0 false false false false false false false false false false true false false false false false false No description of principal activity 2024-12-01 Sage Accounts Production Advanced 2025 - FRS102_2025 xbrli:pure xbrli:shares iso4217:GBP 14746307 2024-12-01 2025-11-30 14746307 2025-11-30 14746307 2024-11-30 14746307 2023-12-01 2024-11-30 14746307 2024-11-30 14746307 2023-11-30 14746307 bus:Director1 2024-12-01 2025-11-30 14746307 core:WithinOneYear 2025-11-30 14746307 core:WithinOneYear 2024-11-30 14746307 core:ShareCapital 2025-11-30 14746307 core:ShareCapital 2024-11-30 14746307 core:RetainedEarningsAccumulatedLosses 2025-11-30 14746307 core:RetainedEarningsAccumulatedLosses 2024-11-30 14746307 bus:SmallEntities 2024-12-01 2025-11-30 14746307 bus:AuditExemptWithAccountantsReport 2024-12-01 2025-11-30 14746307 bus:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 14746307 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 14746307 bus:FullAccounts 2024-12-01 2025-11-30 14746307 core:KeyManagementPersonnel 2024-12-01 2025-11-30
COMPANY REGISTRATION NUMBER: 14746307

MILLFIELDS III LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2025

MILLFIELDS III LIMITED

STATEMENT OF FINANCIAL POSITION

30 November 2025

| 2025 | 2024
Note | £ | £ | £

CURRENT ASSETS

Stocks | 4 | 204,781 |  | 5,172,782
Debtors | 5 | 1,675,344 |  | 12,189
Cash at bank and in hand | 2,727 |  | 33,699
| ------------ |  | ------------
| 1,882,852 |  | 5,218,670

CREDITORS: amounts falling due within one year | 6 | 736,209 |  | 4,882,671
| ------------ |  | ------------
NET CURRENT ASSETS |  | 1,146,643 | 335,999
|  | ------------ | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 1,146,643 | 335,999
|  | ------------ | ---------
NET ASSETS |  | 1,146,643 | 335,999
|  | ------------ | ---------

CAPITAL AND RESERVES

Called up share capital |  | 10 | 10
Profit and loss account |  | 1,146,633 | 335,989
|  | ------------ | ---------
SHAREHOLDERS FUNDS |  | 1,146,643 | 335,999
|  | ------------ | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 August 2026 , and are signed on behalf of the board by:

Mr G A Thompson
Director

Company registration number: 14746307

MILLFIELDS III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 November 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Longhouse Office, 56 High Street, Albrighton, WV7 3JH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents consideration received or receivable at legal completion of a property sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress Housing work in progress is stated at the lower of direct cost and net realisable value. Direct costs include direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value is assessed by estimating selling prices and costs, including sales and marketing expenses, taking into account current market conditions. Work in progress also includes professional costs in relation to speculative sites where the Company promotes other landowners' land through the planning process, for ultimate sale to residential property developers, under commercial contracts. The activity of the business is such that the individual projects are long term in nature. Work in progress in relation to these speculative sites has been accounted for using the policy described above. However it is uncertain that the net realisable values are equivalent to the carrying values reflecting within work in progress. Realisation of the values reflected in the financial statements is largely dependent upon obtaining planning consent and being able to sell the enhanced site to developers. Given this, there is some uncertainty as to the net realisable value of each site. However, the Directors consider that the planning processes are currently progressing well, and each site is in a more positive state from a planning viewpoint than when the Company acquired its interests, and they are optimistic that the enhanced planning consents will eventually be obtained. Any failure or material adverse change in the ability to achieve planning permission on an individual site would result in substantial write downs to the carry values of the Company's work in progress, and this is assessed on a case-by-case basis by Management. At each reporting date, stocks are assessed for impairment. If stock is impaired, a write down is applied based on planning probability and contractual status. The impairment loss is recognised immediately in profit or loss.
Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contractual arrangement that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. STOCKS

| 2025 | 2024
| £ | £
Housing work in progress | 204,781 | 5,172,782
| --------- | ------------

5. DEBTORS

| 2025 | 2024
| £ | £
Trade debtors | 409 | 11,243
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 1,673,791 | –
Other debtors | 1,144 | 946
| ------------ | --------
| 1,675,344 | 12,189
| ------------ | --------

6. CREDITORS: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | – | 2,050,654
Amounts owed to group undertakings and undertakings in which the company has a participating interest | – | 2,030,972
Corporation tax | 3,962 | 66,960
Other creditors | 732,247 | 734,085
| --------- | ------------
| 736,209 | 4,882,671
| --------- | ------------

Included within the above are other creditors of £700,000 (2024; £700,000) secured by a fixed charge over certain assets.
7. RELATED PARTY TRANSACTIONS
The company trades out of premises owned by the directors for which no rent is charged .