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REGISTERED NUMBER: 03784611 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MILLSOME MANAGEMENT LIMITED

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLSOME MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mrs S L Atkinson





REGISTERED OFFICE: 5th Floor,R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ





REGISTERED NUMBER: 03784611 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
5th Floor, R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,577 3,651
Investment property 5 2,790,000 2,759,204
2,793,577 2,762,855

CURRENT ASSETS
Debtors 6 146,831 740,296
Cash at bank 252,689 169,685
399,520 909,981
CREDITORS
Amounts falling due within one year 7 59,850 559,559
NET CURRENT ASSETS 339,670 350,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,133,247

3,113,277

CREDITORS
Amounts falling due after more than
one year

8

(1,000,000

)

(1,000,000

)

PROVISIONS FOR LIABILITIES 10 (234,650 ) (230,360 )
NET ASSETS 1,898,597 1,882,917

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 896,560 870,034
Retained earnings 1,002,035 1,012,881
1,898,597 1,882,917

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 21 November 2024 and were signed by:





Mrs S L Atkinson - Director


MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Millsome Management 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.

The principal activity of the company is that of property investment.

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.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance the company relies on the loan provided by the director. In assessing going concern it has been assumed that this loan will not be repaid in he foreseeable future and on that basis the company continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue
Rental income from operating leases is recognised on a straight-line basis over the lease term.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit
arising from changes in fair value is recognised in the profit or loss.


MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 29,028 9,557 38,585
Additions - 1,995 1,995
At 31 March 2024 29,028 11,552 40,580
DEPRECIATION
At 1 April 2023 28,120 6,814 34,934
Charge for year 227 1,842 2,069
At 31 March 2024 28,347 8,656 37,003
NET BOOK VALUE
At 31 March 2024 681 2,896 3,577
At 31 March 2023 908 2,743 3,651

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,759,204
Revaluations 30,796
At 31 March 2024 2,790,000
NET BOOK VALUE
At 31 March 2024 2,790,000
At 31 March 2023 2,759,204

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 1,131,290
Valuation in 2017 (31,666 )
Valuation in 2024 30,796
Cost 1,659,580
2,790,000

The investment property was valued on an open market basis on 31 March 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 146,831 740,296

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 13,171 16,495
Taxation and social security 32,036 153,146
Other creditors 14,643 389,918
59,850 559,559

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 1,000,000 1,000,000

MILLSOME MANAGEMENT LIMITED (REGISTERED NUMBER: 03784611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The bank loans and overdraft due within one year and other creditors due after one year are secured by fixed charges over the investment properties.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Fixed asset timing differences 790 770
Revaluation of investment
properties 233,860 229,590
234,650 230,360

Deferred
tax
£   
Balance at 1 April 2023 230,360
Charge to Income Statement during year 4,290
Balance at 31 March 2024 234,650

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director received advances totalling £568,807 and repaid amounts totalling £73,120. At the year-end the amount due from the director is £121,251 (2023 - due to £374,436) and is included in other debtors. These amounts were unsecured and repayable on demand. No interest is due on these amounts.