Milburn Holdings Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07831688 (England and Wales)

Milburn Holdings Limited

Unaudited Financial Statements for the Year Ended 30th April 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B M A Hopkins

S Hopkins

REGISTERED OFFICE:

Gillygate House

28 Gillygate

York

North Yorkshire

YO31 7EQ

REGISTERED NUMBER:

07831688 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

1,266

1,591

Investment property

5

1,862,000

6,201,229

1,863,266

6,202,820

CURRENT ASSETS

Stocks

5,009,850

-

Debtors

6

21,164

143,372

Cash at bank

9,400

35,582

5,040,414

178,954

CREDITORS

Amounts falling due within one year

7

674,528

713,518

NET CURRENT ASSETS/(LIABILITIES)

4,365,886

(534,564

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,229,152

5,668,256

CREDITORS

Amounts falling due after more than one year

8

(5,415,229

)

(5,510,672

)

PROVISIONS FOR LIABILITIES

(128,057

)

-

NET ASSETS

685,866

157,584

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Revaluation reserve

10

704,112

-

Retained earnings

(118,246

)

57,584

685,866

157,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th January 2023 and were signed on its behalf by:

B M A Hopkins - Director

1.	STATUTORY INFORMATION

Milburn Holdings 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.

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.

Turnover

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

Turnover represents rental income receivable from freehold investment properties which is accounted for on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Going concern

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows and mitigating actions that can be taken during that period.

Furthermore, in evaluating the appropriateness of the going concern basis for the company, it is assumed that there will continue to be support provided by the directors such that they will not request repayment of amounts owed to them in circumstances that would limit the ability of the company to meet its debts as they fall due

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st May 2021

and 30th April 2022

1,626

DEPRECIATION

At 1st May 2021

35

Charge for year

325

At 30th April 2022

360

NET BOOK VALUE

At 30th April 2022

1,266

At 30th April 2021

1,591

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2021

6,201,229

Additions

108,900

Revaluations

819,875

Reclassification/transfer

(5,268,004

)

At 30th April 2022

1,862,000

NET BOOK VALUE

At 30th April 2022

1,862,000

At 30th April 2021

6,201,229

Fair value at 30th April 2022 is represented by:

£

Valuation in 2022

609,285

Cost

1,252,715

1,862,000

Investment property was valued on an open market basis on 30th April 2022 by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

6,259

-

Other debtors

14,905

143,372

21,164

143,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

54,076

49,424

Taxation and social security

350

66

Other creditors

620,102

664,028

674,528

713,518

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

2,300,000

1,900,000

Other creditors

3,115,229

3,610,672

5,415,229

5,510,672

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

2,300,000

1,900,000

Bank loans are secured by way of legal charges.

10.

RESERVES

Revaluation

reserve

£

Arising on revaluation in year

704,112

At 30th April 2022

704,112

11.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount owed to the directors of £3,715,229 (2021: £4,210,673).