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REGISTERED NUMBER: 02928759 (England and Wales)





STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

OSWALDTWISTLE MILLS LIMITED

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


OSWALDTWISTLE MILLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R J Booth
N A Bate
N Pitman





SECRETARY: N A Bate





REGISTERED OFFICE: Clifton Mill
Pickup Street
Oswaldtwistle
Accrington
Lancashire
BB5 0EY





REGISTERED NUMBER: 02928759 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF THE BUSINESS
Oswaldtwistle Mills Shopping Village and Garden Centre generates its income from various sources:

1) Commission charges via its established and high profile mix of diverse retail concessions;
2) Rental income;
3) Direct own buy retail operation across various product categories;

Oswaldtwistle Mills Limited acts as landlord managing the retail mix, site development and general operations and marketing of the Oswaldtwistle site.

It also owns and operates a 30,000 square ft. managed business and conference centre generating income from office licences, virtual offices, room hire and provision of catering.

Both operations are now well established and fully let.

The full results are set out in the attached financial statements. The directors consider the state of the affairs of the company to be satisfactory considering the current economic climate and the company has a strong platform to build on for the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk
The company's operations expose it to a variety of financial risks that include the effect of change in credit, liquidity and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such no hedge accounting is applied.

Liquidity risk
The directors believe that the company has sufficient funds available to support its activities in the future.

Market risk
The company is exposed to risks associated with the general economic environment and that of the retail sector. These risks are mitigated by monitoring market conditions and the activity of competitors and then taking appropriate action.

ON BEHALF OF THE BOARD:





R J Booth - Director


24 March 2025

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the operation of the Oswaldtwistle Mills retail, leisure and tourist complex.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

R J Booth
N A Bate
N Pitman

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R J Booth - Director


24 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OSWALDTWISTLE MILLS LIMITED


Opinion
We have audited the financial statements of Oswaldtwistle Mills Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OSWALDTWISTLE MILLS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the director and our knowledge of the company. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Oswaldtwistle Mills Limited are revenue recognition, management override and in the current environment whether the company remains a going concern. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off and testing controls in place in respect of sales and those areas susceptible to management override including testing manual journals and making enquiries of management. Going concern was reviewed by assessing the company's available financial resources and accuracy of cash flow forecasting as well as enquiries of management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OSWALDTWISTLE MILLS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Barr FCA (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

27 March 2025

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 4,007,596 3,989,408

Cost of sales 2,370,024 2,456,667
GROSS PROFIT 1,637,572 1,532,741

Distribution costs 152,633 23,983
Administrative expenses 1,475,635 1,586,210
1,628,268 1,610,193
OPERATING PROFIT/(LOSS) 5 9,304 (77,452 )


Interest payable and similar expenses 6 548 1,845
PROFIT/(LOSS) BEFORE TAXATION 8,756 (79,297 )

Tax on profit/(loss) 7 57,741 123,128
LOSS FOR THE FINANCIAL YEAR (48,985 ) (202,425 )

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

LOSS FOR THE YEAR (48,985 ) (202,425 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(48,985

)

(202,425

)

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 7,094,417 7,350,429
7,094,417 7,350,429

CURRENT ASSETS
Stocks 10 629,795 700,573
Debtors 11 668,858 647,193
Cash at bank and in hand 170,652 80,909
1,469,305 1,428,675
CREDITORS
Amounts falling due within one year 12 566,307 790,445
NET CURRENT ASSETS 902,998 638,230
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,997,415

7,988,659

CREDITORS
Amounts falling due after more than one
year

13

(4,525,000

)

(4,525,000

)

PROVISIONS FOR LIABILITIES 15 (580,867 ) (523,126 )
NET ASSETS 2,891,548 2,940,533

CAPITAL AND RESERVES
Called up share capital 16 2 2
Revaluation reserve 17 1,440,145 1,440,145
Retained earnings 17 1,451,401 1,500,386
SHAREHOLDERS' FUNDS 2,891,548 2,940,533

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





R J Booth - Director


OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 2 1,702,811 1,440,145 3,142,958

Changes in equity
Total comprehensive income - (202,425 ) - (202,425 )
Balance at 31 March 2023 2 1,500,386 1,440,145 2,940,533

Changes in equity
Total comprehensive income - (48,985 ) - (48,985 )
Balance at 31 March 2024 2 1,451,401 1,440,145 2,891,548

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 118,812 18,128
Interest paid (548 ) (1,845 )
Net cash from operating activities 118,264 16,283

Cash flows from investing activities
Purchase of tangible fixed assets (28,521 ) (377,740 )
Net cash from investing activities (28,521 ) (377,740 )

Cash flows from financing activities
Loan repayments in year - (69,873 )
Group company loan - 425,020
Net cash from financing activities - 355,147

Increase/(decrease) in cash and cash equivalents 89,743 (6,310 )
Cash and cash equivalents at beginning of
year

2

80,909

87,219

Cash and cash equivalents at end of year 2 170,652 80,909

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit/(loss) before taxation 8,756 (79,297 )
Depreciation charges 284,534 167,453
Finance costs 548 1,845
293,838 90,001
Decrease in stocks 70,777 96,533
(Increase)/decrease in trade and other debtors (21,665 ) 27,826
Decrease in trade and other creditors (224,138 ) (196,232 )
Cash generated from operations 118,812 18,128

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 170,652 80,909
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 80,909 87,219


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 80,909 89,743 170,652
80,909 89,743 170,652
Total 80,909 89,743 170,652

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


1. STATUTORY INFORMATION

Oswaldtwistle Mills Limited 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. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future.

During the year the company met its working capital requirements through continued financial support received from a group company.

This group company has agreed to continue to provide such financial support as is necessary to enable Oswaldtwistle Mills Limited to meet its liabilities as they fall due and to carry on its business without any significant curtailment of operations for the 12 months following the approval of these accounts.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the accounting for certain assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The principal estimates and judgements that could have a significant effect on the company's financial results are the allocation of certain expenditure on the company's assets to capital or revenue and the rates of deprecation of tangible fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net sales of goods, rents receivable and handling charges.

Rent and handling charges are recognised as the right to the income arises.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010 is now fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


3. ACCOUNTING POLICIES - continued

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 - 25% on cost, 15% on cost and 10% on cost

Land and buildings are stated at market value. Revaluations are performed with sufficient regularity to ensure the carrying amounts are not materially different to fair value.

Any increase on revaluation is recognised in other comprehensive income and accumulated in the revaluation reserve as part of equity. Any decrease on revaluation is recognised in other comprehensive income to the extent it reverses a previous revaluation increase. If a revaluation decrease exceeds previous increases the excess is reported in profit and loss.

The profit on disposal of revalued properties is calculated by reference to net book value and any realised revaluation surplus is transferred to the profit and loss account through reserves.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimate useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss account on a straight line basis over the period of the lease.

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 903,752 937,953
Social security costs 56,860 61,810
Other pension costs 39,001 26,166
999,613 1,025,929

The average number of employees during the year was as follows:
31.3.24 31.3.23

Office, management and sales 58 57

31.3.24 31.3.23
£    £   
Directors' remuneration 62,353 118,093
Directors' pension contributions to money purchase schemes 5,643 5,305

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.3.24 31.3.23
£    £   
Other operating leases 38,471 14,517
Depreciation - owned assets 284,533 167,453
Auditors' remuneration 15,000 15,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 548 1,845

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Deferred tax 57,741 123,128
Tax on profit/(loss) 57,741 123,128

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit/(loss) before tax 8,756 (79,297 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

2,189

(19,824

)

Effects of:
Expenses not deductible for tax purposes 55,551 16,532
Depreciation in excess of capital allowances 8,365 6,517
Utilisation of tax losses (66,105 ) (3,225 )
Deferred tax 57,741 123,128
Total tax charge 57,741 123,128

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 267,000
AMORTISATION
At 1 April 2023
and 31 March 2024 267,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


9. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 7,173,029 855,025 8,028,054
Additions - 28,521 28,521
At 31 March 2024 7,173,029 883,546 8,056,575
DEPRECIATION
At 1 April 2023 226,966 450,659 677,625
Charge for year 215,001 69,532 284,533
At 31 March 2024 441,967 520,191 962,158
NET BOOK VALUE
At 31 March 2024 6,731,062 363,355 7,094,417
At 31 March 2023 6,946,063 404,366 7,350,429

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2017 6,700,000 - 6,700,000
Cost 473,029 883,546 1,356,575
7,173,029 883,546 8,056,575

Land and buildings were valued on an open market basis on 5th April 2017 by Lambert Smith Hampton Chartered surveyors.

10. STOCKS
31.3.24 31.3.23
£    £   
Stocks 629,795 700,573

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 15,599 19,809
Amounts owed by group undertakings 591,495 591,495
Other debtors 21,729 32,256
Prepayments and accrued income 40,035 3,633
668,858 647,193

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 347,987 407,028
Social security and other taxes 10,846 10,739
VAT 127,591 294,557
Other creditors 4,389 12,839
Accruals and deferred income 75,494 65,282
566,307 790,445

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 4,525,000 4,525,000

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 27,705 38,786
Between one and five years 28,022 38,159
55,727 76,945

15. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 313,259 321,623
Property revaluation 283,000 283,000
Losses (15,392 ) (81,497 )
580,867 523,126

Deferred
tax
£   
Balance at 1 April 2023 523,126
Provided during year 57,741
Balance at 31 March 2024 580,867

OSWALDTWISTLE MILLS LIMITED (REGISTERED NUMBER: 02928759)

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


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary £1 2 2

17. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 1,500,386 1,440,145 2,940,531
Deficit for the year (48,985 ) (48,985 )
At 31 March 2024 1,451,401 1,440,145 2,891,546

18. ULTIMATE PARENT COMPANY

DDFI Limited is regarded by the directors as being the company's ultimate parent company.

Copies of the group accounts are available from Companies House.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J Booth.

21. GENERAL INFORMATION

Oswaldtwistle Mills Limited is a limited company incorporated in England. Its registered office address is disclosed on page 1. The principal activity is that of a retailer. The financial statements are presented in Sterling, which is also the functional currency of the Company.