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Registration number: NI014553

Milestone Trust Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Milestone Trust Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Milestone Trust Limited

(Registration number: NI014553)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

94,223

80,093

Investment property

5

1,950,000

1,950,000

Other financial assets

6

270,272

181,031

 

2,314,495

2,211,124

Current assets

 

Debtors

7

37,030,922

35,761,094

Cash at bank and in hand

 

736,933

175,251

 

37,767,855

35,936,345

Creditors: Amounts falling due within one year

8

(1,816,266)

(185,560)

Net current assets

 

35,951,589

35,750,785

Net assets

 

38,266,084

37,961,909

Capital and reserves

 

Called up share capital

9

402

402

Share premium reserve

162,242

162,242

Revaluation reserve

891,781

802,540

Retained earnings

37,211,659

36,996,725

Shareholders' funds

 

38,266,084

37,961,909

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
P Henry
Company secretary and director

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Ballycregagh Road
Cloughmills
Ballymena
County Antrim
BT44 9LB

These financial statements were authorised for issue by the Board on 22 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the positive trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 January 2025 was James Wallace, who signed for and on behalf of D T Carson & Co.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Investment properties are valued annually by the directors using a yield methodology. Key inputs into the valuations were annual rent and anticipated property yields. The carrying amount is £1,950,000 (2023 -£1,950,000).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer and office equipment

20% & 33 1/3% straight line

Motor vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled; the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

4

Tangible assets

Computer and office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

111,578

118,639

230,217

Additions

1,701

52,325

54,026

Disposals

-

(34,189)

(34,189)

At 30 April 2024

113,279

136,775

250,054

Depreciation

At 1 May 2023

108,555

41,569

150,124

Charge for the year

1,532

29,247

30,779

Eliminated on disposal

-

(25,072)

(25,072)

At 30 April 2024

110,087

45,744

155,831

Carrying amount

At 30 April 2024

3,192

91,031

94,223

At 30 April 2023

3,023

77,070

80,093

5

Investment properties

2024
£

At 1 May

1,950,000

At 30 April

1,950,000

Investment property was valued by the directors. The directors were informed by professional valuations, on an open market value for existing use basis, carried out in January 2024 and December 2024. The directors have valued the investment property at the year end based on their estimate of the market value in the light of the aforementioned valuations and overall market conditions.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

270,272

181,031

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

181,031

181,031

Fair value adjustments

89,241

89,241

At 30 April 2024

270,272

270,272

Impairment

Carrying amount

At 30 April 2024

270,272

270,272

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

17,078

Amounts owed by related parties

10

37,014,009

35,722,150

Prepayments

 

16,913

21,866

   

37,030,922

35,761,094

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

9,518

3,624

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,678,507

67

Taxation and social security

 

116,561

76,391

Accruals and deferred income

 

11,680

105,478

 

1,816,266

185,560

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

402

402

402

402

       

10

Related party transactions

The group is taking advantage of the exemption in FRS 102 not to disclose transactions with wholly owned members within the group.

 

Milestone Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

203,398

212,728

Contributions paid to pension schemes

19,597

17,282

222,995

230,010

Income and receivables from related parties

2024

Associates
£

Management income

175,000

2023

Associates
£

Management income

172,083

Amounts receivable from related party

1,339,654

Expenditure with and payables to related parties

2024

Associates
£

Amounts payable to related party

1,678,507

11

Parent and ultimate parent undertaking

The company's immediate parent is Balurig Limited, incorporated in Northern Ireland.