REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th February 2024 |
for |
Milnrow Properties Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th February 2024 |
for |
Milnrow Properties Limited |
Milnrow Properties Limited (Registered number: 02792272) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Milnrow Properties Limited |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Peine House |
Hind Hill Street |
Heywood |
Lancashire |
OL10 1JZ |
Milnrow Properties Limited (Registered number: 02792272) |
Balance Sheet |
29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
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. |
Milnrow Properties Limited (Registered number: 02792272) |
Balance Sheet - continued |
29th February 2024 |
The financial statements were approved by the director and authorised for issue on |
Milnrow Properties Limited (Registered number: 02792272) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
Milnrow Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents and ancillary charges receivable and sales of properties during the year. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Milnrow Properties Limited (Registered number: 02792272) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st March 2023 |
and 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
and 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2023 |
Additions |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
The Director is of the opinion that the valuation reflected in the accounts of the company accurately reflects the current market value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Customer payments on account |
Corporation tax |
Other creditors |
Directors' loan accounts | 455,171 | 395,908 |
Accrued expenses |
Milnrow Properties Limited (Registered number: 02792272) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
The bank facilities are secured by way of fixed and floating charges on the assets of the company and life policies along with personal guarantees given by Dr Jagat Mazumder. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | 1 | 2,000 | 2,000 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1st March 2023 |
Profit for the year |
At 29th February 2024 |
12. | ULTIMATE CONTROLLING PARTY |
Dr Jagat Mazumder controls the company through his holding of ordinary share capital. |