Company Registration No. 13101214 (England and Wales)
Old Mill Farm Ltd
Unaudited accounts
for the year ended 31 December 2024
Old Mill Farm Ltd
Unaudited accounts
Contents
Old Mill Farm Ltd
Company Information
for the year ended 31 December 2024
Director
Benedict George Morris
Company Number
13101214 (England and Wales)
Registered Office
Old Mill Farm
Greenway
Brixham
TQ5 0ER
United Kingdom
Old Mill Farm Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
81,086
81,751
Investments
915,007
915,007
Cash at bank and in hand
12,750
2,166
Creditors: amounts falling due within one year
(745,833)
(620,748)
Net current liabilities
(220,657)
(279,092)
Net assets
775,436
717,666
Called up share capital
4
1
Revaluation reserve
915,007
915,007
Profit and loss account
(139,575)
(197,342)
Shareholders' funds
775,436
717,666
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 September 2025 and were signed on its behalf by
Benedict George Morris
Director
Company Registration No. 13101214
Old Mill Farm Ltd
Notes to the Accounts
for the year ended 31 December 2024
Old Mill Farm Ltd is a private company, limited by shares, registered in England and Wales, registration number 13101214. The registered office is Old Mill Farm, Greenway, Brixham, TQ5 0ER, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Investments in subsidiaries are measured as cost less accumulated impairment.
Old Mill Farm Ltd
Notes to the Accounts
for the year ended 31 December 2024
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the director has made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 January 2024
78,641
3,622
82,263
At 31 December 2024
78,641
3,693
82,334
At 1 January 2024
-
512
512
Charge for the year
-
736
736
At 31 December 2024
-
1,248
1,248
At 31 December 2024
78,641
2,445
81,086
At 31 December 2023
78,641
3,110
81,751
Old Mill Farm Ltd
Notes to the Accounts
for the year ended 31 December 2024
5
Investments
Subsidiary undertakings
Valuation at 1 January 2024
915,007
Valuation at 31 December 2024
915,007
The company holds 100% of the share capital in the following company:
Dolphin Boatyard
The registered office for this company is Dolphin Haven Kiln Road, Galmpton, Brixham, Devon, United Kingdom, TQ5 0EH.
Amounts falling due within one year
Other debtors
510,000
330,000
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
35,914
29,712
Amounts owed to group undertakings and other participating interests
125,292
74,443
Loans from directors
579,746
516,593
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).