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Company registration number: 10666200
Millbrase Limited
Unaudited filleted financial statements
31 March 2024
Millbrase Limited
Contents
Statement of financial position
Notes to the financial statements
Millbrase Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 265 354
Investments 6 2,385,409 2,228,022
_______ _______
2,385,674 2,228,376
Current assets
Debtors 7 261,508 261,500
Cash at bank and in hand 361,433 257,342
_______ _______
622,941 518,842
Creditors: amounts falling due
within one year 8 ( 2,048) ( 2,048)
_______ _______
Net current assets 620,893 516,794
_______ _______
Total assets less current liabilities 3,006,567 2,745,170
_______ _______
Net assets 3,006,567 2,745,170
_______ _______
Capital and reserves
Called up share capital 9 32,782 32,782
Share premium account 753,013 753,013
Profit and loss account 2,220,772 1,959,375
_______ _______
Shareholder funds 3,006,567 2,745,170
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 September 2024 , and are signed on behalf of the board by:
Mrs P Salt
Director
Company registration number: 10666200
Millbrase Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Trembrase, School Hill, Herodsfoot, Liskeard, Cornwall, PL14 4QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Classification
The company holds the following financial instruments:
Short term trade and other debtors and creditors
Cash and bank balances
All financial instruments are classified as basic.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Dividend income
Revenue is recognised when the right to receive payment is established.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 1,035 1,035
_______ _______
Depreciation
At 1 April 2023 681 681
Charge for the year 89 89
_______ _______
At 31 March 2024 770 770
_______ _______
Carrying amount
At 31 March 2024 265 265
_______ _______
At 31 March 2023 354 354
_______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 April 2023 794,628 1,831,248 2,625,876
Additions - 498,666 498,666
Disposals - ( 434,486) ( 434,486)
Fair value adjustment - 309,981 309,981
_______ _______ _______
At 31 March 2024 794,628 2,205,409 3,000,037
_______ _______ _______
Impairment
At 1 April 2023 397,854 - 397,854
Revaluations 216,774 - 216,774
_______ _______ _______
At 31 March 2024 614,628 - 614,628
_______ _______ _______
Carrying amount
At 31 March 2024 180,000 2,205,409 2,385,409
_______ _______ _______
At 31 March 2023 396,774 1,831,248 2,228,022
_______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 261,508 261,500
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 2,048 2,048
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 32,782 32,782 32,782 32,782
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing (to)/from
£ £ £ £
Director 1 - 10,000 ( 10,000) -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing (to)/from
£ £ £ £
Director 1 - - - -
_______ _______ _______ _______
The advance to the director was repayable on demand and carried interest at a commercial rate.
11. Related party transactions
At the year end there was an oustanding balance of £250.000 owed by a company controlled by a director.
The loan is repayable on demand and carries interest at a commercial rate. The loan was advanced prior to the appointment of the director.