IRIS Accounts Production v24.3.0.553 11569042 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh115690422023-02-28115690422024-02-29115690422023-03-012024-02-29115690422022-02-28115690422022-03-012023-02-28115690422023-02-2811569042ns15:EnglandWales2023-03-012024-02-2911569042ns14:PoundSterling2023-03-012024-02-2911569042ns10:Director12023-03-012024-02-2911569042ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2911569042ns10:SmallEntities2023-03-012024-02-2911569042ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2911569042ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2911569042ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2911569042ns10:FullAccounts2023-03-012024-02-2911569042ns10:Director22023-03-012024-02-2911569042ns10:RegisteredOffice2023-03-012024-02-2911569042ns5:CurrentFinancialInstruments2024-02-2911569042ns5:CurrentFinancialInstruments2023-02-2811569042ns5:Non-currentFinancialInstruments2024-02-2911569042ns5:Non-currentFinancialInstruments2023-02-2811569042ns5:ShareCapital2024-02-2911569042ns5:ShareCapital2023-02-2811569042ns5:RetainedEarningsAccumulatedLosses2024-02-2911569042ns5:RetainedEarningsAccumulatedLosses2023-02-2811569042ns5:PlantMachinery2023-03-012024-02-2911569042ns5:LandBuildings2023-02-2811569042ns5:PlantMachinery2023-02-2811569042ns5:LandBuildings2023-03-012024-02-2911569042ns5:LandBuildings2024-02-2911569042ns5:PlantMachinery2024-02-2911569042ns5:LandBuildings2023-02-2811569042ns5:PlantMachinery2023-02-2811569042ns5:CostValuation2023-02-2811569042ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2911569042ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2811569042ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-02-2911569042ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-02-28
REGISTERED NUMBER: 11569042 (England and Wales)















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: Mr M Lomax
Mrs G Lomax





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 11569042 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
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 4 746,755 747,766
Investments 5 100 100
746,855 747,866

CURRENT ASSETS
Debtors 6 22,048 4,644
Cash at bank 1,668 8
23,716 4,652
CREDITORS
Amounts falling due within one year 7 29,764 52,896
NET CURRENT LIABILITIES (6,048 ) (48,244 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

740,807

699,622

CREDITORS
Amounts falling due after more than one
year

8

(610,681

)

(574,267

)

PROVISIONS FOR LIABILITIES (1,089 ) (1,281 )
NET ASSETS 129,037 124,074

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 128,937 123,974
129,037 124,074

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

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

MG MILLBROOK LIMITED (REGISTERED NUMBER: 11569042)

Balance Sheet - continued
29th 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 27th November 2024 and were signed on its behalf by:





Mr M Lomax - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1st March 2023
and 29th February 2024 741,025 10,806 751,831
DEPRECIATION
At 1st March 2023 - 4,065 4,065
Charge for year - 1,011 1,011
At 29th February 2024 - 5,076 5,076
NET BOOK VALUE
At 29th February 2024 741,025 5,730 746,755
At 28th February 2023 741,025 6,741 747,766

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 100
NET BOOK VALUE
At 29th February 2024 100
At 28th February 2023 100

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 21,785 4,392
Prepayments and accrued income 263 252
22,048 4,644

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 3,994 27,156
Directors' current accounts 24,000 24,000
Accrued expenses 1,770 1,740
29,764 52,896

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Mortgage 1-2 years 4,270 27,986
Mortgage 2-5 years 14,581 89,635
Mortgage > 5 years 30,307 201,278
Directors loan account 561,523 255,368
610,681 574,267

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.