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Company No: 01643131 (England and Wales)

MILLWOOD HOMES (DEVON) LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

MILLWOOD HOMES (DEVON) LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

MILLWOOD HOMES (DEVON) LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
MILLWOOD HOMES (DEVON) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Adrian Hobbs
Daniel Salt
Pauline Salt
SECRETARY Adrian Hobbs
REGISTERED OFFICE Unit 3 Dean Court Business Park
Lower Dean
Buckfastleigh
TQ11 0LT
United Kingdom
COMPANY NUMBER 01643131 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
MILLWOOD HOMES (DEVON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
MILLWOOD HOMES (DEVON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 97,276 97,276
97,276 97,276
Current assets
Stocks 190,446 208,308
Debtors 4 432 704
Cash at bank and in hand 33,320 11,844
224,198 220,856
Creditors: amounts falling due within one year 5 ( 2,325) ( 2,640)
Net current assets 221,873 218,216
Total assets less current liabilities 319,149 315,492
Net assets 319,149 315,492
Capital and reserves
Called-up share capital 6 1,000 1,000
Capital redemption reserve 100 100
Profit and loss account 318,049 314,392
Total shareholder's funds 319,149 315,492

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Millwood Homes (Devon) Limited (registered number: 01643131) were approved and authorised for issue by the Board of Directors on 21 February 2025. They were signed on its behalf by:

Daniel Salt
Director
MILLWOOD HOMES (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
MILLWOOD HOMES (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millwood Homes (Devon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 Dean Court Business Park, Lower Dean, Buckfastleigh, TQ11 0LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

The company has previously developed and subsequently sold a number of leasehold properties. The title of the freehold of these properties has been retained by the company and the company continues to receive ground rents in relation to these freeholds titles. The investment property relates to these freehold titles.

At each reporting date the directors review the value of the investment property to ensure it is measured at fair value (on the basis of the ground rents) with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the titles to the freehold is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Speculative Housing work in progress is valued at the lower of cost and net realisable value. Social Housing contract work in progress is accounted for as long term contracts.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 October 2023 97,276
As at 30 September 2024 97,276

Valuation

The 2023 valuations were undertaken by the directors on an open market for existing use basis.

4. Debtors

2024 2023
£ £
VAT recoverable 432 704

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 346 233
Accruals 1,979 2,407
2,325 2,640

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 B ordinary shares of £ 1.00 each 1,000 1,000

On 16 May 2023 the company cancelled and extinguished 399,000 of the fully paid up B Ordinary Shares of £1 each by a special resolution and solvency statement, crediting the amount by which the share capital is reduced to the company's distributable reserves.

7. Events after the Balance Sheet date

On 30 January 2025 a Deed of Release was made for the company to be released from any further financial obligations in relation to land owned by the company, in exchange of a payment of £50,000, payable by the company to a third party. £30,000 of this payment was deferred with £15,000 of this liability due for payment by the company on 30 January 2027 and the remaining £15,000 falling due for payment on 30 January 2028.

A legal charge was made on 30 January 2025 over the deferred liability of £30,000, which was secured, via a fixed legal charge, over the land in question.