Company No: 10915290 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.08.2024
		£		£
Fixed assets
Tangible assets	3	16,822		261,490
Investment property	4	350,000		0
		366,822		261,490
Current assets
Debtors	5	4,477		8,365
Cash at bank and in hand		19,713		48,833
		24,190		57,198
Creditors: amounts falling due within one year	6	( 303,723)		( 309,140)
Net current liabilities		(279,533)		(251,942)
Total assets less current liabilities		87,289		9,548
Provision for liabilities		( 15,435)		0
Net assets		71,854		9,548
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account	8	71,754		9,448
Total shareholders' funds		71,854		9,548

For the financial period ending 31 March 2025 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 financial period in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pettitmill Limited (registered number: 10915290) were approved and authorised for issue by the Board of Directors on 21 October 2025. They were signed on its behalf by:

Mr S Pettit Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pettitmill Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company's accounting period has been shortened to the seven months ended 31 March 2025 and as such the comparative amounts presented in the financial statements are not directly comparable.

Turnover

Turnover is stated net of VAT and booking fees and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	5 years straight line
Fixtures and fittings	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Period from 01.09.2024 to 31.03.2025		Year ended 31.08.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		1

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 September 2024	261,490		0		72,667		334,157
Additions	0		2,767		16,133		18,900
Transfers	( 261,490)		0		0		( 261,490)
At 31 March 2025	0		2,767		88,800		91,567
Accumulated depreciation
At 01 September 2024	0		0		72,667		72,667
Charge for the financial period	0		231		1,847		2,078
At 31 March 2025	0		231		74,514		74,745
Net book value
At 31 March 2025	0		2,536		14,286		16,822
At 31 August 2024	261,490		0		0		261,490

During the financial year, the company reclassified a property previously categorized under "Land and Building" to "Investment Property."

4. Investment property

	Investment property
	£
Valuation
As at 01 September 2024	0
Fair value movement	88,510
Transfers to and from property, plant and equipment	261,490
As at 31 March 2025	350,000

The Investment properties were revalued by the directors on 31 March 2025. The valuation was based on open market value for existing use.

5. Debtors

	31.03.2025		31.08.2024
	£		£
Trade debtors	0		6,260
Corporation tax	540		0
Other debtors	3,937		2,105
	4,477		8,365

6. Creditors: amounts falling due within one year

	31.03.2025		31.08.2024
	£		£
Taxation and social security	4,177		6,232
Other creditors	299,546		302,908
	303,723		309,140

7. Called-up share capital

	31.03.2025		31.08.2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £70,959 (2024: £nil). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.