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Company No: 09552868 (England and Wales)

MILL PARK LIMITED

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

MILL PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

MILL PARK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
MILL PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 628,873 677,490
Investments 4 100 100
628,973 677,590
Current assets
Stocks 18,879 16,684
Debtors 5 10,420 7,467
Cash at bank and in hand 288,110 365,359
317,409 389,510
Creditors: amounts falling due within one year 6 ( 242,690) ( 317,949)
Net current assets 74,719 71,561
Total assets less current liabilities 703,692 749,151
Creditors: amounts falling due after more than one year 7 ( 506,901) ( 543,836)
Provision for liabilities 8 ( 30,490) ( 38,144)
Net assets 166,301 167,171
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 166,201 167,071
Total shareholders' funds 166,301 167,171

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mill Park Limited (registered number: 09552868) were approved and authorised for issue by the Board of Directors on 18 February 2025. They were signed on its behalf by:

Karen Coppin
Director
MILL PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
MILL PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Mill Park 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 2nd Floor, Stratus House, Emperor Way, Exeter, EX1 3QS, United Kingdom. The company's trading address is Mill Lane, Berrynarbor Nr Ilfracombe, Devon, EX34 9SH.

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 directors have assessed the Statement of Financial Position 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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.

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,reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 15 years straight line
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 15

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 November 2023 481,380 272,335 151,827 44,268 58,559 8,822 1,017,191
Additions 0 0 3,319 0 0 600 3,919
Disposals 0 0 ( 1,300) 0 0 0 ( 1,300)
At 31 October 2024 481,380 272,335 153,846 44,268 58,559 9,422 1,019,810
Accumulated depreciation
At 01 November 2023 88,604 85,201 102,245 15,347 42,693 5,611 339,701
Charge for the financial year 9,628 18,156 12,673 5,784 3,966 1,826 52,033
Disposals 0 0 ( 797) 0 0 0 ( 797)
At 31 October 2024 98,232 103,357 114,121 21,131 46,659 7,437 390,937
Net book value
At 31 October 2024 383,148 168,978 39,725 23,137 11,900 1,985 628,873
At 31 October 2023 392,776 187,134 49,582 28,921 15,866 3,211 677,490

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 November 2023 100
At 31 October 2024 100
Carrying value at 31 October 2024 100
Carrying value at 31 October 2023 100

5. Debtors

2024 2023
£ £
Prepayments 3,288 3,288
Other debtors 7,132 4,179
10,420 7,467

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 26,375 25,528
Trade creditors 15,049 13,651
Amounts owed to Group undertakings 100 100
Accruals and deferred income 137,908 173,144
Corporation tax 13,455 48,037
Other taxation and social security 48,446 56,125
Other creditors 1,357 1,364
242,690 317,949

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

2024 2023
£ £
Bank loans (secured) 77,215 104,436
Amounts owed to directors 429,686 439,400
506,901 543,836

The bank loans are secured upon the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 26,383 40,991

The bank loans are secured upon the assets to which they relate.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 38,144) ( 46,007)
Credited to the Statement of Income and Retained Earnings 7,654 7,863
At the end of financial year ( 30,490) ( 38,144)

9. Called-up share capital

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

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 17,829 17,829
between one and five years 71,314 71,314
after five years 20,003 37,832
109,146 126,975

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 824 835

11. Related party transactions

During the year the directors maintained a current account with the company. As as 31 October 2024, the company owed the directors £429,686 (2023 - £439,400). There is no set repayment date, and no interest is charged on the loan.