Company No: 03784611 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Ms S L Atkinson
	Mr M I Johnson (Appointed 06 April 2025)

REGISTERED OFFICE	22 Wycombe End
	Beaconsfield
	HP9 1NB
	United Kingdom

COMPANY NUMBER

03784611 (England and Wales)

ACCOUNTANT	S&W Partners (Thames Valley) Limited
	22 Wycombe End
	Beaconsfield
	Buckinghamshire
	HP9 1NB

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	10,921		13,730
Investment property	4	1,800,000		1,775,000
		1,810,921		1,788,730
Current assets
Debtors	5	30,621		99,246
Cash at bank and in hand		896,665		1,116,542
		927,286		1,215,788
Creditors: amounts falling due within one year	6	( 24,583)		( 200,708)
Net current assets		902,703		1,015,080
Total assets less current liabilities		2,713,624		2,803,810
Creditors: amounts falling due after more than one year	7	( 900,000)		( 1,000,000)
Provision for liabilities	8, 9	( 57,513)		( 62,830)
Net assets		1,756,111		1,740,980
Capital and reserves
Called-up share capital	10	2		2
Revaluation reserve		285,103		243,215
Profit and loss account		1,471,006		1,497,763
Total shareholder's funds		1,756,111		1,740,980

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Millsome Management Limited (registered number: 03784611) were approved and authorised for issue by the Board of Directors on 26 October 2026. They were signed on its behalf by:

Ms S L Atkinson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millsome Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Wycombe End, Beaconsfield, HP9 1NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Millsome Management Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Rental income from operating leases is recognised on a straight-line basis over the lease term.

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 tax.

Taxation

Current tax
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 amout 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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	25 % reducing balance
Computer equipment	4 years straight line

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		1

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 April 2025	43,529		12,557		56,086
Additions	1,699		0		1,699
At 31 March 2026	45,228		12,557		57,785
Accumulated depreciation
At 01 April 2025	32,142		10,214		42,356
Charge for the financial year	3,272		1,236		4,508
At 31 March 2026	35,414		11,450		46,864
Net book value
At 31 March 2026	9,814		1,107		10,921
At 31 March 2025	11,387		2,343		13,730

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	1,775,000
Fair value movement	25,000
As at 31 March 2026	1,800,000

The investment properties were valued on an open market basis on 31 March 2026 by the director.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	1,457,690		1,457,690

5. Debtors

	2026		2025
	£		£
Other debtors	30,621		99,246

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Taxation and social security	2,216		139,890
Other creditors	22,367		60,818
	24,583		200,708

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	900,000		1,000,000

The bank loans are secured by fixed charges over the investment properties.

8. Provision for liabilities

	2026		2025
	£		£
Deferred tax	57,513		62,830

9. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 62,830)		( 234,650)
Credited to the Profit and Loss Account	5,317		171,820
At the end of financial year	( 57,513)		( 62,830)

10. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

11. Related party transactions

At the balance sheet date, the company owed the directors £10,349 (2025 - the director owed the company £73,665). Interest was charged on the outstanding balance at 3.75%, totalling £1,698.