IRIS Accounts Production v24.1.0.578 04506994 Board of Directors 1.11.22 31.10.23 31.10.23 the sale of components for four wheel drive Japanese vehicles. true false true true false false false true false Ordinary 1.00000 Preference 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045069942022-10-31045069942023-10-31045069942022-11-012023-10-31045069942021-10-31045069942021-11-012022-10-31045069942022-10-3104506994ns15:EnglandWales2022-11-012023-10-3104506994ns14:PoundSterling2022-11-012023-10-3104506994ns10:Director12022-11-012023-10-3104506994ns10:CompanySecretary12022-11-012023-10-3104506994ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3104506994ns10:FRS1022022-11-012023-10-3104506994ns10:Audited2022-11-012023-10-3104506994ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3104506994ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-3104506994ns10:FullAccounts2022-11-012023-10-310450699412022-11-012023-10-3104506994ns10:OrdinaryShareClass12022-11-012023-10-3104506994ns10:OrdinaryShareClass22022-11-012023-10-3104506994ns10:Director22022-11-012023-10-3104506994ns10:RegisteredOffice2022-11-012023-10-3104506994ns5:CurrentFinancialInstruments2023-10-3104506994ns5:CurrentFinancialInstruments2022-10-3104506994ns5:ShareCapital2023-10-3104506994ns5:ShareCapital2022-10-3104506994ns5:RetainedEarningsAccumulatedLosses2023-10-3104506994ns5:RetainedEarningsAccumulatedLosses2022-10-3104506994ns5:ShareCapital2021-10-3104506994ns5:RetainedEarningsAccumulatedLosses2021-10-3104506994ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-3104506994ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3104506994ns5:NetGoodwill2022-11-012023-10-3104506994ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3104506994ns5:PlantMachinery2022-11-012023-10-3104506994ns5:FurnitureFittings2022-11-012023-10-3104506994ns5:MotorVehicles2022-11-012023-10-3104506994ns5:ComputerEquipment2022-11-012023-10-3104506994ns5:OwnedAssets2022-11-012023-10-3104506994ns5:OwnedAssets2021-11-012022-10-3104506994ns10:OrdinaryShareClass12021-11-012022-10-3104506994ns10:OrdinaryShareClass22021-11-012022-10-3104506994ns5:NetGoodwill2022-10-3104506994ns5:NetGoodwill2023-10-3104506994ns5:NetGoodwill2022-10-3104506994ns5:PlantMachinery2022-10-3104506994ns5:FurnitureFittings2022-10-3104506994ns5:MotorVehicles2022-10-3104506994ns5:ComputerEquipment2022-10-3104506994ns5:PlantMachinery2023-10-3104506994ns5:FurnitureFittings2023-10-3104506994ns5:MotorVehicles2023-10-3104506994ns5:ComputerEquipment2023-10-3104506994ns5:PlantMachinery2022-10-3104506994ns5:FurnitureFittings2022-10-3104506994ns5:MotorVehicles2022-10-3104506994ns5:ComputerEquipment2022-10-3104506994ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3104506994ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3104506994ns5:DeferredTaxation2022-10-3104506994ns5:OtherProvisionsContingentLiabilities2022-10-3104506994ns5:DeferredTaxation2022-11-012023-10-3104506994ns5:OtherProvisionsContingentLiabilities2022-11-012023-10-3104506994ns5:DeferredTaxation2023-10-3104506994ns5:OtherProvisionsContingentLiabilities2023-10-3104506994ns10:OrdinaryShareClass12023-10-3104506994ns10:OrdinaryShareClass22023-10-31




























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MILNER OFF ROAD LIMITED

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


MILNER OFF ROAD LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: S T Milner
C Prime





SECRETARY: A McNeil





REGISTERED OFFICE: Old Road
Darley Dale
Matlock
Derbyshire
DE4 2ER





REGISTERED NUMBER: 04506994 (England and Wales)





AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

STRATEGIC REPORT
for the year ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Our objectives are to provide a reliable, competitive and high quality supply of components for four wheel drive Japanese vehicles to the public. This is backed up by specialist knowledge built up through the combined experience of our staff.

Through this we aim to achieve an acceptable return for the shareholders and provide for longer term planning to secure the future of the Company.

REVIEW OF BUSINESS
The directors are pleased with the overall performance of the business for the year, in what continues to be a politically, socially and economically challenging environment.

The result has been achieved through objective planning and continual review of performance. Fundamentally ensuring products are held on stock and these are delivered effectively and at a competitive price.


The key performance indicators by which financial performance is measured are as follows:-

2023 2022
Turnover £8.3m £8.3m
Gross profit percentage 38% 35%
Net profit pre tax £1.8m £1m
Shareholders funds £4.6m £3.8m

It is expected that the next year will see a continuation of the factors prevailing throughout this year but with an increasingly price sensitive marketplace. However, the directors are confident that the business can maintain a satisfactory level of activity.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks faced are those arising from competition in the marketplace particularly in the form of price and supply.
In addition effective working capital management and market analysis is required to ensure that products are available for the public at the right time.

This is achieved through regular review of inventory levels together with review of sales trends and market analysis.

In addition liquid funds are reviewed and managed on a daily basis by the directors to ensure funds are available to meet the on going and anticipated future commitments of the company.

The provision of backup advice and specialist knowledge is also key to adding value and achieving our aim of a quality service and so retention of experienced and knowledgeable staff is a risk we face.

ON BEHALF OF THE BOARD:





A McNeil - Secretary


5 April 2024

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

REPORT OF THE DIRECTORS
for the year ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
Dividends per share were paid as follows:

Ordinary Preference Date

£490.196 30/11/2022
£490.196 1/12/2022
£490.196 £0.025 31/01/2023
£490.196 29/02/2023
£490.196 31/03/2023
£490.196 £0.025 30/04/2023
£490.196 31/05/2023
£490.196 30/06/2023
£490.196 £0.025 31/07/2023
£490.196 31/08/2023
£490.196 30/09/2023
£735.294 £0.025 31/10/2023
£6,127.451 £0.100

The total distribution of dividends for the year ended 31st October 2023 was £675,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

S T Milner
C Prime

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

REPORT OF THE DIRECTORS
for the year ended 31 October 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



A McNeil - Secretary


5 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MILNER OFF ROAD LIMITED

Opinion
We have audited the financial statements of Milner Off Road Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MILNER OFF ROAD LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims. - Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Oliver Jenkins (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

5 April 2024

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 8,339,485 8,348,884

Cost of sales 5,154,258 5,460,700
GROSS PROFIT 3,185,227 2,888,184

Administrative expenses 1,371,412 1,916,790
OPERATING PROFIT 5 1,813,815 971,394

Interest receivable and similar income 6,720 2,503
PROFIT BEFORE TAXATION 1,820,535 973,897

Tax on profit 7 337,182 169,021
PROFIT FOR THE FINANCIAL YEAR 1,483,353 804,876

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,483,353

804,876

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 128,666 149,645
128,666 149,645

CURRENT ASSETS
Stocks 11 3,469,453 3,767,417
Debtors 12 203,926 184,015
Cash at bank and in hand 1,928,364 703,446
5,601,743 4,654,878
CREDITORS
Amounts falling due within one year 13 1,115,151 667,997
NET CURRENT ASSETS 4,486,592 3,986,881
TOTAL ASSETS LESS CURRENT LIABILITIES 4,615,258 4,136,526

PROVISIONS FOR LIABILITIES 15 32,165 361,786
NET ASSETS 4,583,093 3,774,740

CAPITAL AND RESERVES
Called up share capital 16 500,102 500,102
Retained earnings 4,082,991 3,274,638
SHAREHOLDERS' FUNDS 4,583,093 3,774,740

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





S T Milner - Director


MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 500,102 3,749,273 4,249,375

Changes in equity
Dividends - (1,279,511 ) (1,279,511 )
Total comprehensive income - 804,876 804,876
Balance at 31 October 2022 500,102 3,274,638 3,774,740

Changes in equity
Dividends - (675,000 ) (675,000 )
Total comprehensive income - 1,483,353 1,483,353
Balance at 31 October 2023 500,102 4,082,991 4,583,093

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

CASH FLOW STATEMENT
for the year ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,139,025 360,226
Tax paid (245,000 ) (281,586 )
Net cash from operating activities 1,894,025 78,640

Cash flows from investing activities
Purchase of tangible fixed assets (3,244 ) (20,718 )
Sale of tangible fixed assets - 3,750
Interest received 6,720 2,503
Net cash from investing activities 3,476 (14,465 )

Cash flows from financing activities
Amount introduced by directors 2,417 -
Equity dividends paid (675,000 ) (1,279,511 )
Net cash from financing activities (672,583 ) (1,279,511 )

Increase/(decrease) in cash and cash equivalents 1,224,918 (1,215,336 )
Cash and cash equivalents at beginning of
year

2

703,446

1,918,782

Cash and cash equivalents at end of year 2 1,928,364 703,446

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 1,820,535 973,897
Depreciation charges 24,223 28,632
Profit on disposal of fixed assets - (3,688 )
Movement in other provision - (93,296 )
Finance income (6,720 ) (2,503 )
1,838,038 903,042
Decrease/(increase) in stocks 297,964 (731,351 )
(Increase)/decrease in trade and other debtors (19,911 ) 197,624
Increase/(decrease) in trade and other creditors 22,934 (9,089 )
Cash generated from operations 2,139,025 360,226

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,928,364 703,446
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 703,446 1,918,782


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 703,446 1,224,918 1,928,364
703,446 1,224,918 1,928,364
Total 703,446 1,224,918 1,928,364

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Milner Off Road 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. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when;
- the significant risks and rewards of ownership of the goods has transferred 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 turnover can be measured reliably
- it is probable that the economic benefits associated with the transaction will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services
Turnover from a contract to provide services is recognised in the period by reference to the stage of completion of the contract when all of the following conditions are satisfied;
- the amount of turnover can be measured reliably
- it is probable that the economic benefits associated with the services will flow to the company
- the stage of completion of the contract at the reporting date can be measured reliably
- the costs incurred and the costs to complete the contract can be measured reliably

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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


MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 808,100 898,562
Social security costs 67,969 93,197
Other pension costs 53,725 78,370
929,794 1,070,129

The average number of employees during the year was as follows:
31.10.23 31.10.22

Employees 30 35

31.10.23 31.10.22
£    £   
Directors' remuneration 86,500 138,634
Directors' pension contributions to money purchase schemes 28,843 61,463

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 3

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Depreciation - owned assets 24,223 28,632
Profit on disposal of fixed assets - (3,688 )
Auditors' remuneration 8,950 8,778

6. EXCEPTIONAL ITEMS
31.10.23 31.10.22
£    £   
Intergroup debt written off 333,355 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 333,345 169,897
Adjustment in respect of tax charge in the previous
period

103

13
Total current tax 333,448 169,910

Deferred tax:
Origination and reversal of timing differences (5,245 ) (889 )
Effect of change in rate 8,979 -
Total deferred tax 3,734 (889 )

Tax on profit 337,182 169,021

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
£    £   
Profit before tax 1,820,535 973,897
Profit multiplied by the standard rate of corporation tax in the UK of 22.517%
(2022 - 19%)

409,930

185,040

Effects of:
Expenses not deductible for tax purposes - 941
Income not taxable for tax purposes (75,062 ) (701 )
Depreciation in excess of capital allowances 4,675 1,121
Adjustments to tax charge in respect of previous periods 103 13
Movement on provisions 8 (16,504 )
Group relief (6,206 ) -
Deferred tax 3,734 (889 )
Total tax charge 337,182 169,021

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

8. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary shares of £1 each
Interim 625,000 1,229,511
Preference shares of £1 each
Interim 50,000 50,000
675,000 1,279,511

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 250,004
AMORTISATION
At 1 November 2022
and 31 October 2023 250,004
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 611,423 140,556 27,798 104,795 884,572
Additions - - - 3,244 3,244
Disposals (8,495 ) - - (76,655 ) (85,150 )
At 31 October 2023 602,928 140,556 27,798 31,384 802,666
DEPRECIATION
At 1 November 2022 484,875 129,197 16,559 104,296 734,927
Charge for year 18,979 2,841 1,182 1,221 24,223
Eliminated on disposal (8,495 ) - - (76,655 ) (85,150 )
At 31 October 2023 495,359 132,038 17,741 28,862 674,000
NET BOOK VALUE
At 31 October 2023 107,569 8,518 10,057 2,522 128,666
At 31 October 2022 126,548 11,359 11,239 499 149,645

11. STOCKS
31.10.23 31.10.22
£    £   
Stocks 3,469,453 3,767,417

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 61,821 97,721
Prepayments and accrued income 142,105 86,294
203,926 184,015

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 403,469 354,544
Amounts owed to group undertakings 392,486 48,000
Tax 143,345 54,897
Social security and other taxes 17,458 18,076
VAT 108,305 54,068
Other creditors 4,346 10,241
Directors' current accounts 2,417 -
Accrued expenses 43,325 128,171
1,115,151 667,997

14. SECURED DEBTS

The company's bank hold a debenture over the assets of the Company dated 14th March 2006.

There is a unlimited cross guarantee between Milner Off Road Limited and Milner Holdings (Matlock) Limited dated 31/01/2017.

15. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax
Accelerated capital allowances 32,165 28,431
Other provisions - 333,355
32,165 361,786

Deferred Other
tax provisions
£    £   
Balance at 1 November 2022 28,431 426,651
Provided during year 3,734 -
Balance at 31 October 2023 32,165 426,651

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
102 Ordinary £1 102 102
500,000 Preference £1 500,000 500,000
500,102 500,102

MILNER OFF ROAD LIMITED (REGISTERED NUMBER: 04506994)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
The total cost of contributions in the year is £53,725 (2022: £78,370). Contributions of £22,725 (2022: £22,760) were outstanding at 31st October 2023.

18. ULTIMATE PARENT COMPANY

Milner Holdings (Matlock) Limited is regarded by the directors as being the company's ultimate parent company.

19. ULTIMATE CONTROLLING PARTY

The controlling party is S T Milner.