Milln Gate Properties Limited
Unaudited Financial Statements
For the year ended 29 February 2024
Pages for Filing with Registrar
Company Registration No. 03429192 (England and Wales)
Milln Gate Properties Limited
Company Information
Director
Mr A Sweeney
Secretary
Dr J Summers
Company number
03429192
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Milln Gate Properties Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Milln Gate Properties Limited
Balance Sheet
As at 29 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,207
82,943
Current assets
Stock
76,814
76,814
Debtors
4
336,771
519,811
Cash at bank and in hand
2,638
2,768
416,223
599,393
Creditors: amounts falling due within one year
5
(54,984)
(211,697)
Net current assets
361,239
387,696
Net assets
423,446
470,639
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
423,444
470,637
Total equity
423,446
470,639

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. 03429192
Milln Gate Properties Limited
Notes to the Financial Statements
For the year ended 29 February 2024
Page 2
1
Accounting policies
Company information

Milln Gate Properties 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 adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

Milln Gate Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
Page 3
1.6
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.

1.7
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.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
4
4
Milln Gate Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
87,500
Depreciation and impairment
At 1 March 2023
4,557
Depreciation charged in the year
20,736
At 29 February 2024
25,293
Carrying amount
At 29 February 2024
62,207
At 28 February 2023
82,943
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from connected entities
336,015
517,015
Other debtors
756
2,796
336,771
519,811
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
3,060
Other taxation and social security
426
632
Other creditors
54,558
208,005
54,984
211,697
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Milln Gate Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 5
7
Related party transactions

At the year end the company owed £48,514 (2023: £202,514) to the director, representing undrawn dividends and interest free funds loaned to the company net of drawings.

 

During the year the company accrued income of £100,000 (2023: £100,000) from a company under common control in respect of management services provided. At the year end the company was owed £251,779 (2023: £258,779).

 

At the year end the company was owed £84,227 (2023: £258,227) from another company under common control.

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