Company registration number 08052481 (England and Wales)
WIRE MILL ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WIRE MILL ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WIRE MILL ESTATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,934
36,014
Investment property
4
10,992,450
10,992,450
11,020,384
11,028,464
Current assets
Debtors
5
29,630
5,788
Cash at bank and in hand
105,998
101,147
135,628
106,935
Creditors: amounts falling due within one year
6
(182,567)
(233,117)
Net current liabilities
(46,939)
(126,182)
Total assets less current liabilities
10,973,445
10,902,282
Creditors: amounts falling due after more than one year
7
(5,596,013)
(5,597,334)
Provisions for liabilities
(1,078,000)
(1,060,000)
Net assets
4,299,432
4,244,948
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
3,728,819
3,728,819
Profit and loss reserves
570,611
516,127
Total equity
4,299,432
4,244,948
WIRE MILL ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
D  Elwood
Director
Company registration number 08052481 (England and Wales)
WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Wire Mill Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 294 Glossop Road, Sheffield, South Yorkshire, S10 2HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities as of 30 June 2024 of £40,438 (2023: £126,182), and atruet the time of approving the financial statements, based upon financial forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have also agreed to provide financial support as and when it is required. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing balance
Computers
33% Straight line
Motor vehicles
25% Reducing balance

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Revaluations are credited to the revaluation reserve net of deferred tax.

WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
119,892
-
0
39,645
159,537
Additions
-
0
978
-
0
978
At 30 June 2024
119,892
978
39,645
160,515
Depreciation
At 1 July 2023
108,871
-
0
14,652
123,523
Depreciation charged in the year
2,756
54
6,248
9,058
At 30 June 2024
111,627
54
20,900
132,581
Carrying amount
At 30 June 2024
8,265
924
18,745
27,934
At 30 June 2023
11,021
-
0
24,993
36,014
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
10,992,450

The fair value of the investment properties have been arrived at by way of a directors valuation as at 30 June 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
29,630
5,788

Included in other debtors are amounts due by the directors of £7,016 (2023: 31,786 owed to the directors included within Other Creditors: amounts falling due within one year (note 6 to the financial statements)). The loan is interest free and is repayable on demand.

 

The movements are detailed within note 11 to the financial statements.

WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,468
27,284
Taxation and social security
2,433
-
0
Other creditors
167,666
205,833
182,567
233,117

Included in other creditors are amounts of £1,321 (2023: £2,141) due in relation to hire purchase obligations. These are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
5,342,063
5,342,063
Other creditors
253,950
255,271
5,596,013
5,597,334

Included in other creditors are amounts of £3,950 (2023: £5,271) due in relation to hire purchase obligations. These are secured against the assets to which they relate.

The amount of secured creditors is £5,342,063 (2023: £5,342,063). Security is in the form of fixed charges over the company's investment properties and a floating charge over the company's assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of investment property
195,450
-
WIRE MILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
Directors' transactions

During the year the company provided the director with the following advances:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
(31,786)
99,471
91
(60,760)
7,016
(31,786)
99,471
91
(60,760)
7,016
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