IRIS Accounts Production v24.3.0.553 10569681 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105696812023-04-30105696812024-04-30105696812023-05-012024-04-30105696812022-04-30105696812022-05-012023-04-30105696812023-04-3010569681ns15:EnglandWales2023-05-012024-04-3010569681ns14:PoundSterling2023-05-012024-04-3010569681ns10:Director12023-05-012024-04-3010569681ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3010569681ns10:SmallEntities2023-05-012024-04-3010569681ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3010569681ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3010569681ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3010569681ns10:FullAccounts2023-05-012024-04-3010569681ns10:Director22023-05-012024-04-3010569681ns10:RegisteredOffice2023-05-012024-04-3010569681ns5:CurrentFinancialInstruments2024-04-3010569681ns5:CurrentFinancialInstruments2023-04-3010569681ns5:Non-currentFinancialInstruments2024-04-3010569681ns5:Non-currentFinancialInstruments2023-04-3010569681ns5:ShareCapital2024-04-3010569681ns5:ShareCapital2023-04-3010569681ns5:SharePremium2024-04-3010569681ns5:SharePremium2023-04-3010569681ns5:FurtherSpecificReserve3ComponentTotalEquity2024-04-3010569681ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-3010569681ns5:RetainedEarningsAccumulatedLosses2024-04-3010569681ns5:RetainedEarningsAccumulatedLosses2023-04-3010569681ns5:ComputerEquipment2023-04-3010569681ns5:ComputerEquipment2023-05-012024-04-3010569681ns5:ComputerEquipment2024-04-3010569681ns5:ComputerEquipment2023-04-3010569681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3010569681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3010569681ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-04-3010569681ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-04-3010569681ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-30
REGISTERED NUMBER: 10569681 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

MILLENNIUM PROPERTIES OF LONDON LIMITED

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLENNIUM PROPERTIES OF LONDON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: F Grech
Mrs D Grech





REGISTERED OFFICE: 36 Dukes Avenue
Chiswick
W4 2AE





REGISTERED NUMBER: 10569681 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 415 622
Investment property 5 15,860,000 15,720,000
15,860,415 15,720,622

CURRENT ASSETS
Debtors 6 56,450 39,862
Cash at bank 201,360 107,988
257,810 147,850
CREDITORS
Amounts falling due within one year 7 329,177 236,441
NET CURRENT LIABILITIES (71,367 ) (88,591 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,789,048

15,632,031

CREDITORS
Amounts falling due after more than one
year

8

(9,299,860

)

(9,270,587

)

PROVISIONS FOR LIABILITIES (74,900 ) (39,900 )
NET ASSETS 6,414,288 6,321,544

CAPITAL AND RESERVES
Called up share capital 102 102
Share premium 5,545,367 5,545,367
Fair value reserve 10 275,100 170,100
Retained earnings 593,719 605,975
6,414,288 6,321,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





F Grech - Director


MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Millennium Properties of London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:

Computer Equipment - 33% on Reducing Balance
Plant & Machinery - 20% on Reducing balance

The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment properties are included at fair value. Any gains or losses are recognised in the income statement.

Deferred taxation is provided on these gains or losses at the rate expected to apply when the properties are sold.

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

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 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 May 2023
and 30 April 2024 3,530
DEPRECIATION
At 1 May 2023 2,908
Charge for year 207
At 30 April 2024 3,115
NET BOOK VALUE
At 30 April 2024 415
At 30 April 2023 622

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 15,720,000
Revaluations 140,000
At 30 April 2024 15,860,000
NET BOOK VALUE
At 30 April 2024 15,860,000
At 30 April 2023 15,720,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 140,000
Cost 15,720,000
15,860,000

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 15,510,000 15,510,000

Investment property was valued on an open market basis on 30 April 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 40,522 39,862
Prepayments 15,928 -
56,450 39,862

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 15,327 -
Tax 20,675 44,038
Other creditors 126,767 58,939
Deferred income 66,560 48,912
Accrued expenses 99,848 84,552
329,177 236,441

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans more 5 yrs non-inst 6,750,000 6,750,000
Directors' loan accounts 2,549,860 2,520,587
9,299,860 9,270,587

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 6,750,000 6,750,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 6,750,000 6,750,000

The bank loans are secured by way of a fixed and floating charge all the properties and undertaking of the company and contains negative pledge.

MILLENNIUM PROPERTIES OF LONDON LIMITED (REGISTERED NUMBER: 10569681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. RESERVES
Fair
value
reserve
£   
At 1 May 2023 170,100
Revaluation of Inv property 105,000

At 30 April 2024 275,100

11. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due more than one year, is an amount of £2,549,860 (2023: £2,520,587) owed to the directors of the company. This loan in interest free and repayable on demand.