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Registered number: 11292195
Millstone Lettings Limited
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11292195
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 4,112,687 4,085,044
4,112,687 4,085,044
CURRENT ASSETS
Debtors 5 205,941 223,660
Cash at bank and in hand 939 685
206,880 224,345
Creditors: Amounts Falling Due Within One Year 6 (129,264 ) (265,484 )
NET CURRENT ASSETS (LIABILITIES) 77,616 (41,139 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,190,303 4,043,905
Creditors: Amounts Falling Due After More Than One Year 7 (2,573,005 ) (2,323,830 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (119,333 ) (119,333 )
NET ASSETS 1,497,965 1,600,742
CAPITAL AND RESERVES
Called up share capital 9 200 200
Share premium account 1,191,996 1,191,996
Fair value reserve 11 357,998 357,998
Profit and Loss Account (52,229 ) 50,548
SHAREHOLDERS' FUNDS 1,497,965 1,600,742
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
L H Grewal
Director
28th April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Millstone Lettings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11292195 . The registered office is 16 Knighton Grange Road, Leicester, LE2 2LE.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises of rental income from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
2.3. 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. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on surplus at the rate expected to apply when the property is sold.
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2.6. Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
Page 3
Page 4
4. Investment Property
2024
£
Fair Value
As at 1 May 2023 4,085,044
Additions 27,643
As at 30 April 2024 4,112,687
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 4,112,687 3,607,714
Investment properties comprises freehold land and buildings. No depreciation is provided in respect of these properties.
The fair value of the properties has been arrived at on the basis of a valuation provided by directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The directors have confirmed all the properties are reflected at fair value based on market evidence of transaction prices to similar properties and their rental yields.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 205,941 223,660
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34 2,909
Other creditors 91,440 212,588
Taxation and social security 37,790 49,987
129,264 265,484
Bank loans and overdrafts is secured against investment properties of the company.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,573,005 2,323,830
Bank loans represents outstanding mortgages which are secured against relevant investment properties.
8. Secured Creditors
 The following secured debts are included within creditors:
2024 2023
£ £
Bank loans and overdrafts 2,523,005 2,273,830
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Lalli Grewal (104,614 ) 108,663 (47,766 ) - (43,717 )
Mr Harinder Singh (104,614 ) 108,662 (47,766 ) - (43,718 )
The above loan is unsecured, interest free and repayable on demand.
11. Reserves
Fair Value Reserve
£
As at 1 May 2023 357,998
As at 30 April 2024 357,998
Page 5