REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MILLBURN ESTATES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SOLICITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Unrealised retained earnings | 9 |
Realised retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors & accruals |
9. | RESERVES |
Unrealised |
retained |
earnings |
£ |
At 1 April 2022 |
and 31 March 2023 |
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. |