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Registered number: 10013162 MILNER INVESTMENTS HECKMONDWIKE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
MILNER INVESTMENTS HECKMONDWIKE LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 9
MILNER INVESTMENTS HECKMONDWIKE LIMITED COMPANY INFORMATION
Director | J M Milner
Registered number | 10013162
Registered office | 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:10013162
MILNER INVESTMENTS HECKMONDWIKE LIMITED BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 4 |  | 5,913 |  | 3,354
Investment property | 5 |  | 4,132,786 |  | 3,997,271
|  |  | 4,138,699 |  | 4,000,625
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 18,264 |  | 2,860 |
Cash at bank and in hand |  | 111,810 |  | 119,593 |
|  | 130,074 |  | 122,453 |
Creditors: amounts falling due within one year | 7 | (4,770,135) |  | (4,569,351) |
Net current liabilities |  |  | (4,640,061) |  | (4,446,898)
Net liabilities |  |  | (501,362) |  | (446,273)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 100
Profit and loss account |  |  | (501,462) |  | (446,373)
Net deficit |  |  | (501,362) |  | (446,273)
Page 2
|  | REGISTERED NUMBER:10013162
MILNER INVESTMENTS HECKMONDWIKE LIMITED BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 The director considers 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 director acknowledges her 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and signed by the sole director:
J M Milner
Director
Date: 15 October 2025
The notes on pages 4 to 9 form part of these financial statements. Page 3
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Milner Investments Heckmondwike Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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 financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.
| 2.3 | Rental income
Turnover comprises rental income, service charges and other recoveries from tenants of the company’s investment properties net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Page 4
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 20% |
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the director 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.
| 2.6 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including other debtors and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Page 5
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial liabilities Basic financial liabilities, including trade and other creditors, and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. Page 6
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.7 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.8 | Share capital
Ordinary shares are classified as equity.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.12 | Taxation
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.
3. | Employees
The average monthly number of employees, including directors, during the year was 1 (2024 - 1). Page 7
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost |
| At 1 March 2024 | 8,609
| Additions | 3,695
| At 28 February 2025 | 12,304
| Depreciation |
| At 1 March 2024 | 5,255
| Charge for the year | 1,136
| At 28 February 2025 | 6,391
| Net book value |
| At 28 February 2025 | 5,913
| At 29 February 2024 | 3,354
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 March 2024 | 3,997,271
| Additions at cost | 135,515
| At 28 February 2025 | 4,132,786
The 2025 valuations were made by the director, on an open market value for existing use basis.
Page 8
MILNER INVESTMENTS HECKMONDWIKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 18,264 | -
| Prepayments | - | 2,860
|  | 18,264 | 2,860
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,000,000 | 1,000,000
| Trade creditors | 641 | 11,314
| Other taxation and social security | - | 1,916
| Other creditors | 3,735,799 | 3,526,090
| Accruals and deferred income | 33,695 | 30,031
|  | 4,770,135 | 4,569,351
| The bank loans amounting to £1,000,000 are secured (2024: £1,000,000) over certain assets of the company and certain bank accounts opened by Tlota Limited (an affiliated company).
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
9. | Related party transactions
As at the year end, the company owed £3,364,331 (2024: £3,154,622) to the director. No interest has been charged and there is no fixed repayment date. As at the year end, the company owed £278,348 (2024: £278,348) to a company under common control of the shareholders. No interest has been charged and there is no fixed repayment date.
Page 9