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Registered number: 03171213









THIRD MILLENNIUM DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03171213

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,200
1,700

Investment property
 4 
970,226
911,947

  
971,426
913,647

Current assets
  

Debtors: amounts falling due within one year
 5 
6,430
4,750

Cash at bank and in hand
  
54,917
99,209

  
61,347
103,959

Creditors: amounts falling due within one year
 6 
(949,443)
(54,785)

Net current (liabilities)/assets
  
 
 
(888,096)
 
 
49,174

Total assets less current liabilities
  
83,330
962,821

Creditors: amounts falling due after more than one year
 7 
-
(911,945)

Provisions for liabilities
  

Deferred tax
  
(1,500)
-

  
 
 
(1,500)
 
 
-

Net assets
  
81,830
50,876


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
81,828
50,874

  
81,830
50,876

Page 1

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03171213
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Priest
Director

Date: 27 March 2025

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Third Millennium Developments Limited is a limited liability company incorporated and domiciled in the United Kingdom. 
The address of its registered office is:
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 June 2024 (2023: year ended 30 June 2023).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

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

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


  
2.6

Pensions

The company contributes to the personal pension scheme of certain employees. Contributions are recognised on the basis of amounts due to be paid, which are at the discretion of the director. The funds are held in a separately administered fund outside of the company.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
2,200



At 30 June 2024

2,200



Depreciation


At 1 July 2023
500


Charge for the year on owned assets
500



At 30 June 2024

1,000



Net book value



At 30 June 2024
1,200



At 30 June 2023
1,700


4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
911,947


Surplus on revaluation
58,279



At 30 June 2024
970,226

The 2024 valuations were made by the directors on the basis that the fair value of the freehold investment property is realised after the year end,, on an open market value for existing use basis.




At the year end the company was in discussion to sell the property, the sale completed on 5 July 2024.
As at 30 June 2024 the investment property was stated at fair value, this being realised on 5 July 2024. The fair value reserve and associated deferred tax amounted to £47,279. Distributable reserves amounted to £34,549.  

Page 6

 
THIRD MILLENNIUM DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,656
-

Other debtors
4,774
-

Deferred taxation
-
4,750

6,430
4,750



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,764
-

Corporation tax
1,142
7,904

Other taxation and social security
6
526

Other creditors
885,589
11,169

Accruals and deferred income
57,942
35,186

949,443
54,785



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
-
911,945

-
911,945



8.


Pension commitments

The company makes one off contributions to the directors personal pension scheme. The amount charged in the profit and loss account amounts to £25,000 (2023: £25,000). Amounts due to the pension scheme at the year end included within accruals amount to £50,000 (2023: £25,000).

 
Page 7