REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Milton Grange Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Milton Grange Properties Limited |
Milton Grange Properties Limited (Registered number: 10636584) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Milton Grange Properties Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
The Brentano Suite |
Solar House |
915 High Road |
London |
N12 8QJ |
Milton Grange Properties Limited (Registered number: 10636584) |
Statement of Financial Position |
29 February 2024 |
29/2/24 | 28/2/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserves |
Retained earnings | ( |
) |
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. |
The financial statements were approved by the director and authorised for issue on |
Milton Grange Properties Limited (Registered number: 10636584) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Milton Grange Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | 20,000 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Milton Grange Properties Limited (Registered number: 10636584) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2020 | 64,264 |
Valuation in 2021 | 10,000 |
Valuation in 2022 | 10,000 |
Valuation in 2024 | 20,000 |
Cost | 145,736 |
250,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
29/2/24 | 28/2/23 |
£ | £ |
Cost | 145,736 | 145,736 |
The investment property was valued on an open market basis on 28 February 2024 by the company director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Taxation and social security | ( |
) |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
29/2/24 | 28/2/23 |
£ | £ |
Charter Court Finance Limited | - | 167,513 |
Included under other creditors is loan in the sum of £167,527 (2022 - £167,513) due to Charter Court Financial Services Limited which is secured by way of a fixed charge over the property shown under Investment Property. |
Milton Grange Properties Limited (Registered number: 10636584) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
29/2/24 | 28/2/23 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
10. | RELATED PARTY DISCLOSURES |
During the year the company provided property management services at arm length to Mr S Lal (Director) and Mrs R Lal (Employee) and equal 50% shareholders in the business. There were no amounts outstanding at the balance sheet date. |
At the year end, loans of £59,364 (2023- £59,389) were due from Milton Grange GT Limited (company number 09714142) in which Mr S Lal and Mrs R Lal are directors and controlling shareholders. |