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COMPANY REGISTRATION NUMBER: 5505743
Milford Haven Developments Limited
Filleted Unaudited Financial Statements
30 June 2024
Milford Haven Developments Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Milford Haven Developments Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
392,091
974,916
Current assets
Debtors
5
19,676
3,836
Cash at bank and in hand
195,029
146,185
---------
---------
214,705
150,021
Creditors: amounts falling due within one year
6
( 17,057)
( 127,680)
---------
---------
Net current assets
197,648
22,341
---------
---------
Total assets less current liabilities
589,739
997,257
Creditors: amounts falling due after more than one year
7
( 484,678)
( 951,795)
---------
---------
Net assets
105,061
45,462
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
104,961
45,362
---------
--------
Shareholders funds
105,061
45,462
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2024 , and are signed on behalf of the board by:
Mr T.R. Haynes
Director
Company registration number: 5505743
Milford Haven Developments Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 187 Steynton Road, Steynton, Milford Haven, Pembrokeshire, SA73 1AL.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
No deprecation is provided on Freehold Property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold Property
Plant & Machinery
Motor Vehicles
Total
£
£
£
£
Cost
At 1 July 2023
963,523
12,521
12,333
988,377
Disposals
( 579,977)
( 579,977)
---------
--------
--------
---------
At 30 June 2024
383,546
12,521
12,333
408,400
---------
--------
--------
---------
Depreciation
At 1 July 2023
6,656
6,805
13,461
Charge for the year
1,466
1,382
2,848
---------
--------
--------
---------
At 30 June 2024
8,122
8,187
16,309
---------
--------
--------
---------
Carrying amount
At 30 June 2024
383,546
4,399
4,146
392,091
---------
--------
--------
---------
At 30 June 2023
963,523
5,865
5,528
974,916
---------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 30 June 2024
----
At 30 June 2023
4,500
-------
5. Debtors
2024
2023
£
£
Trade debtors
2,880
2,760
Other debtors
16,796
1,076
--------
-------
19,676
3,836
--------
-------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
1,962
1,930
Trade creditors
4,300
176
Social security and other taxes
1,755
Obligations under finance leases and hire purchase contracts
1,353
Other creditors
9,040
124,221
--------
---------
17,057
127,680
--------
---------
The bank loans are secured by a fixed and floating charge on the assets of the company.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
484,678
948,048
Obligations under finance leases and hire purchase contracts
3,747
---------
---------
484,678
951,795
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £473,965 (2023: £940,329) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
8. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
1,649
Later than 1 year and not later than 5 years
4,121
----
-------
5,770
Less: future finance charges
( 670)
----
-------
Present value of minimum lease payments
5,100
----
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
The company was under the control of Mr C.S. Beddis and Mr T.R. Haynes , the directors, throughout the current and previous year by virtue of their combined interest in 100% of the issued ordinary share capital. During the year the company paid dividends totalling £30,000 (2023 - £nil) to the shareholders.