Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 5832000 6666000 true false false 2024-01-01 false The holding of, and letting property.2 2 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12491376 2024-01-01 2024-12-31 12491376 2023-01-01 2023-12-31 12491376 2024-12-31 12491376 2023-12-31 12491376 2023-01-01 12491376 1 2024-01-01 2024-12-31 12491376 1 2023-01-01 2023-12-31 12491376 2 2024-01-01 2024-12-31 12491376 d:Director1 2024-01-01 2024-12-31 12491376 d:Director2 2024-01-01 2024-12-31 12491376 e:FreeholdInvestmentProperty 2024-12-31 12491376 e:FreeholdInvestmentProperty 2023-12-31 12491376 e:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 12491376 e:LeaseholdInvestmentProperty 2024-12-31 12491376 e:LeaseholdInvestmentProperty 2023-12-31 12491376 e:LeaseholdInvestmentProperty 2 2024-01-01 2024-12-31 12491376 e:CurrentFinancialInstruments 2024-12-31 12491376 e:CurrentFinancialInstruments 2023-12-31 12491376 e:Non-currentFinancialInstruments 2024-12-31 12491376 e:Non-currentFinancialInstruments 2023-12-31 12491376 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 12491376 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 12491376 e:ShareCapital 2024-12-31 12491376 e:ShareCapital 2023-12-31 12491376 e:ShareCapital 2023-01-01 12491376 e:InvestmentPropertiesRevaluationReserve 2024-01-01 2024-12-31 12491376 e:InvestmentPropertiesRevaluationReserve 2024-12-31 12491376 e:InvestmentPropertiesRevaluationReserve 1 2024-01-01 2024-12-31 12491376 e:InvestmentPropertiesRevaluationReserve 2023-12-31 12491376 e:InvestmentPropertiesRevaluationReserve 2023-01-01 12491376 e:InvestmentPropertiesRevaluationReserve 1 2023-01-01 2023-12-31 12491376 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12491376 e:RetainedEarningsAccumulatedLosses 2024-12-31 12491376 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12491376 e:RetainedEarningsAccumulatedLosses 2023-12-31 12491376 e:RetainedEarningsAccumulatedLosses 2023-01-01 12491376 e:OtherDeferredTax 2024-12-31 12491376 e:OtherDeferredTax 2023-12-31 12491376 d:OrdinaryShareClass1 2024-01-01 2024-12-31 12491376 d:OrdinaryShareClass1 2024-12-31 12491376 d:OrdinaryShareClass1 2023-12-31 12491376 d:FRS102 2024-01-01 2024-12-31 12491376 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12491376 d:FullAccounts 2024-01-01 2024-12-31 12491376 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12491376 2 2024-01-01 2024-12-31 12491376 6 2024-01-01 2024-12-31 12491376 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12491376 MILC LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
MILC LIMITED REGISTERED NUMBER: 12491376 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 6,856 |  | -
Investment property | 5 |  | 2,916,000 |  | 3,333,000
|  |  | 2,922,856 |  | 3,333,000
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 20,832 |  | 23,985 |
Debtors: amounts falling due within one year | 6 | 27,290 |  | 23,565 |
|  | 48,122 |  | 47,550 |
Creditors: amounts falling due within one year | 7 | (2,823,513) |  | (2,954,169) |
Net current liabilities |  |  | (2,775,391) |  | (2,906,619)
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | - |  | (46,525) |
|  |  | - |  | (46,525)
Net assets |  |  | 147,465 |  | 379,856
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Investment property reserve | 10 |  | 5,000 |  | 158,502
Profit and loss account | 10 |  | 142,365 |  | 221,254
|  |  | 147,465 |  | 379,856
Page 1
MILC LIMITED REGISTERED NUMBER: 12491376 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
D J Webb | C M H Webb
Director | Director
Date: 11 September 2025 |
The notes on pages 4 to 10 form part of these financial statements. Page 2
MILC LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 100 | 27,252 | 88,674 | 116,026
Profit for the year | - | - | 263,830 | 263,830
Transfer to/from profit and loss account | - | - | (131,250) | (131,250)
Transfer between other reserves | - | 131,250 | - | 131,250
At 1 January 2024 | 100 | 158,502 | 221,254 | 379,856
Loss for the year | - | - | (232,391) | (232,391)
Transfer to/from profit and loss account | - | - | 153,502 | 153,502
Transfer between other reserves | - | (153,502) | - | (153,502)
At 31 December 2024 | 100 | 5,000 | 142,365 | 147,465
| The notes on pages 4 to 10 form part of these financial statements.
Page 3
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
MILC Ltd is a company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, United Kingdom, CB4 0WZ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The company is reliant upon informal borrowing facilities from the company's parent undertaking. The directors, whom are also directors of the parent undertaking expect these facilities to continue to be made available for the foreseeable future and as a consequence consider the going concern basis appropriate.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised on a straight line basis over the terms of the lease with the tenant.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.7 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.11 | 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are Page 6
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
4. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost |
| Additions | 6,856
| At 31 December 2024 | 6,856
Page 7
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Investment property
|  | Freehold investment property | Long term leasehold investment property | Total
|  | £ | £ | £
| Valuation |  |  |
| At 1 January 2024 | 833,000 | 2,500,000 | 3,333,000
| Surplus on revaluation | (33,000) | (384,000) | (417,000)
| At 31 December 2024 | 800,000 | 2,116,000 | 2,916,000
The 2024 valuations were made by the directors on a fair value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Historic cost | 3,127,972 | 3,127,972
Page 8
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Prepayments and accrued income | 20,832 | 23,985
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 14,252 | 20,526
| Prepayments and accrued income | 13,038 | 3,039
|  | 27,290 | 23,565
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 2,521
| Amounts owed to group undertakings | 2,801,412 | 2,933,947
| Corporation tax | 4,454 | -
| Accruals and deferred income | 17,647 | 17,701
|  | 2,823,513 | 2,954,169
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (46,526)
| Charged to profit or loss | 46,526
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Arising upon the revaluation of investment property to their fair value | - | (46,526)
Page 9
MILC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary A shares of £1.00 each | 100 | 100
10. | Reserves
Investment property revaluation reserve Includes all unrealised fair value revaluation gains on investment properties. Profit and loss account Includes all current and prior period retained profits/losses less any dividends paid, and unrealised fair value investment deficits on investment properties.
11. | Contingent liabilities
The company has provided security for borrowings of its parent undertaking, Webb Investments Ltd. At 31 December 2024 these borrowings totalled £8,600,000 (2023: £8,800,000) and the company has provided charges against its investment property.
12. | Related party transactions
| The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
13. | Controlling party
The immediate and ultimate parent company is Webb Investments Limited., a company registered in England and Wales. The address of its Registered Office is Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, United Kingdom, CB4 0WZ.
Page 10