MILLSTONES DEVELOPMENT LIMITED


Directors	CURRY, Rachel Mary
	GRICE, Henry John David


Company Secretary	CURRY, Rachel Mary


Registered Address	Carleton House, 136 Gray Street
	Workington
	Cumbria
	CA14 2LU


Registered Number	05650689 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		138		184
Investment property	4		300,000		316,071
			300,138		316,255
Current assets
Debtors		5,803		5,438
		5,803		5,438
Creditors amounts falling due within one year	5	(388,296)		(377,161)
Net current assets (liabilities)			(382,493)		(371,723)
Total assets less current liabilities			(82,355)		(55,468)
Creditors amounts falling due after one year	6		(71,174)		(76,309)
Net assets			(153,529)		(131,777)
Capital and reserves
Called up share capital			300		300
Profit and loss account			(153,829)		(132,077)
Shareholders' funds			(153,529)		(131,777)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2025, and are signed on its behalf by:

CURRY, Rachel Mary
Director
Registered Company No. 05650689

MILLSTONES DEVELOPMENT LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	At the balance sheet date the company's balance sheet was overdrawn showing a net deficit. The director's are confident that sufficient income will be generated to ensure that all the company's liabilities are met. Hence, the director's feel that the going concern basis of preparation is appropriate.

	Turnover policy
	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/or the rendering of services. 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.

Turnover policy

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/or the rendering of services.

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 and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	25

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are 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 the Income Statement.

	Trade and other 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.

Trade and other 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.

	Trade and other 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.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		0

3.	Tangible fixed assets

	Fixtures & fittings	Total
	£	£
Cost or valuation
At 01 January 24	14,581	14,581
At 31 December 24	14,581	14,581
Depreciation and impairment
At 01 January 24	14,397	14,397
Charge for year	46	46
At 31 December 24	14,443	14,443
Net book value
At 31 December 24	138	138
At 31 December 23	184	184

4.	Investment property
	The investment properties class of fixed assets were valued on 31 December 2024 by the Directors who are internal to the company. Any revaluations have no effect on the tax payable in the year. This class of assets has a current value of £300,000 (2023 - £316,071) and a carrying amount at the historical cost of £316,071 (2023 - £316,071). The depreciation on this historical cost is £nil (2023 - £nil). There has been no valuation of investment property by an independent valuer.

Investment property

The investment properties class of fixed assets were valued on 31 December 2024 by the Directors who are internal to the company. Any revaluations have no effect on the tax payable in the year. This class of assets has a current value of £300,000 (2023 - £316,071) and a carrying amount at the historical cost of £316,071 (2023 - £316,071). The depreciation on this historical cost is £nil (2023 - £nil).

There has been no valuation of investment property by an independent valuer.


		£
	Fair value at 01 January 24	316,071
	Fair value adjustments	(16,071)
	At 31 December 24	300,000

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Bank borrowings and overdrafts	29,654	26,905
Taxation and social security	348	1,115
Other creditors	356,625	347,275
Accrued liabilities and deferred income	1,669	1,866
Total	388,296	377,161

6.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	71,174	76,309
Total	71,174	76,309

7.	Creditors: amounts due after 5 years
	Bank borrowings and overdrafts repayable by instalments due after more than five years amount to £47,574, (2023 - £52,709).

8.	Secured creditors
	The mortgage included in bank borrowings and overdrafts is secured over land owned personally by one of the Director's.