REGISTERED NUMBER: |
Mills Properties (NW) Limited |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
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 |
Non-distributable reserve | 12 |
Retained earnings |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of rents receivable from investment property management during the year. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 August 2023 |
Additions |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
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 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
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 |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loan |
Hire purchase contracts (see note 9) |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 July 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 1 | 2,000 | 2,000 |
12. | Reserves |
Non-distributable |
reserve |
£ |
At 1 August 2023 |
and 31 July 2024 |
13. | Capital commitments |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |