REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Milestone Holdings Group Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Milestone Holdings Group Ltd |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Milestone Holdings Group Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lister House |
Lister Hill |
Horsforth |
Leeds |
LS18 5AZ |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Milestone Holdings Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors do not consider there to be any key sources of estimation uncertainty affecting the entity. |
Key sources of estimation uncertainty |
The directors consider there to be no key sources of estimation uncertainty which have a material impact on the financial statements. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Impairment of investments |
The company reviews the carrying value of its investments for indications of impairment at each year end. If indicators of impairments exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable amount. See note 7 for details of the carrying amount of the company's investments. |
Investments in subsidiaries |
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
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. |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Reduced disclosure framework |
This entity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss for the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
Going concern |
At 31 January 2024, the company had net current liabilities of £1,121 (2023 - £1,121). The net current liability position is due to an amount owed to the company's subsidiary undertaking. The directors are confident that the amount owed to the subsidiary will not be called in for at least one year from the date of approval of the financial statements. Thus, the financial statements continue to be prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Milestone House, Bondgate Industrial Estate, Pontefract, WF8 2JJ |
Nature of business: |
% |
Class of shares: | holding |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
Registered office: Milestone House, Bondgate Industrial Estate, Pontefract, WF8 2JJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Milestone House, Bondgate Industrial Estate, Pontefract, WF8 2JJ |
Nature of business: |
% |
Class of shares: | holding |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
The balance in other creditors is made up of amounts owed to group undertakings as follows: |
2023 | 2022 |
Milestone Project Services Ltd | 51 | 0 |
Milestone M&E Ltd | 585 | 0 |
Milestone Roofing Systems Ltd | 585 | 0 |
1,221 | 0 |
Amounts owed to group undertakings are interest free and repayable on demand. |
7. | FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital 1 | 100 | 100 | 100 |
Milestone Holdings Group Ltd (Registered number: 13678802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties of Milestone Holdings Group Ltd are Harrison, by virtue of their 50% shareholding and the influence they hold with each other. |