IRIS Accounts Production v24.2.0.383 13123477 Board of Directors 1.4.23 31.3.24 31.3.24 23.9.24 0 0 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131234772023-03-31131234772024-03-31131234772023-04-012024-03-31131234772022-03-31131234772022-04-012023-03-31131234772023-03-3113123477ns15:EnglandWales2023-04-012024-03-3113123477ns14:PoundSterling2023-04-012024-03-3113123477ns10:Director12023-04-012024-03-3113123477ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3113123477ns10:SmallEntities2023-04-012024-03-3113123477ns10:Audited2023-04-012024-03-3113123477ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3113123477ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113123477ns10:FullAccounts2023-04-012024-03-3113123477ns10:Director22023-04-012024-03-3113123477ns10:Director32023-04-012024-03-3113123477ns10:Director42023-04-012024-03-3113123477ns10:RegisteredOffice2023-04-012024-03-3113123477ns5:CurrentFinancialInstruments2024-03-3113123477ns5:CurrentFinancialInstruments2023-03-3113123477ns5:Non-currentFinancialInstruments2024-03-3113123477ns5:Non-currentFinancialInstruments2023-03-3113123477ns5:ShareCapital2024-03-3113123477ns5:ShareCapital2023-03-3113123477ns5:RetainedEarningsAccumulatedLosses2024-03-3113123477ns5:RetainedEarningsAccumulatedLosses2023-03-3113123477ns5:CostValuation2023-03-3113123477ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3113123477ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 13123477 (England and Wales)
























AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MILVERTON HOMES LIMITED

MILVERTON HOMES LIMITED (REGISTERED NUMBER: 13123477)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MILVERTON HOMES LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: L J Barker
D W Barber
R E Moore
A K Riley





REGISTERED OFFICE: Warwick District Council Town Hall
Parade
Leamington Spa
CV32 4AT





REGISTERED NUMBER: 13123477 (England and Wales)





AUDITORS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

MILVERTON HOMES LIMITED (REGISTERED NUMBER: 13123477)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 2,719,000 -
2,719,001 1

CURRENT ASSETS
Debtors 6 12,118 11,935
Cash at bank 186,234 598,601
198,352 610,536
CREDITORS
Amounts falling due within one year 7 1,305,710 288,061
NET CURRENT (LIABILITIES)/ASSETS (1,107,358 ) 322,475
TOTAL ASSETS LESS CURRENT LIABILITIES 1,611,643 322,476

CREDITORS
Amounts falling due after more than one
year

8

(895,671

)

-

PROVISIONS FOR LIABILITIES (150,736 ) -
NET ASSETS 565,236 322,476

CAPITAL AND RESERVES
Called up share capital 877,831 877,831
Retained earnings (312,595 ) (555,355 )
565,236 322,476

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 Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





L J Barker - Director


MILVERTON HOMES LIMITED (REGISTERED NUMBER: 13123477)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Milverton Homes 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.

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 balance sheet date.

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.

Investment in joint venture
The company has adopted the cost model of accounting for joint ventures in line with FRS 102 para 15.9. Investments in Joint ventures are measured at cost, less any accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MILVERTON HOMES LIMITED (REGISTERED NUMBER: 13123477)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


4. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

The Interest in Joint Venture relates to the company's interest in Crewe Lane Kenilworth JV LLP.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 2,719,000
At 31 March 2024 2,719,000
NET BOOK VALUE
At 31 March 2024 2,719,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 602,944
Cost 2,116,056
2,719,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,116,056 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 12,118 11,935

MILVERTON HOMES LIMITED (REGISTERED NUMBER: 13123477)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 1,188,136 -
Trade creditors 786 -
Accruals and deferred income 116,788 288,061
1,305,710 288,061

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 895,671 -

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Buckby FCA (Senior Statutory Auditor)
for and on behalf of TC Group

10. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 887,938

Milverton Homes Limited is committed to purchase up to 62 properties, in tranches, from its Joint Venture investment, Crewe Lane Kenilworth JV LLP, over a period of time.

11. RELATED PARTY DISCLOSURES

Milverton Homes Limited is a wholly owned subsidiary of Warwick District Council. During the year Warwick District Council provided services to Milverton Homes Limited amounting to £82,942 (2023: £180,958). As at 31 March 2024 Milverton Homes Limited owed Warwick District Council £86,096 (2023: £272,348).

Warwick District Council made loans in the year to Milverton Homes Limited, the amount payable to Warwick District Council as at 31 March 2024 was £895,671 (2023: £Nil). Interest payable on the loan up to 31 March 2024 was £42,159 (2023: £Nil).

Milverton Homes acquired properties from its Joint Venture investment, Crewe Lane Kenilworth JV LLP, in the year at a cost of £2,116,056. As at 31 March 2024 Milverton Homes Limited owed Crewe Lane Kenilworth JV LLP £1,188,136 (2023: £Nil).

Rental income was received by Milverton Homes Limited from Crewe Lane Kenilworth JV LLP during the year of £48,124 (2023: £Nil).

12. ULTIMATE CONTROLLING PARTY

The immediate parent company and ultimate controlling party of Milverton Homes Limited is its sole shareholder, Warwick District Council.