REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MILNES INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MILNES INVESTMENTS LIMITED |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
ABRIDGED BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Capital redemption reserve | 8 |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
ABRIDGED BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | GENERAL INFORMATION |
Milnes Investments Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The company's financial statement have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the provisions of Financial Reporting Standards 102 Section 1A - Small Entities. There are no material departures from that standard. |
The financial statements are presented in sterling (£). |
Turnover |
Turnover comprises rental income receivable on investment properties, interest receivable, dividend income receivable and profit on sale of investments. All turnover is recognised on a receivable basis, with the exception of the disposals of investments, which are recognised on completion of contract. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Listed investments |
Listed investments are stated at fair value. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 May 2023 | 6,855,317 |
Additions | 2,053,908 |
Disposals | (2,444,696 | ) |
Revaluations | 426,744 |
At 30 April 2024 | 6,891,273 |
NET BOOK VALUE |
At 30 April 2024 | 6,891,273 |
At 30 April 2023 | 6,855,317 |
Cost or valuation at 30 April 2024 is represented by: |
Totals |
£ |
Valuation in 2017 | 118,447 |
Valuation in 2018 | (59,550 | ) |
Valuation in 2019 | (20,935 | ) |
Valuation in 2020 | (89,403 | ) |
Valuation in 2021 | 607,658 |
Valuation in 2022 | (226,267 | ) |
Valuation in 2023 | (173,114 | ) |
Valuation in 2024 | 426,744 |
Cost | 6,307,693 |
6,891,273 |
Listed investments |
The market value of the listed investments as at 30 April 2024 was £6,891,273 (2023: £6,855,317). |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
MILNES INVESTMENTS LIMITED (REGISTERED NUMBER: 00661119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2023 | 382,695 |
Cost | 1,631,324 |
2,014,019 |
The investment properties were valued on an open market value basis by the directors on 30 April 2024 at £2,014,019. |
7. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 83,400 | 85,395 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 April 2024 |
8. | RESERVES |
Capital | Fair |
Retained | Share | redemption | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 9,150,476 |
Profit for the year |
At 30 April 2024 | 9,562,483 |