Company registration number 06865556 (England and Wales)
MILL HOUSE GALLERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2025
30 April 2025
PAGES FOR FILING WITH REGISTRAR
MILL HOUSE GALLERY LTD
CONTENTS
- 1 -
Page
Company Information
1
Statement of financial position
2
Notes to the financial statements
3 - 6
MILL HOUSE GALLERY LTD
STATEMENT OF FINANCIAL POSITION
As At 30 April 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,528
11,572
Current assets
Stocks
9,400
9,400
Debtors
5
68,158
5,635
Cash at bank and in hand
16,081
72,744
93,639
87,779
Creditors: amounts falling due within one year
6
(41,020)
(25,535)
Net current assets
52,619
62,244
Total assets less current liabilities
66,147
73,816
Provisions for liabilities
(3,164)
(2,627)
Net assets
62,983
71,189
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
62,783
70,989
Total equity
62,983
71,189

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 21 January 2026
Mr J H Bartholomew
Director
Company registration number 06865556 (England and Wales)
MILL HOUSE GALLERY LTD
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2025
- 3 -
1
Accounting policies
Company information

Mill House Gallery Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Mill Lane, Parbold, Lancashire, United Kingdom, WN8 7NW.

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 and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the net invoice value of goods sold, excluding value added tax.

Turnover from the sale of goods is recognised when the significant risks and rewar of ownership of the goods has been transferred to the customer, usually at the point when customer receives the goods.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.5
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:

Leasehold improvements
15% Reducing Balance
Plant and equipment
10% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Computers
3 Years Straight Line

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.

1.6
Stocks

Stocks are valued a t the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MILL HOUSE GALLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

MILL HOUSE GALLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2025
2024
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2024 and 30 April 2025
36,360
Amortisation and impairment
At 1 May 2024 and 30 April 2025
36,360
Carrying amount
At 30 April 2025
-
At 30 April 2024
-
MILL HOUSE GALLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2024
7,696
38,286
45,982
Additions
-
4,266
4,266
At 30 April 2025
7,696
42,552
50,248
Depreciation and impairment
At 1 May 2024
-
34,410
34,410
Depreciation charged in the year
-
2,310
2,310
At 30 April 2025
-
36,720
36,720
Carrying amount
At 30 April 2025
7,696
5,832
13,528
At 30 April 2024
7,696
3,876
11,572
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
68,158
5,635
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
7,198
5,717
Corporation tax
21,302
8,998
Other taxation and social security
8,612
9,424
Other creditors
3,908
1,396
41,020
25,535
7
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Within one year: £21,750

Within one to five yeas : £68,875

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