Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activity172022-04-01false15truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC257927 2022-04-01 2023-03-31 SC257927 2021-05-01 2022-03-31 SC257927 2023-03-31 SC257927 2022-03-31 SC257927 c:Director1 2022-04-01 2023-03-31 SC257927 c:Director2 2022-04-01 2023-03-31 SC257927 c:RegisteredOffice 2022-04-01 2023-03-31 SC257927 d:PlantMachinery 2022-04-01 2023-03-31 SC257927 d:PlantMachinery 2023-03-31 SC257927 d:PlantMachinery 2022-03-31 SC257927 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC257927 d:MotorVehicles 2022-04-01 2023-03-31 SC257927 d:MotorVehicles 2023-03-31 SC257927 d:MotorVehicles 2022-03-31 SC257927 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC257927 d:FurnitureFittings 2022-04-01 2023-03-31 SC257927 d:FurnitureFittings 2023-03-31 SC257927 d:FurnitureFittings 2022-03-31 SC257927 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC257927 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC257927 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 SC257927 d:FreeholdInvestmentProperty 2023-03-31 SC257927 d:FreeholdInvestmentProperty 2022-03-31 SC257927 d:CurrentFinancialInstruments 2023-03-31 SC257927 d:CurrentFinancialInstruments 2022-03-31 SC257927 d:Non-currentFinancialInstruments 2023-03-31 SC257927 d:Non-currentFinancialInstruments 2022-03-31 SC257927 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC257927 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC257927 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC257927 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC257927 d:ShareCapital 2023-03-31 SC257927 d:ShareCapital 2022-03-31 SC257927 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC257927 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC257927 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC257927 c:OrdinaryShareClass1 2023-03-31 SC257927 c:FRS102 2022-04-01 2023-03-31 SC257927 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC257927 c:FullAccounts 2022-04-01 2023-03-31 SC257927 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC257927










MILNBANK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
MILNBANK LIMITED
 

COMPANY INFORMATION


Directors
Mr A R Banks 
Mr W J Milne 




Registered number
SC257927



Registered office
Unit 5
Station Place

Forfar

Angus

DD8 3TB




Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
MILNBANK LIMITED
REGISTERED NUMBER: SC257927

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 5 
89,986
110,483

Investment property
 6 
1,221,689
849,755

  
1,311,675
960,238

Current assets
  

Debtors: amounts falling due within one year
 7 
411,861
362,223

Bank and cash balances
  
136,298
298,769

  
548,159
660,992

Creditors: amounts falling due within one year
 8 
(252,102)
(237,051)

Net current assets
  
 
 
296,057
 
 
423,941

Total assets less current liabilities
  
1,607,732
1,384,179

Creditors: amounts falling due after more than one year
 9 
(660,968)
(413,315)

Provisions for liabilities
  

Deferred tax
  
(16,324)
(20,048)

  
 
 
(16,324)
 
 
(20,048)

Net assets
  
930,440
950,816


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
930,340
950,716

  
930,440
950,816


Page 1

 
MILNBANK LIMITED
REGISTERED NUMBER: SC257927

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 October 2023.




Mr W J Milne
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Milnbank Limited is a private company, limited by shares, registered in Scotland with registration number SC257927. The registered office is Unit 5, Station Place, Forfar, Angus, DD8 3TB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Page 3

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 4

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 15).

Page 5

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Government grants

Included within other income are revenue grants relating to the following Government schemes:


2023
2022
£
£



Coronavirus Job Retention Scheme
-
1,746

-
1,746


5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
95,419
215,041
10,578
321,038


Additions
-
8,250
-
8,250



At 31 March 2023

95,419
223,291
10,578
329,288



Depreciation


At 1 April 2022
73,710
127,942
8,903
210,555


Charge for the year on owned assets
4,343
23,839
565
28,747



At 31 March 2023

78,053
151,781
9,468
239,302



Net book value



At 31 March 2023
17,366
71,510
1,110
89,986



At 31 March 2022
21,709
87,099
1,675
110,483

Page 6

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
849,755


Additions at cost
371,934



At 31 March 2023
1,221,689

The 2023 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Trade debtors
169,051
176,455

Other debtors
239,958
182,335

Prepayments and accrued income
2,852
3,433

411,861
362,223



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
19,559
8,416

Trade creditors
123,365
119,359

Other taxation and social security
49,645
37,810

Obligations under finance lease and hire purchase contracts
25,225
22,226

Other creditors
3,102
2,664

Accruals and deferred income
31,206
46,576

252,102
237,051


Hire purchase liabilities are secured over the assets to which they relate.
Bank loans are secured over the properties held within investment properties.

Page 7

 
MILNBANK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
648,346
378,469

Net obligations under finance leases and hire purchase contracts
12,622
34,846

660,968
413,315


Hire purchase liabilities are secured over the assets to which they relate.
Bank loans are secured over the properties held within investment properties.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



11.


Transactions with directors

At the end of the year, a balance of £540 was due from the company to A R Banks (2022 - £540).


Page 8