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Registration number: 04192786

Mills & Son Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Mills & Son Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Mills & Son Ltd

Company Information

Directors

Mr M C Howe

Mrs J M Howe

Company secretary

Mrs K L Howe

Registered office

The Stores
Clyst St Mary
Exeter
Devon
EX5 1BR

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Mills & Son Ltd

(Registration number: 04192786)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

4,435

5,218

Current assets

 

Debtors

5

2,348

2,358

Cash at bank and in hand

 

14,324

15,492

 

16,672

17,850

Creditors: Amounts falling due within one year

6

(163,975)

(149,215)

Net current liabilities

 

(147,303)

(131,365)

Net liabilities

 

(142,868)

(126,147)

Capital and reserves

 

Called up share capital

302

302

Retained earnings

(143,170)

(126,449)

Shareholders' deficit

 

(142,868)

(126,147)

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mr M C Howe
Director

 

Mills & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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:
The Stores
Clyst St Mary
Exeter
Devon
EX5 1BR

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

The directors acknowledge the negative reserves at the balance sheet date and have pledged to continue to support the company so it can meets its obligations as the arise. Therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Mills & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

Plant and machinery

15% reducing balance basis

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 directors) during the year, was 2 (2024 - 2).

 

Mills & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2024

94,673

94,673

At 28 February 2025

94,673

94,673

Depreciation

At 1 March 2024

89,455

89,455

Charge for the year

783

783

At 28 February 2025

90,238

90,238

Carrying amount

At 28 February 2025

4,435

4,435

At 29 February 2024

5,218

5,218

5

Debtors

2025
£

2024
£

Other debtors

2,220

2,227

Prepayments and accrued income

128

131

Total current trade and other debtors

2,348

2,358

6

Creditors

Note

2025
£

2024
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

160,653

145,893

Other creditors

 

2,622

2,622

Accrued expenses

 

700

700

 

163,975

149,215