GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MILNER HOLDINGS (MATLOCK) LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MILNER HOLDINGS (MATLOCK) LTD |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
MILNER HOLDINGS (MATLOCK) LTD |
COMPANY INFORMATION |
for the year ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
GROUP STRATEGIC REPORT |
for the year ended 31 October 2023 |
The directors present their strategic report of the company and the group 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 Group. |
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 | £8.4m | £8.35m |
Gross profit percentage | 38.19% | 34.59% |
Net profit pre tax | £1.63m | £1.15m |
Shareholders funds | £10.46m | £9.55m |
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: |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
REPORT OF THE DIRECTORS |
for the year ended 31 October 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Date | Ordinary | Preference |
Per share | Per share |
30/11/2022 | £49.0196 |
31/12/2022 | £49.0196 |
31/01/2023 | £2,499.0196 | £0.025 |
28/02/2023 | £49.0196 |
31/03/2023 | £93.2353 | £0.025 |
30/04/2023 | £49.0196 |
31/05/2023 | £49.0196 |
30/06/2023 | £49.0196 |
31/07/2023 | £151.9608 |
31/08/2023 | £49.0196 |
30/09/2023 | £49.0196 | £0.025 |
31/10/2023 | £294.1176 | £0.025 |
£3,430.4902 | £0.1000 |
The total distribution of dividends for the year ended 31st October 2023 was £349,910 for Ordinary shares and, £50,000 for Preference shares. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
REPORT OF THE DIRECTORS |
for the year ended 31 October 2023 |
AUDITORS |
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILNER HOLDINGS (MATLOCK) LTD |
Opinion |
We have audited the financial statements of Milner Holdings (Matlock) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILNER HOLDINGS (MATLOCK) LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
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 group's and the parent 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 group or the parent 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILNER HOLDINGS (MATLOCK) LTD |
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. |
for and on behalf of |
Statutory Auditors |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
CONSOLIDATED |
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 | 5,154,257 | 5,460,700 |
GROSS PROFIT | 3,185,228 | 2,888,184 |
Administrative expenses | 1,629,617 | 1,796,141 |
1,555,611 | 1,092,043 |
Other operating income | 60,000 | 60,000 |
OPERATING PROFIT | 5 | 1,615,611 | 1,152,043 |
Interest receivable and similar income | 13,594 | 2,503 |
1,629,205 | 1,154,546 |
Interest payable and similar expenses | 6 | 567 | 2,979 |
PROFIT BEFORE TAXATION | 1,628,638 | 1,151,567 |
Tax on profit | 7 | 322,059 | 207,399 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,306,579 |
944,168 |
Profit attributable to: |
Owners of the parent | 1,306,579 | 944,168 |
Total comprehensive income attributable to: |
Owners of the parent | 1,306,579 | 944,168 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
CONSOLIDATED BALANCE SHEET |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 3,903,424 | 3,944,109 |
Investments | 11 | - | - |
Investment property | 12 | 858,441 | 858,441 |
4,761,865 | 4,802,550 |
CURRENT ASSETS |
Stocks | 13 | 3,946,047 | 4,229,125 |
Debtors | 14 | 209,354 | 264,013 |
Cash at bank and in hand | 2,477,617 | 1,364,615 |
6,633,018 | 5,857,753 |
CREDITORS |
Amounts falling due within one year | 15 | 763,665 | 730,368 |
NET CURRENT ASSETS | 5,869,353 | 5,127,385 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 10,631,218 | 9,929,935 |
PROVISIONS FOR LIABILITIES | 18 | 171,522 | 376,909 |
NET ASSETS | 10,459,696 | 9,553,026 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 500,102 | 500,102 |
Retained earnings | 20 | 9,959,594 | 9,052,924 |
SHAREHOLDERS' FUNDS | 10,459,696 | 9,553,026 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by: |
S T Milner - Director |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
COMPANY BALANCE SHEET |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 498,226 | 1,418,803 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
CONSOLIDATED 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 | 8,628,856 | 9,128,958 |
Changes in equity |
Dividends | - | (520,100 | ) | (520,100 | ) |
Total comprehensive income | - | 944,168 | 944,168 |
Balance at 31 October 2022 | 500,102 | 9,052,924 | 9,553,026 |
Changes in equity |
Dividends | - | (399,909 | ) | (399,909 | ) |
Total comprehensive income | - | 1,306,579 | 1,306,579 |
Balance at 31 October 2023 | 500,102 | 9,959,594 | 10,459,696 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
COMPANY 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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
CONSOLIDATED 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 | 1,843,013 | 68,177 |
Interest paid | (567 | ) | (2,979 | ) |
Tax paid | (283,091 | ) | (321,367 | ) |
Net cash from operating activities | 1,559,355 | (256,169 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (12,744 | ) | (117,508 | ) |
Sale of tangible fixed assets | - | 3,750 |
Transfer of land to stock | - | 461,708 |
Interest received | 13,594 | 2,503 |
Net cash from investing activities | 850 | 350,453 |
Cash flows from financing activities |
Loan repayments in year | (34,808 | ) | (80,965 | ) |
Amount introduced by directors | - | 11,991 |
Amount withdrawn by directors | (12,486 | ) | - |
Movement in other provision | - | (93,296 | ) |
Equity dividends paid | (399,909 | ) | (520,100 | ) |
Net cash from financing activities | (447,203 | ) | (682,370 | ) |
Increase/(decrease) in cash and cash equivalents | 1,113,002 | (588,086 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,364,615 |
1,952,701 |
Cash and cash equivalents at end of year | 2 | 2,477,617 | 1,364,615 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED 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 | 1,628,638 | 1,151,567 |
Depreciation charges | 53,428 | 58,700 |
Profit on disposal of fixed assets | - | (3,688 | ) |
Other provision release | (193,997 | ) | - |
Finance costs | 567 | 2,979 |
Finance income | (13,594 | ) | (2,503 | ) |
1,475,042 | 1,207,055 |
Decrease/(increase) in stocks | 283,078 | (1,193,059 | ) |
Decrease in trade and other debtors | 54,659 | 120,414 |
Increase/(decrease) in trade and other creditors | 30,234 | (66,233 | ) |
Cash generated from operations | 1,843,013 | 68,177 |
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 | 2,477,617 | 1,364,615 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 1,364,615 | 1,952,701 |
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 | 1,364,615 | 1,113,002 | 2,477,617 |
1,364,615 | 1,113,002 | 2,477,617 |
Debt |
Debts falling due within 1 year | (34,808 | ) | 34,808 | - |
(34,808 | ) | 34,808 | - |
Total | 1,329,807 | 1,147,810 | 2,477,617 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Milner Holdings (Matlock) Ltd is a |
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 |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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 |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED 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 Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 | 819,137 | 975,634 |
Social security costs | 78,758 | 93,197 |
Other pension costs | 67,174 | 78,370 |
965,069 | 1,147,201 |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Employees |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration | 97,537 | 138,634 |
Directors' pension contributions to money purchase schemes | 42,292 | 61,463 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED 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 | 53,429 | 58,700 |
Profit on disposal of fixed assets | - | (3,688 | ) |
Auditors' remuneration | 14,480 | 13,512 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Bank loan interest | 567 | 2,979 |
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 | 207,988 |
Adjustment in respect of tax |
charge in previous period | 103 | 13 |
Total current tax | 333,448 | 208,001 |
Deferred tax: |
Deferred tax | (20,368 | ) | (602 | ) |
Effect of change in rate | 8,979 | - |
Total deferred tax | (11,389 | ) | (602 | ) |
Tax on profit | 322,059 | 207,399 |
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 | 1,628,638 | 1,151,567 |
Profit multiplied by the standard rate of corporation tax in the UK of 25.170 % (2022 - 19 %) |
409,928 |
218,798 |
Effects of: |
Expenses not deductible for tax purposes | - | 2,162 |
Income not taxable for tax purposes | (81,258 | ) | (18,426 | ) |
Depreciation in excess of capital allowances | 4,675 | 5,454 |
Adjustments to tax charge in respect of previous periods | 103 | 13 |
Deferred tax | (11,389 | ) | (602 | ) |
Total tax charge | 322,059 | 207,399 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.10.23 | 31.10.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 349,910 | 470,100 |
Preference shares of £1 each |
Interim | 49,999 | 50,000 |
399,909 | 520,100 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2022 | 3,894,650 | 664,489 | 140,556 |
Additions | 9,500 | - | - |
Disposals | - | (8,495 | ) | - |
At 31 October 2023 | 3,904,150 | 655,994 | 140,556 |
DEPRECIATION |
At 1 November 2022 | 132,776 | 505,352 | 129,197 |
Charge for year | 24,317 | 23,867 | 2,841 |
Eliminated on disposal | - | (8,495 | ) | - |
At 31 October 2023 | 157,093 | 520,724 | 132,038 |
NET BOOK VALUE |
At 31 October 2023 | 3,747,057 | 135,270 | 8,518 |
At 31 October 2022 | 3,761,874 | 159,137 | 11,359 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 | 27,798 | 105,886 | 4,833,379 |
Additions | - | 3,244 | 12,744 |
Disposals | - | (76,655 | ) | (85,150 | ) |
At 31 October 2023 | 27,798 | 32,475 | 4,760,973 |
DEPRECIATION |
At 1 November 2022 | 16,559 | 105,386 | 889,270 |
Charge for year | 1,182 | 1,222 | 53,429 |
Eliminated on disposal | - | (76,655 | ) | (85,150 | ) |
At 31 October 2023 | 17,741 | 29,953 | 857,549 |
NET BOOK VALUE |
At 31 October 2023 | 10,057 | 2,522 | 3,903,424 |
At 31 October 2022 | 11,239 | 500 | 3,944,109 |
Company |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Included in cost of land and buildings is freehold land of £ 2,268,882 (2022 - £ 2,268,882 ) which is not depreciated. |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 | 858,441 |
NET BOOK VALUE |
At 31 October 2023 | 858,441 |
At 31 October 2022 | 858,441 |
Company |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
13. | STOCKS |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Stocks | 3,946,047 | 4,229,125 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Trade debtors | 61,821 | 97,721 |
Amounts owed by group undertakings | - | - |
Prepayments | 147,533 | 166,292 |
209,354 | 264,013 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - | 34,808 |
Trade creditors | 410,958 | 359,388 |
Amounts owed to group undertakings | - | - |
Tax | 143,345 | 92,988 |
Social security and other taxes | 20,395 | 21,003 |
VAT | 133,968 | 63,955 | 25,663 | 9,887 |
Other creditors | 4,346 | 10,241 |
Directors' current accounts | 2,643 | 15,129 | 227 | 15,029 |
Accrued expenses | 48,010 | 132,856 |
763,665 | 730,368 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 34,808 |
17. | 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. |
There are charges over Old Road, Darley Dale, Matlock and land frontage to Station Road/Warney Lane and adjacent to Old Road, Darley Dale, dated 13/11/2017. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Deferred tax | 32,165 | 43,554 | - | 15,123 |
Other provisions | 139,357 | 333,355 | 139,357 | - |
Aggregate amounts | 171,522 | 376,909 | 139,357 | 15,123 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 November 2022 | 43,554 | 323,000 |
Provided during year | (11,389 | ) | (183,643 | ) |
Balance at 31 October 2023 | 32,165 | 139,357 |
MILNER HOLDINGS (MATLOCK) LTD (REGISTERED NUMBER: 09237195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Provided during year | ( |
) |
Balance at 31 October 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 102 | 102 |
Preference | £1 | 500,000 | 500,000 |
500,102 | 500,102 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 November 2022 | 9,052,924 |
Profit for the year | 1,306,579 |
Dividends | (399,909 | ) |
At 31 October 2023 | 9,959,594 |
Company |
Retained |
earnings |
£ |
At 1 November 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
21. | PENSION COMMITMENTS |
The Group operates a defined contribution pension scheme. Contributions payable to the Group'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 £67,174 (2022: £78,370). Contributions of £22,725 (2022: £22,760) were outstanding at 31st October 2023.. |