Registration number:
Milestone Trust Limited
for the Year Ended 30 April 2024
Milestone Trust Limited
(Registration number: NI014553)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
270,272 |
181,031 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Milestone Trust Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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
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 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
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 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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Computer and office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 May 2023 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 30 April 2024 |
|
|
|
Depreciation |
|||
At 1 May 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 30 April 2024 |
|
|
|
Carrying amount |
|||
At 30 April 2024 |
|
|
|
At 30 April 2023 |
|
|
|
Investment properties |
2024 |
|
At 1 May |
|
At 30 April |
|
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
Other financial assets (current and non-current) |
2024 |
2023 |
|
Non-current financial assets |
||
Financial assets at fair value through profit and loss |
|
|
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 |
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
- |
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
|
|
Milestone Trust Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
402 |
|
402 |
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 |
|
|
Contributions paid to pension schemes |
|
|
222,995 |
230,010 |
Income and receivables from related parties
2024 |
Associates |
Management income |
|
|
2023 |
Associates |
Management income |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Associates |
Amounts payable to related party |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is