Company No:
Contents
DIRECTORS | Karen Coppin |
Adrian Coppin | |
REGISTERED OFFICE | 2nd Floor Stratus House |
Emperor Way | |
Exeter | |
Devon | |
EX1 3QS | |
United Kingdom | |
COMPANY NUMBER | 09552868(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Stratus House | |
Emperor Way | |
Exeter Business Park | |
Exeter | |
EX1 3QS |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Mill Park Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mill Park Limited. You consider that Mill Park Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Mill Park Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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706,205 | 704,915 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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193,512 | 87,203 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 108,438 | 26,987 | ||
Total assets less current liabilities | 814,643 | 731,902 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provisions for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors’ responsibilities:
The financial statements of Mill Park Limited (registered number:
Karen Coppin
Director |
Adrian Coppin
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Mill Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House, Emperor Way, Exeter, Devon, EX1 3QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Mill Park Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
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 financial statements. 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.
Land & Buildings - 50 years straight line
Leasehold improvements - 15 years straight line
Plant & Machinery - 25% reducing balance
Motor Vehicles- 20% reducing balance
Fixtures & Fittings - 25% reducing balance
Computer equipment - 4 years straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | |
£ | £ | |
Cost | ||
At 01 November 2019 |
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At 31 October 2020 |
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Accumulated amortisation | ||
At 01 November 2019 |
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Charge for the financial year |
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At 31 October 2020 |
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Net book value | ||
At 31 October 2020 |
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At 31 October 2019 |
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Land and buildings | Leasehold improvements | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Cost/Valuation | |||||||
At 01 November 2019 |
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Additions |
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At 31 October 2020 |
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Accumulated depreciation | |||||||
At 01 November 2019 |
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Charge for the financial year |
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At 31 October 2020 |
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Net book value | |||||||
At 31 October 2020 |
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At 31 October 2019 |
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2020 | 2019 | |
£ | £ | |
Prepayments |
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VAT recoverable |
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2020 | 2019 | |
£ | £ | |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2020 | 2019 | |
£ | £ | |
Bank loans |
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Amounts owed to directors |
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Obligations under finance leases and hire purchase contracts |
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806,936 | 752,615 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2020 | 2019 | |
£ | £ | |
Bank loans |
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73,649 | 78,182 |
2020 | 2019 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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100 | 100 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2020 | 2019 | |
£ | £ | |
- within one year |
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- between one and five years |
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- after five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2020 | 2019 | |
£ | £ | |
Unpaid contributions due to the fund (inc. in other creditors) | 152 | 93 |
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Transactions with the entity's directors
During the year the directors maintained current accounts with the company. As as 31 October 2020 the company owed them £563,413 (2019: £575,050). There are no set repayment terms and no interest is charged on the accounts.