Company registration number 02451243 (England and Wales)
MACMILLANS (WADEBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MACMILLANS (WADEBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MACMILLANS (WADEBRIDGE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
Notes
£
£
£
£
Fixed assets
Tangible assets
3
275,000
275,000
Current assets
Debtors
4
28,099
62,532
Cash at bank and in hand
18,596
4,479
46,695
67,011
Creditors: amounts falling due within one year
5
(7,383)
(7,598)
Net current assets
39,312
59,413
Net assets
314,312
334,413
Capital and reserves
Called up share capital
200
100
Revaluation reserve
6
232,572
232,572
Profit and loss reserves
81,540
101,741
Total equity
314,312
334,413

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he 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 by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
Mrs L Gillespie
Mrs A Martin
Director
Director
Company registration number 02451243 (England and Wales)
MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Macmillans (Wadebridge) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor House, Wadebridge, Cornwall, PL27 6BS.

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 a mounts 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Freehold land and buildings
not depreciated

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.

1.4
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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in general administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
3
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 April 2024 and 31 March 2025
275,000
Depreciation and impairment
At 1 April 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
275,000
At 31 March 2024
275,000

Freehold land and buildings with a carrying amount of £275,000 (2024 : £275,000) have been pledged to secure borrowings of Macmillans Solicitors LLP who operate from the buildings owned by the company. The LLP is controlled by A K Davison and LC Gillespie, who also each own 25% of the shares of the company.

The land and buildings were revalued on 24 May 2023 by Scott Burridge Commercials LLP, independent valuers not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices of similar properties.

If freehold land and buildings were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

2025
2024
£
£
Cost
42,428
42,428
MACMILLANS (WADEBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
4
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
-
0
37,533
Other debtors
28,099
24,999
28,099
62,532
5
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
5,168
5,383
Other creditors
2,215
2,215
7,383
7,598
6
Revaluation reserve
2025
2024
£
£
At the beginning of the year
232,572
97,572
Other movements
-
135,000
At the end of the year
232,572
232,572
7
Related party transactions

During the period administration services were provided from the company to an associated LLP in which shareholders of the company are designated members. The company has charged the LLP £22,749 (2024: £24,999) for these services.

The company has charged the LLP £26,250 (2024: £30,000) rent for the use of the property.

The company is controlled by A K Davison and L C Gillespie who each own 25% of the shares.

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