Company registration number 10157598 (England and Wales)
MILL FARM SPORTS VILLAGE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MILL FARM SPORTS VILLAGE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
MILL FARM SPORTS VILLAGE LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,306,440
10,633,204
Current assets
Stocks
22,771
28,995
Debtors
6
744,338
834,322
Cash at bank and in hand
30,072
25,347
797,181
888,664
Creditors: amounts falling due within one year
5
(10,567,830)
(9,570,114)
Net current liabilities
(9,770,649)
(8,681,450)
Net assets
535,791
1,951,754
Capital and reserves
Called up share capital
7
7,654,705
7,654,705
Profit and loss reserves
9
(7,118,914)
(5,702,951)
Total equity
535,791
1,951,754
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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr D A Haythornthwaite
Director
Company registration number 10157598 (England and Wales)
MILL FARM SPORTS VILLAGE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 JUNE 2024
29 June 2024
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key Judgements (except estimates)
Management do not consider that there are any critical area of accounting judgement in the financial statements.
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definitions, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
At the end of the reporting period, management undertake an assessment whether there are indications that a fixed asset may be impaired or that any impairment loss previously recognised has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses.
Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.
The residual value for leasehold and freehold property is estimated at 40% of the original cost.
2
Accounting policies
Company information
Mill Farm Sports Village Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mill Farm Sports Village, Coronation Way, Wesham, Lancashire, PR4 3JZ.
2.1
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.
MILL FARM SPORTS VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
2
Accounting policies
(Continued)
- 3 -
2.2
Going concern
The financial statements have been prepared on a going concern basis. The Company has net current liabilities of £true9,770,649 at 29 June 2024 (2023: £8,681,450) and net assets of £535,791 at 29 June 2024 (2023: £1,951,754).
The Company will rely upon the support of Tangerine Group Holdings Limited to keep it trading for a period of 12 months from the date of approving the financial statements. The Company has received assurances from Tangerine Group Holdings Limited who is under the ultimate control of the same controlling shareholder, D A Haythornthwaite that they can continue to provide financial support to enable the Company to continue trading as a going concern for a period of at least 12 months from the date of approval of these financial statements.
2.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:
Leashold and freehold property
4% on cost
Plant and equipment
10% on cost
Fixtures and fittings
20% on cost
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.
2.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
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 entity after deducting all of its financial liabilities.
Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
2.7
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.
MILL FARM SPORTS VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
2
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
44
48
No directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors' remuneration is paid by Tangerine Holdings Limited.
MILL FARM SPORTS VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 5 -
4
Tangible fixed assets
Leashold and freehold property
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 30 June 2023
10,917,166
659,405
1,280,670
12,857,241
Additions
39,290
42,964
82,254
Disposals
(752)
(752)
At 29 June 2024
10,956,456
659,405
1,322,882
12,938,743
Depreciation and impairment
At 30 June 2023
876,571
365,732
981,734
2,224,037
Depreciation charged in the year
220,917
74,748
112,601
408,266
At 29 June 2024
1,097,488
440,480
1,094,335
2,632,303
Carrying amount
At 29 June 2024
9,858,968
218,925
228,547
10,306,440
At 29 June 2023
10,040,595
293,673
298,936
10,633,204
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
295,586
229,181
Amounts owed to group undertakings
755,552
537,395
Taxation and social security
8,280
56,357
Other creditors
9,160,012
8,457,905
Accruals and deferred income
348,400
289,276
10,567,830
9,570,114
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
147,368
498,074
Amounts owed by group undertakings
32,543
54,935
Other debtors
459,163
75,260
Prepayments and accrued income
24,157
131,927
663,231
760,196
Deferred tax asset
81,107
74,126
744,338
834,322
MILL FARM SPORTS VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
6
Debtors
(Continued)
- 6 -
The amounts owed by group undertakings are interest free and repayable on demand.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,654,705
7,654,705
7,654,705
7,654,705
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 June 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.
Senior Statutory Auditor:
David Evans BA FCA
Statutory Auditor:
Bishops Audit Limited
Date of audit report:
26 June 2025
9
Profit and loss reserves
This reserve reflects cumulative profits and losses net of distributions to owners.
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Finacial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the Company had transactions with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Goods provided
(283,704)
(138,644)
Good purchased
282,086
718,842
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Included in Trade debtors/(creditors)
-
413,558
MILL FARM SPORTS VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
10
Related party transactions
(Continued)
- 7 -
Include in Other debtors/(creditors)
(8,699,506)
(8,306,506)
The Company provided goods to D A Haythornthwaite to the value of £Nil (2023: £Nil) and he owed the Company £1,929 at 29 June 2024 (2023:£1,929) which is included in trade debtors.
11
Parent company
The Company is 100% owned subsidiary of Tangerine Leisure Limited.
Tangerine Leisure Limited heads a small group and therefore is not required to prepare consolidated accounts.
Tangerine Leisure Limited is owned by Rendell Limited, a company incorporated in the Isle of Man. The Company is under the ultimate control of D A Haythornthwaite, the controlling shareholder of Rendell Limited.
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