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REGISTERED NUMBER: 04998389 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Milgate Properties Limited

Milgate Properties Limited (Registered number: 04998389)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Milgate Properties Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: I Cannings
Mrs H J Cannings





SECRETARY: Mrs H J Cannings





REGISTERED OFFICE: 4 Riverview
Walnut Tree Close
Guildford
Surrey
GU1 4UX





REGISTERED NUMBER: 04998389 (England and Wales)





ACCOUNTANTS: Bristow Burrell
4 Riverview
Walnut Tree Close
Guildford
Surrey
GU1 4UX

Milgate Properties Limited (Registered number: 04998389)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 675,000 675,000
675,000 675,000

CURRENT ASSETS
Debtors 7 3,447 1,343
Cash at bank 4,450 6,957
7,897 8,300
CREDITORS
Amounts falling due within one
year

8

236,956

59,608
NET CURRENT LIABILITIES (229,059 ) (51,308 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

445,941

623,692

CREDITORS
Amounts falling due after more
than one year

9

(181,968

)

(357,916

)

PROVISIONS FOR LIABILITIES 10 (3,231 ) (3,231 )
NET ASSETS 260,742 262,545

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 197,095 197,095
Retained earnings 63,547 65,350
SHAREHOLDERS' FUNDS 260,742 262,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:




I Cannings - Director


Milgate Properties Limited (Registered number: 04998389)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Milgate Properties 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. Although the current liabilities of the company exceed the current assets by £229,059 (2023: £51,308) current liabilities include a loan from the director of £228,470 (2023: £57,276), who has given representations that he will continue to support the company for the foreseeable future.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2024
and 31 December 2024 2,505
DEPRECIATION
At 1 January 2024
and 31 December 2024 2,505
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Milgate Properties Limited (Registered number: 04998389)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 675,000
NET BOOK VALUE
At 31 December 2024 675,000
At 31 December 2023 675,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2006 61,476
Valuation in 2007 20,000
Valuation in 2016 185,000
Valuation in 2021 25,000
Valuation in 2022 (75,000 )
Cost 458,524
675,000

Investment property was valued on an open market basis on 31 December 2022 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 3,447 1,343

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Taxation and social security 7,442 5,350
Other creditors 229,514 54,258
236,956 59,608

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Other creditors 181,968 357,916

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 181,968 357,916

The Mortgages are secured by way of a charge over Investment Property.

10. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 3,231 3,231

Deferred
tax
£   
Balance at 1 January 2024 3,231
Balance at 31 December 2024 3,231

Milgate Properties Limited (Registered number: 04998389)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Fair
value
reserve
£   
At 1 January 2024
and 31 December 2024 197,095

13. ULTIMATE CONTROLLING PARTY

Mr I Cannings and Mrs H J Cannings are the ultimate controlling parties by virtue of their 100% interest in the share capital of the company.