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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: S T Milner
R Lees
D Howsley
C Prime





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





REGISTERED NUMBER: 09237195 (England and Wales)





AUDITORS: Hewitt Card Limited
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:





S T Milner - Director


28 March 2024

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.

S T Milner
R Lees
D Howsley
C Prime

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:





S T Milner - Director


28 March 2024

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.




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

28 March 2024

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 1,306,579 944,168

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 3,774,758 3,794,463
Investments 11 500,302 500,202
Investment property 12 858,441 858,441
5,133,501 5,153,106

CURRENT ASSETS
Stocks 13 476,595 461,708
Debtors 14 397,912 127,998
Cash at bank 549,253 661,169
1,423,760 1,250,875
CREDITORS
Amounts falling due within one year 15 41,100 110,371
NET CURRENT ASSETS 1,382,660 1,140,504
TOTAL ASSETS LESS CURRENT LIABILITIES 6,516,161 6,293,610

PROVISIONS FOR LIABILITIES 18 139,357 15,123
NET ASSETS 6,376,804 6,278,487

CAPITAL AND RESERVES
Called up share capital 19 500,102 500,102
Retained earnings 5,876,702 5,778,385
SHAREHOLDERS' FUNDS 6,376,804 6,278,487

Company's profit for the financial year 498,226 1,418,803

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 500,102 4,879,682 5,379,784

Changes in equity
Dividends - (520,100 ) (520,100 )
Total comprehensive income - 1,418,803 1,418,803
Balance at 31 October 2022 500,102 5,778,385 6,278,487

Changes in equity
Dividends - (399,909 ) (399,909 )
Total comprehensive income - 498,226 498,226
Balance at 31 October 2023 500,102 5,876,702 6,376,804

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and Straight line over 50 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance, 15% on reducing balance and Straight line over 10 years
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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 35 36

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 3,894,650 53,066 1,091 3,948,807
Additions 9,500 - - 9,500
At 31 October 2023 3,904,150 53,066 1,091 3,958,307
DEPRECIATION
At 1 November 2022 132,776 20,477 1,091 154,344
Charge for year 24,317 4,888 - 29,205
At 31 October 2023 157,093 25,365 1,091 183,549
NET BOOK VALUE
At 31 October 2023 3,747,057 27,701 - 3,774,758
At 31 October 2022 3,761,874 32,589 - 3,794,463

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 500,202
Additions 100
At 31 October 2023 500,302
NET BOOK VALUE
At 31 October 2023 500,302
At 31 October 2022 500,202

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Milner Off Road Limited
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom
Nature of business: Sale of motor vehicle components
%
Class of shares: holding
Ordinary 100.00
Preference 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 4,583,093 3,774,740
Profit for the year 1,483,353 804,876

The Fishpond Matlock Ltd
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom
Nature of business: Public house
%
Class of shares: holding
Ordinary 100.00

The Moot Oak Limited
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 100 100

Moot 4 x 4 Limited
Registered office: Old Road, Darley Dale, Matlock, Derbyshire, DE4 2ER, United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


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 858,441
NET BOOK VALUE
At 31 October 2023 858,441
At 31 October 2022 858,441

13. STOCKS

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Stocks 3,946,047 4,229,125 476,595 461,708

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 - - 392,486 48,000
Prepayments 147,533 166,292 5,426 79,998
209,354 264,013 397,912 127,998

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 - 34,808
Trade creditors 410,958 359,388 7,488 4,843
Amounts owed to group undertakings - - 100 100
Tax 143,345 92,988 - 38,091
Social security and other taxes 20,395 21,003 2,937 2,928
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 4,685 4,685
763,665 730,368 41,100 110,371

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 - 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 15,123
Provided during year (15,123 )
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: £    £   
102 Ordinary £1 102 102
500,000 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 5,778,385
Profit for the year 498,226
Dividends (399,909 )
At 31 October 2023 5,876,702


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..