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WEST MILL PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WEST MILL PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C Eldridge
Mrs D H G Eldridge
D P Beddoe





REGISTERED OFFICE: 17 Weasenham Road
Great Massingham
Kings Lynn
PE32 2EY





REGISTERED NUMBER: 12365065 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
Chartered Accountants
Unit 1 Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE

WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 313 418
Investment property 5 745,000 720,000
745,313 720,418

CURRENT ASSETS
Debtors 6 - 1,921
Prepayments and accrued income 1,197 1,034
Cash at bank 26,215 64,593
27,412 67,548
CREDITORS
Amounts falling due within one year 7 8,513 27,192
NET CURRENT ASSETS 18,899 40,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

764,212

760,774

CREDITORS
Amounts falling due after more than one
year

8

(558,228

)

(562,347

)

PROVISIONS FOR LIABILITIES 10 (38,798 ) (37,368 )

ACCRUALS AND DEFERRED INCOME (1,300 ) (1,162 )
NET ASSETS 165,886 159,897

CAPITAL AND RESERVES
Called up share capital 11 4 4
Revaluation reserve 12 259,662 227,203
Retained earnings (93,780 ) (67,310 )
SHAREHOLDERS' FUNDS 165,886 159,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





C Eldridge - Director


WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

West Mill Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rental income
Rental income is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 570
DEPRECIATION
At 1 April 2023 152
Charge for year 105
At 31 March 2024 257
NET BOOK VALUE
At 31 March 2024 313
At 31 March 2023 418

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 720,000
Additions 25,000
At 31 March 2024 745,000
NET BOOK VALUE
At 31 March 2024 745,000
At 31 March 2023 720,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 258,460
Valuation in 2023 15,000
Valuation in 2024 25,000
Cost 446,540
745,000

If investment had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 446,540 446,540

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts - 1,921

WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,696 4,580
Directors' current accounts 3,817 22,612
8,513 27,192

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 4,815 4,696
Bank loans - 2-5 years 15,187 14,812
Bank loans more 5 yr by instal 8,479 13,668
Other loans more 5yrs non-inst 529,747 529,171
558,228 562,347

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 529,747 529,171

Repayable by instalments
Bank loans more 5 yr by instal 8,479 13,668

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 529,747 529,171

The outstanding mortgage liability is secured by way of charges held against the investment property owned by the Company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 38,798 37,368

Deferred
tax
£   
Balance at 1 April 2023 37,368
Provided during year 1,430
Balance at 31 March 2024 38,798

WEST MILL PROPERTY LTD (REGISTERED NUMBER: 12365065)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary 1 4 4

12. RESERVES
Revaluation
reserve
£   
At 1 April 2023 227,203
Revaluation 32,459

At 31 March 2024 259,662

13. RELATED PARTY DISCLOSURES

At the year end date an amount of £3,817 (2023 £20,691) was owed to the directors. These loans are interest-free with no specified repayment terms.