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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: J Miller
Mrs J Miller
J J Miller





REGISTERED OFFICE: Gill Lane
Longton
Preston
PR4 4SR





REGISTERED NUMBER: 08449135 (England and Wales)





AUDITORS: Rushtons
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:





J Miller - Director


16 September 2024

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.

J Miller
Mrs J Miller
J J Miller

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:





J Miller - Director


16 September 2024

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.




Adam Calvert ACA (Senior Statutory Auditor)
for and on behalf of Rushtons
Chartered Accountants
Statutory Auditors
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

16 September 2024

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 1,884,339 1,733,722
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 3,849,277 2,723,550
Investments 11 993,347 859,754
4,842,624 3,583,304

CURRENT ASSETS
Debtors 13 1,372,742 1,022,809
Investments 14 - 215,000
Cash at bank 417,581 637,529
1,790,323 1,875,338
CREDITORS
Amounts falling due within one year 15 113,981 219,824
NET CURRENT ASSETS 1,676,342 1,655,514
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,518,966

5,238,818

CREDITORS
Amounts falling due after more than one
year

16

782,049

817,333
NET ASSETS 5,736,917 4,421,485

CAPITAL AND RESERVES
Called up share capital 21 720,200 720,200
Fair value reserve 25,327 25,327
Retained earnings 4,991,390 3,675,958
SHAREHOLDERS' FUNDS 5,736,917 4,421,485

Company's profit for the financial year 1,627,432 494,140

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 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)

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 720,200 3,288,025 - 4,008,225

Changes in equity
Fair value uplift - - 25,327 25,327
Dividends - (106,207 ) - (106,207 )
Total comprehensive income - 494,140 - 494,140
Balance at 31 March 2023 720,200 3,675,958 25,327 4,421,485

Changes in equity
Dividends - (312,000 ) - (312,000 )
Total comprehensive income - 1,627,432 - 1,627,432
Balance at 31 March 2024 720,200 4,991,390 25,327 5,736,917

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 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.

2. ACCOUNTING POLICIES

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

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
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
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on cost and 15% on reducing balance
Motor vehicles - 5% on reducing balance
Computer equipment - 20% on cost

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
36 33

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 2,111,157 65,740 876,181 35,741 3,088,819
Additions 24,788 - 1,276,772 - 1,301,560
Disposals - - (169,701 ) - (169,701 )
At 31 March 2024 2,135,945 65,740 1,983,252 35,741 4,220,678
DEPRECIATION
At 1 April 2023 59,255 31,215 252,563 22,236 365,269
Charge for year 20,040 5,179 42,600 7,101 74,920
Eliminated on disposal - - (68,788 ) - (68,788 )
At 31 March 2024 79,295 36,394 226,375 29,337 371,401
NET BOOK VALUE
At 31 March 2024 2,056,650 29,346 1,756,877 6,404 3,849,277
At 31 March 2023 2,051,902 34,525 623,618 13,505 2,723,550


11. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Shares in group undertakings - - 724,800 724,800
Other investments not loans 268,547 134,954 268,547 134,954
268,547 134,954 993,347 859,754

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 724,800
NET BOOK VALUE
At 31 March 2024 724,800
At 31 March 2023 724,800

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

Millers of Longton Limited
Registered office: As per company information page
Nature of business: Commercial Vehicle Recovery
%
Class of shares: holding
Ordinary & A Ordinary 90.00


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 2,538,543 150,000 -
Amounts owed by group undertakings - - 832,526 422,261
Other debtors 3,374 15,210 201 197
Directors' current accounts 211,961 819 211,962 896
VAT 63,053 - 63,053 -
Prepayments and accrued income 619,511 1,052,347 115,000 599,455
3,796,937 3,606,919 1,372,742 1,022,809

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 - 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 49,835 49,836
Hire purchase contracts (see note 18) 11,219 11,219 11,219 11,219
Trade creditors 1,071,119 1,058,459 - 1,740
Tax 113,637 236,553 (1,876 ) 64,177
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 2,500 23,887
1,599,677 1,813,141 113,981 219,824

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) 729,615 753,680 729,615 753,680
Hire purchase contracts (see note 18) 52,434 63,653 52,434 63,653
782,049 817,333 782,049 817,333

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 49,835 49,836
Amounts falling due between one and two years:
Bank loans - 1-2 years 199,345 199,345 199,345 199,345
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 11,219 11,219
Between one and five years 52,434 63,653
63,653 74,872

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: £    £   
150 A Ordinary £1 150 150
50 B Ordinary £1 50 50
720,000 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 25,327


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.