Company registration number 08334215 (England and Wales)
MILL FARM VENTURES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MILL FARM VENTURES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MILL FARM VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,160,000
1,225,000
Current assets
Debtors
5
643,642
2,559,573
Cash at bank and in hand
1,695
1,976
645,337
2,561,549
Creditors: amounts falling due within one year
6
(1,531,033)
(2,130,057)
Net current (liabilities)/assets
(885,696)
431,492
Net assets
274,304
1,656,492
Capital and reserves
Called up share capital
7
50,100
5,150,100
Profit and loss reserves
10
224,204
(3,493,608)
Total equity
274,304
1,656,492

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 24 June 2025
Mr D A Haythornthwaite
Director
Company registration number 08334215 (England and Wales)
MILL FARM VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

 

The amount recognised in Land and Buildings has been recognised at fair value.

2
Accounting policies
Company information

Mill Farm Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Docklands, Dock Road, Lytham, Lancashire, FY8 5AQ.

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.

2.2
Going concern

The financial statements have been prepared on a going concern basis. The Company has net current trueliabilities of £885,696 (2023: net assets £431,492) and net assets of £274,304 (2023: £1,656,492). Mill Farm Ventures Limited has received a letter of support 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.

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.

 

Turnover is for the sale of land for development and completed leisure properties. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the land or property 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.

MILL FARM VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Freehold land is not depreciated - pitches over 10 years

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.
MILL FARM VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 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
1
1

No director received remuneration from the Company in respect of services provided in either the current or prior year. The director's remuneration is paid by Tangerine Holdings Limited.

4
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
1,550,000
Depreciation and impairment
At 1 July 2023
325,000
Depreciation charged in the year
65,000
At 30 June 2024
390,000
Carrying amount
At 30 June 2024
1,160,000
At 30 June 2023
1,225,000
MILL FARM VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,338
572,922
Other debtors
584,424
1,951,687
586,762
2,524,609
Deferred tax asset (note )
56,880
34,964
643,642
2,559,573
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
7,753
Amounts owed to group undertakings
67,671
54,488
Taxation and social security
-
0
259,728
Other creditors
1,461,413
1,808,088
Accruals and deferred income
1,949
-
0
1,531,033
2,130,057

The amounts owed to group undertakings are interest free and repayable on demand.

7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
50,100 (2023: 5,150,100) Ordinary of £1 each
50,100
5,150,100
8
Capital reduction

During the year a capital reduction took place which cancelled 5,100,000 shares of £1 each. The amount of capital reduced has been credited to retained earnings.

9
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 was unqualified.

Senior Statutory Auditor:
David Evans BA FCA
Statutory Auditor:
Bishops Audit Limited
Date of audit report:
26 June 2025
MILL FARM VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
10
Profit and loss reserves

This reserve reflects cumulative profits and losses net of distributions to owners

11
Related  Party disclosures
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 purchased
-
8,115
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Include in Other debtors/(creditors)
(678,293)
88,664
The Company is under control of D A Haythornthwaite, the controlling shareholder of Tangerine Leisure Limited.
12
Ultimate controlling party

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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