Company registration number 00552229 (England and Wales)
BANKS MILLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BANKS MILLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
BANKS MILLS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
731,990
430,781
Investment properties
6
9,352,329
9,347,644
10,084,319
9,778,425
Current assets
Debtors
7
6,317,864
6,447,568
Cash at bank and in hand
184,603
193,225
6,502,467
6,640,793
Creditors: amounts falling due within one year
8
(415,370)
(318,795)
Net current assets
6,087,097
6,321,998
Total assets less current liabilities
16,171,416
16,100,423
Provisions for liabilities
10
(367,204)
(362,033)
Net assets
15,804,212
15,738,390
Capital and reserves
Called up share capital
12
300
300
Profit and loss reserves
13
15,803,912
15,738,090
Total equity
15,804,212
15,738,390
BANKS MILLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 July 2025
R Banks
Director
Company Registration No. 00552229
BANKS MILLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
300
14,804,315
14,804,615
Year ended 31 December 2023:
Profit and total comprehensive income
-
933,775
933,775
Balance at 31 December 2023
300
15,738,090
15,738,390
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,008,973
1,008,973
Dividends
-
(943,151)
(943,151)
Balance at 31 December 2024
300
15,803,912
15,804,212
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Banks Mills Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Banks Drive, Sandy, SG19 1AE.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue from services provided is recognised when the company has performed its obligations and in exchange obtained the right to consideration. Amounts received in advance of the provision of services are included within deferred income.
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2-10% straight line
Plant and machinery
10-33% straight line
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
It is the group's policy to charge for tax losses surrendered by way of group relief at the rate prevailing at the end of the financial period in respect of which relief is given.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
2024
2023
Number
Number
Total
1
1
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
279,555
Group tax relief
280,077
Total current tax
279,555
280,077
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Taxation
2024
2023
£
£
(Continued)
- 8 -
Deferred tax
Origination and reversal of timing differences
5,171
11,910
Total tax charge
284,726
291,987
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,293,699
1,225,762
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
323,425
306,441
Tax effect of expenses that are not deductible in determining taxable profit
118
2,299
Effect of change in corporation tax rate
(17,431)
Group relief
(39,931)
Other adjustments
(1,248)
(8,996)
Fixed asset differences
2,363
9,672
Rounding
(1)
2
Taxation charge for the year
284,726
291,987
5
Tangible fixed assets
Land and buildings Freehold
Assets under construction
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2024
408,131
45,488
453,619
Additions
313,876
313,876
At 31 December 2024
408,131
313,876
45,488
767,495
Depreciation and impairment
At 1 January 2024
10,701
12,137
22,838
Depreciation charged in the year
8,162
4,505
12,667
At 31 December 2024
18,863
16,642
35,505
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Tangible fixed assets
Land and buildings Freehold
Assets under construction
Plant and machinery
Total
£
£
£
£
(Continued)
- 9 -
Carrying amount
At 31 December 2024
389,268
313,876
28,846
731,990
At 31 December 2023
397,430
33,351
430,781
6
Investment property
2024
£
Fair value
At 1 January 2024
9,347,644
Additions
4,685
At 31 December 2024
9,352,329
The valuations of the investment properties were made as at 31 December 2024 by the directors of the company. The directors valued the properties on an open market value for existing use basis, based on their knowledge of the local property market and the return an investor would expect to receive from commercial let property.
If the investment properties were not stated on a fair value basis, they would have been included on the historical cost basis at £6,880,448 (2023 - £6,875,763).
The directors review the investment property valuations annually, and consider that the valuations in the accounts are not significantly different from open market value.
All investment properties are held for use in operating leases.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
233,298
303,217
Corporation tax recoverable
28,927
Amounts owed by group undertakings
6,016,807
6,112,620
Other debtors
38,832
31,731
6,317,864
6,447,568
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
86,033
73,172
Amounts owed to group undertakings
50,096
Corporation tax
(148,000)
Other taxation and social security
44,822
63,192
Other creditors
284,515
280,335
415,370
318,795
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
367,204
362,033
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
170,362
170,362
Fixed asset timing differences
196,842
191,671
367,204
362,033
2024
Movements in the year:
£
Liability at 1 January 2024
362,033
Charge to profit or loss
5,171
Liability at 31 December 2024
367,204
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
13
Profit and loss reserves
Included within retained earnings are non distributable reserves of £3,169,910 (2023 - £3,169,910).
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
109,860
128,940
Lessor
[Further information as appropriate]
2024
2023
£
£
5,276,388
5,704,420
BANKS MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
15
Related party transactions
Transactions with related parties
As a wholly owned subsidiary of SCB Holdings (Sandy) Limited, the company has taken advantage of the exemption available not to disclose details of transactions with other members of the group headed by Sanwalton Limited.
There is a bank cross guarantee in place from SCB Residential Ltd, Banks Truck Centre Ltd, Sanwalton Ltd and Banks Mills Ltd to SCB Holdings Limited.
16
Parent company
The immediate parent undertaking is SCB Holdings (Sandy) Limited.
The ultimate holding company and controlling related party is Sanwalton Limited, a company registered in England and Wales.
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