Company registration number 10464292 (England and Wales)
MILLBRIDGE COURT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MILLBRIDGE COURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
MILLBRIDGE COURT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
330,000
440,000
Current assets
Stocks
197,633
196,464
Debtors
5
1,430,486
1,469,763
Cash at bank and in hand
286,594
276,344
1,914,713
1,942,571
Creditors: amounts falling due within one year
6
(1,933,469)
(2,154,886)
Net current liabilities
(18,756)
(212,315)
Net assets
311,244
227,685
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
311,243
227,684
Total equity
311,244
227,685

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 1 August 2024
A J Harvey
Director
Company Registration No. 10464292
MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Millbridge Court Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Common Road, Hanham, Bristol, United Kingdom, BS15 3LL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is dependent upon the support of its parent and fellow subsidiary companies, and expects this support to continue. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of support from its parent and fellow subsidiary companies.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
1,100,000
Amortisation and impairment
At 1 December 2022
660,000
Amortisation charged for the year
110,000
At 30 November 2023
770,000
Carrying amount
At 30 November 2023
330,000
At 30 November 2022
440,000

Intangible fixed assets are secured via a fixed and floating charge in favour of the bank.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022 and 30 November 2023
220,096
22,697
3,758
246,551
Depreciation and impairment
At 1 December 2022 and 30 November 2023
220,096
22,697
3,758
246,551
Carrying amount
At 30 November 2023
-
0
-
0
-
0
-
0
At 30 November 2022
-
0
-
0
-
0
-
0

Tangible fixed assets are secured via a fixed and floating charge in favour of the bank.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,811
18,732
Corporation tax recoverable
11,472
12,750
Amounts owed by group undertakings
1,369,153
1,390,077
Other debtors
20,878
29,253
1,415,314
1,450,812
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
15,172
18,951
Total debtors
1,430,486
1,469,763

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

 

Debtors are secured via a fixed and floating charge in favour of the bank.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
1,299,785
1,302,498
Trade creditors
196,512
63,737
Amounts owed to group undertakings
231,586
520,582
Corporation tax
20,366
25,924
Other taxation and social security
28,319
53,185
Other creditors
16,101
5,514
Accruals and deferred income
140,800
183,446
1,933,469
2,154,886

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Rebecca Hudson
Statutory Auditor:
Azets Audit Services
8
Financial commitments, guarantees and contingent liabilities

There is a Cross Guarantee and Debenture between Dearborn Estates Limited, Harvey Shopfitters Limited, Hyde House Limited, Millbridge Court Limited and The Old Bell Hotel Limited.

 

There is a Cross Guarantee and Debenture between Boars Head Golf Centre Limited, Dearborn Estates Limited, Harvey Commercial Holdings Limited, Harvey Shopfitters Limited, Huntswood Park Limited, Hyde House Hotel Limited, Veya Homes Limited, Wye Valley City Projects Limited.

 

As at 30 November 2023, the total amounts of these guarantees were £3,201,260 (2022: £3,467,747).

 

As at 30 November 2023, there were no other guarantees, contingent liabilities or capital commitments (2022: £Nil).

9
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard Applicable in the UK and republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
10
Parent company

The company is a wholly owned subsidiary of Dearborn Estates Limited whose registered office is the same as the company, as detailed in note 1.

 

The ultimate parent company is Harvey Commercial Holdings Limited, who own 76% of the share capital of Dearborn Estates Limited. The ultimate controlling party is A Harvey, by virtue of his majority shareholding of the ultimate parent company.

 

The smallest and largest group of which Millbridge Court Limited is a member and for which group accounts are prepared is headed by Harvey Commercial Holdings Limited, for which group accounts are publicly available. Harvey Commercial Holdings Limited is a company registered in England and Wales, with registered office of 19 Common Road, Hanham, Bristol, England, BS15 3LL.

MILLBRIDGE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
Current assets
Stocks
188,022
8,442
196,464
Creditors due within one year
Other creditors
(2,006,955)
(68,822)
(2,075,777)
Net assets
288,065
(60,380)
227,685
Capital and reserves
Profit and loss reserves
288,064
(60,380)
227,684
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 November 2022
£
£
£
Cost of sales
(1,768,609)
(60,380)
(1,828,989)
Profit for the financial period
469,087
(60,380)
408,707

It was noted that stocks were understated by £8,442 as at 30 November 2022.

 

It was also noted that accruals were understated by £68,822 as at 30 November 2022.

 

Both balances were therefore adjusted to reflect these differences, with the corresponding impact being attributed to cost of sales.

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