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REGISTERED NUMBER: SC400828















HOLMES MILLER LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 798,885 762,379
Investments 6 751 -
799,636 762,379

CURRENT ASSETS
Debtors 7 1,866,091 2,482,944
Investments 8 111 751
Cash at bank and in hand 1,418,967 818,805
3,285,169 3,302,500
CREDITORS
Amounts falling due within one year 9 1,484,981 1,589,125
NET CURRENT ASSETS 1,800,188 1,713,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,599,824

2,475,754

CREDITORS
Amounts falling due after more than one year 10 (95,000 ) (155,000 )

PROVISIONS FOR LIABILITIES (26,414 ) (9,881 )
NET ASSETS 2,478,410 2,310,873

HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 851 939
Share premium 300,811 300,811
Fair value reserve 84,000 84,000
Capital redemption reserve 354 266
Retained earnings 2,092,394 1,924,857
SHAREHOLDERS' FUNDS 2,478,410 2,310,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





C M Houston - Director


HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Holmes Miller Ltd. is a private company, limited by shares, registered in Scotland. The company's registered office is 89 Minerva Street, Glasgow, G3 8LE.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Turnover
Turnover represents the invoice value of services rendered during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all of the risks and rewards in connection with the services have been passed to the buyer. Where the substance of a contract is that the company's contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the company's partial performance of its contractual obligations.

Goodwill
Goodwill, representing the amount established on incorporation of The Holmes Partnership in 2011, is being amortised evenly over its estimated useful life of ten years although there was no amortisation in the period of acquisition. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life less residual value.

Land and buildings - 2% straight line
Plant and machinery etc - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Land and buildings is carried at its revalued amount, being fair value at the date of valuation less subsequent depreciation and impairment losses.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases to the same asset are charged to other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss.

Land and buildings were revalued for the first time during the year ended 31 March 2017, whilst they were carried at cost in prior periods. No depreciation had been charged in prior years, as in the opinion of the directors, the residual value was such that any depreciation arising would have been immaterial. The use of a policy of revaluation provides more relevant and reliable information about the value. As from 1 April 2017, land and buildings are written off over their estimated useful life of 50 years.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable.

Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets that were acquired with the grant.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes for directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand and cash held at banks.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be none.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2023 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 700,000
AMORTISATION
At 1 April 2023
and 31 March 2024 700,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 800,000 680,825 1,480,825
Additions - 101,553 101,553
At 31 March 2024 800,000 782,378 1,582,378
DEPRECIATION
At 1 April 2023 96,000 622,446 718,446
Charge for year 16,000 49,047 65,047
At 31 March 2024 112,000 671,493 783,493
NET BOOK VALUE
At 31 March 2024 688,000 110,885 798,885
At 31 March 2023 704,000 58,379 762,379

HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

The fair value of heritable property at 31 March 2024 has been arrived at on the basis of a valuation carried out on that date by the directors who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location where the property is situated.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Reclassification/transfer 751
At 31 March 2024 751
NET BOOK VALUE
At 31 March 2024 751

Shares in a group undertaking have been transferred from current assets as the directors consider this is now a longer term investment.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,061,028 1,211,504
Other debtors 805,063 1,271,440
1,866,091 2,482,944

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 111 751

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 60,000 60,000
Trade creditors 204,554 321,795
Taxation and social security 394,480 629,799
Other creditors 825,947 577,531
1,484,981 1,589,125

HOLMES MILLER LTD. (REGISTERED NUMBER: SC400828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 95,000 155,000

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 46,900 -
Between one and five years 152,425 -
199,325 -

The company has future finance lease commitments of £73,652.

12. CAPITAL COMMITMENTS

At the balance sheet date, the company has capital commitments contracted for but not provided in the financial statements of £274,128 (2023 - £128,044) of which £81,929 (2023 - £32,011) is payable within one year.

13. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £162,849 to the directors (2023 - £140,224). The amount is included in creditors and is unsecured and interest free with no fixed repayment terms.

At the balance sheet date, the company was owed £206,255 (2023 - £242,794) by a company in which Holmes Miller Ltd is a majority shareholder and which is controlled by the directors. The amount is included in debtors, is unsecured and interest free with no fixed repayment terms.

Included within other income is £7,169 of income for services provided, which would be considered outside of normal market conditions, to a company in which Holmes Miller Ltd is a majority shareholder.