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REGISTERED NUMBER: 10027828 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MILLTHORNE DEVELOPMENTS LIMITED

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLTHORNE DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D M Wright
P J Wright





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 10027828 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,578 11,827
Tangible assets 5 133,090 166,175
Investments 6 204 204
141,872 178,206

CURRENT ASSETS
Stocks 1,149,115 2,126,489
Debtors 7 337,892 288,959
Cash at bank 188,750 35,819
1,675,757 2,451,267
CREDITORS
Amounts falling due within one year 8 190,866 1,053,378
NET CURRENT ASSETS 1,484,891 1,397,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,626,763

1,576,095

CREDITORS
Amounts falling due after more than one year 9 (1,132,199 ) (928,599 )

PROVISIONS FOR LIABILITIES (25,900 ) (22,800 )
NET ASSETS 468,664 624,696

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 468,564 624,596
SHAREHOLDERS' FUNDS 468,664 624,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

BALANCE SHEET - continued
29 FEBRUARY 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 27 November 2024 and were signed on its behalf by:





P J Wright - Director


MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Millthorne Developments 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is the amount derived from ordinary activities, stated net of value added tax and trade discounts, and represents amounts invoiced except in respect of long-term contracts for which there is a contractual commitment (as described below) where turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced. Turnover in respect of long term contracts is calculated as that proportion of the total contract value which costs incurred to-date bear to total expected costs for that contract. Turnover arises wholly in the United Kingdom.

Goodwill
The trade of Robbie Wright Builders Limited was transferred to Millthorne Developments Limited during the period to 28 February 2017. This resulted in an apparent overvaluation of investments, although there was no overall loss. Schedule 16 to the Companies Act 2006 required that, where such an overvaluation is expected to be permanent, the investment should be written down accordingly. The directors consider that the substance of the transaction was merely to reorganise the group's operation. Such a treatment would fail to give a true and fair view and the diminution in value of investments has instead been re-allocated to goodwill, and amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

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

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition as follows:

Raw materials, consumables and goods for resale - Purchase cost on a first-in, first-out basis.

Work in progress and finished goods - Cost of direct materials and labour plus attributable overheads based on normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Long term contracts
Contracts to which there is a contractual commitment at the balance sheet date are treated as long term contracts. Profit on these contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs (as defined in the stock policy above) as contract activity progresses. Turnover is calculated at that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

All other contracts are treated as short term contacts and included in work in progress.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 March 2023 38,353 - 38,353
Additions - 645 645
At 29 February 2024 38,353 645 38,998
AMORTISATION
At 1 March 2023 26,526 - 26,526
Charge for year 3,835 59 3,894
At 29 February 2024 30,361 59 30,420
NET BOOK VALUE
At 29 February 2024 7,992 586 8,578
At 28 February 2023 11,827 - 11,827

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 122,986 4,618 121,440 249,044
Additions - - 53,990 53,990
Disposals - - (78,503 ) (78,503 )
At 29 February 2024 122,986 4,618 96,927 224,531
DEPRECIATION
At 1 March 2023 48,207 1,871 32,791 82,869
Charge for year 11,217 412 3,918 15,547
Eliminated on disposal - - (6,975 ) (6,975 )
At 29 February 2024 59,424 2,283 29,734 91,441
NET BOOK VALUE
At 29 February 2024 63,562 2,335 67,193 133,090
At 28 February 2023 74,779 2,747 88,649 166,175

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 60,000 60,116 120,116
Additions - 53,990 53,990
Disposals - (48,995 ) (48,995 )
Transfer to ownership (60,000 ) (11,121 ) (71,121 )
At 29 February 2024 - 53,990 53,990
DEPRECIATION
At 1 March 2023 33,378 7,068 40,446
Charge for year - 1,350 1,350
Eliminated on disposal - (1,837 ) (1,837 )
Transfer to ownership (33,378 ) (5,230 ) (38,608 )
At 29 February 2024 - 1,351 1,351
NET BOOK VALUE
At 29 February 2024 - 52,639 52,639
At 28 February 2023 26,622 53,048 79,670

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 204
NET BOOK VALUE
At 29 February 2024 204
At 28 February 2023 204

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,412 24,373
Other debtors 336,480 264,586
337,892 288,959

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 8,838 7,580
Trade creditors 71,037 71,159
Taxation and social security 36,910 24,451
Other creditors 74,081 950,188
190,866 1,053,378

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 44,923 31,650
Other creditors 1,087,276 896,949
1,132,199 928,599

MILLTHORNE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10027828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Hire purchase contracts 53,761 39,230
Other loans 1,098,627 1,817,735
1,152,388 1,856,965

The hire purchase contracts are secured by virtue of a personal guarantee made by D M Wright and P J Wright.

The other loans are secured by charges over the land and work in progress held in stock.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
P J Wright
Balance outstanding at start of year 129,170 113,302
Amounts advanced 168,937 160,704
Amounts repaid (145,076 ) (144,836 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,031 129,170

D M Wright
Balance outstanding at start of year 110,305 106,719
Amounts advanced 204,754 157,121
Amounts repaid (152,803 ) (153,535 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 162,256 110,305

Interest was charged on the overdrawn directors loan account balances in excess of £10,000 at 2% until 5 April 2023 and then at 2.25% thereafter.