Registered number
01323096
Milord Homes Limited
Filleted Accounts
31 October 2024
Milord Homes Limited
Registered number: 01323096
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,449,359 7,453,548
7,449,359 7,453,548
Current assets
Stocks - 15,000
Debtors 4 - 87,659
Cash at bank and in hand 214,179 282,845
214,179 385,504
Creditors: amounts falling due within one year 5 (104,103) (296,900)
Net current assets 110,076 88,604
Total assets less current liabilities 7,559,435 7,542,152
Creditors: amounts falling due after more than one year 6 (1,675,000) (1,875,000)
Provisions for liabilities (45) (45)
Net assets 5,884,390 5,667,107
Capital and reserves
Called up share capital 50,000 50,000
Revaluation reserve 8 - -
Profit and loss account 5,834,390 5,617,107
Shareholders' funds 5,884,390 5,667,107
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.
J.E. Tsigarides
Director
Approved by the board on 26 June 2025
Milord Homes 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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Motor vehicles 25% reducing balance basis
Fixtures, fittings, tools and equipment 10% straight line basis
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its
reversal, on an individual investment property is expected to be permanent, in which case it is
recognised in the profit and loss account for the year. This is in accordance with the Financial
Reporting Standard for Smaller Entities (effective 2008) which, unlike the Companies Act 2006,
does not require depreciation of investment properties. Investment properties are held for their
investment potential and not for use by the company so their current value is of prime
importance. The departure from the provisions of the Act is required in order to give a true and
fair view.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 2 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 7,437,279 62,239 23,340 7,522,858
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 October 2024 7,437,279 62,239 23,340 7,522,858
Depreciation
At 1 November 2023 - 62,069 7,241 69,310
Charge for the year - 164 4,025 4,189
Surplus on revaluation - - - -
On disposals - - - -
At 31 October 2024 - 62,233 11,266 73,499
Net book value
At 31 October 2024 7,437,279 6 12,074 7,449,359
At 31 October 2023 7,437,279 170 16,099 7,453,548
Freehold land and buildings: 2024 2023
£ £
Historical cost 7,437,279 7,619,247
Cumulative depreciation based on historical cost - -
7,437,279 7,619,247
4 Debtors 2024 2023
£ £
Trade debtors - 60,000
Other debtors 27,659
87,659
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - -
Trade creditors 79,083 95,428
Taxation and social security costs 1,363 59,294
Other creditors 23,657 142,178
104,103 296,900
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,675,000 1,875,000
1,675,000 1,875,000
7 Loans 2024 2023
£ £
Secured bank loans 2,675,000 4,213,967
The bank loans are secured on the Company's Freehold Properties.
8 Revaluation reserve 2024 2023
£ £
At 1 November 2023 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 October 2024 - -
9 Other information
Milord Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Skylark Rise
Woolwell
Plymouth
Devon
PL6 7SN
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