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REGISTERED NUMBER: 10636584 (England and Wales)















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: T S Lal





REGISTERED OFFICE: Solar House, The Brentano Suite
915 High Road
London
N12 8QJ





REGISTERED NUMBER: 10636584 (England and Wales)





ACCOUNTANTS: Pi 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 4 250,000 230,000

CURRENT ASSETS
Debtors 5 59,364 59,389
Cash at bank 529 1,425
59,893 60,814
CREDITORS
Amounts falling due within one year 6 31,683 33,721
NET CURRENT ASSETS 28,210 27,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

278,210

257,093

CREDITORS
Amounts falling due after more than one
year

7

(161,682

)

(161,668

)

PROVISIONS FOR LIABILITIES (26,066 ) (16,010 )
NET ASSETS 90,462 79,415

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserves 92,054 72,054
Retained earnings (1,692 ) 7,261
90,462 79,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





T S Lal - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 230,000
Revaluations 20,000
At 29 February 2024 250,000
NET BOOK VALUE
At 29 February 2024 250,000
At 28 February 2023 230,000

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 59,364 59,389

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Taxation and social security 43 (216 )
Other creditors 31,640 33,937
31,683 33,721

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29/2/24 28/2/23
£    £   
Other creditors 161,682 161,668

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
£    £   
T S Lal
Balance outstanding at start of year (5,737 ) (1,657 )
Amounts repaid (133 ) (4,080 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,870 ) (5,737 )

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.