REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29th February 2024 |
for |
MG MILLBROOK LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29th February 2024 |
for |
MG MILLBROOK LIMITED |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MG MILLBROOK LIMITED |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Balance Sheet |
29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 |
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. |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Balance Sheet - continued |
29th February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
MG Millbrook Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about MG Millbrook Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts. |
Tangible fixed assets |
Plant and machinery | - |
In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets. |
Basic financial liabilities |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st March 2023 |
and 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Included in cost of land and buildings is freehold land of £ 741,025 (2023 - £ 741,025 ) which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st March 2023 |
and 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Amounts owed by group undertakings |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Directors' current accounts | 24,000 | 24,000 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Mortgage 1-2 years |
Mortgage 2-5 years | 14,581 | 89,635 |
Mortgage > 5 years | 30,307 | 201,278 |
Directors loan account |
Amounts falling due in more than five years: |
Repayable by instalments |
Mortgage > 5 years | 30,307 | 201,278 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Mortgage | 53,152 | 346,055 |
The mortgage is secured by way of fixed and floating charges over all assets of the company and its subsidiary company. |
10. | RELATED PARTY DISCLOSURES |
As at 29 February 2024 the company owed £585,523 (2023: £279,368) to its directors. No interest has been charged to the company in respect of this loan and there is no formal repayment date. £561,523 (2023: £255,368) of this loan is classified in creditors due after one year. |
MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
11. | ULTIMATE CONTROLLING PARTY |
Mr & Mrs M Lomax are the ultimate controlling party by virtue of their holding 100% of the issued ordinary share capital. |