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COMPANY REGISTRATION NUMBER: 14746307
MILLFIELDS III LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2024
MILLFIELDS III LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2024
2024
2023
Note
£
£
£
£
CURRENT ASSETS
Stocks
4
5,172,782
302,241
Debtors
5
12,189
10
Cash at bank and in hand
33,699
------------
---------
5,218,670
302,251
CREDITORS: amounts falling due within one year
6
4,882,671
302,241
------------
---------
NET CURRENT ASSETS
335,999
10
---------
----
TOTAL ASSETS LESS CURRENT LIABILITIES
335,999
10
---------
----
NET ASSETS
335,999
10
---------
----
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
335,989
---------
----
SHAREHOLDERS FUNDS
335,999
10
---------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 August 2025 , and are signed on behalf of the board by:
Mr G A Thompson
Director
Company registration number: 14746307
MILLFIELDS III LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 November 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, Regent House, Bath Avenue. WV1 4EG. The principal place of business is 56 High Street, Albrighton, Wolverhampton. WV7 3JQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents consideration received or receivable at legal completion of a property sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress Housing work in progress is stated at the lower of direct cost and net realisable value. Direct costs include direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value is assessed by estimating selling prices and costs, including sales and marketing expenses, taking into account current market conditions.
Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contractual arrangement that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. STOCKS
2024
2023
£
£
Housing work in progress
5,172,782
302,241
------------
---------
5. DEBTORS
2024
2023
£
£
Trade debtors
11,243
Other debtors
946
10
--------
----
12,189
10
--------
----
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,050,654
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,030,972
302,241
Corporation tax
66,960
Other creditors
734,085
------------
---------
4,882,671
302,241
------------
---------
Included within the above are bank loans and overdrafts of £2,050,654 (2023; £nil) secured by way of a fixed and floating charge over the company's assets, and other creditors of £700,000 (2023; £nil) secured by a fixed charge over certain assets.