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Registration number: 12824927

Mill Town Properties (BTL) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Mill Town Properties (BTL) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Mill Town Properties (BTL) Ltd

Company Information

Director

Mr Dominic James Southworth

Registered office

5 Solway Avenue
Blackburn
BB2 5BQ

 

Mill Town Properties (BTL) Ltd

(Registration number: 12824927)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

750

1,500

Investment property

735,000

580,000

 

735,750

581,500

Current assets

 

Debtors

20

31,679

Cash at bank and in hand

 

1,659

793

 

1,679

32,472

Creditors: Amounts falling due within one year

(2,334)

(50)

Net current (liabilities)/assets

 

(655)

32,422

Total assets less current liabilities

 

735,095

613,922

Creditors: Amounts falling due after more than one year

(587,803)

(517,127)

Provisions for liabilities

(49,156)

(32,357)

Net assets

 

98,136

64,438

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

209,559

137,943

Retained earnings

(111,523)

(73,605)

Shareholders' funds

 

98,136

64,438

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 20 May 2025
 

 

Mill Town Properties (BTL) Ltd

(Registration number: 12824927)
Balance Sheet as at 31 August 2024 (continued)

.........................................
Mr Dominic James Southworth
Director

 

Mill Town Properties (BTL) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Solway Avenue
Blackburn
BB2 5BQ

These financial statements were authorised for issue by the director on 20 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Mill Town Properties (BTL) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

750

750

 

Mill Town Properties (BTL) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

3,000

3,000

At 31 August 2024

3,000

3,000

Depreciation

At 1 September 2023

1,500

1,500

Charge for the year

750

750

At 31 August 2024

2,250

2,250

Carrying amount

At 31 August 2024

750

750

At 31 August 2023

1,500

1,500

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

369,726

335,020

Other borrowings

141,838

69,651

511,564

404,671