Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30false2022-10-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10927574 2022-10-01 2023-09-30 10927574 2021-10-01 2022-09-30 10927574 2023-09-30 10927574 2022-09-30 10927574 c:Director1 2022-10-01 2023-09-30 10927574 c:Director2 2022-10-01 2023-09-30 10927574 c:RegisteredOffice 2022-10-01 2023-09-30 10927574 d:LeaseholdInvestmentProperty 2023-09-30 10927574 d:LeaseholdInvestmentProperty 2022-09-30 10927574 d:CurrentFinancialInstruments 2023-09-30 10927574 d:CurrentFinancialInstruments 2022-09-30 10927574 d:Non-currentFinancialInstruments 2023-09-30 10927574 d:Non-currentFinancialInstruments 2022-09-30 10927574 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10927574 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 10927574 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 10927574 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 10927574 d:ShareCapital 2023-09-30 10927574 d:ShareCapital 2022-09-30 10927574 d:RetainedEarningsAccumulatedLosses 2023-09-30 10927574 d:RetainedEarningsAccumulatedLosses 2022-09-30 10927574 c:FRS102 2022-10-01 2023-09-30 10927574 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 10927574 c:FullAccounts 2022-10-01 2023-09-30 10927574 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure
Company registration number: 10927574







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


MILNES PROPERTY LIMITED






































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MILNES PROPERTY LIMITED
 


 
COMPANY INFORMATION


Directors
M S Milnes 
S A Milnes 




Registered number
10927574



Registered office
3000a Parkway

Whiteley

Hampshire

PO15 7FX




Trading Address
Unit 10
St Georges Business Centre

St Georges Square

Portsmouth

Hampshire

PO1 3EZ






Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MILNES PROPERTY LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


MILNES PROPERTY LIMITED
REGISTERED NUMBER:10927574



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
420,000
420,000

  
420,000
420,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,172
980

Cash at bank and in hand
  
-
1,224

  
1,172
2,204

Creditors: amounts falling due within one year
 6 
(75,595)
(79,179)

Net current liabilities
  
 
 
(74,423)
 
 
(76,975)

Total assets less current liabilities
  
345,577
343,025

Creditors: amounts falling due after more than one year
 7 
(300,728)
(298,833)

Provisions for liabilities
  

Deferred tax
  
(14,386)
(14,222)

  
 
 
(14,386)
 
 
(14,222)

Net assets
  
30,463
29,970

Page 1

 


MILNES PROPERTY LIMITED
REGISTERED NUMBER:10927574


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
30,461
29,968

  
30,463
29,970


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M S Milnes
Director

Date: 19 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


MILNES PROPERTY LIMITED
 


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

1.


General information

Milnes Property Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
The trading address of the company is Unit 10, St Georges Business Centre, St Georges Square, Portsmouth, PO1 3EZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end date the company had net current liabilities of £72,532 (2022 - £76,975). As a result the company is reliant on the continued support of its creditors and mortgage provider.
The directors consider that the company will receive the continued support of its creditors who will not recall any loans immediately.
As a result the directors consider that the company has adequate resources for the foreseeable future and
therefore deem it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 


MILNES PROPERTY LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.  No depreciation is provided.  Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 4

 


MILNES PROPERTY LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 


MILNES PROPERTY LIMITED
 


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

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 October 2022
420,000



At 30 September 2023
420,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 


MILNES PROPERTY LIMITED
 


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

5.


Debtors

2023
2022
£
£


Prepayments and accrued income
1,172
980

1,172
980



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
11
-

Trade creditors
883
-

Other creditors
72,601
77,449

Accruals and deferred income
2,100
1,730

75,595
79,179



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
300,728
298,833

300,728
298,833


Other loans are secured over assets of the company by way of fixed and floating charges.
The aggregate amount of other loans repayeble wholly or in part more than five years after the reporting date is £300,728 (2022 - £298,833).

 
Page 7