3 3 Milkbere Property Limited 00774705 false 2023-10-04 2024-10-03 2024-10-03 The principal activity of the company is the letting of holiday, commercial and residential properties. Digita Accounts Production Advanced 6.30.9574.0 true true 00774705 2023-10-04 2024-10-03 00774705 2024-10-03 00774705 core:CurrentFinancialInstruments 2024-10-03 00774705 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-03 00774705 core:FurnitureFittings 2024-10-03 00774705 core:LandBuildings core:LongLeaseholdAssets 2024-10-03 00774705 bus:SmallEntities 2023-10-04 2024-10-03 00774705 bus:AuditExemptWithAccountantsReport 2023-10-04 2024-10-03 00774705 bus:FilletedAccounts 2023-10-04 2024-10-03 00774705 bus:SmallCompaniesRegimeForAccounts 2023-10-04 2024-10-03 00774705 bus:RegisteredOffice 2023-10-04 2024-10-03 00774705 bus:Director1 2023-10-04 2024-10-03 00774705 bus:Director2 2023-10-04 2024-10-03 00774705 bus:PrivateLimitedCompanyLtd 2023-10-04 2024-10-03 00774705 core:FurnitureFittings 2023-10-04 2024-10-03 00774705 core:LandBuildings 2023-10-04 2024-10-03 00774705 core:LandBuildings core:LongLeaseholdAssets 2023-10-04 2024-10-03 00774705 core:OtherRelatedParties 2023-10-04 2024-10-03 00774705 countries:EnglandWales 2023-10-04 2024-10-03 00774705 2023-10-03 00774705 core:FurnitureFittings 2023-10-03 00774705 core:LandBuildings core:LongLeaseholdAssets 2023-10-03 00774705 2022-10-04 2023-10-03 00774705 2023-10-03 00774705 core:CurrentFinancialInstruments 2023-10-03 00774705 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-03 00774705 core:FurnitureFittings 2023-10-03 00774705 core:LandBuildings core:LongLeaseholdAssets 2023-10-03 xbrli:pure iso4217:GBP

Registration number: 00774705

Milkbere Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 3 October 2024

 

Milkbere Property Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Milkbere Property Limited

(Registration number: 00774705)
Statement of Financial Position as at 3 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,851,696

2,811,755

Current assets

 

Debtors

5

190,206

115,422

Cash at bank and in hand

 

431,297

508,637

 

621,503

624,059

Creditors: Amounts falling due within one year

6

(159,710)

(156,530)

Net current assets

 

461,793

467,529

Total assets less current liabilities

 

3,313,489

3,279,284

Provisions for liabilities

(1,543)

(3,167)

Net assets

 

3,311,946

3,276,117

Capital and reserves

 

Called up share capital

2,500

2,500

Share premium reserve

129,614

129,614

Revaluation reserve

956,928

956,928

Profit and loss account

2,222,904

2,187,075

Shareholders' funds

 

3,311,946

3,276,117

 

Milkbere Property Limited

(Registration number: 00774705)
Statement of Financial Position as at 3 October 2024 (continued)

For the financial year ending 3 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 


Mrs L M Hall
Director


Mr M A C Hayman
Director

 

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is the letting of holiday, commercial and residential properties.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% reducing balance

Long leasehold property

None charged

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Long leasehold property
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 4 October 2023

2,801,603

167,220

2,968,823

Additions

41,971

-

41,971

At 3 October 2024

2,843,574

167,220

3,010,794

Depreciation

At 4 October 2023

-

157,068

157,068

Charge for the year

-

2,030

2,030

At 3 October 2024

-

159,098

159,098

Carrying amount

At 3 October 2024

2,843,574

8,122

2,851,696

At 3 October 2023

2,801,603

10,152

2,811,755


Tangible assets held at valuation
The values are reviewed annually by the directors of the company.

 

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2024 (continued)

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

3,596

3,116

Amounts owed by related parties

8

57,800

-

Other debtors

 

128,810

112,306

 

190,206

115,422

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

12

2,062

Taxation and social security

8,489

7,807

Accruals and deferred income

4,665

4,402

Other creditors

146,544

142,259

159,710

156,530

7

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

8

Related party transactions

Summary of transactions with other related parties

At the end of the year, £57,800 was owed to Milkbere Property Limited by a connected company with Directors in common.