REGISTERED NUMBER: 08449135 (England and Wales) |
MILLERS OF LONGTON HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 08449135 (England and Wales) |
MILLERS OF LONGTON HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
MILLERS OF LONGTON HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Millers of Longton Holdings Limited is a holding company for that of Millers of Longton Limited. Millers of Longton Limited is a 24HR commercial vehicle recovery company. The group is situated in Lancashire, with the subsidiary company offering various services: a control room for assistance in vehicle recovery within the UK and Europe, commercial vehicle workshops, MOT facilities up to class 7, HGV vehicle rental and commercial properties for rent. |
In the year to 31 March 2024, the group's revenue increased by 8.57%. The group is in a stable position and continues to acquire land to develop its existing premises. The core client base is being maintained and the directors use various Key Performance Indicators (KPIs), such as a wide range of profitability, efficiency and liquidity ratios. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have considered the principal risks and uncertainties which face the business and are satisfied that they have systems in place to address these risks. These matters are reviewed at regular Board meetings, which also include devising strategies for maintaining high quality standards and training and developing staff. |
Liquidity and cash flow |
The group actively monitors its financial position in ensuring that it has sufficient funds for its operational requirements and investment for future growth. There are no concerns in this capacity. |
Credit risk |
Credit checks are performed where possible and strict credit control procedures mitigate the risk of credit extension to customers. There are no concerns in this capacity. |
ON BEHALF OF THE BOARD: |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £1,363.64 per share on the A Ordinary £1 shares was paid on 31 March 2024. The directors recommend that no final dividend be paid on these shares. |
An interim dividend of £1,746.67 per share on the A £1 shares was paid on 31 March 2024. The directors recommend that no final dividend be paid on these shares. |
An interim dividend of £1,000.00 per share on the B £1 shares was paid on 31 March 2024. The directors recommend that no final dividends be paid on these shares. |
No interim dividends was paid on the Preference £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £327,000. |
FUTURE DEVELOPMENTS |
The group has recently purchased a large piece of land next door to their existing premises. This is currently awaiting planning permission before it can be developed into a car park for staff and to be rented to tenants. This will bring more employment opportunities to the area and will allow the group to expand their fleet of vehicles as they deem necessary. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 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. |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, Rushtons, 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 |
MILLERS OF LONGTON HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Millers of Longton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 March 2024 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILLERS OF LONGTON HOLDINGS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- | The nature of the industry and sector, control environment and business performance. |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
- | Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, and; |
- | Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, including the General Data Protection requirements, Anti-bribery and corruption policies and Environmental laws and regulations pertaining to this industry. |
In addition to the above, our procedures to respond to risks identified included the following: |
- |
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- |
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | Reading available minutes of meetings of those charged with governance; and |
- | Testing journal entries to identify unusual transactions. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
MILLERS OF LONGTON HOLDINGS LIMITED |
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 |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 14,919,590 | 13,742,274 |
Cost of sales | 11,358,830 | 10,522,541 |
GROSS PROFIT | 3,560,760 | 3,219,733 |
Administrative expenses | 1,492,873 | 1,686,408 |
2,067,887 | 1,533,325 |
Other operating income | 112,939 | 161,691 |
OPERATING PROFIT | 5 | 2,180,826 | 1,695,016 |
Interest receivable and similar income | 39,315 | 8,926 |
2,220,141 | 1,703,942 |
Interest payable and similar expenses | 6 | 26,064 | 32,313 |
PROFIT BEFORE TAXATION | 2,194,077 | 1,671,629 |
Tax on profit | 7 | 309,738 | (62,093 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,710,231 | 1,602,606 |
Non-controlling interests | 174,108 | 131,116 |
1,884,339 | 1,733,722 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,884,339 | 1,733,722 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,884,339 |
1,733,722 |
Total comprehensive income attributable to: |
Owners of the parent | 1,710,231 | 1,602,606 |
Non-controlling interests | 174,108 | 131,116 |
1,884,339 | 1,733,722 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 4,539,437 | 3,465,655 |
Investments | 11 | 268,547 | 134,954 |
4,807,984 | 3,600,609 |
CURRENT ASSETS |
Stocks | 12 | 5,000 | 5,000 |
Debtors | 13 | 3,796,937 | 3,606,919 |
Investments | 14 | - | 215,000 |
Cash at bank and in hand | 2,342,165 | 2,192,461 |
6,144,102 | 6,019,380 |
CREDITORS |
Amounts falling due within one year | 15 | 1,599,677 | 1,813,141 |
NET CURRENT ASSETS | 4,544,425 | 4,206,239 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,352,409 |
7,806,848 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(782,049 |
) |
(817,333 |
) |
PROVISIONS FOR LIABILITIES | 20 | (24,163 | ) | (657 | ) |
NET ASSETS | 8,546,197 | 6,988,858 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 720,200 | 720,200 |
Fair value reserve | 22 | 25,327 | 25,327 |
Retained earnings | 22 | 7,164,712 | 5,766,481 |
SHAREHOLDERS' FUNDS | 7,910,239 | 6,512,008 |
NON-CONTROLLING INTERESTS | 635,958 | 476,850 |
TOTAL EQUITY | 8,546,197 | 6,988,858 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by: |
J Miller - Director |
Mrs J Miller - Director |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,627,432 | 494,140 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Fair |
share | Retained | value |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 April 2022 | 720,200 | 4,270,082 | - |
Changes in equity |
Fair value uplift | - | - | 25,327 |
Dividends | - | (106,207 | ) | - |
Total comprehensive income | - | 1,602,606 | - |
Balance at 31 March 2023 | 720,200 | 5,766,481 | 25,327 |
Changes in equity |
Dividends | - | (312,000 | ) | - |
Total comprehensive income | - | 1,710,231 | - |
Balance at 31 March 2024 | 720,200 | 7,164,712 | 25,327 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 April 2022 | 4,990,282 | 360,734 | 5,351,016 |
Changes in equity |
Fair value uplift | 25,327 | - | 25,327 |
Dividends | (106,207 | ) | (15,000 | ) | (121,207 | ) |
Total comprehensive income | 1,602,606 | 131,116 | 1,733,722 |
Balance at 31 March 2023 | 6,512,008 | 476,850 | 6,988,858 |
Changes in equity |
Dividends | (312,000 | ) | (15,000 | ) | (327,000 | ) |
Total comprehensive income | 1,710,231 | 174,108 | 1,884,339 |
Balance at 31 March 2024 | 7,910,239 | 635,958 | 8,546,197 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Fair value uplift | - | - | 25,327 | 25,327 |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,752,237 | 1,392,420 |
Interest paid | (26,064 | ) | (25,267 | ) |
Interest element of hire purchase payments paid |
- |
(7,046 |
) |
Tax paid | (409,148 | ) | (297,400 | ) |
Net cash from operating activities | 1,317,025 | 1,062,707 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,392,274 | ) | (238,531 | ) |
Purchase of fixed asset investments | (133,593 | ) | (109,627 | ) |
Purchase of investments | - | (215,000 | ) |
Sale of tangible fixed assets | 654,166 | 586,628 |
Sale of fixed asset investments | 215,000 | - |
Interest received | 39,315 | 8,926 |
Net cash from investing activities | (617,386 | ) | 32,396 |
Cash flows from financing activities |
Loan repayments in year | (24,066 | ) | (24,626 | ) |
Capital repayments in year | (11,219 | ) | (4,174 | ) |
Amount introduced by directors | 527,953 | - |
Amount withdrawn by directors | (715,603 | ) | 21,074 |
Equity dividends paid | (312,000 | ) | (106,207 | ) |
Dividends paid to minority interests | (15,000 | ) | (15,000 | ) |
Net cash from financing activities | (549,935 | ) | (128,933 | ) |
Increase in cash and cash equivalents | 149,704 | 966,170 |
Cash and cash equivalents at beginning of year |
2 |
2,192,461 |
1,226,291 |
Cash and cash equivalents at end of year | 2 | 2,342,165 | 2,192,461 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,194,077 | 1,671,629 |
Depreciation charges | 116,473 | 130,260 |
Profit on disposal of fixed assets | (452,147 | ) | (8,788 | ) |
Finance costs | 26,064 | 32,313 |
Finance income | (39,315 | ) | (8,926 | ) |
1,845,152 | 1,816,488 |
Decrease in stocks | - | 559,829 |
Decrease/(increase) in trade and other debtors | 21,124 | (1,139,984 | ) |
(Decrease)/increase in trade and other creditors | (114,039 | ) | 156,087 |
Cash generated from operations | 1,752,237 | 1,392,420 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,342,165 | 2,192,461 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,192,461 | 1,226,291 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,192,461 | 149,704 | 2,342,165 |
2,192,461 | 149,704 | 2,342,165 |
Liquid resources |
Current asset investments | 215,000 | (215,000 | ) | - |
215,000 | (215,000 | ) | - |
Debt |
Finance leases | (74,872 | ) | 11,219 | (63,653 | ) |
Debts falling due within 1 year | (49,836 | ) | - | (49,836 | ) |
Debts falling due after 1 year | (753,680 | ) | 24,065 | (729,615 | ) |
(878,388 | ) | 35,284 | (843,104 | ) |
Total | 1,529,073 | (30,012 | ) | 1,499,061 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Millers of Longton Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These consolidated financial statements are presented in Sterling which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Hire purchase and leasing 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 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. |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Recoveries | 14,125,191 | 13,142,345 |
Workshop sales | 720,587 | 504,629 |
Recovery rental charges | - | 95,300 |
Truck Sales | 73,812 | - |
14,919,590 | 13,742,274 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,263,817 | 1,161,014 |
Social security costs | 833 | 758 |
Other pension costs | 149,532 | 24,541 |
1,414,182 | 1,186,313 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors and administration | 31 | 28 |
Workshop/Recovery | 5 | 5 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 28,299 | 35,986 |
Directors' pension contributions to money purchase schemes | 120,000 | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 6,480 | 6,047 |
Depreciation - owned assets | 116,472 | 130,260 |
Profit on disposal of fixed assets | (452,147 | ) | (8,788 | ) |
Auditors' remuneration | 12,000 | 12,000 |
Foreign exchange differences | 3,657 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | - | 56 |
Bank loan interest | 25,770 | 25,211 |
Interest payable | 294 | - |
Hire purchase | - | 7,046 |
26,064 | 32,313 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 286,232 | 375,610 |
Deferred tax | 23,506 | (437,703 | ) |
Tax on profit | 309,738 | (62,093 | ) |
Reconciliation of total tax charge/(credit) 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: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,194,077 | 1,671,629 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
548,519 |
317,610 |
Effects of: |
Expenses not deductible for tax purposes | 56,841 | 118,464 |
Income not taxable for tax purposes | (488,037 | ) | (76,031 | ) |
Capital allowances in excess of depreciation | (303,300 | ) | (14,395 | ) |
Utilisation of tax losses | 298,457 | (37,911 | ) |
Non-Trading Income | 94,158 | 67,874 |
S455 Tax | 3,120 | - |
Origination and reversal of timing differences | 23,506 | (437,704 | ) |
Tax losses carried forward | 76,474 | - |
Total tax charge/(credit) | 309,738 | (62,093 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
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 |
2024 | 2023 |
£ | £ |
A Ordinary shares of £1 each interim | 15,000 | 15,000 |
A Shares of £1 each interim | 262,000 | 52,507 |
B Shares of £1 each interim | 50,000 | 53,700 |
327,000 | 121,207 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 2,234,178 | 299,443 | 20,407 |
Additions | 24,788 | 25,379 | - |
Disposals | - | - | - |
At 31 March 2024 | 2,258,966 | 324,822 | 20,407 |
DEPRECIATION |
At 1 April 2023 | 69,477 | 184,285 | 17,357 |
Charge for year | 22,501 | 17,591 | 872 |
Eliminated on disposal | - | - | - |
At 31 March 2024 | 91,978 | 201,876 | 18,229 |
NET BOOK VALUE |
At 31 March 2024 | 2,166,988 | 122,946 | 2,178 |
At 31 March 2023 | 2,164,701 | 115,158 | 3,050 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 1,994,957 | 35,741 | 4,584,726 |
Additions | 1,342,107 | - | 1,392,274 |
Disposals | (330,316 | ) | - | (330,316 | ) |
At 31 March 2024 | 3,006,748 | 35,741 | 5,646,684 |
DEPRECIATION |
At 1 April 2023 | 825,716 | 22,236 | 1,119,071 |
Charge for year | 68,407 | 7,101 | 116,472 |
Eliminated on disposal | (128,296 | ) | - | (128,296 | ) |
At 31 March 2024 | 765,827 | 29,337 | 1,107,247 |
NET BOOK VALUE |
At 31 March 2024 | 2,240,921 | 6,404 | 4,539,437 |
At 31 March 2023 | 1,169,241 | 13,505 | 3,465,655 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 268,547 | 134,954 |
268,547 | 134,954 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Other investments | 268,547 | 134,954 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Other investments | 268,547 | 134,954 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: As per company information page |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 5,000 | 5,000 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,899,038 | 2,538,543 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,374 | 15,210 |
Directors' current accounts | 211,961 | 819 | 211,962 | 896 |
VAT | 63,053 | - |
Prepayments and accrued income | 619,511 | 1,052,347 |
3,796,937 | 3,606,919 |
The comparative amount for accrued income amounting £440,022 has been reclassified from stock to prepayments and accrued income. |
14. | CURRENT ASSET INVESTMENTS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other investments | - | 215,000 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 49,835 | 49,836 |
Hire purchase contracts (see note 18) | 11,219 | 11,219 |
Trade creditors | 1,071,119 | 1,058,459 |
Tax | 113,637 | 236,553 | ( |
) |
Social security and other taxes | 162,681 | 192,130 |
VAT | - | 40,271 | - | 40,271 |
Other creditors | 11,920 | 9,857 |
Directors' current accounts | 52,301 | 28,809 | 52,303 | 28,694 |
Accrued expenses | 126,965 | 186,007 |
1,599,677 | 1,813,141 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 729,615 | 753,680 |
Hire purchase contracts (see note 18) | 52,434 | 63,653 |
782,049 | 817,333 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 49,835 | 49,836 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 199,345 | 199,345 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 530,270 | 554,335 | 530,270 | 554,335 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 11,219 | 11,219 |
Between one and five years | 52,434 | 63,653 |
63,653 | 74,872 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | SECURED DEBTS |
There is an overdraft facility in place of £200,000. |
There is a credit card facility in place of £64,000. |
There is a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 9 October 2001. |
There is a composite Company Unlimited Multilateral Guarantee dated 12 February 2016, given by Millers of Longton Limited and Millers of Longton Holdings Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 24,163 | 657 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 657 |
Provided during year | 23,506 |
Balance at 31 March 2024 | 24,163 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 150 | 150 |
B Ordinary | £1 | 50 | 50 |
Preference Shares | £1 | 720,000 | 720,000 |
720,200 | 720,200 |
22. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 5,766,481 | 25,327 | 5,791,808 |
Profit for the year | 1,710,231 | 1,710,231 |
Dividends | (312,000 | ) | (312,000 | ) |
At 31 March 2024 | 7,164,712 | 25,327 | 7,190,039 |
Company |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
MILLERS OF LONGTON HOLDINGS LIMITED (REGISTERED NUMBER: 08449135) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
23. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 1,275,065 | 1,145,818 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
J Miller and Mrs J Miller |
Balance outstanding at start of year | 28,809 | 29,329 |
Amounts advanced | 50,000 | 53,700 |
Amounts repaid | (26,505 | ) | (54,220 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 52,304 | 28,809 |
J J Miller |
Balance outstanding at start of year | (819 | ) | (22,413 | ) |
Amounts advanced | 275,400 | 52,506 |
Amounts repaid | (486,543 | ) | (30,912 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (211,962 | ) | (819 | ) |
25. | RELATED PARTY DISCLOSURES |
Millers of Longton Holdings Limited is the parent company of Millers of Longton Limited. During the year, Millers of Longton Holdings Limited made sales to Millers of Longton Limited amounting to £208,500 (2023: £208,500), while purchases amounted to nil (2023: £2,123). As of 31 March 2024, the creditor balance owed to Millers of Longton Holdings Limited was £832,526 (2023: £422,261). |
Mr J Miller & Mrs J Miller privately own the office buildings and land which are rented to the company. The amount paid by the company during the year in respect of this was £25,030 (2023: £35,645). |
26. | ULTIMATE CONTROLLING PARTY |
The group is controlled by the directors. |