922)
At 31 March 2024 190,000 2,868,847 86,240 17,419 3,162,506
Accumulated depreciation
At 01 April 2023 0 1,592,501 65,817 13,969 1,672,287
Charge for the financial year 0 340,394 5,106 827 346,327
Disposals 0 ( 85,230) 0 0 ( 85,230)
At 31 March 2024 0 1,847,665 70,923 14,796 1,933,384
Net book value
At 31 March 2024 190,000 1,021,182 15,317 2,623 1,229,122
At 31 March 2023 190,000 1,368,268 20,423 3,284 1,581,975

5. Stocks

2024 2023
£ £
Stocks 2,500 2,500

6. Debtors

2024 2023
£ £
Other debtors 3,495 15,142

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 97,261 41,983
Trade creditors 9,201 878
Taxation and social security 162,031 65,721
Obligations under finance leases and hire purchase contracts 342,482 376,559
Other creditors 65,306 99,117
676,281 584,258

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

2024 2023
£ £
Bank loans 46,797 177,398
Obligations under finance leases and hire purchase contracts 156,399 527,352
203,196 704,750

There are no amounts included above in respect of which any security has been given by the small entity.

Hire purchases contracts are financed against their respective assets.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100