REGISTERED NUMBER:
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MILL GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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MILL GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Statement of Changes in Equity | 4 |
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Notes to the Financial Statements | 5 |
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Chartered Accountants' Report | 8 |
MILL GROUP LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings | ( |
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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. |
MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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BALANCE SHEET - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2020 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Transfer net fair value movement on
revaluation reserve |
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437,611 |
(437,611 |
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Total comprehensive income | - | ( |
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Balance at 31 December 2019 |
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Changes in equity |
Transfer net fair value movement on
revaluation reserve |
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300,727 |
(300,727 |
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Total comprehensive income | - |
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Balance at 31 December 2020 |
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MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Mill Group Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The accounts have been prepared on the going concern basis. Following the group restructure during 2020, the director considers that the company remains a going concern as a result of their revised future business plans and the continued financial support of the ultimate controlling party. |
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Preparation of consolidated financial statements |
The financial statements contain information about Mill Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue comprises fees charged to related companies for the recharge of expenses and fees for the provision of services. Revenue is recognised in the period to which it relates. |
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Financial instruments |
Financial instruments are classified by the directors as basic or non-basic, following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest rate method. The company has no non-basic financial instruments. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Fixed asset investment |
Investments held as fixed assets are stated at cost less any provision for impairment. The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset against the higher of the realisable value and value in use. |
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Investment in joint venture |
An entity is treated as a joint venture where the company holds an interest and shares are controlled under contractual agreement. Investments in joint ventures are recognised at fair value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 January 2020 |
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Impairments | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The total fixed asset investment £5 (2019: £2,142) relates to investments in subsidiary companies. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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MILL GROUP LIMITED (REGISTERED NUMBER: 06735296) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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6. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Investment in joint venture |
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The company has a 37.19% holding in the joint venture between Mill Group Limited and Vistry Homes Limited. Homes England ("HE") is the UK government's housing, land and regeneration agency and as part of its 'Build to Rent' fund is also an equity lender to the joint venture. Mill Group's Interest is held through IIH Oak Investors LLP and is accounted for as a joint venture as control is equally shared by Mill Group and Vistry Homes Limited. |
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The investment in the joint venture is shown as a current asset at fair value as the joint venture entered liquidation during the year and the final distributions received after the year end totalled £44,085. |
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The value of the investment at the start of the year was £202,887. From this, capital repayments received in the year totalling £127,725 have been deducted, along with the movement in fair value of £31,077, resulting in a fair value at the year end of £44,085. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | RELATED PARTY DISCLOSURES |
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During the year the company wrote off a loan of £nil (2019: £2,594,199) due from companies with a common director and £46,136 (2019: £84,560) due from group companies. |
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In addition a group company forgave a loan of £9,747,733 (2019: £nil) due from Mill Group Limited. |
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Included within debtors as at 31 December 2020 there were loans totalling £39,459 (2019: £39,459) due from group companies and £9,000 (2019: £9,000) due from companies with a common director. |
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Creditors as at 31 December 2020 included £2,090,022 (2019: £11,760,089) due to group companies and £200,000 (2019: £200,000) due to the ultimate controlling party. |
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The loans at the year end referred to above were all interest-free and unsecured with no repayment terms. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MILL GROUP LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mill Group Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Mill Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mill Group Limited and state those matters that we have agreed to state to the Board of Directors of Mill Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mill Group Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Mill Group 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 Group Limited. You consider that Mill Group Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Mill Group 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. |
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This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
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Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
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