Company registration number 03685905 (England and Wales)
THIRD MILLENNIUM HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
THIRD MILLENNIUM HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THIRD MILLENNIUM HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
628
1,380
Investment properties
5
525,000
525,000
525,628
526,380
Current assets
Debtors
6
1,193
1,509
Cash at bank and in hand
8,549
6,200
9,742
7,709
Creditors: amounts falling due within one year
7
(263,340)
(259,433)
Net current liabilities
(253,598)
(251,724)
Total assets less current liabilities
272,030
274,656
Creditors: amounts falling due after more than one year
8
(23,000)
(23,000)
Provisions for liabilities
9
(59,280)
(59,280)
Net assets
189,750
192,376
Capital and reserves
Called up share capital
10
1,500
1,500
Profit and loss reserves
188,250
190,876
Total equity
189,750
192,376
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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. These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
N J Dunn
Director
Company Registration No. 03685905
THIRD MILLENNIUM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Third Millennium Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents invoiced sales of services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% on reducing balance
Office equipment
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash at bank and in hand
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 current liabilities.
THIRD MILLENNIUM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
THIRD MILLENNIUM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
Cost
At 1 July 2023
9,306
1,716
11,022
Disposals
(5,336)
(5,336)
At 30 June 2024
3,970
1,716
5,686
Depreciation and impairment
At 1 July 2023
8,203
1,439
9,642
Depreciation charged in the year
69
41
110
Eliminated in respect of disposals
(4,694)
(4,694)
At 30 June 2024
3,578
1,480
5,058
Carrying amount
At 30 June 2024
392
236
628
At 30 June 2023
1,103
277
1,380
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
525,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,193
1,509
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
240
Taxation and social security
635
329
Other creditors
253,925
252,684
Accruals and deferred income
8,540
6,420
263,340
259,433
THIRD MILLENNIUM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
23,000
23,000
Included in other creditors is a loan of £20,000 from Mrs P Dunn a shareholder and secretary of the company. The loan is interest bearing.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
59,280
59,280
There were no deferred tax movements in the year.
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
150,000 Ordinary shares of 1p each
1,500
1,500
1,500
1,500
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
165,720
225,000
Net movements on non-distributable reserve in the year
-
(59,280)
At the end of the year
165,720
165,720