REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MILLGATE (WINCHESTER) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MILLGATE (WINCHESTER) LIMITED |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MILLGATE (WINCHESTER) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
222 Upper Richmond Road West |
London |
SW14 8AH |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
BALANCE SHEET |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Work in progress stock | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
BALANCE SHEET - continued |
31st March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
MILLGATE (WINCHESTER) LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue from private housing sales and their respective profits are recognised when the property |
is structurally completed and legally transferred to the purchaser. Revenue is measured at the fair value of consideration received or receivable for the property, net of vat. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Inventories (work in progress and stocks) |
Inventories are stated at the lower of cost and net realisable value. Costs, in relation to work in progress , comprises direct materials and, where applicable, direct labour and those overheads, that have been incurred in bringing the inventories to their present location and condition. |
Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost. |
Options purchased in respect of land are capitalised initially at cost. The carrying cost of the option at the date of exercise is included within the cost of land purchased as a result of the option exercise. |
The cost of option not exercised are written off in the year that the decision is made. |
Valuation of work in progress and land held for development are carried at the lower of cost and net realisable value. The valuations are certified by surveyors. |
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. |
Pension costs |
The company's workplace pension scheme for its employees is provided through automatic enrolment pension scheme in line with Government legislation. |
Under the terms of this scheme, employees make pension contributions out of their salaries, and the company also makes additional contributions. |
Contributions payable for the year are charged to the profit and loss account in the period to which they relate. Staff contribution are charged to wages and salaries and company contribution are charged to pension cost. |
Borrowing costs |
Borrowing costs are recognised on an accruals basis and are payable in accordance with the loan agreement terms. |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | WORK IN PROGRESS STOCK |
Inventories consists of Work in progress, land and completed units. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge against the land acquired for development. There is also a floating charge against other assets of the company. |
MILLGATE (WINCHESTER) LIMITED (REGISTERED NUMBER: 04381010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge against the land acquired for development. There is also a floating charge against other assets of the company. |
10. | CONTINGENT LIABILITIES |
The Company has adhered to the terms and conditions within its fixed legal charge and we see no reason to make any provision for non conformance. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
i) Included within other creditors (Note 8) at 31st March 2024 is an amount of £392,516 (2023: £567,366) owed to the directors and shareholders of the company. Loan owed to Mr R Carter is - £392,516 (2023: £448,679) and owed to Mr A Surtees is - £Nil (2023: £118,688). Interest is payable to the director with the highest outstanding balance on the difference between the two loan account at 10% |
ii) Included within other creditors at 31st March 2024 is an amount of £95,452 (2023 - £85,212) owed |
to Chalkfield Winchester Limited. This loan is interest free and repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £65,350 (2023 - £55,000) were paid to the directors . |
The company is related to Chalkfield Winchester Limited by virtue of both companies having a common board of directors/shareholders relationship. |
13. | ULTIMATE CONTROLLING PARTY |
The directors are the ultimate controlling party. |