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Company Registration No. 14326522 (England and Wales)
Smith Mills Ltd Unaudited accounts for the year ended 31 August 2025
Smith Mills Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Smith Mills Ltd Company Information for the year ended 31 August 2025
Directors
Karl Bernard Mills Helen Smith
Company Number
14326522 (England and Wales)
Registered Office
71 North Linkside Road Woolton Liverpool L25 9NS England
Accountants
Accounts and Legal Consultants Ltd Suite 1-3, The Hop Exchange 24 Southwark Street London SE1 1TY
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Smith Mills Ltd Statement of financial position as at 31 August 2025
2025
2024
Notes
£
£
Fixed assets
Investments
4
170,000
120,000
Current assets
Cash at bank and in hand
1,161
1,016
Creditors: amounts falling due within one year
5
(74,168)
(39,270)
Net current liabilities
(73,007)
(38,254)
Total assets less current liabilities
96,993
81,746
Creditors: amounts falling due after more than one year
6
(92,707)
(92,692)
Provisions for liabilities
Deferred tax
(7,595)
-
Net liabilities
(3,309)
(10,946)
Capital and reserves
Called up share capital
7
100
100
Fair value reserve
22,784
-
Profit and loss account
(26,193)
(11,046)
Shareholders' funds
(3,309)
(10,946)
For the year ending 31 August 2025 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 directors acknowledge their 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 of Directors and authorised for issue on 12 March 2026 and were signed on its behalf by
Helen Smith Director Company Registration No. 14326522
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Smith Mills Ltd Notes to the Accounts for the year ended 31 August 2025
1
Statutory information
Smith Mills Ltd is a private company, limited by shares, registered in England and Wales, registration number 14326522. The registered office is 71 North Linkside Road , Woolton, Liverpool, L25 9NS, England.
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.
3
Accounting policies
These financial statements for the year ended 31 August 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 September 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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The financial statements have been prepared on a going concern basis. The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future, and therefore have adopted the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration for rental payments received, excluding discounts, rebates, value added tax and other sales taxes.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Smith Mills Ltd Notes to the Accounts for the year ended 31 August 2025
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Taxation
Income tax expense represents the sum of the tax payable and 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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted. The tax expense for the year comprises current. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Smith Mills Ltd Notes to the Accounts for the year ended 31 August 2025
4
Investments
Other investments
£
Valuation at 1 September 2024
120,000
Additions
19,621
Fair value adjustments
30,379
Valuation at 31 August 2025
170,000
5
Creditors: amounts falling due within one year
2025
2024
£
£
Loans from directors
74,168
39,270
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
92,707
92,692
7
Share capital
2025
2024
£
£
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
8
Average number of employees
During the year the average number of employees was 2 (2024: 2).
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