REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MILVERTON HOMES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Interest in Joint Venture relates to the company's interest in Crewe Lane Kenilworth JV LLP. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
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 |
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 |
Trade creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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. |