IRIS Accounts Production v25.1.0.734 01888426 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018884262023-07-31018884262024-07-31018884262023-08-012024-07-31018884262022-07-31018884262022-08-012023-07-31018884262023-07-3101888426ns15:EnglandWales2023-08-012024-07-3101888426ns14:PoundSterling2023-08-012024-07-3101888426ns10:Director12023-08-012024-07-3101888426ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3101888426ns10:SmallEntities2023-08-012024-07-3101888426ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3101888426ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3101888426ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3101888426ns10:FullAccounts2023-08-012024-07-3101888426ns10:OrdinaryShareClass12023-08-012024-07-3101888426ns10:Director22023-08-012024-07-3101888426ns10:CompanySecretary12023-08-012024-07-3101888426ns10:RegisteredOffice2023-08-012024-07-3101888426ns5:CurrentFinancialInstruments2024-07-3101888426ns5:CurrentFinancialInstruments2023-07-3101888426ns5:Non-currentFinancialInstruments2024-07-3101888426ns5:Non-currentFinancialInstruments2023-07-3101888426ns5:ShareCapital2024-07-3101888426ns5:ShareCapital2023-07-3101888426ns5:FurtherSpecificReserve3ComponentTotalEquity2024-07-3101888426ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-3101888426ns5:RetainedEarningsAccumulatedLosses2024-07-3101888426ns5:RetainedEarningsAccumulatedLosses2023-07-3101888426ns5:FurnitureFittings2023-08-012024-07-3101888426ns5:MotorVehicles2023-08-012024-07-3101888426ns5:FurnitureFittings2023-07-3101888426ns5:MotorVehicles2023-07-3101888426ns5:FurnitureFittings2024-07-3101888426ns5:MotorVehicles2024-07-3101888426ns5:FurnitureFittings2023-07-3101888426ns5:MotorVehicles2023-07-3101888426ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3101888426ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3101888426ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-07-3101888426ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-07-3101888426ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-07-3101888426ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-07-3101888426ns5:HirePurchaseContracts2024-07-3101888426ns5:HirePurchaseContracts2023-07-3101888426ns5:WithinOneYear2024-07-3101888426ns5:WithinOneYear2023-07-3101888426ns5:BetweenOneFiveYears2024-07-3101888426ns5:BetweenOneFiveYears2023-07-3101888426ns5:AllPeriods2024-07-3101888426ns5:AllPeriods2023-07-3101888426ns5:DeferredTaxation2023-07-3101888426ns5:DeferredTaxation2023-08-012024-07-3101888426ns5:DeferredTaxation2024-07-3101888426ns10:OrdinaryShareClass12024-07-3101888426ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-31018884261ns10:Director12023-07-31018884261ns10:Director12022-07-31018884261ns10:Director12023-08-012024-07-31018884261ns10:Director12022-08-012023-07-31018884261ns10:Director12024-07-31018884261ns10:Director12023-07-3101888426ns10:Director222023-07-3101888426ns10:Director222022-07-3101888426ns10:Director222023-08-012024-07-3101888426ns10:Director222022-08-012023-07-3101888426ns10:Director222024-07-3101888426ns10:Director222023-07-31
REGISTERED NUMBER: 01888426 (England and Wales)















Mills Properties (NW) Limited

Unaudited Financial Statements for the Year Ended 31 July 2024






Mills Properties (NW) Limited (Registered number: 01888426)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mills Properties (NW) Limited

Company Information
for the Year Ended 31 July 2024







Directors: Christine Mills
Dominic John Mills





Secretary: Christine Mills





Registered office: Craven House
32 Lee Lane
Horwich
Bolton
Greater Manchester
BL6 7BY





Registered number: 01888426 (England and Wales)





Accountants: Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY

Mills Properties (NW) Limited (Registered number: 01888426)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 35,659 6,699
Investment property 5 1,505,149 1,505,149
1,540,808 1,511,848

Current assets
Debtors 6 134,535 93,800
Cash at bank 24,908 72,257
159,443 166,057
Creditors
Amounts falling due within one year 7 143,428 173,444
Net current assets/(liabilities) 16,015 (7,387 )
Total assets less current liabilities 1,556,823 1,504,461

Creditors
Amounts falling due after more than
one year

8

(30,569

)

(21,775

)

Provisions for liabilities 10 (9,449 ) (1,674 )
Net assets 1,516,805 1,481,012

Mills Properties (NW) Limited (Registered number: 01888426)

Statement of Financial Position - continued
31 July 2024

2024 2023
Notes £    £    £   
Capital and reserves
Called up share capital 11 2,000 2,000
Non-distributable reserve 12 649,245 649,245
Retained earnings 865,560 829,767
Shareholders' funds 1,516,805 1,481,012

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





Dominic John Mills - Director


Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. Statutory information

Mills Properties (NW) 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. 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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of rents receivable from investment property management during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in non-distributable reserves.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting year . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year.

Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.


Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Tangible fixed assets
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 August 2023 2,569 8,619 11,188
Additions - 37,615 37,615
At 31 July 2024 2,569 46,234 48,803
Depreciation
At 1 August 2023 1,123 3,366 4,489
Charge for year 289 8,366 8,655
At 31 July 2024 1,412 11,732 13,144
Net book value
At 31 July 2024 1,157 34,502 35,659
At 31 July 2023 1,446 5,253 6,699

Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. Investment property
Total
£   
Fair value
At 1 August 2023
and 31 July 2024 1,505,149
Net book value
At 31 July 2024 1,505,149
At 31 July 2023 1,505,149

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2017 520,997
Cost 984,152
1,505,149

If the Investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 984,152 984,152
Aggregate depreciation (124,248 ) (124,248 )

The Investment properties were valued on an open market basis on 31 July 2017 by Mr N H C Swift Bsc HONS MRICS .

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 134,535 93,800

Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loan 10,000 10,000
Hire purchase contracts (see note 9) 5,783 -
Trade creditors 2,164 -
Taxation and social security 30,411 37,102
Other creditors 95,070 126,342
143,428 173,444

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loan 11,775 21,775
Hire purchase contracts (see note 9) 18,794 -
30,569 21,775

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,783 -
Between one and five years 18,794 -
24,577 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 655 7,818
Between one and five years - 651
655 8,469

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 9,449 1,674

Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 August 2023 1,674
Charge to Statement of Income and Retained Earnings during year 7,775
Balance at 31 July 2024 9,449

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary shares 1 2,000 2,000

12. Reserves
Non-distributable
reserve
£   
At 1 August 2023
and 31 July 2024 649,245

13. Capital commitments
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 8,469

14. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Dominic John Mills
Balance outstanding at start of year 86,105 73,677
Amounts advanced 120,288 97,939
Amounts repaid (63,715 ) (85,511 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 142,678 86,105

Mills Properties (NW) Limited (Registered number: 01888426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

14. Directors' advances, credits and guarantees - continued

Christine Mills
Balance outstanding at start of year - -
Amounts advanced 34,000 -
Amounts repaid (19,901 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,099 -