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Company No: 07275496 (England and Wales)

MILLMANS PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MILLMANS PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MILLMANS PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
MILLMANS PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Mrs D M Millman
Mr D J Millman
REGISTERED OFFICE 6/7 Daneheath Business Park
Heathfield Industrial Estate
Newton Abbot
TQ12 6TL
United Kingdom
COMPANY NUMBER 07275496 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
MILLMANS PROPERTIES LIMITED

BALANCE SHEET

As at 31 January 2024
MILLMANS PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,077 1,436
Investment property 4 1,261,000 1,287,000
1,262,077 1,288,436
Current assets
Cash at bank and in hand 3,081 20,911
3,081 20,911
Creditors: amounts falling due within one year 5 ( 319,319) ( 492,157)
Net current liabilities (316,238) (471,246)
Total assets less current liabilities 945,839 817,190
Provision for liabilities ( 150,574) ( 157,074)
Net assets 795,265 660,116
Capital and reserves
Called-up share capital 6 100 100
Capital contribution reserve 140,366 0
Profit and loss account 8 654,799 660,016
Total shareholders' funds 795,265 660,116

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Millmans Properties Limited (registered number: 07275496) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

Mrs D M Millman
Director
MILLMANS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MILLMANS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millmans Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 6/7 Daneheath Business Park, Heathfield Industrial Estate, Newton Abbot, TQ12 6TL.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rental income and income from the sale of property. Rental income is accounted for in the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 11,729 11,729
At 31 January 2024 11,729 11,729
Accumulated depreciation
At 01 February 2023 10,293 10,293
Charge for the financial year 359 359
At 31 January 2024 10,652 10,652
Net book value
At 31 January 2024 1,077 1,077
At 31 January 2023 1,436 1,436

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,287,000
Fair value movement (26,000)
As at 31 January 2024 1,261,000

Valuation

The fair value of the company's investment properties was revalued on 31 January 2024. An independent valuer was not involved. The basis of this valuation was an open market value for existing use basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £658,705 (2023 - £658,705).

5. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 6,777 5,008
Other creditors 312,542 487,149
319,319 492,157

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Other related party transactions

2024 2023
£ £
At the balance sheet date the amount due to associated companies totalled 0 229,526

8. Non-distributable profits reserve

Included in the profit and loss account balance carried forward are non-distributable reserves of £452,085 (2023: £471,585). These reserves represent the cumulative revaluation gains, after the provision for deferred tax, on the company's investment property.