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Registration number: 07040104

New Millenium Developments Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 29 September 2024

New Millenium Developments Limited

Contents

Balance Sheet | 1 to 3
Notes to the Unaudited Financial Statements | 4 to 10

New Millenium Developments Limited

(Registration number: 07040104)
Balance Sheet as at 29 September 2024

| Note | 2024 £ | (As restated) 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 23,423 | 46,926
Current assets |  |  |
Debtors | 5 | 5,130,000 | 4,728,836
Cash at bank and in hand |  | 36,683 | 20,841
|  | 5,166,683 | 4,749,677
Creditors: Amounts falling due within one year | 6 | (5,370,910) | (4,742,028)
Net current (liabilities)/assets |  | (204,227) | 7,649
Total assets less current liabilities |  | (180,804) | 54,575
Creditors: Amounts falling due after more than one year | 6 | (13,023) | (24,914)
Net (liabilities)/assets |  | (193,827) | 29,661
Capital and reserves |  |  |
Called up share capital |  | 125 | 125
Share premium reserve |  | 49,975 | 49,975
Retained earnings |  | (243,927) | (20,439)
Shareholders' (deficit)/funds |  | (193,827) | 29,661

New Millenium Developments Limited

(Registration number: 07040104)
Balance Sheet as at 29 September 2024

For the financial year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

New Millenium Developments Limited

(Registration number: 07040104)
Balance Sheet as at 29 September 2024

Approved and authorised by the director on 4 November 2025

Mr M Rosser Director |  |

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

1 | General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Garden Suite
11 George Street
Bath
BA1 2EH

These financial statements were authorised for issue by the director on 4 November 2025.

Prior period errors

The accounts for the prior period have been restated due to an error in calculating deferred tax. The restatement has decreased profits after tax and reserves for the year ended 29 September 2023 by £25,834.

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 and presentational currency of the company, and rounded to the nearest £.

Going concern

The company's financial statements at 29 September 2024 show that the company has net liabilities of £193,827, (2023 net assets - £29,661). The net liabilities give rise to uncertainty in relation to the company's future activity, however the director is committed to ensure that the company is able to meet its liabilities on a day to day basis, therefore the director believes it is appropriate to prepare the financial statements on a going concern basis.

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received
and that all related conditions will be met, usually on submission of a valid claim or payment.
Government grants in respect of capital expenditure are credited to a deferred income account and
are released to profit over the expected useful lives of the relevant assets by equal annual
instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which
they relate.

Tax

The tax expense for the period comprises 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.

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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

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
Computer equipment | 33% straight line
Motor vehicles | 25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Share capital
Dividends and other distributions to the equity holders of the company are recognised as a liability in the statement of changes in equity in the period in which the dividend and other distributions are approved by the shareholders.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year was 5 (2023 - 6).

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

4 | Tangible assets

| Computer equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 30 September 2023 | 1,771 | 122,660 | 124,431
At 29 September 2024 | 1,771 | 122,660 | 124,431
Depreciation
At 30 September 2023 | 680 | 76,825 | 77,505
Charge for the year | 585 | 22,918 | 23,503
At 29 September 2024 | 1,265 | 99,743 | 101,008
Carrying amount
At 29 September 2024 | 506 | 22,917 | 23,423
At 29 September 2023 | 1,091 | 45,835 | 46,926

5 | Debtors

| Note | 2024 £ | (As restated) 2023 £
Trade debtors |  | 2,613,055 | 2,607,792
Amounts owed by related parties | 9 | 33,279 | 11,433
Other debtors |  | 13,518 | 28,822
Gross amount due from customers for contract work |  | 2,470,148 | 2,019,745
Deferred tax assets |  | - | 61,044
|  | 5,130,000 | 4,728,836

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

6 | Creditors

Due within one year | Note | 2024 £ | 2023 £
Loans and borrowings | 7 | 14,604 | 11,890
Trade creditors |  | 79,067 | 158,259
Amounts due to related parties | 9 | 5,159,689 | 4,435,874
Social security and other taxes |  | 55,982 | 62,090
Other creditors |  | 35,091 | 69,915
Accruals |  | 26,477 | 4,000
|  | 5,370,910 | 4,742,028
Due after one year |  |  |
Loans and borrowings | 7 | 13,023 | 24,914

7 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 2,713 | -
Hire purchase contracts | 11,891 | 11,890
| 14,604 | 11,890

Non-current loans and borrowings

| 2024 £ | 2023 £
Hire purchase contracts | 13,023 | 24,914

Hire purchase contracts are secured against the assets to which they relate.

8 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £54,000 (2023 - £81,000). The financial commitments are in respect of a rental lease agreement. There is £27,000 due within one year and £27,000 due in more than one year.

New Millenium Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

9 | Related party transactions

Loans to related parties

2024 | Other related parties £ | Total £
At start of period | 4,638,970 | 4,638,970
Advanced | 477,668 | 477,668
Repaid | (156) | (156)
At end of period | 5,116,482 | 5,116,482

2023 | Other related parties £ | Total £
At start of period | 4,177,942 | 4,177,942
Advanced | 461,028 | 461,028
At end of period | 4,638,970 | 4,638,970

Terms of loans to related parties

Loans to other related parties are interest free and repayable on demand.
£5,083,204 (2023 - £4,627,538) of the amounts owed by other related parties are gross amounts due from customers on contract work.

Loans from related parties

2024 | Other related parties £ | Total £
At start of period | 4,435,875 | 4,435,875
Advanced | 1,789,910 | 1,789,910
Repaid | (192,950) | (192,950)
At end of period | 6,032,835 | 6,032,835

2023 | Other related parties £ | Total £
At start of period | 3,785,395 | 3,785,395
Advanced | 891,687 | 891,687
Repaid | (241,207) | (241,207)
At end of period | 4,435,875 | 4,435,875

Terms of loans from related parties

Loans from other related parties are interest free and repayable on demand.