Millbrook Estate Management Limited 03654456 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is telecommunications consultancy, management of residential properties and weddings Digita Accounts Production Advanced 6.30.9574.0 true 03654456 2023-04-01 2024-03-31 03654456 2024-03-31 03654456 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 03654456 core:CurrentFinancialInstruments 2024-03-31 03654456 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03654456 core:Non-currentFinancialInstruments 2024-03-31 03654456 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03654456 core:FurnitureFittings 2024-03-31 03654456 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 03654456 core:MotorVehicles 2024-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 03654456 bus:SmallEntities 2023-04-01 2024-03-31 03654456 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03654456 bus:FilletedAccounts 2023-04-01 2024-03-31 03654456 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03654456 bus:RegisteredOffice 2023-04-01 2024-03-31 03654456 bus:Director1 2023-04-01 2024-03-31 03654456 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03654456 core:FurnitureFittings 2023-04-01 2024-03-31 03654456 core:LandBuildings 2023-04-01 2024-03-31 03654456 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03654456 core:LeaseholdImprovements 2023-04-01 2024-03-31 03654456 core:MotorVehicles 2023-04-01 2024-03-31 03654456 core:KeyManagementPersonnel 2023-04-01 2024-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2023-04-01 2024-03-31 03654456 countries:EnglandWales 2023-04-01 2024-03-31 03654456 2023-03-31 03654456 core:FurnitureFittings 2023-03-31 03654456 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 03654456 core:MotorVehicles 2023-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 03654456 2022-04-01 2023-03-31 03654456 2023-03-31 03654456 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 03654456 core:CurrentFinancialInstruments 2023-03-31 03654456 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03654456 core:Non-currentFinancialInstruments 2023-03-31 03654456 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03654456 core:FurnitureFittings 2023-03-31 03654456 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 03654456 core:MotorVehicles 2023-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2022-04-01 2023-03-31 03654456 2022-03-31 03654456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03654456

Millbrook Estate Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Millbrook Estate Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Millbrook Estate Management Limited

(Registration number: 03654456)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,133

77,657

Investment property

5

360,000

360,000

 

410,133

437,657

Current assets

 

Debtors

6

17,094

75,609

Cash at bank and in hand

 

283,335

227,380

 

300,429

302,989

Creditors: Amounts falling due within one year

7

(75,209)

(93,800)

Net current assets

 

225,220

209,189

Total assets less current liabilities

 

635,353

646,846

Creditors: Amounts falling due after more than one year

7

(13,567)

(23,738)

Provisions for liabilities

(66,147)

(71,152)

Net assets

 

555,639

551,956

Capital and reserves

 

Called up share capital

202

202

Retained earnings

555,437

551,754

Shareholders' funds

 

555,639

551,956

 

Millbrook Estate Management Limited

(Registration number: 03654456)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

Mr R A Boothby
Director

   
     
 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England

The principal place of business is:
Millbrook
High Bickington
Umberleigh
Devon
EX37 9BX

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

nil on investment properties

Leasehold improvements

10% straight line

Fixtures and Fittings

15-20% straight line

Motor vehicles

25% reducing balance

Investment property

Investment properties owned by the company are stated at their fair value at the balance sheet date and any aggregate surplus or deficit is recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 8).

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

39,976

22,659

101,966

164,601

Additions

-

9,512

-

9,512

Disposals

-

-

(68,111)

(68,111)

At 31 March 2024

39,976

32,171

33,855

106,002

Depreciation

At 1 April 2023

28,893

11,490

46,561

86,944

Charge for the year

1,982

5,041

8,463

15,486

Eliminated on disposal

-

-

(46,561)

(46,561)

At 31 March 2024

30,875

16,531

8,463

55,869

Carrying amount

At 31 March 2024

9,101

15,640

25,392

50,133

At 31 March 2023

11,083

11,169

55,405

77,657

Included within the net book value of land and buildings above is £9,101 (2023 - £11,083) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 April 2023

360,000

At 31 March 2024

360,000

Investment properties were valued on 31 March 2024 by Mr R Boothby, the director, who is internal to the company. The basis of this valuation was the price with which the property might reasonably be expected to fetch if sold on the open market at that time less expected costs to sell.

There has been no valuation of investment property by an independent valuer.

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Prepayments

8,476

10,019

Other debtors

8,618

65,590

17,094

75,609

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

10,171

49,594

Trade creditors

 

9,714

6,157

Social security and other taxes

 

7,491

33,994

Other creditors

 

44,358

580

Accruals

 

3,475

3,475

 

75,209

93,800

Due after one year

 

Loans and borrowings

8

13,567

23,738


 

Creditors due within one year include net obligations under hire purchase contracts which are secured of £Nil (2023 - £39,674).

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,567

23,738

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,171

9,920

Hire purchase contracts

-

39,674

10,171

49,594

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £43,915 (2023 - £28,216).

10

Related party transactions

Key management personnel

Key management are considered to be the directors of the company.

Income and receivables from related parties

2024

Key management
£

Receipt of services

463,031

2023

Key management
£

Receipt of services

472,408

Loans to related parties

2024

Key management
£

Total
£

At start of period

57,287

57,287

Repaid

(57,287)

(57,287)

At end of period

-

-

2023

Key management
£

Total
£

Advanced

57,287

57,287

At end of period

57,287

57,287

Terms of loans to related parties

During the year the directors received a loan from the company, The company charged interest on the loan at 2%.
 

 

Millbrook Estate Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024

Key management
£

Total
£

Advanced

43,202

43,202

At end of period

43,202

43,202

2023

Key management
£

Total
£

At start of period

333,237

333,237

Repaid

(333,237)

(333,237)

At end of period

-

-