Company Registration No. 06356121 (England and Wales)
MILESTONE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
MILESTONE DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MILESTONE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Investments
100
100
Current assets
Stocks
50,774
250,857
Debtors
750,416
594,559
Cash at bank and in hand
4,222
338
805,412
845,754
Creditors: amounts falling due within one year
(174,278)
(378,361)
Net current assets
631,134
467,393
Net assets
631,234
467,493
Capital and reserves
Called up share capital
4,570
4,570
Share premium account
192,780
192,780
Profit and loss reserves
433,884
270,143
Total equity
631,234
467,493

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MILESTONE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 June 2025
Mr E J Crossley
Director
Company registration number 06356121 (England and Wales)
MILESTONE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Milestone Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Carriage Works, Moresk Road, Truro, Cornwall, United Kingdom, TR1 1DG.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised to turnover upon the exchange of contracts to dispose of properties held by the company.

1.3
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.

MILESTONE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was Nil (2023 Nil).

MILESTONE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Related party transactions

Ed Crossley & Associates Limited

 

A company in which Mr E Crossley is a shareholder and director.

 

 

 

All balances are free of interest, and repayable on demand.

 

Mr R Crossley

 

A shareholder in Milestone Developments Limited.. The company owed Mr R Crossley £79,260. (2023: £119,260.)

 

The balance is free of interest and repayable on demand.

 

Mrs J James

 

A shareholder in Milestone Developments Limited.. The company owed Mrs J James £20,435. (2023: £31,435.)

 

The balance is free of interest and repayable on demand.

 

Mr M Kemp

 

A shareholder in Milestone Developments Limited.. The company owed Mr M Kemp £15,799. (2023: £15,799.)

 

The balance is free of interest and repayable on demand.

 

Mr E Crossley

 

A Director and shareholder in Milestone Developments Limited. Mr Crossley owed the company £53,148 at 31 December 2024. (2023: £nil.) Interest is charged on the balance at 2.25%. The balance is repayable on demand.

 

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