The Milland Community Shop Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08654049

THE MILLAND COMMUNITY SHOP LTD

Company Limited by Guarantee

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2025

THE MILLAND COMMUNITY SHOP LTD

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 December 2025

	2025		2024
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	6		85,132	101,939

Current assets

Stocks		16,380	17,206
Debtors	7	4,841	3,011
Cash at bank and in hand		63,396	49,535
		---------	---------
		84,617	69,752

Creditors: amounts falling due within one year	8	22,254		16,598
		---------		---------
Net current assets			62,363	53,154
			----------	----------
Total assets less current liabilities			147,495	155,093
			----------	----------
Net assets			147,495	155,093
			----------	----------

Capital and reserves

Profit and loss account	147,495	155,093
	----------	----------
Members funds	147,495	155,093
	----------	----------

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 comprehensive income has not been delivered.

For the year ending 31 December 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 .

THE MILLAND COMMUNITY SHOP LTD

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2025

These financial statements were approved by the board of directors and authorised for issue on 29 August 2026 , and are signed on behalf of the board by:

IPM Fraser

Director

Company registration number: 08654049

THE MILLAND COMMUNITY SHOP LTD

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Milland Community Shop, Iping Road, Milland, Liphook, Hampshire, GU30 7NA.

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.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Shop building	-	2% straight line
Car park & building systems	-	5% straight line
Fixtures & fittings	-	12% straight line

These are the rates declared by the original management committee.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

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 contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Company limited by guarantee

The company is limited by guarantee. The subscribers to the company each guarantee to pay in up to £1 each in the event that the company is wound up and the assets of the company are not sufficient to meet its liabilities.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2024: 16 ).

6. Tangible assets

	Shop building	Car park & building systems	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 January 2025 (as restated) and 31 December 2025	121,709	43,003	14,361	179,073
	----------	---------	---------	----------
Depreciation
At 1 January 2025	39,192	23,581	14,361	77,134
Charge for the year	3,043	2,150	–	5,193
Impairment losses	–	11,614	–	11,614
	----------	---------	---------	----------
At 31 December 2025	42,235	37,345	14,361	93,941
	----------	---------	---------	----------
Carrying amount
At 31 December 2025	79,474	5,658	–	85,132
	----------	---------	---------	----------
At 31 December 2024	82,517	19,422	–	101,939
	----------	---------	---------	----------

The company has a lease on the land used for the shop. If the company forfeits, terminates or ends the lease, then the land reverts back to the Milland Valley War Memorial Hall. The shop assets are valued at their cost less impairment on the basis that the company is a going concern. An impairment review of the fixed assets has resulted in the impairment losses of £11,614 this year.

7. Debtors

	2025	2024
		(restated)
	£	£
Other debtors	4,841	3,011
	-------	-------

8. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Trade creditors	11,190	9,356
Corporation tax	–	1
Social security and other taxes	4,489	4,058
Other creditors	6,575	3,183
	---------	---------
	22,254	16,598
	---------	---------

9. Prior year adjustments

A prior year adjustment has been made relating to the change of accounting policy to recognise the full cost of the shop building transferred into the company on the 16th August 2013 along with the grants received prior to that date. Previously, that grant was netted off against the cost of the building and recognised over the estimated useful life of the building. Now the full cost of the original building is recognised in the brought forward figures and the grant recognised within reserves. The effect of this prior year adjustment is to recognise the £41,699 remaining deferred grant as an adjustment to reserves brought forward and fixed assets brought forward. Prior year adjustments have been made relating to when the company converted from an Industrial and Provident Society company in 2013. The original equity of that company and a balance that was treated as payable to Friends of the Shop have now been recognised as donations resulting in an adjustment of £6,637 to reserves brought forward and other creditors.

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.