Millngate Gosport Estates Limited
Unaudited Financial Statements
For the year ended 29 February 2024
Pages for Filing with Registrar
Company Registration No. 09266970 (England and Wales)
Millngate Gosport Estates Limited
Company Information
Director
Mr A Sweeney
Company number
09266970
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Millngate Gosport Estates Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Millngate Gosport Estates Limited
Balance Sheet
As at 29 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Stock
1,268,513
1,221,244
Debtors
3
1,096
6,209
Cash at bank and in hand
5,253
215,839
1,274,862
1,443,292
Creditors: amounts falling due within one year
4
(1,266,625)
(1,422,570)
Net current assets
8,237
20,722
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
8,137
20,622
Total equity
8,237
20,722

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr A Sweeney
Director
Company Registration No. 09266970
Millngate Gosport Estates Limited
Notes to the Financial Statements
For the year ended 29 February 2024
Page 2
1
Accounting policies
Company information

Millngate Gosport Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

1.2
Going concern

The nature of the company's business is such that it is incurring costs in connection with a development project. The director is confident that the project will be agreed and the income will trueimprove the company's net asset position.

1.3
Stock

Property development work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the developments to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of a development over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Millngate Gosport Estates Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
Page 3
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,096
6,209
Millngate Gosport Estates Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 4
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
480,463
-
0
Trade creditors
16,110
2,400
Amounts due to connected entities
766,624
977,082
Corporation tax
855
3,128
Other taxation and social security
573
-
0
Other creditors
2,000
439,960
1,266,625
1,422,570
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
6
Related party transactions

At the year end, the company owed the director £nil (2023: £436,000).

 

At the year end, the company owed £84,227 (2023: £258,227) to a company under common control.

 

At the year end, the company owed £682,398 (2023: £718,115) to another company under common control.

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