| R.C Mills Property Ltd |
| Registered number: |
12921437 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
205,000 |
|
|
142,062 |
|
| Current assets |
| Debtors |
4 |
|
408 |
|
|
3 |
| Cash at bank and in hand |
|
|
2,041 |
|
|
9,927 |
|
|
|
2,449 |
|
|
9,930 |
|
| Creditors: amounts falling due within one year |
5 |
|
(44,643) |
|
|
(46,671) |
|
| Net current liabilities |
|
|
|
(42,194) |
|
|
(36,741) |
|
| Total assets less current liabilities |
|
|
|
162,806 |
|
|
105,321 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(98,622) |
|
|
(98,641) |
|
| Provisions for liabilities |
|
|
|
(11,958) |
|
|
- |
|
|
| Net assets |
|
|
|
52,226 |
|
|
6,680 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account - non-distributable |
8 |
|
|
50,980 |
|
|
- |
| Profit and loss account - distributable |
|
|
|
1,245 |
|
|
6,679 |
|
| Shareholder's funds |
|
|
|
52,226 |
|
|
6,680 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| R C Mills |
| Director |
| Approved by the board on 17 December 2025 |
|
| R.C Mills Property Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value of rental income receivable in respect of the company's investment properties. |
|
|
Investment properties |
|
The company's investment properties are initially recorded at cost, which includes the purchase price and any directly attributable expenditure. Investment properties are re-valued regularly to ensure that their carrying value in the accounts does not differ materially from their fair value at the balance sheet date. Changes in the fair value of the investment properties as a result of a revaluation are recognised in the profit and loss account and accumulated in the non-distributable profit and loss account reserve within capital and reserves. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 April 2024 |
142,062 |
|
Surplus on revaluation |
62,938 |
|
At 31 March 2025 |
205,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
205,000 |
|
At 31 March 2024 |
142,062 |
|
|
|
|
|
|
|
|
|
|
The company's investment property was valued at £205,000 as at the balance sheet date of 31 March 2025. This valuation was determined by the director with reference to an agreement for the sale of the property to an unrelated third party, agreed on 20 October 2025. The director has exercised judgement in concluding that there have been no material changes in market conditions between the reporting date and the date of the sale agreement that would invalidate the use of the agreed sale price as the fair value at 31 March 2025.
|
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Other debtors |
408 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
4,100 |
|
4,100 |
|
Taxation and social security costs |
- |
|
1,968 |
|
Other creditors |
40,543 |
|
40,603 |
|
|
|
|
|
|
44,643 |
|
46,671 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
98,622 |
|
98,641 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
102,722 |
|
102,741 |
|
|
|
|
|
|
|
|
|
|
Bank Loans are secured by fixed charges over the company's investment properties. |
|
|
| 8 |
Profit and loss account - non-distributable |
2025 |
|
2024 |
| £ |
£ |
|
|
Gain on revaluation of investment properties |
62,938 |
|
- |
|
Deferred taxation arising on the revaluation of investment properties |
|
(11,958) |
|
- |
|
|
At 31 March 2025 |
50,980 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 9 |
Events after the reporting date |
|
|
On 20 October 2025, subsequent to the reporting date, the company entered into an agreement for the sale of its investment property for £205,000. The sale is anticipated to complete in early 2026. This is a non-adjusting event concerning the disposal itself (as the conditions for disposal did not exist at the balance sheet date), but the agreed price has been used to determine the fair value of the property recognised in these financial statements as at 31 March 2025 (see note 3). |
|
|
| 10 |
Related party transactions |
|
|
Included within creditors: amounts falling due within one year are loans from the director totalling £39,054 (2024 - £39,602). The loans are interest free and repayable on demand. |
|
|
| 11 |
Other information |
|
|
R.C Mills Property Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
10 Frenchay Park Road |
|
Stapleton |
|
Bristol |
|
BS16 1EB |