REGISTERED NUMBER: |
Milburn Holdings Limited |
Unaudited Financial Statements for the Year Ended 30th April 2024 |
REGISTERED NUMBER: |
Milburn Holdings Limited |
Unaudited Financial Statements for the Year Ended 30th April 2024 |
Milburn Holdings Limited (Registered number: 07831688) |
Contents of the Financial Statements |
for the year ended 30th April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Milburn Holdings Limited |
Company Information |
for the year ended 30th April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Milburn Holdings Limited (Registered number: 07831688) |
Balance Sheet |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Milburn Holdings Limited (Registered number: 07831688) |
Balance Sheet - continued |
30th April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Milburn Holdings Limited (Registered number: 07831688) |
Notes to the Financial Statements |
for the year ended 30th April 2024 |
1. | STATUTORY INFORMATION |
Milburn Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Preparation of consolidated financial statements |
The financial statements contain information about Milburn Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rental income receivable from freehold investment properties which is accounted for on an accruals basis. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Milburn Holdings Limited (Registered number: 07831688) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows and mitigating actions that can be taken during that period. |
Furthermore, in evaluating the appropriateness of the going concern basis for the company, it is assumed that there will continue to be support provided by the directors such that they will not request repayment of amounts owed to them in circumstances that would limit the ability of the company to meet its debts as they fall due |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st May 2023 |
and 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
Milburn Holdings Limited (Registered number: 07831688) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30th April 2024 |
PROVISIONS |
Impairments | 2,000,000 |
At 30th April 2024 | 2,000,000 |
NET BOOK VALUE |
At 30th April 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st May 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 2,375,143 |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
Fair value at 30th April 2024 is represented by: |
£ |
Valuation in 2022 | 607,356 |
Valuation in 2024 | 2,375,143 |
Cost | 2,123,401 |
5,105,900 |
Investment property was valued on an open market basis on 30th April 2024 by the directors. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Milburn Holdings Limited (Registered number: 07831688) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Directors' loan accounts | 2,863,796 | 2,910,240 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans are secured by way of legal charges. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1st May 2023 |
Arising on revaluation in year | 2,286,054 |
Transfer of revaluation on pro |
perty disposal | (1,562 | ) |
At 30th April 2024 |
12. | RELATED PARTY DISCLOSURES |
Included in creditors is an amount owed to the directors of £2,863,796 (2023: £2,910,240). |