REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
MILLENNIUM PROPERTIES OF LONDON LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
MILLENNIUM PROPERTIES OF LONDON LIMITED |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MILLENNIUM PROPERTIES OF LONDON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 10 |
Retained earnings |
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. |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
BALANCE SHEET - continued |
30 APRIL 2023 |
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 |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Millennium Properties of London Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis: |
Computer Equipment - 33% on Reducing Balance |
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Investment property |
Investment properties are included at fair value. Any gains or losses are recognised in the income statement. |
Deferred taxation is provided on these gains or losses at the rate expected to apply when the properties are sold. |
Financial instruments |
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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. |
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 balance sheet date. |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 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 balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
Revaluations | 210,000 |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 210,000 |
Cost | 15,510,000 |
15,720,000 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 15,510,000 | 15,510,000 |
Investment property was valued on an open market basis on 30 April 2023 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans | 6,750,000 | 6,750,000 |
The bank loans are secured by way of a fixed and floating charge all the properties and undertaking of the company and contains negative pledge. |
MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
Revaluation of Inv property | 170,100 |
At 30 April 2023 |
11. | RELATED PARTY DISCLOSURES |
Included in creditors, amounts falling due more than one year, is an amount of £2,520,587 (2022: £2,504,981) owed to the directors of the company. This loan in interest free and repayable on demand. |