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REGISTERED NUMBER: SC201454 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MILLBURN ESTATES LIMITED

MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLBURN ESTATES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Ms M R Harrison
R J L Scott



SECRETARY: D M Company Services Limited



REGISTERED OFFICE: 16 Charlotte Square
Edinburgh
EH2 4DF



REGISTERED NUMBER: SC201454 (Scotland)



ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG



SOLICITORS: Dickson Minto WS
16 Charlotte Square
Edinburgh
EH2 4DF

MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 2,492
Investments 5 14,298 14,298
Investment property 6 21,000,000 21,000,000
21,014,298 21,016,790

CURRENT ASSETS
Debtors 7 2,888,823 2,829,748
Cash at bank 1,525,552 682,524
4,414,375 3,512,272
CREDITORS
Amounts falling due within one year 8 570,064 456,132
NET CURRENT ASSETS 3,844,311 3,056,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,858,609

24,072,930

PROVISIONS FOR LIABILITIES 347,630 348,499
NET ASSETS 24,510,979 23,724,431

CAPITAL AND RESERVES
Called up share capital 10,964,304 10,964,304
Unrealised retained earnings 9 3,195,298 3,195,298
Realised retained earnings 10,351,377 9,564,829
SHAREHOLDERS' FUNDS 24,510,979 23,724,431

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)

BALANCE SHEET - continued
31 March 2023


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 1 March 2024 and were signed on its behalf by:





Ms M R Harrison - Director


MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

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

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.

Turnover
Turnover, which excludes value added tax, comprises property rental income and income from property management services. Turnover is accounted for on an accruals basis.

Depreciation and investments
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Depreciation is not provided on investment properties. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but investment and the directors consider that the systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investment properties are valued annually on an open market basis in accordance with FRS102. Any aggregate surplus or deficit arising from changes in market value are recognized in the Income Statement.

Investments are held at cost less any diminution in value.

Operating leases
Operating lease income is accounted for on a straight line basis with any rental increases recognised during the period to which they relate.

Taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Provision is made for deferred taxation only to the extent that it is probable that an actual liability will crystallise. Deferred tax assets are recognised to the extent that they are regarded as recoverable.

Financial instruments
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortized cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 29,974
DEPRECIATION
At 1 April 2022 27,482
Charge for year 2,492
At 31 March 2023 29,974
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 2,492

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.3.23 31.3.22
£    £   
Works of art 14,298 14,298

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 21,000,000
NET BOOK VALUE
At 31 March 2023 21,000,000
At 31 March 2022 21,000,000

The valuation of investment properties were reviewed by the directors on an open market basis as at 31 March 2023. These valuations have been reflected in the financial statements and any resulting revaluation surplus would be taken to the Income Statement.

The cost of the investment properties were £17,804,702.

MILLBURN ESTATES LIMITED (REGISTERED NUMBER: SC201454)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors - 1,088
Other debtors 2,888,823 2,828,660
2,888,823 2,829,748

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 431
Taxation and social security 237,942 217,940
Other creditors & accruals 332,122 237,761
570,064 456,132

9. RESERVES
Unrealised
retained
earnings
£   
At 1 April 2022
and 31 March 2023 3,195,298

10. RELATED PARTY TRANSACTIONS

Included within Creditors: amounts less than one year is a Director's loan account balance of £65,919 (2022: £127,000).

This loan is unsecured, has no fixed repayment date and carries interest at a rate of 5.8%, although interest has been waived for the year ended 31 March 2023.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.