Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false32023-04-01falseInvestment property company3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13160140 2023-04-01 2024-03-31 13160140 2022-04-01 2023-03-31 13160140 2024-03-31 13160140 2023-03-31 13160140 c:Director1 2023-04-01 2024-03-31 13160140 d:OfficeEquipment 2023-04-01 2024-03-31 13160140 d:OfficeEquipment 2024-03-31 13160140 d:OfficeEquipment 2023-03-31 13160140 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13160140 d:ComputerEquipment 2023-04-01 2024-03-31 13160140 d:ComputerEquipment 2024-03-31 13160140 d:ComputerEquipment 2023-03-31 13160140 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13160140 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13160140 d:FreeholdInvestmentProperty 2024-03-31 13160140 d:FreeholdInvestmentProperty 2023-03-31 13160140 d:CurrentFinancialInstruments 2024-03-31 13160140 d:CurrentFinancialInstruments 2023-03-31 13160140 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13160140 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13160140 d:ShareCapital 2024-03-31 13160140 d:ShareCapital 2023-03-31 13160140 d:RetainedEarningsAccumulatedLosses 2024-03-31 13160140 d:RetainedEarningsAccumulatedLosses 2023-03-31 13160140 c:FRS102 2023-04-01 2024-03-31 13160140 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13160140 c:FullAccounts 2023-04-01 2024-03-31 13160140 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13160140 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13160140










MILLSWORTH PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MILLSWORTH PROPERTIES LIMITED
REGISTERED NUMBER: 13160140

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,588
3,332

Investment property
 5 
358,643
358,643

  
362,231
361,975

Current assets
  

Debtors: amounts falling due within one year
 6 
597
535

Cash at bank and in hand
  
3,976
2,010

  
4,573
2,545

Creditors: amounts falling due within one year
 7 
(360,440)
(360,291)

Net current liabilities
  
 
 
(355,867)
 
 
(357,746)

  

Net assets
  
6,364
4,229


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
6,362
4,227

  
6,364
4,229


Page 1

 
MILLSWORTH PROPERTIES LIMITED
REGISTERED NUMBER: 13160140
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 on 31 July 2024.




Mr A J Mills
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Millsworth Properties Limited is a private company limited by shares, incorporated in England and Wales (registered number: 13160140). Its registered office address is Unit 11, Stonebroom Industrial Estate, Stonebroom, Derbyshire, DE55 6LQ. The principal activity of the Company throughout the year was that of an property investment company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

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.
Rental income is recognised over the period under which the property is leased.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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 balance sheet 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 Balance Sheet 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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows..

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually 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 profit or loss.

Page 4

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 April 2023
1,770
2,068
3,838


Additions
-
1,674
1,674



At 31 March 2024

1,770
3,742
5,512



Depreciation


At 1 April 2023
146
360
506


Charge for the year on owned assets
590
828
1,418



At 31 March 2024

736
1,188
1,924



Net book value



At 31 March 2024
1,034
2,554
3,588



At 31 March 2023
1,624
1,708
3,332

Page 6

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
358,643



At 31 March 2024
358,643

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
358,643
358,643


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
597
535



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
-
75

Other creditors
358,640
358,641

Accruals and deferred income
1,800
1,575

360,440
360,291


Page 7

 
MILLSWORTH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,500 (2023: £12,847).

 
Page 8