Company registration number 10921744 (England and Wales)
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,312,320
1,279,569
Current assets
Debtors
4
8,682
6,793
Cash at bank and in hand
20,599
11,395
29,281
18,188
Creditors: amounts falling due within one year
5
(9,367)
(7,280)
Net current assets
19,914
10,908
Total assets less current liabilities
1,332,234
1,290,477
Creditors: amounts falling due after more than one year
6
(1,304,876)
(1,276,930)
Net assets
27,358
13,547
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
27,258
13,447
Total equity
27,358
13,547
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr A J Simpson
Director
Company registration number 10921744 (England and Wales)
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Milton and Simpson Property Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nunn Hayward, 2-4 Packhorse Lane, Gerrards Cross, Buckinghamshire, England, SL9 7QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts of rental income from tenants during the period. Rental income is recognised when a right to consideration arises under a rental agreement. Where such income relates to future periods, recognition is deferred and then allocated to the income statement on a time elapsed basis.
1.3
Investment property
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. Changes in fair value are recognised in profit or loss.
1.4
Impairment of fixed assets
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 September 2023
1,279,569
Additions
32,751
At 31 August 2024
1,312,320
The company's investment properties have been valued by the directors at the balance sheet date on the basis of open market value.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,366
1,033
Other debtors
6,316
5,760
8,682
6,793
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,604
3,457
Other creditors
4,763
3,823
9,367
7,280
MILTON AND SIMPSON PROPERTY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
827,934
827,838
Other creditors
476,942
449,092
1,304,876
1,276,930
Creditors which fall due after five years are payable as follows:
Payable by instalments
(827,934)
(827,262)