Mill Pensions Limited Accounts
Mill Pensions Limited Accounts
Mill Pensions LimitedFILLETED ACCOUNTS COVER |
Company No. 09489787 | |||||||||
Mill Pensions LimitedBALANCE SHEET REGISTRAR |
at | ||||||||||
Company No. | Notes | 2019 | 2018 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 2 | |||||||||
Current assets | ||||||||||
Debtors | 3 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 4 | ( | ( | |||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | ( | ||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | 5 | ( | ( | |||||||
Net liabilities | ( | ( | ||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 6 | ( | ( | |||||||
Total equity | ( | ( | ||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 15 August 2019 | ||||||||||
And signed on its behalf by: | ||||||||||
E. Tarver | ||||||||||
Director | ||||||||||
15 August 2019 |
Mill Pensions LimitedFILLETED ACCOUNTS NOTES |
for the year ended 31 March 2019 | ||||||||||||||
1 | Accounting policies | |||||||||||||
Basis of preparation | ||||||||||||||
Turnover | ||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Taxation | ||||||||||||||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts. | ||||||||||||||
Trade and other creditors | ||||||||||||||
Short term 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. | ||||||||||||||
Going Concern | ||||||||||||||
The financial statements have been prepared on a going concern basis despite the balance sheet showing net liabilities. The Company will continue to receive financial support from the director and other investors for a period of in excess 12 months from the date of approval of the financial statements. This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. | ||||||||||||||
2 | Tangible fixed assets | |||||||||||||
Fixtures, fittings and equipment | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 April 2018 | ||||||||||||||
At 31 March 2019 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 April 2018 | ||||||||||||||
Charge for the year | ||||||||||||||
At 31 March 2019 | ||||||||||||||
Net book values | ||||||||||||||
At 31 March 2019 | ||||||||||||||
At 31 March 2018 | ||||||||||||||
3 | Debtors | |||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Other debtors | ||||||||||||||
4 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Other taxes and social security | ( | |||||||||||||
Loans from directors | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
5 | Provisions for liabilities | |||||||||||||
Deferred taxation | ||||||||||||||
Accelerated capital allowances, losses and other timing differences | Arising from revaluation | Total | ||||||||||||
£ | £ | £ | ||||||||||||
At 1 April 2018 | ||||||||||||||
Charge to the profit and loss account for the period | ( | ( | ||||||||||||
At 31 March 2019 | ||||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Accelerated capital allowances | ||||||||||||||
6 | Reserves | |||||||||||||
7 | Advances and credits to directors | |||||||||||||
Included within Other debtors / creditors (as appropriate) are the following loans between directors and the company: | ||||||||||||||
Director | Description | At 1 April 2018 | Advanced | Repaid | At 31 March 2019 | |||||||||
£ | £ | £ | £ | |||||||||||
( | ( | ( | ||||||||||||
( | ( | ( | ||||||||||||
The balance has no interest charged thereon. There are no conditions attached to advances to the director, however the director must ensure that any transactions between company and director are not detrimental to the company and if required the loan is to be repaid immediately. | ||||||||||||||
8 | Related party disclosures | |||||||||||||
Controlling parties | ||||||||||||||
Immediate controlling parties | ||||||||||||||
Ultimate controlling party | The Director by virtue of their majority shareholding. | |||||||||||||
9 | Additional information | |||||||||||||
Its registered number is: | ||||||||||||||
Its registered office is: | ||||||||||||||