Markmill Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01963589 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2021

for

Markmill Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G N Pack

Mr A G Fortescue

REGISTERED OFFICE:

Waterside Farm

West Brabourne

Ashford

Kent

TN25 5NA

REGISTERED NUMBER:

01963589 (England and Wales)

ACCOUNTANTS:

Berry & Company

Chartered Accountants

Sterling House

7 Ashford Road

Maidstone

Kent

ME14 5BJ

FIXED ASSETS

Tangible assets

4

426,882

426,882

CURRENT ASSETS

Debtors

5

6,114

6,114

Cash at bank

62,387

46,695

68,501

52,809

CREDITORS

Amounts falling due within one year

6

31,427

23,915

NET CURRENT ASSETS

37,074

28,894

TOTAL ASSETS LESS CURRENT LIABILITIES

463,956

455,776

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

7

129,923

129,923

Retained earnings

324,033

315,853

SHAREHOLDERS' FUNDS

463,956

455,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2022 and were signed on its behalf by:

Mr A G Fortescue - Director

1.	STATUTORY INFORMATION

Markmill Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Income recognition

Turnover represents the fair value of consideration received or receivable derived from rents received during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Investment property

In accordance with Statement of Standard Accounting Practice number 19, interests in property which is held for its investment potential are carried in the balance sheet at their open market value. The directors consider that this accounting policy results in the accounts giving a true and fair view.

Changes in value are not taken to the profit and loss account but are disclosed as a movement on an investment revaluation reserve, unless the total of the reserve is insufficient to cover a deficit, in which case the shortfall is charged to the profit and loss account.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 December 2020

and 30 November 2021

426,882

NET BOOK VALUE

At 30 November 2021

426,882

At 30 November 2020

426,882

Cost or valuation at 30 November 2021 is represented by:

Land and

buildings

£

Valuation in 1998

140,759

Valuation in 1999

(10,836

)

Cost

296,959

426,882

If the investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

296,959

296,959

The investment property was valued on a rent capitalisation basis on 30 November 1999 by the Directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

6,114

6,114

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

283

283

Taxation and social security

7,557

8,831

Other creditors

23,587

14,801

31,427

23,915

7.

RESERVES

Revaluation

reserve

£

At 1 December 2020

and 30 November 2021

129,923

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A G Fortescue.