Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Mill Developments (Blackford) Limited |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Mill Developments (Blackford) Limited |
Mill Developments (Blackford) Limited (Registered number: SC222906) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Mill Developments (Blackford) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Melville Street |
Falkirk |
FK1 1HZ |
Mill Developments (Blackford) Limited (Registered number: SC222906) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
CREDITORS |
Amounts falling due within one year | 3 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Mill Developments (Blackford) Limited (Registered number: SC222906) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Company information |
Mill Developments (Blackford) Limited is a private company limited by shares, incorporated in Scotland. The registered office is Kirkton, Blackford, Auchterarder, Perthshire, Scotland PH4 1RF. |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Turnover |
Turnover shown in the profit and loss accounts represents income from the sale of land. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes direct costs plus attributable overheads based on normal level of activity. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items. No element of profit is included in the valuation of work in progress. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Trade, other and inter-company debtors |
Trade, other and inter-company debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade, other and inter-company debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
Where the arrangement with a trade, other or inter-company debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
Mill Developments (Blackford) Limited (Registered number: SC222906) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
1. Accounting policies (Continued) |
A provision for impairment of trade, other and inter-company debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade, other and inter-company debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third part. |
Trade, other and inter-company creditors |
Trade, other and inter-company creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Where the instrument with a trade, other and inter-company creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
3. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
Mill Developments (Blackford) Limited (Registered number: SC222906) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | RELATED PARTY DISCLOSURES |
The company was due Blackford Farms Limited (a related company) £266,044 (2021 - £266,044) at the year end. It was due Ochil Developments (UK) Ltd £11,142 (2021 - £8,435). |
The company was also due £629,247 (2021 - £629,247) to it's ultimate controlling party Park Tower Holdings Establishment at the year end |
The company was due to receive £95 (2021 - £95) from related company Ardoch Farming Company Limited at the year end. |