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REGISTERED NUMBER: 06240529 (England and Wales)















MILLTHORPE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


MILLTHORPE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: S G Burtt





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





BUSINESS ADDRESS: Ringstone House
33 High Street
Rippingale
Bourne
Lincolnshire
PE10 0SR





REGISTERED NUMBER: 06240529 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,123 1,352
Investment property 5 650,000 650,000
651,123 651,352

CURRENT ASSETS
Debtors 6 4,326 3,741
Cash at bank 1,457 4,064
5,783 7,805
CREDITORS
Amounts falling due within one year 7 187,995 188,460
NET CURRENT LIABILITIES (182,212 ) (180,655 )
TOTAL ASSETS LESS CURRENT LIABILITIES 468,911 470,697

CREDITORS
Amounts falling due after more than one year 8 (250,000 ) (250,000 )

PROVISIONS FOR LIABILITIES (28,861 ) (21,934 )
NET ASSETS 190,050 198,763

CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Revaluation reserve 11 231,710 231,710
Retained earnings 11 (46,660 ) (37,947 )
SHAREHOLDERS' FUNDS 190,050 198,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 January 2024 and were signed by:



S G Burtt - Director


MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)

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

1. STATUTORY INFORMATION

Millthorpe Properties 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.

Turnover
Turnover represents the fair value of rents receivable which are recognised over the period of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

Tangible fixed assets are held at cost less accumulated depreciation.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement and the revaluation reserve. No depreciation is provided in respect of investment properties.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.


MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 4,346
DEPRECIATION
At 1 June 2022 2,994
Charge for year 229
At 31 May 2023 3,223
NET BOOK VALUE
At 31 May 2023 1,123
At 31 May 2022 1,352

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 650,000
NET BOOK VALUE
At 31 May 2023 650,000
At 31 May 2022 650,000

Investment property is included at open market value at 31 May 2023. The valuation has been prepared by the company's director, Mr S G Burtt based on his knowledge and experience of the property market.

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2013 600,000
Valuation in 2015 50,000
650,000

MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. INVESTMENT PROPERTY - continued

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

2023 2022
£    £   
Cost 396,356 396,356

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 1,559 3,026
Prepayments and accrued income 2,767 715
4,326 3,741

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 161,251 110,788
Other creditors 15,429 15,429
Directors' current accounts 10,115 60,115
Accruals and deferred income 1,200 2,128
187,995 188,460

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yrs non-inst 250,000 250,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 250,000 250,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 250,000 250,000

The bank borrowings are secured by a legal charge over the property in which the mortgage was used to buy.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

MILLTHORPE PROPERTIES LIMITED (REGISTERED NUMBER: 06240529)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2022 (37,947 ) 231,710 193,763
Deficit for the year (8,713 ) - (8,713 )
At 31 May 2023 (46,660 ) 231,710 185,050

The aggregate surplus on re-measurement of investment properties and freehold properties , net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.