REGISTERED NUMBER: 13123477 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MILVERTON HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R E Moore

A K Riley

I T Davidson

R Burridge

REGISTERED OFFICE:

Warwick District Council Town Hall

Parade

Leamington Spa

CV32 4AT

REGISTERED NUMBER:

13123477 (England and Wales)

AUDITORS:

TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Investments

4

1

1

Investment property

5

4,065,000

2,719,000

4,065,001

2,719,001

CURRENT ASSETS

Debtors

6

12,000

12,118

Cash at bank

666,011

186,234

678,011

198,352

CREDITORS

Amounts falling due within one year

7

161,071

1,305,710

NET CURRENT ASSETS/(LIABILITIES)

516,940

(1,107,358

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,581,941

1,611,643

CREDITORS

Amounts falling due after more than one year

8

(3,089,409

)

(895,671

)

PROVISIONS FOR LIABILITIES

(142,648

)

(150,736

)

NET ASSETS

1,349,884

565,236

CAPITAL AND RESERVES

Called up share capital

11

1,394,723

877,831

Retained earnings

12

(44,839

)

(312,595

)

SHAREHOLDERS' FUNDS

1,349,884

565,236

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2025 and were signed on its behalf by:

R Burridge - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There were no material departures from that standard.

The amounts in the financial statements are rounded to the nearest pound.

Significant judgements and estimates

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.

The Company determines whether a property qualifies as an investment property, and has developed

criteria in making that judgement. Investment property is a property held to earn rentals or for capital

appreciation or both. Therefore, the Company considers whether a property generates cash flows

largely independently of the other assets held by the Company.

The fair values of investment properties are determined by using valuation techniques.

The Company uses a variety of methods and makes assumptions that are based on market conditions

existing at each balance sheet date. Where appropriate, professional valuations or similar valuation

techniques are also used to determine the fair values of the properties.

In the absence of current prices in an active market for similar properties, the Company considers

information from a variety of sources, including:

- current prices in an active market for properties of a different nature, condition or location, adjusted

to reflect those differences;

- recent prices of similar properties on less active markets, with adjustments to reflect any changes in

economic conditions since the date of the transactions that occurred at those prices; and

- discounted cash flow projections based on reliable estimates of future cash flows, supported by the

terms of any existing lease and other contracts and (when possible) by external evidence such as

current market rents for similar properties in the same location and condition, and using discount rates

that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The Company performs impairment reviews annually in accordance with FRS 102 Section 27.

Financial instruments

Basic financial assets, including trade and other receivables and cash 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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 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.

Basic financial liabilities, including trade and other payables, and loans from fellow group and associated companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment in joint venture

The company has adopted the cost model of accounting for joint ventures in line with FRS 102 para 15.9. Investments in Joint ventures are measured at cost, less any accumulated impairment losses.

Going concern

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 April 2024

and 31 March 2025

1

NET BOOK VALUE

At 31 March 2025

1

At 31 March 2024

1

The Interest in Joint Venture relates to the company's interest in Crewe Lane Kenilworth JV LLP.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

2,719,000

Additions

973,353

Revaluations

372,647

At 31 March 2025

4,065,000

NET BOOK VALUE

At 31 March 2025

4,065,000

At 31 March 2024

2,719,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2024

602,944

Valuation in 2025

372,647

Cost

3,089,409

4,065,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

3,089,409

2,116,056

Investment properties are stated at fair value based on professional valuations obtained during the year ended 31 March 2025 by Pinnacle Surveyors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

29

-

Other debtors

11,971

12,118

12,000

12,118

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

-

1,188,136

Trade creditors

1,495

786

Other creditors

15,000

-

Accruals and deferred income

144,576

116,788

161,071

1,305,710

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 2-5 years

895,671

895,671

Other loans more 5yrs non-inst

2,193,738

-

3,089,409

895,671

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

2,193,738

-

9.	LEASING AGREEMENTS

Minimum lease income under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

99,217

122,473

Between one and five years

208,128

208,128

Over five years

160,373

212,405

467,718

543,006

10.	SECURED DEBTS

Warwick District Council hold a fixed and floating charge over the assets within the company in relation to the property

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,394,723

Ordinary

1

1,394,723

877,831

516,892 Ordinary shares of 1 each were allotted and fully paid for cash at par during the year.

12.

RESERVES

Included in retained earnings are profits of £731,693 (2024: £452,208) which are not available for distribution as they are unrealised.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rebecca Pickard FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

14.	RELATED PARTY DISCLOSURES

Milverton Homes Limited is a wholly owned subsidiary of Warwick District Council. During the year Warwick District Council provided services to Milverton Homes Limited amounting to £60,000 (2024: £82,942). As at 31 March 2025 Milverton Homes Limited owed Warwick District Council £60,000 (2024: £86,096).

Milverton Homes Limited drew down a loan in the year of £2,193,738 from Warwick District Council (2024: £895,671). As at 31 March 2025, the total amount payable to Warwick District Council was £3,089,409 (2024: £895,671), inclusive of accrued interest. Interest payable on the loan up to 31 March 2025 amounted to £78,673 (2024: £42,159).

Milverton Homes Limited acquired properties from its Joint Venture investment, Crewe Lane Kenilworth JV LLP, in the year at a cost of £973,353 (2024: £2,116,056). As at 31 March 2025 Milverton Homes Limited owed Crewe Lane Kenilworth JV LLP £15,000 (2024: £1,188,136).

Rental income and other income was received by Milverton Homes Limited from Crewe Lane Kenilworth JV LLP during the year of £53,861 (2024: £48,124).

15.	ULTIMATE CONTROLLING PARTY

The immediate parent company and ultimate controlling party of Milverton Homes Limited is its sole shareholder, Warwick District Council.