IRIS Accounts Production v24.1.0.576 SC099947 Board of Directors 1.10.22 30.9.23 30.9.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0999472022-09-30SC0999472023-09-30SC0999472022-10-012023-09-30SC0999472021-09-30SC0999472021-10-012022-09-30SC0999472022-09-30SC099947ns14:PoundSterling2022-10-012023-09-30SC099947ns10:Director12022-10-012023-09-30SC099947ns10:PrivateLimitedCompanyLtd2022-10-012023-09-30SC099947ns10:SmallEntities2022-10-012023-09-30SC099947ns10:AuditExempt-NoAccountantsReport2022-10-012023-09-30SC099947ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-30SC099947ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-30SC099947ns10:FullAccounts2022-10-012023-09-30SC099947ns5:CurrentFinancialInstruments2023-09-30SC099947ns5:CurrentFinancialInstruments2022-09-30SC099947ns5:Non-currentFinancialInstruments2023-09-30SC099947ns5:Non-currentFinancialInstruments2022-09-30SC099947ns5:ShareCapital2023-09-30SC099947ns5:ShareCapital2022-09-30SC099947ns5:SharePremium2023-09-30SC099947ns5:SharePremium2022-09-30SC099947ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-30SC099947ns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-30SC099947ns5:RetainedEarningsAccumulatedLosses2023-09-30SC099947ns5:RetainedEarningsAccumulatedLosses2022-09-30SC099947ns5:PlantMachinery2022-10-012023-09-30SC099947ns5:PlantMachinery2022-09-30SC099947ns5:PlantMachinery2023-09-30SC099947ns5:PlantMachinery2022-09-30SC099947ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-30SC099947ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-30SC099947ns5:Secured2023-09-30SC099947ns5:Secured2022-09-30
REGISTERED NUMBER: SC099947















MILVERTON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023






MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 632 1,951
Investment property 5 4,272,500 4,272,500
4,273,132 4,274,451

CURRENT ASSETS
Debtors 6 74,800 109,510
Cash at bank 180,794 157,010
255,594 266,520
CREDITORS
Amounts falling due within one year 7 355,087 350,045
NET CURRENT LIABILITIES (99,493 ) (83,525 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,173,639

4,190,926

CREDITORS
Amounts falling due after more than one year 8 (1,557,400 ) (1,759,400 )

PROVISIONS FOR LIABILITIES (120 ) (371 )
NET ASSETS 2,616,119 2,431,155

CAPITAL AND RESERVES
Called up share capital 480 480
Share premium 266,940 266,940
Non- distributable reserve 472,438 472,438
Retained earnings 1,876,261 1,691,297
SHAREHOLDERS' FUNDS 2,616,119 2,431,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

BALANCE SHEET - continued
30 SEPTEMBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





A E Lewis - Director


MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Milverton Properties Limited, is a private company, limited by shares, registered in Scotland. The company's registered office is 15 Burnside Road, Giffnock, Glasgow, G46 6TT.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents rents, service charges receivable and dilapidations income, excluding value added tax. The company's policy is to recognise income in accordance with the terms of the lease agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost and 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

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

MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022
and 30 September 2023 20,881
DEPRECIATION
At 1 October 2022 18,930
Charge for year 1,319
At 30 September 2023 20,249
NET BOOK VALUE
At 30 September 2023 632
At 30 September 2022 1,951

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 4,272,500
NET BOOK VALUE
At 30 September 2023 4,272,500
At 30 September 2022 4,272,500

The company's investment properties are held for use under operating leases. The fair value of the investment property at 30 September 2023 has been arrived at on the basis of a valuation carried out at that date by a company director, who is not a professionally qualified valuer.The valuation was arrived at by reference to a consideration of the current state of the market for the type of investment property and the terms and duration of the leases held.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 39,039 44,668
Other debtors 35,761 64,842
74,800 109,510

MILVERTON PROPERTIES LIMITED (REGISTERED NUMBER: SC099947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 100,000 100,000
Trade creditors 6,270 127
Taxation and social security 69,225 60,473
Other creditors 179,592 189,445
355,087 350,045

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 900,000 1,000,000
Other creditors 657,400 759,400
1,557,400 1,759,400

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 400,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,000,000 1,100,000

The bank loans are secured by a bond, standard security and floating charge over the assets of the company.

10. RELATED PARTY DISCLOSURES

Included in creditors are loans from directors totalling £759,400 (2022 - £861,400). The directors have agreed to waive interest for the current and prior year and have postponed repayment of £657,400, until after one year.