Registered number
02453996
Millhead (Properties) Limited
Filleted Accounts
31 October 2024
Millhead (Properties) Limited
Registered number: 02453996
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,941,336 1,978,244
Current assets
Debtors 4 351,705 418,591
Cash at bank and in hand 512,666 426,203
864,371 844,794
Creditors: amounts falling due within one year 5 (186,142) (202,123)
Net current assets 678,229 642,671
Total assets less current liabilities 2,619,565 2,620,915
Provisions for liabilities (170,588) (170,638)
Net assets 2,448,977 2,450,277
Capital and reserves
Called up share capital 217,002 217,002
Revaluation reserve 6 925,481 925,481
Profit and loss account 1,306,494 1,307,794
Shareholders' funds 2,448,977 2,450,277
Number Number
Average number of employees 1 1
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Reeves
Director
Approved by the board on 05 March 2025
Millhead (Properties) Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes rental income.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 2,166,000 7,988 2,173,988
Surplus on revaluation (200) - (200)
Disposals (1,800) - (1,800)
At 31 October 2024 2,164,000 7,988 2,171,988
Depreciation
At 1 November 2023 187,756 7,988 195,744
Charge for the year 34,908 - 34,908
At 31 October 2024 222,664 7,988 230,652
Net book value
At 31 October 2024 1,941,336 - 1,941,336
At 31 October 2023 1,978,244 - 1,978,244
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,135,884 1,135,884
Cumulative depreciation based on historical cost 222,664 187,756
913,220 948,128
4 Debtors 2024 2023
£ £
Trade debtors 3,500 3,358
Other debtors 348,205 415,233
351,705 418,591
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 300 300
Taxation and social security costs 11,112 18,883
Other creditors 174,730 182,940
186,142 202,123
6 Revaluation reserve 2024 2023
£ £
At 1 November 2023 925,481 983,002
Deferred taxation arising on the revaluation of land and buildings - (57,521)
At 31 October 2024 925,481 925,481
7 Other information
Millhead (Properties) Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Alan Forrester & Co Ltd
75 Mutley Plain
Plymouth
Devon
PL4 6JJ
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