Company Registration No. 07079288 (England and Wales)
Millen Homes Limited
Unaudited accounts
for the year ended 31 March 2025
Millen Homes Limited
Unaudited accounts
Contents
Millen Homes Limited
Statement of financial position
as at 31 March 2025
Tangible assets
2,477
3,369
Cash at bank and in hand
2,944
118,942
Creditors: amounts falling due within one year
(16,724)
(16,315)
Net current assets
31,164
460,367
Total assets less current liabilities
33,641
463,736
Creditors: amounts falling due after more than one year
(5,847)
(13,347)
Called up share capital
100
100
Profit and loss account
27,694
450,289
Shareholders' funds
27,794
450,389
For the year ending 31 March 2025 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 December 2025 and were signed on its behalf by
Vincent Millen
Director
Company Registration No. 07079288
Millen Homes Limited
Notes to the Accounts
for the year ended 31 March 2025
Millen Homes Limited is a private company, limited by shares, registered in England and Wales, registration number 07079288. The registered office is Congress House, 14 Lyon Road, Harrow, Middlesex, HA1 2EN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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. The following criteria must also be met before revenue is recognised:
Sale of Goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit and loss using the effective interest method.
Finance costs are charged to profit and 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Millen Homes Limited
Notes to the Accounts
for the year ended 31 March 2025
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit and 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.
Tangible fixed assets and depreciation
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.
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:
Plant & machinery
25% Straight Line
Fixtures & fittings
25% Straight Line
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other finance 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.
Millen Homes Limited
Notes to the Accounts
for the year ended 31 March 2025
The Company only 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2024
28,335
4,186
32,521
At 31 March 2025
28,335
4,186
32,521
At 1 April 2024
24,966
4,186
29,152
Charge for the year
892
-
892
At 31 March 2025
25,858
4,186
30,044
At 31 March 2025
2,477
-
2,477
At 31 March 2024
3,369
-
3,369
Amounts falling due within one year
Other debtors
44,944
357,740
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Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
10,000
10,000
Taxes and social security
3,181
3,265
Millen Homes Limited
Notes to the Accounts
for the year ended 31 March 2025
7
Creditors: amounts falling due after more than one year
2025
2024
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
During 2023, the Company advanced a loan to Old Chorleywood Road Limited to support its anticipated business activities. As at 31 March 2024 the full outstanding loan balance amounted to £346,078. Old Chorleywood Road Limited is a company under common control, as both entities are controlled by the same ultimate controlling party.
Following a review of recoverability, the directors determined that the loan was not recoverable. Old Chorleywood Road Limited has no assets and no further trading activity having recognised losses on a development, and there is no realistic prospect of future repayment. Accordingly, the full balance of £346,078 has been written off during the year and recognised as a bad debt expense within the profit and loss account.
There were no amounts outstanding in respect of this related party at the balance sheet date.
The transaction was conducted on an arm’s length basis insofar as practicable given the common control relationship, and the write-off reflects management’s assessment of the substance and economic reality of the arrangement.
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Average number of employees
During the year the average number of employees was 2 (2024: 2).