Company Registration No. 03734125 (England and Wales)
Milestone Holdings Limited
Unaudited accounts
for the year ended 29 February 2024
Milestone Holdings Limited
Unaudited accounts
Contents
Milestone Holdings Limited
Company Information
for the year ended 29 February 2024
Company Number
03734125 (England and Wales)
Registered Office
The Spinney
Astley Lane
Nuneaton
Warwickshire
CV10 7PU
UK
Accountants
P J Buffrey Ltd
17 Greens Road
Keresley
Coventry
West Midlands
CV6 2FJ
Milestone Holdings Limited
Statement of financial position
as at 29 February 2024
Tangible assets
464,371
551,388
Cash at bank and in hand
674,336
782,658
Creditors: amounts falling due within one year
(353,802)
(255,914)
Net current assets
767,667
671,945
Total assets less current liabilities
1,232,038
1,223,333
Provisions for liabilities
Deferred tax
(53,593)
(57,264)
Net assets
1,178,445
1,166,069
Called up share capital
1,000
1,000
Revaluation reserve
60,000
60,000
Capital redemption reserve
1,000
1,000
Profit and loss account
1,116,445
1,104,069
Shareholders' funds
1,178,445
1,166,069
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2024 and were signed on its behalf by
R De Mulder
Director
Company Registration No. 03734125
Milestone Holdings Limited
Notes to the Accounts
for the year ended 29 February 2024
Milestone Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 03734125. The registered office is The Spinney, Astley Lane, Nuneaton, Warwickshire, CV10 7PU, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Over 5 years
Fixtures & fittings
Over 5 years
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Milestone Holdings Limited
Notes to the Accounts
for the year ended 29 February 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Total
At 29 February 2024
749,152
Charge for the year
48,027
At 29 February 2024
284,781
At 29 February 2024
464,371
At 28 February 2023
551,388
The freehold property was revalued to current market value at 29/02/2016 and 28/02/2018 and 28/02/2022.
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Operating lease commitments
2024
2023
At 29 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
20,000
20,000
Later than one year and not later than five years
80,000
80,000
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Transactions with related parties
During the year Milestone Holdings Ltd made charges of £646,670 (2023: £720,000) to Milestone Haulage Ltd for services, a company in which R De Mulder has an interest.
During the year Milestone Holdings Ltd received charges of £45,788 (2023: £64,309) from Milestone Haulage Ltd for goods and services, a company in which R De Mulder has an interest.
At 29th February 2024 a net figure of £440,182 (2023: £138,301) was owed from
Milestone Haulage Ltd. The above transactions were concluded under normal market conditions.
During the year Milestone Holdings Ltd voted dividends of £20,000 (2023: £20,000) to R De Mulder, a director of the company.
The ultimate beneficial owner of the company is Ms R De Mulder by way of a 100% shareholding.
Milestone Holdings Limited
Notes to the Accounts
for the year ended 29 February 2024
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Average number of employees
During the year the average number of employees was 1 (2023: 1).