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REGISTERED NUMBER: 03784611 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023

FOR

MILLSOME MANAGEMENT LIMITED

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLSOME MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023







DIRECTOR: Mrs S L Atkinson





REGISTERED OFFICE: Aquis House
Blagrave Street
Reading
Berkshire
RG1 1PL





REGISTERED NUMBER: 03784611 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Aquis House
49-51 Blagrave Street
Reading
Berkshire
RG1 1PL

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,651 3,499
Investment property 5 2,759,204 4,419,204
2,762,855 4,422,703

CURRENT ASSETS
Debtors 6 740,296 352
Cash at bank 169,685 31,553
909,981 31,905
CREDITORS
Amounts falling due within one year 7 559,559 1,182,604
NET CURRENT ASSETS/(LIABILITIES) 350,422 (1,150,699 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,113,277

3,272,004

CREDITORS
Amounts falling due after more than
one year

8

(1,000,000

)

(1,000,000

)

PROVISIONS FOR LIABILITIES 10 (230,360 ) (444,820 )
NET ASSETS 1,882,917 1,827,184

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 870,034 1,834,804
Retained earnings 1,012,881 (7,622 )
1,882,917 1,827,184

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

BALANCE SHEET - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 March 2024 and were signed by:





Mrs S L Atkinson - Director


MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

Millsome Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is that of property investment.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance the company relies on the loan provided by the director. In assessing going concern it has been assumed that this loan will not be repaid in he foreseeable future and on that basis the company continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue
Rental income from operating leases is recognised on a straight-line basis over the lease term.

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.

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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit
arising from changes in fair value is recognised in the profit or loss.


MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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.

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 period 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2022 29,028 7,877 36,905
Additions - 1,680 1,680
At 31 March 2023 29,028 9,557 38,585
DEPRECIATION
At 1 July 2022 27,910 5,496 33,406
Charge for period 210 1,318 1,528
At 31 March 2023 28,120 6,814 34,934
NET BOOK VALUE
At 31 March 2023 908 2,743 3,651
At 30 June 2022 1,118 2,381 3,499

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 4,419,204
Disposals (1,660,000 )
At 31 March 2023 2,759,204
NET BOOK VALUE
At 31 March 2023 2,759,204
At 30 June 2022 4,419,204

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 1,131,290
Valuation in 2017 (31,666 )
Cost 1,659,580
2,759,204

The investment property was valued on an open market basis on 31 March 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 740,296 352

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 647,346
Trade creditors 16,495 18,482
Taxation and social security 153,146 -
Other creditors 389,918 516,776
559,559 1,182,604

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other creditors 1,000,000 1,000,000

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


9. SECURED DEBTS

The bank loans and overdraft due within one year and other creditors due after one year are secured by fixed charges over the investment properties.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Fixed asset timing differences 770 -
Revaluation of investment
properties 229,590 444,820
230,360 444,820

Deferred
tax
£   
Balance at 1 July 2022 444,820
Credit to Income Statement during period (214,460 )
Balance at 31 March 2023 230,360