Milkbere Property Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Milkbere Property Limited

(Registration number: 00774705)
Statement of Financial Position as at 3 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	2,911,372	2,851,696
Current assets
Debtors	5	42,275	190,208
Cash at bank and in hand		463,876	431,297
		506,151	621,505
Creditors: Amounts falling due within one year	6	(77,025)	(159,712)
Net current assets		429,126	461,793
Total assets less current liabilities		3,340,498	3,313,489
Provisions for liabilities		(102,901)	(1,543)
Net assets		3,237,597	3,311,946
Capital and reserves
Called up share capital		2,500	2,500
Share premium reserve		129,614	129,614
Revaluation reserve		855,234	956,928
Profit and loss account		2,250,249	2,222,904
Shareholders' funds		3,237,597	3,311,946

Milkbere Property Limited

(Registration number: 00774705)
Statement of Financial Position as at 3 October 2025 (continued)

For the financial year ending 3 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 June 2026 and signed on its behalf by:
 

Mrs L M Hall Director

Mr M A C Hayman Director

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is the letting of holiday, commercial and residential properties.

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 currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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
Fixtures, fittings and equipment	20% reducing balance
Long leasehold property	None charged

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4	Tangible assets

	Long leasehold property £	Fixtures, fittings and equipment £	Total £
Cost or valuation
At 4 October 2024	2,843,574	167,220	3,010,794
Additions	61,300	-	61,300
At 3 October 2025	2,904,874	167,220	3,072,094
Depreciation
At 4 October 2024	-	159,098	159,098
Charge for the year	-	1,624	1,624
At 3 October 2025	-	160,722	160,722
Carrying amount
At 3 October 2025	2,904,874	6,498	2,911,372
At 3 October 2024	2,843,574	8,122	2,851,696

Tangible assets held at valuation
The values are reviewed annually by the directors of the company.

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025 (continued)

5

Debtors

	Note	2025 £	2024 £
Trade debtors		3,208	3,596
Amounts owed by related parties	8	-	57,800
Other debtors		39,067	128,812
		42,275	190,208

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Trade creditors	990	12
Taxation and social security	10,165	8,489
Accruals and deferred income	4,011	4,665
Other creditors	61,859	146,546
	77,025	159,712

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Total £
Surplus/deficit on property, plant and equipment revaluation	(101,694)	(101,694)

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Milkbere Property Limited

Notes to the Unaudited Financial Statements for the
Year Ended 3 October 2025 (continued)

8	Related party transactions

At the end of the year £3,500 was owed by Milkbere Property Limited to connected companies with Directors in common.