REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
MILFORD SECURITIES LTD. |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
MILFORD SECURITIES LTD. |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MILFORD SECURITIES LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
83 Cambridge Street |
London |
SW1V 4PS |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
BALANCE SHEET |
30TH JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
BALANCE SHEET - continued |
30TH JUNE 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 director and authorised for issue on |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
1. | STATUTORY INFORMATION |
Milford Securities Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Milford Securities Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400/401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents rent receivable, all attributable to the principal activity of the company and arises within the United Kingdom. |
Tangible fixed assets |
Plant and machinery | - |
Freehold property is comprised of 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 the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account. The investment property is valued by the directors on an existing use open market value basis. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation for the year 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 and 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. |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
Fixed asset investments |
Fixed assets investments are stated at cost less any provision for impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 |
and 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
The investment properties were valued by the directors at market value at the 30th June 2022 |
. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2022 |
and 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amount due from associated |
company | - | 890,924 |
Tax |
Amounts falling due after more than one year: |
Subsidiary company Milford Property Management Limited |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Amount due to subsidiary company | - | 581,649 |
Directors' current accounts | 250,386 | 555,661 |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 386,850 | 386,850 |
Deferred |
tax |
£ |
Balance at 1st July 2022 |
Balance at 30th June 2023 |
MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
9. | RELATED PARTY DISCLOSURES |
Related party transaction included in debtors is as follows: |
Milford Securities Limited owns the entire share capital of Milford Property Management Limited. At 30th June 2023 Milford Property Management Limited owed £823,160 (2022: £823,160) to its parent company. No trading took place between the companies during the year. |
Related party transactions included in creditors are as follows: |
Milford Securities Limited own the entire share capital of Doon Developments Limited. At 30th June 2023 Doon Developments Limited was owed £nil (2022: £581,649) by its parent company. No trading took place between the companies during the year. |
T9 Developments Limited, a company in which JJP Griffin is a director, owed Milford Securities Limited £nil at 30th June 2023 (2022: £890,924). |
During the year dividends were paid to JJP Griffin of £2,000 (2022: £2,000) |
At 30th June 2023 £250,386 (2022: £555,661) was due to the director, JJP Griffin. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its director JJP Griffin. |