Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
2,043,048 | 2,096,917 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
2,917,528 | 2,192,261 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (702,739) | (722,489) | ||
Total assets less current liabilities | 1,340,309 | 1,374,428 | ||
Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Miller Parks Ltd (registered number:
William Marshall Miller Jnr
Director |
William Marshall Miller
Director |
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.
Miller Parks Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Ashgrove Park Office Ashgrove Park, Ashgrove Road, Elgin, IV30 1UR, Scotland, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £1,257,960. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.
Revenue from the sale of park homes is recognised when the significant risks and rewards of ownership of the home have passed to the buyer usually upon occupation, when the agreement is signed or legal completion.
Revenue from site fees for residential homes are recognised on an accruals basis in the period to which they relate.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
Land and buildings |
|
Plant and machinery etc. | 10 -
|
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.
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 Profit and Loss Account as described below.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 June 2023 |
|
|
|
||
At 31 May 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 June 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 May 2024 |
|
|
|
||
Net book value | |||||
At 31 May 2024 |
|
|
|
||
At 31 May 2023 |
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to related parties |
|
(
|
|
Taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed to Directors - Directors Loan Account | 1,020,754 | 1,304,450 |
The above balance is unsecured, interest free and has no fixed terms of repayment.