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COMPANY REGISTRATION NUMBER: 07343064
MILLGARTH LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MILLGARTH LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
MILLGARTH LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
754,520
754,520
Current assets
Debtors
6
4,890
1,747
Cash at bank and in hand
822
31,278
------------
------------
5,712
33,025
Creditors: amounts falling due within one year
7
( 24,497)
( 113,254)
------------
------------
Net current liabilities
( 18,785)
( 80,229)
------------
------------
Total assets less current liabilities
735,735
674,291
------------
------------
Net assets
735,735
674,291
------------
------------
Capital and reserves
Called up share capital
8
110
110
Share premium account
9
98,090
98,090
Profit and loss account
9
637,535
576,091
------------
------------
Shareholders funds
735,735
674,291
------------
------------
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 profit and loss account has not been delivered.
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 members have 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 were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
J A Clegg
Director
Company registration number: 07343064
MILLGARTH 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 Ashbrow Mills, Ashbrow Road, Huddersfield, HD2 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 and are rounded to the nearest £.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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 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.
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:
Fixtures and fittings
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Fixtures and fittings
£
Cost
At 1 April 2023 and 31 March 2024
780
------------
Depreciation
At 1 April 2023 and 31 March 2024
780
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
------------
5. Investments
Shares in group undertakings
Investment Property
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
98,100
656,420
754,520
------------
------------
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
------------
------------
Carrying amount
At 31 March 2024
98,100
656,420
754,520
------------
------------
------------
At 31 March 2023
98,100
656,420
754,520
------------
------------
------------
Based upon current market conditions, the directors consider that the market value of the investment property is in line with the carrying value.
6. Debtors
2024
2023
£
£
Called up share capital not paid
100
100
Prepayments and accrued income
4,790
1,647
------------
------------
4,890
1,747
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,581
Amounts owed to group undertakings
106,000
Accruals and deferred income
22,508
5,673
Corporation tax
1,989
------------
------------
24,497
113,254
------------
------------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 0.001 each
87,310
87
87,310
87
B Ordinary shares of £ 0.001 each
1,110
1
1,110
1
C Ordinary shares of £ 0.001 each
21,480
21
21,480
21
------------
------------
------------
------------
109,900
110
109,900
110
------------
------------
------------
------------
The shares are designated as various classes and generally rank pari passu.
9. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Controlling party
The company is controlled by A Clegg .