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Registered number: 00759401










MILL HILL DEVELOPMENTS LIMITED








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
Mill Hill Developments Limited
 

Company Information


Directors
A P Bailey 
J E Pask 
S T Pask 




Company secretary
A P Bailey



Registered number
00759401



Registered office




Accountants
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
Mill Hill Developments Limited
Registered number: 00759401

Balance sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,336,947
5,332,000

  
5,336,947
5,332,000

Current assets
  

Debtors: amounts falling due within one year
 5 
377,472
471,573

Cash at bank and in hand
  
446,513
353,029

  
823,985
824,602

Creditors: amounts falling due within one year
 6 
(197,468)
(180,762)

Net current assets
  
 
 
626,517
 
 
643,840

Total assets less current liabilities
  
5,963,464
5,975,840

Creditors: amounts falling due after more than one year
 7 
(1,042,615)
(1,133,280)

Provisions for liabilities
  

Deferred tax
  
(872,749)
(871,695)

Net assets
  
4,048,100
3,970,865


Capital and reserves
  

Called up share capital 
 9 
2,167
2,167

Revaluation reserve
 10 
2,425,305
2,425,305

Capital redemption reserve
 10 
10,835
10,835

Other reserves
 10 
70,935
70,935

Profit and loss account
 10 
1,538,858
1,461,623

  
4,048,100
3,970,865

Page 1

 
Mill Hill Developments Limited
Registered number: 00759401

Balance sheet (continued)
As at 30 September 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A P Bailey
Director

Date: 13 February 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

1.


General information

Mill Hill Developments Limited is a private company, limited by shares, registered in England, United Kingdom. The company's registered number and the address of the registered office can be found on the Company Information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Revenue and other income

Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Rent receivable
Rental income is recognised as rents fall due in line with the rental agreement.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Current and deferred taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.  Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Page 3

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 
2.6

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The Company has no employees other than the directors, who did not receive any renumeration (2023 - £NIL).





Page 4

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
5,332,000


Additions at cost
4,947



At 30 September 2024
5,336,947

The investment properties were subject to professional valuation in March 2021 by Savills, an independent real estate expert. A further desktop valuation of the property at 2-4 Harlaxton Road was prepared in September 2023 by Savills.
The valuations included within the accounts are the higher of either vacant possession or existing use basis. 
The directors do not consider there to be a material difference between the current market values of the properties and their carrying values.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,250,761
2,245,814




Revaluation reserve

2024
2023
£
£



At 1 October 2023
2,425,305
2,505,829

Fair value movement on investment property
-
(80,524)

Deferred tax on fair value movement
-
-

At 30 September 2024
2,425,305
2,425,305

Page 5

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

5.


Debtors

2024
2023
£
£


Amounts owed by related parties
236,859
299,424

Other debtors
-
18,973

Prepayments and accrued income
140,613
153,176

377,472
471,573



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
91,532
88,516

Corporation tax
24,896
28,357

Other taxation and social security
13,530
-

Accruals and deferred income
67,510
63,889

197,468
180,762


See Note 8 for details on the security provided by the company over its bank loans. 


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,042,615
1,133,280

1,042,615
1,133,280


See note 8 for details on the security provided by the company over its bank loans.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
548,000
635,354



Page 6

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
91,532
88,516

Amounts falling due 1-2 years

Bank loans
93,277
90,664

Amounts falling due 2-5 years

Bank loans
401,338
407,262

Amounts falling due after more than 5 years

Bank loans
548,000
635,354

1,134,147
1,221,796


The bank loans are secured by way of a first legal charge over the land at Harlaxton Road and Trent Road Grantham in favour of Barclays Bank PLC. They are also subject to a cross guarantee granted by the company and Grantham Engineering Limited. 
Page 7

 
Mill Hill Developments Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,167 (2023 - 2,167) Ordinary shares of £1.00 each
2,167
2,167



10.


Reserves

Revaluation reserve

This reserve represents the cumulative effect of revaluations of tangible fixed assets as a result of a policy of revaluation which was adopted under previously extant UK GAAP and gains or losses from the revaluation of investment properties. 

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve records retained earnings from the current and previous years net of dividends and other adjustments.


11.


Related party transactions

Transactions with a company under common control
During the year amounts of £505,000 were advanced to and amounts of £555,000 were repaid by this related party in respect of any interest free loan. At the balance sheet date, an amount of £70,000 (2023: £120,000) due from this related party.
As at the year end an amount of £166,860 (2023: £179,424) was also due from this related party in respect of an interest bearing loan. Interest is charged at 1.9% above base rate per annum and the interest receivable for the year was £12,359 (2023: £10,334).
The company paid management charges during the year to this related party of £50,000 (2023: £30,000). An amount of £50,000 (2023: £30,000) was due to this related party at the balance sheet date. 


Page 8