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REGISTERED NUMBER: 04381010 (England and Wales)















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: R J Carter
A Surtees





SECRETARY: R J Carter





REGISTERED OFFICE: 1 The Limes
Northbrook Avenue
Winchester
Hampshire
SO23 0LU





REGISTERED NUMBER: 04381010 (England and Wales)





ACCOUNTANTS: K S Goring & Co Chartered 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 12,655 23,014

CURRENT ASSETS
Work in progress stock 5 - 1,862,338
Debtors 6 1,300,471 102,746
Cash at bank 536 2,587
1,301,007 1,967,671
CREDITORS
Amounts falling due within one year 7 626,306 766,935
NET CURRENT ASSETS 674,701 1,200,736
TOTAL ASSETS LESS CURRENT
LIABILITIES

687,356

1,223,750

CREDITORS
Amounts falling due after more than one
year

8

60,643

477,013
NET ASSETS 626,713 746,737

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 626,513 746,537
SHAREHOLDERS' FUNDS 626,713 746,737

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

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

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 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 22nd November 2024 and were signed on its behalf by:




R J Carter - Director



A Surtees - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost and 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33.33% on cost

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 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 175,632
Additions 2,374
At 31st March 2024 178,006
DEPRECIATION
At 1st April 2023 152,618
Charge for year 12,733
At 31st March 2024 165,351
NET BOOK VALUE
At 31st March 2024 12,655
At 31st March 2023 23,014

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 1,300,471 102,746

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 359 -
Hire purchase contracts - 1,156
Trade creditors 102,222 32,490
Taxation and social security 20,757 65,711
Other creditors 502,968 667,578
626,306 766,935

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 60,643 477,013

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 60,643 477,013

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.