IRIS Accounts Production v24.3.0.553 01437478 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true true false true true false false false false false false false false false false false false false false false false false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014374782022-12-31014374782023-12-31014374782023-01-012023-12-31014374782021-12-31014374782022-01-012022-12-31014374782022-12-3101437478ns15:EnglandWales2023-01-012023-12-3101437478ns14:PoundSterling2023-01-012023-12-3101437478ns10:Director12023-01-012023-12-3101437478ns10:Consolidated2023-12-3101437478ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3101437478ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101437478ns10:Consolidatedns10:FRS1022023-01-012023-12-3101437478ns10:Consolidatedns10:Audited2023-01-012023-12-3101437478ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101437478ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3101437478ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101437478ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3101437478ns10:FullAccounts2023-01-012023-12-3101437478ns5:Subsidiary22023-01-012023-12-3101437478ns5:Subsidiary32023-01-012023-12-3101437478ns5:Subsidiary42023-01-012023-12-3101437478ns5:Subsidiary52023-01-012023-12-3101437478ns5:Subsidiary62023-01-012023-12-3101437478ns5:Subsidiary72023-01-012023-12-3101437478ns5:Subsidiary82023-01-012023-12-3101437478ns5:Subsidiary92023-01-012023-12-3101437478ns5:Subsidiary112023-01-012023-12-3101437478ns5:Subsidiary122023-01-012023-12-3101437478ns5:Subsidiary132023-01-012023-12-3101437478ns5:Subsidiary142023-01-012023-12-3101437478ns5:Subsidiary152023-01-012023-12-3101437478ns5:Subsidiary162023-01-012023-12-3101437478ns5:Subsidiary172023-01-012023-12-3101437478ns5:JointVenture12023-01-012023-12-3101437478ns5:JointVenture22023-01-012023-12-310143747812023-01-012023-12-3101437478ns10:OrdinaryShareClass12023-01-012023-12-3101437478ns10:Consolidated2023-01-012023-12-3101437478ns10:Director22023-01-012023-12-3101437478ns10:Director32023-01-012023-12-3101437478ns10:Director42023-01-012023-12-3101437478ns10:RegisteredOffice2023-01-012023-12-3101437478ns10:Consolidated2022-01-012022-12-3101437478ns5:CurrentFinancialInstruments2023-12-3101437478ns5:CurrentFinancialInstruments2022-12-3101437478ns5:Non-currentFinancialInstruments2023-12-3101437478ns5:Non-currentFinancialInstruments2022-12-3101437478ns5:ShareCapital2023-12-3101437478ns5:ShareCapital2022-12-3101437478ns5:SharePremium2023-12-3101437478ns5:SharePremium2022-12-3101437478ns5:RevaluationReserve2023-12-3101437478ns5:RevaluationReserve2022-12-3101437478ns5:RetainedEarningsAccumulatedLosses2023-12-3101437478ns5:RetainedEarningsAccumulatedLosses2022-12-3101437478ns5:ShareCapital2021-12-3101437478ns5:RetainedEarningsAccumulatedLosses2021-12-3101437478ns5:SharePremium2021-12-3101437478ns5:RevaluationReserve2021-12-3101437478ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101437478ns5:RevaluationReserve2022-01-012022-12-3101437478ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101437478ns5:RevaluationReserve2023-01-012023-12-310143747812023-01-012023-12-3101437478ns5:NetGoodwill2023-01-012023-12-3101437478ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101437478ns5:LandBuildings2022-12-3101437478ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3101437478ns5:PlantMachinery2022-12-3101437478ns5:LandBuildings2023-01-012023-12-3101437478ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3101437478ns5:PlantMachinery2023-01-012023-12-3101437478ns5:LandBuildings2023-12-3101437478ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3101437478ns5:PlantMachinery2023-12-3101437478ns5:LandBuildings2022-12-3101437478ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3101437478ns5:PlantMachinery2022-12-3101437478ns5:FurnitureFittings2022-12-3101437478ns5:MotorVehicles2022-12-3101437478ns5:ComputerEquipment2022-12-3101437478ns5:FurnitureFittings2023-01-012023-12-3101437478ns5:MotorVehicles2023-01-012023-12-3101437478ns5:ComputerEquipment2023-01-012023-12-3101437478ns5:FurnitureFittings2023-12-3101437478ns5:MotorVehicles2023-12-3101437478ns5:ComputerEquipment2023-12-3101437478ns5:FurnitureFittings2022-12-3101437478ns5:MotorVehicles2022-12-3101437478ns5:ComputerEquipment2022-12-3101437478ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3101437478ns5:CostValuation2022-12-3101437478ns5:ListedExchangeTradedns5:CostValuation2022-12-3101437478ns5:AdditionsToInvestments2023-12-3101437478ns5:ListedExchangeTradedns5:AdditionsToInvestments2023-12-3101437478ns5:DisposalsRepaymentsInvestments2023-12-3101437478ns5:DisposalsRepaymentsInvestmentsns5:ListedExchangeTraded2023-12-3101437478ns5:RevaluationsIncreaseDecreaseInInvestments2023-12-3101437478ns5:ListedExchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2023-12-3101437478ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2023-12-3101437478ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestmentsns5:ListedExchangeTraded2023-12-3101437478ns5:CostValuation2023-12-3101437478ns5:ListedExchangeTradedns5:CostValuation2023-12-3101437478ns5:ListedExchangeTraded2023-12-3101437478ns5:ListedExchangeTraded2022-12-31014374783ns5:Subsidiary22023-01-012023-12-3101437478ns5:Subsidiary22023-12-3101437478ns5:Subsidiary22022-12-3101437478ns5:Subsidiary22022-01-012022-12-3101437478ns5:Subsidiary352023-01-012023-12-3101437478ns5:Subsidiary32023-12-3101437478ns5:Subsidiary32022-12-3101437478ns5:Subsidiary32022-01-012022-12-31014374787ns5:Subsidiary42023-01-012023-12-3101437478ns5:Subsidiary42023-12-3101437478ns5:Subsidiary42022-12-3101437478ns5:Subsidiary42022-01-012022-12-31014374789ns5:Subsidiary52023-01-012023-12-3101437478ns5:Subsidiary52023-12-3101437478ns5:Subsidiary52022-12-3101437478ns5:Subsidiary52022-01-012022-12-3101437478ns5:Subsidiary6112023-01-012023-12-3101437478ns5:Subsidiary62023-12-3101437478ns5:Subsidiary62022-12-3101437478ns5:Subsidiary62022-01-012022-12-3101437478ns5:Subsidiary7132023-01-012023-12-3101437478ns5:Subsidiary72023-12-3101437478ns5:Subsidiary72022-12-3101437478ns5:Subsidiary72022-01-012022-12-310143747815ns5:Subsidiary82023-01-012023-12-3101437478ns5:Subsidiary82023-12-3101437478ns5:Subsidiary82022-12-3101437478ns5:Subsidiary82022-01-012022-12-310143747817ns5:Subsidiary92023-01-012023-12-3101437478ns5:Subsidiary92023-12-3101437478ns5:Subsidiary92022-12-3101437478ns5:Subsidiary92022-01-012022-12-3101437478ns5:Subsidiary11212023-01-012023-12-3101437478ns5:Subsidiary112023-12-310143747823ns5:Subsidiary122023-01-012023-12-3101437478ns5:Subsidiary122023-12-3101437478ns5:Subsidiary13252023-01-012023-12-3101437478ns5:Subsidiary132023-12-310143747827ns5:Subsidiary142023-01-012023-12-3101437478ns5:Subsidiary142023-12-3101437478ns5:Subsidiary15292023-01-012023-12-3101437478ns5:Subsidiary152023-12-3101437478ns5:Subsidiary16312023-01-012023-12-3101437478ns5:Subsidiary162023-12-3101437478ns5:Subsidiary17322023-01-012023-12-3101437478ns5:Subsidiary172023-12-3101437478ns5:JointVenture112023-01-012023-12-3101437478ns5:JointVenture12023-12-3101437478ns5:JointVenture12022-12-31014374783ns5:JointVenture22023-01-012023-12-3101437478ns5:JointVenture22023-12-3101437478ns5:JointVenture22022-12-3101437478ns5:JointVenture22022-01-012022-12-3101437478ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101437478ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101437478ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3101437478ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3101437478ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101437478ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101437478ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3101437478ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3101437478ns5:HirePurchaseContracts2023-12-3101437478ns5:HirePurchaseContracts2022-12-3101437478ns5:DeferredTaxation2022-12-3101437478ns5:DeferredTaxation2023-01-012023-12-3101437478ns5:DeferredTaxation2023-12-3101437478ns10:OrdinaryShareClass12023-12-3101437478ns5:RetainedEarningsAccumulatedLosses2022-12-3101437478ns5:SharePremium2022-12-3101437478ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 01437478 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Melbourne Holdings Limited

Melbourne Holdings Limited (Registered number: 01437478)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


Melbourne Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J L Priestley
Mrs L Priestley
Miss L J Bryant
J L Priestley



REGISTERED OFFICE: Melbourne Park House
Royal Oak Business Park
East Road
Sleaford
Lincolnshire
NG34 7EQ



REGISTERED NUMBER: 01437478 (England and Wales)



SENIOR STATUTORY AUDITOR: James Sewell BA (Hons) FCA CTA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Melbourne Holdings Limited (Registered number: 01437478)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

FAIR REVIEW OF THE BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the group business during the year and its position at the year end. Our review is consistent with the size and non complex nature of the business and is written in the context of the risks and uncertainties the group faces.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, profits before tax and net assets.

At an individual company level, property sales have decreased to £34k in the year compared with £10.4m in 2022 with rental income increasing from £2.5m to £3.1m. Haulage turnover has decreased from £3.4m in 2022 to £nil in 2023. Similarly, the farm has produced revenue in the year of £nil compared to £1.8m in 2022. This is due to the transfer of the haulage business to JL Priestley Bulk Services Limited and the farm business to Westmoreland Farms Limited. Both companies are subsidiaries within the Melbourne Holdings group.

Administrative expenses have decreased by approximately £1.4m between 2022 and 2023 from £1.9m to £0.5m.

The company has also received dividends from its subsidiaries of £4.7m in the year, with £4.8m being received in the prior year.

Overall, the company's profit before tax has decreased to £7.6m compared to £8.9m in 2022.

At the group level, turnover has decreased from £61.7m in 2022 to £40.1m in 2023, due to the decrease in property sales as noted above, as well as J.L. Priestley & Co. Limited leaving the group in January 2023. Despite this, group net profit before tax has increased from £9.4m in 2022 to £13.7m in 2023 with the profit margin increasing from 15.3% in 2022 to 34.2% in 2023.

The group's net asset position has increased from £86.1m last year to £97.4m at the current financial year end.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to the vagaries of the economy as a whole and the peculiarities of the various sectors in which it operates, but with a highly experienced management team, it seeks to overcome these external forces.

The group has considerable financial resources and contracts with a number of customers and suppliers across different geographic areas and industries. Accordingly, we believe that the group is well placed to manage its business risks successfully and look forward to continued growth in 2022 and beyond.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group holds or issues financial instruments in order to achieve three main objectives, being:

a. To finance its operations

b. To manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

c. For trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

Transactions in financial instruments result in the group assuming or transferring to another party one or more of the financial risks described below.

CREDIT RISK
The group monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk. The group has no significant concentrations if credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.


Melbourne Holdings Limited (Registered number: 01437478)

Group Strategic Report
for the Year Ended 31 December 2023

CURRENCY RISK
The Directors are aware of the company's exposure to currency risk and consider the company has taken appropriate steps in order to keep these risks to a minimum.

The group continues to face the risks arising from operating in foreign currencies. The company utilises foreign currency banking facilities. We actively monitor the level of resources held in these facilities to manage the risk effectively.

ON BEHALF OF THE BOARD:





J L Priestley - Director


16 October 2024

Melbourne Holdings Limited (Registered number: 01437478)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of property development and haulage. It also has significant activity in the preparation, packaging and distribution of food products.

DIVIDENDS
Ordinary dividends were paid amounting to £0 (2022: £1,630,000). The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J L Priestley
Mrs L Priestley
Miss L J Bryant
J L Priestley

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made charitable donations of £3,555 (2022: £2,603).

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.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J L Priestley - Director


16 October 2024

Report of the Independent Auditors to the Members of
Melbourne Holdings Limited

Opinion
We have audited the financial statements of Melbourne Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 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 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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
Melbourne Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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.

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.




James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

16 October 2024

Melbourne Holdings Limited (Registered number: 01437478)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 40,147,539 61,653,810

Cost of sales 30,817,343 50,298,581
GROSS PROFIT 9,330,196 11,355,229

Distribution costs 252,026 1,159,846
Administrative expenses 5,577,426 5,968,255
5,829,452 7,128,101
3,500,744 4,227,128

Other operating income 2,677,601 4,856,445
Gain/loss on revaluation of investments (184,524 ) -
OPERATING PROFIT 5 5,993,821 9,083,573

Profit on sale of subsidiary 6 7,435,999 -
13,429,820 9,083,573

Income from interest in associated
undertakings

-

99,034
Income from other participating interests 10,261 36,056
Income from fixed asset investments 17,801 40,000
Interest receivable and similar income 555,656 506,845
583,718 681,935
14,013,538 9,765,508

Interest payable and similar expenses 7 301,481 330,290
PROFIT BEFORE TAXATION 13,712,057 9,435,218

Tax on profit 8 1,336,736 2,094,931
PROFIT FOR THE FINANCIAL YEAR 12,375,321 7,340,287
Profit attributable to:
Owners of the parent 12,073,829 6,781,821
Non-controlling interests 301,492 558,466
12,375,321 7,340,287

Melbourne Holdings Limited (Registered number: 01437478)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 12,375,321 7,340,287


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

12,375,321

7,340,287

Total comprehensive income attributable to:
Owners of the parent 12,073,829 6,781,821
Non-controlling interests 301,492 558,466
12,375,321 7,340,287

Melbourne Holdings Limited (Registered number: 01437478)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 (210,552 ) (263,190 )
Tangible assets 11 35,380,135 34,134,496
Investments 12
Interest in joint venture
Share of gross assets 631,451 626,458
631,451 626,458
Other investments 153,800 811,500
Investment property 13 12,939,625 12,827,875
48,894,459 48,137,139

CURRENT ASSETS
Stocks 14 31,972,994 18,122,636
Debtors 15 19,558,920 17,313,376
Cash at bank and in hand 23,021,069 24,751,742
74,552,983 60,187,754
CREDITORS
Amounts falling due within one year 16 19,574,998 16,816,012
NET CURRENT ASSETS 54,977,985 43,371,742
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,872,444

91,508,881

CREDITORS
Amounts falling due after more than one
year

17

(4,902,223

)

(3,753,912

)

PROVISIONS FOR LIABILITIES 20 (1,571,546 ) (1,637,319 )
NET ASSETS 97,398,675 86,117,650

CAPITAL AND RESERVES
Called up share capital 21 9,021 9,021
Revaluation reserve 22 621,695 805,120
Fair value reserve 22 50,000 50,000
Retained earnings 22 95,380,372 83,123,118
SHAREHOLDERS' FUNDS 96,061,088 83,987,259

NON-CONTROLLING INTERESTS 1,337,587 2,130,391
TOTAL EQUITY 97,398,675 86,117,650

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





J L Priestley - Director


Melbourne Holdings Limited (Registered number: 01437478)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 26,965,124 29,693,026
Investments 12 1,355,000 2,012,700
Investment property 13 12,769,625 12,657,875
41,089,749 44,363,601

CURRENT ASSETS
Stocks 14 16,494,328 10,485,783
Debtors 15 11,840,405 5,840,833
Cash at bank and in hand 20,063,299 20,989,950
48,398,032 37,316,566
CREDITORS
Amounts falling due within one year 16 5,519,905 4,469,310
NET CURRENT ASSETS 42,878,127 32,847,256
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,967,876

77,210,857

CREDITORS
Amounts falling due after more than one
year

17

(3,080,001

)

(3,277,416

)

PROVISIONS FOR LIABILITIES 20 (346,561 ) (949,765 )
NET ASSETS 80,541,314 72,983,676

CAPITAL AND RESERVES
Called up share capital 21 9,021 9,021
Other reserves 22 5,887,425 5,887,425
Revaluation reserve 22 621,695 805,120
Retained earnings 22 74,023,173 66,282,110
SHAREHOLDERS' FUNDS 80,541,314 72,983,676

Company's profit for the financial year 7,557,638 7,962,819

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





J L Priestley - Director


Melbourne Holdings Limited (Registered number: 01437478)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 9,021 76,341,297 805,120

Changes in equity
Total comprehensive income - 6,781,821 -
Balance at 31 December 2022 9,021 83,123,118 805,120

Changes in equity
Total comprehensive income - 12,257,254 (183,425 )
Balance at 31 December 2023 9,021 95,380,372 621,695
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 50,000 77,205,438 1,571,925 78,777,363

Changes in equity
Total comprehensive income - 6,781,821 558,466 7,340,287
Balance at 31 December 2022 50,000 83,987,259 2,130,391 86,117,650

Changes in equity
Dividends - - (1,094,296 ) (1,094,296 )
Total comprehensive income - 12,073,829 301,492 12,375,321
Balance at 31 December 2023 50,000 96,061,088 1,337,587 97,398,675

Melbourne Holdings Limited (Registered number: 01437478)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Other Revaluation Total
capital earnings reserves reserve equity
£    £    £    £    £   
Balance at 1 January 2022 9,021 59,949,291 5,887,425 805,120 66,650,857

Changes in equity
Dividends - (1,630,000 ) - - (1,630,000 )
Total comprehensive income - 7,962,819 - - 7,962,819
Balance at 31 December 2022 9,021 66,282,110 5,887,425 805,120 72,983,676

Changes in equity
Total comprehensive income - 7,741,063 - (183,425 ) 7,557,638
Balance at 31 December 2023 9,021 74,023,173 5,887,425 621,695 80,541,314

Melbourne Holdings Limited (Registered number: 01437478)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (10,439,850 ) 15,136,343
Interest paid (234,825 ) (312,142 )
Interest element of hire purchase payments
paid

(66,656

)

(18,148

)
Tax paid (1,632,257 ) (2,542,578 )
Net cash from operating activities (12,373,588 ) 12,263,475

Cash flows from investing activities
Purchase of tangible fixed assets (721,715 ) (6,669,472 )
Purchase of fixed asset investments (330,825 ) (811,500 )
Purchase of investment property (111,750 ) (104,316 )
Sale of tangible fixed assets 368,438 269,500
Sale of fixed asset investments 805,001 285,768
Sale of investment property - 1,975,268
Disposal of subsidiary 8,551,603 -
Movement in associates and joint venture - (145,675 )
Interest received 555,656 306,845
Dividends received 28,062 175,090
Net cash from investing activities 9,144,470 (4,718,492 )

Cash flows from financing activities
Loan repayments in year (75,325 ) (488,333 )
Capital repayments in year (604,688 ) (609,417 )
Dividends paid to minority interests (1,094,296 ) -
Net cash from financing activities (1,774,309 ) (1,097,750 )

(Decrease)/increase in cash and cash equivalents (5,003,427 ) 6,447,233
Cash and cash equivalents at beginning
of year

2

18,695,957

12,248,724

Cash and cash equivalents at end of year 2 13,692,530 18,695,957

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Profit before taxation 13,712,057 9,435,218
Depreciation charges 1,291,640 1,114,388
Profit on disposal of fixed assets (172,934 ) (187,216 )
Loss on revaluation of fixed assets 184,524 -
Profit on sale of subsidiary (7,435,999 ) -
Government grants (1,000 ) (1,962 )
Finance costs 301,481 330,290
Finance income (583,718 ) (681,935 )
7,296,051 10,008,783
(Increase)/decrease in stocks (17,172,070 ) 5,061,843
Increase in trade and other debtors (5,240,704 ) (1,745,608 )
Increase in trade and other creditors 4,676,873 1,811,325
Cash generated from operations (10,439,850 ) 15,136,343

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 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 23,021,069 24,751,742
Bank overdrafts (9,328,539 ) (6,055,785 )
13,692,530 18,695,957
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 24,751,742 14,987,577
Bank overdrafts (6,055,785 ) (2,738,853 )
18,695,957 12,248,724


Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
Disposal of non-cash
At 1.1.23 Cash flow subsidiary changes At 31.12.23
£    £    £    £    £   
Net cash
Cash at bank
and in hand 24,751,742 (1,282,276 ) (448,397 ) 23,021,069
Bank overdrafts (6,055,785 ) (3,272,754 ) - (9,328,539 )
18,695,957 (4,555,030 ) (448,397 ) 13,692,530
Debt
Finance leases (1,420,599 ) 604,688 180,243 (2,339,551 ) (2,975,219 )
Debts falling due
within 1 year (353,333 ) 75,325 - - (278,008 )
Debts falling due
after 1 year (3,080,001 ) - - - (3,080,001 )
(4,853,933 ) 680,013 180,243 (2,339,551 ) (6,333,228 )
Total 13,842,024 (3,875,017 ) (268,154 ) (2,339,551 ) 7,359,302

4. DISPOSAL OF BUSINESS

J.L. Priestley & Co. Limited was disposed as a subsidiary on 20 January 2023. The fair value of the consideration paid was £9,000,000.

The fair value of the assets and liabilities is considered by the directors to be the book values of assets and liabilities at that date as detailed below:

Fixed assets 275,844
Debtors 3,068,189
Stock 3,321,712
Cash at bank and in hand less overdrafts 448,397
Creditors (5,550,142 )
Net assets 1,564,000
Fair value of consideration received 9,000,000
Profit/loss arising on disposal of subsidiary 7,436,000

Analysis of movement in cash and cash equivalents in respect of disposal of subsidiary

£
Cash disposed with subsidiary undertaking 448,397

Therefore the net cash received on disposal is £8,551,603.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Melbourne 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.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Melbourne Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows.

Useful economic lives
Tangible fixed assets are depreciated over the useful lives of the related assets taking into account residual
values, where appropriate. The actual lives of the assets and residual values are assessed annually and
may vary depending on a number of factors. Residual value assessments consider issues such as future
market conditions, the remaining life of the asset and projected disposal values.

Investment property
Investment property is measured at fair value by the directors.The valuation is made on an open market
value basis by reference to market evidence of transaction prices for similar properties.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill and negative goodwill, being the difference between the cost of investment in subsidiaries and the fair value of net assets acquired, is being amortised over its useful economic life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases:

Land and buildings Freehold Not provided for on the grounds of immateriality.
Plant and machinery 15% reducing balance / 10%-20% straight line
Fixtures, fittings & equipment 10%-15% reducing balance / 10%-20% straight line
Computer equipment 25% - 33% reducing balance/ 20%-33% straight line
Motor vehicles 20% - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to profit or loss

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially
recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in
profit or loss.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost
and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss
in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the transaction
is measured at the present value of the future receipts discounted at a market rate of interest. Financial
assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates
or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets
are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except
that investments in equity instruments that are not publicly traded and whose fair values cannot be
measured reliably are measured at cost less impairment.


Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued


Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The
impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised.
The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or when the company transfers the financial asset and substantially all the risks and rewards
of ownership to another entity, or if some significant risks and rewards of ownership are retained but
control of the asset has transferred to another party that is able to sell the asset in its entirety to an
unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as
payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course
of business from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially
at transaction price and subsequently measured at amortised cost using the effective interest method.


Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered
into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are
recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is
applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured
at fair value through profit or loss. Debt instruments may be designated as being measured at fair value
through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured
and their performance evaluated on a fair value basis in accordance with a documented risk management
or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged
or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the
discretion of the company.

Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised
in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in
which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a
negative fair value is recognised as a financial liability.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the
treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been
discounted

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. The investments are assessed
for impairment at each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and
operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-
term interest and where the company has significant influence. The company considers that it has
significant influence where it has the power to participate in the financial and operating decisions of the
associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement
are classified as jointly controlled entities.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at
the dates of the transactions. At each reporting end date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains
and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date
of inception and the present value of the minimum lease payments. The related liability is included in the
balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and
interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of
interest on the remaining balance of the liability.

Rentals payable under operating leases are charged against income on a straight line basis over the lease
term.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services
are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 40,147,539 61,653,810
40,147,539 61,653,810

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 34,761,498 60,223,525
Europe 58,465 919,778
United States of America 5,327,576 391,688
Asia - 118,819
40,147,539 61,653,810

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,579,326 4,592,107
Social security costs 447,831 383,131
Other pension costs 68,271 49,313
5,095,428 5,024,551

The average number of employees during the year was as follows:
2023 2022

Production 35 23
Distribution 12 12
Administrative 52 56
Construction 35 36
Management 4 2
Farming 4 4
142 133

The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2022 - 2 ) .

2023 2022
£    £   
Directors' remuneration 409,903 812,780

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 96,003 123,420

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 660,363 -
Depreciation - owned assets 1,208,673 1,198,728
Depreciation - assets on hire purchase contracts 135,606 -
Profit on disposal of fixed assets (172,934 ) (187,216 )
Goodwill amortisation (52,638 ) -
Auditors' remuneration 60,973 70,516
Foreign exchange differences (114,601 ) (202,318 )

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit on sale of subsidiary 7,435,999 -

This relates to the sale of J.L. Priestley & Co. Limited in the year.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 92,331
Bank loan interest 229,433 98,411
Other interest 5,392 121,400
Hire purchase 66,656 18,148
301,481 330,290

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,329,746 1,467,469
Under/overprovision of tax 2,714 36,305
Joint ventures corporation tax 5,268 7,575
Total current tax 1,337,728 1,511,349

Deferred tax (992 ) 583,582
Tax on profit 1,336,736 2,094,931

9. 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.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (263,190 )
AMORTISATION
Amortisation for year (52,638 )
At 31 December 2023 (52,638 )
NET BOOK VALUE
At 31 December 2023 (210,552 )
At 31 December 2022 (263,190 )

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS

Group
Assets
Land and under Plant and
Buildings construction machinery
£    £    £   
COST
At 1 January 2023 26,908,386 647,483 10,272,445
Additions 914,835 - 1,347,795
Disposals - - (967,201 )
Reclassification/transfer - (647,483 ) (906,856 )
At 31 December 2023 27,823,221 - 9,746,183
DEPRECIATION
At 1 January 2023 - - 5,512,892
Charge for year - - 908,745
Eliminated on disposal - - (793,011 )
Reclassification/transfer - - (906,856 )
At 31 December 2023 - - 4,721,770
NET BOOK VALUE
At 31 December 2023 27,823,221 - 5,024,413
At 31 December 2022 26,908,386 647,483 4,759,553

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 573,213 2,532,686 486,368 41,420,581
Additions 31,083 1,372,877 42,159 3,708,749
Disposals (122,200 ) (610,883 ) (126,474 ) (1,826,758 )
Reclassification/transfer (109,474 ) (405,869 ) (42,159 ) (2,111,841 )
At 31 December 2023 372,622 2,888,811 359,894 41,190,731
DEPRECIATION
At 1 January 2023 299,107 1,197,138 276,948 7,286,085
Charge for year 40,699 357,180 37,655 1,344,279
Eliminated on disposal (95,643 ) (360,215 ) (106,541 ) (1,355,410 )
Reclassification/transfer (109,474 ) (405,869 ) (42,159 ) (1,464,358 )
At 31 December 2023 134,689 788,234 165,903 5,810,596
NET BOOK VALUE
At 31 December 2023 237,933 2,100,577 193,991 35,380,135
At 31 December 2022 274,106 1,335,548 209,420 34,134,496

At the year ended the group held assets held under finance leases with a net book value of £2,840,310 (2022: £1,650,576).

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Assets
Land and under Plant and
Buildings construction machinery
£    £    £   
COST
At 1 January 2023 26,401,647 647,483 2,785,802
Additions 915,663 - -
Disposals (540,293 ) - (2,357,009 )
Reclassification/transfer - (647,483 ) -
At 31 December 2023 26,777,017 - 428,793
DEPRECIATION
At 1 January 2023 - - 1,224,885
Charge for year - - 31,019
Eliminated on disposal - - (906,811 )
At 31 December 2023 - - 349,093
NET BOOK VALUE
At 31 December 2023 26,777,017 - 79,700
At 31 December 2022 26,401,647 647,483 1,560,917

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 362,632 1,348,040 105,665 31,651,269
Additions - 41,724 2,951 960,338
Disposals (318,031 ) (1,156,916 ) (69,400 ) (4,441,649 )
Reclassification/transfer - - - (647,483 )
At 31 December 2023 44,601 232,848 39,216 27,522,475
DEPRECIATION
At 1 January 2023 151,878 503,833 77,647 1,958,243
Charge for year 385 31,563 364 63,331
Eliminated on disposal (109,474 ) (405,869 ) (42,069 ) (1,464,223 )
At 31 December 2023 42,789 129,527 35,942 557,351
NET BOOK VALUE
At 31 December 2023 1,812 103,321 3,274 26,965,124
At 31 December 2022 210,754 844,207 28,018 29,693,026

At the year end there were assets held under finance leases with a net book value of £nil (2022: £468,633).

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint Listed Unlisted
undertakings venture investments investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 1,201,200 626,458 811,500 (1,201,200 ) 1,437,958
Additions - - 330,825 - 330,825
Disposals - - (593,434 ) - (593,434 )
Share of profit/(loss) - 4,993 - - 4,993
Revaluations - - (184,524 ) - (184,524 )
Reclassification/transfer (1,201,200 ) - (210,567 ) 1,201,200 (210,567 )
At 31 December 2023 - 631,451 153,800 - 785,251
NET BOOK VALUE
At 31 December 2023 - 631,451 153,800 - 785,251
At 31 December
2022

1,201,200

626,458

811,500

(1,201,200

)

1,437,958

Cost or valuation at 31 December 2023 is represented by:

Interest
in joint Listed
venture investments Totals
£    £    £   
Valuation in 2022 - (7,922 ) (7,922 )
Valuation in 2023 - (184,524 ) (184,524 )
Cost 631,451 346,246 977,697
631,451 153,800 785,251
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 1,201,200 811,500 2,012,700
Additions - 330,825 330,825
Disposals - (593,434 ) (593,434 )
Revaluations - (184,524 ) (184,524 )
Reclassification/transfer - (210,567 ) (210,567 )
At 31 December 2023 1,201,200 153,800 1,355,000
NET BOOK VALUE
At 31 December 2023 1,201,200 153,800 1,355,000
At 31 December 2022 1,201,200 811,500 2,012,700

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 31 December 2023 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2022 - (7,922 ) (7,922 )
Valuation in 2023 - (184,524 ) (184,524 )
Cost 1,201,200 346,246 1,547,446
1,201,200 153,800 1,355,000

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

Subsidiaries


Melbourne Food Group Limited
Registered office: England
Nature of business: Managing and holding investments
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 9,233,602 1,000
Profit for the year 13,093,613 3,000,000

This investment is held by Melbourne Holdings Limited.

Ladysmith Developments Limited
Registered office: England
Nature of business: Residential property development and sales
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (70,978 ) (40,303 )
(Loss)/profit for the year (30,675 ) 232,192

This investment is held by Melbourne Construction Limited.

Smith Construction (Heckington) Limited
Registered office: England
Nature of business: Building contractors
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 1,970,869 2,219,391
Profit for the year 751,478 401,945

This investment is held by Melbourne Construction Limited.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

The Roasting Company Limited
Registered office: England
Nature of business: Roasting and packaging of dried nuts
%
Class of shares: holding
Ordinary 85.00
2023 2022
£    £   
Aggregate capital and reserves 6,384,861 8,911,807
Profit for the year 1,237,860 2,042,273

This investment is held by Melbourne Food Group Limited.

Chiltern Natural Foods Limited
Registered office: England
Nature of business: Manufacturing of cereals-based foods
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 627,651 270,027
Profit for the year 357,624 266,385

This investment is held by Melbourne Construction Limited.

Global Ingredients Sourcing Limited
Registered office: England
Nature of business: Sale of food, beverages and tobacco
%
Class of shares: holding
Ordinary 70.00
2023 2022
£    £   
Aggregate capital and reserves 1 561,453
Profit for the year 33,035 152,380

This investment is held by Melbourne Construction Limited.

Melbourne Construction Limited
Registered office: England
Nature of business: Managing and holding investments
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1
Profit for the year 850,040 140,000

This investment is held by Melbourne Holdings Limited.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Thorncliffs Limited
Registered office: England
Nature of business: Sale and leasing of agricultural machinery
%
Class of shares: holding
Ordinary 50.02
2023 2022
£    £   
Aggregate capital and reserves 418,173 524,125
Profit for the year 94,128 315,812

This investment is held by Melbourne Holdings Limited.

Melbourne Leisure Holdings Limited
Registered office: England
Nature of business: Hotel, food and beverage.
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 2

This investment is held by Melbourne Construction Limited.

Stickney Chase Limited
Registered office: England
Nature of business: Property development
%
Class of shares: holding
Ordinary 51.00
2023
£   
Aggregate capital and reserves (34,404 )
Loss for the year (34,504 )

This investment is held by Melbourne Holdings Limited.

Meridian Walk Limited
Registered office: England
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves (9,713 )
Loss for the year (9,714 )

This investment is held by Melbourne Construction Limited.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Gallery Walk Limited
Registered office: England
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves (8,548 )
Loss for the year (8,549 )

This investment is held by Melbourne Construction Limited.

Cathedral View Developments Limited
Registered office: England
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves (97,901 )
Loss for the year (97,902 )

This investment is held by Melbourne Construction Limited.

Westmoreland Farms Limited
Registered office: England
Nature of business: Mixed farming
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 6,383
Profit for the year 6,283

This investment is held by Melbourne Holdings Limited.

JL Priestley Bulk Services Limited
Registered office: England
Nature of business: Freight transport
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 33,512
Profit for the year 33,412

This investment is held by Melbourne Holdings Limited.

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Joint ventures

Limonta Smith JV Limited
Registered office: England
Nature of business: Sports pitch laying
%
Class of shares: holding
Ordinary 37.50
2023 2022
£    £   
Aggregate capital and reserves 200 200

This investment is held by Smith Construction (Heckington) Limited.

Paxton Investments Limited
Registered office: England
Nature of business: Investment
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 1,262,597 1,252,612
Profit for the year 9,985 56,962

This investment is held by Melbourne Holdings Limited.


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 12,827,875
Additions 111,750
At 31 December 2023 12,939,625
NET BOOK VALUE
At 31 December 2023 12,939,625
At 31 December 2022 12,827,875

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 50,000
Cost 12,889,625
12,939,625

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 January 2023 12,657,875
Additions 111,750
At 31 December 2023 12,769,625
NET BOOK VALUE
At 31 December 2023 12,769,625
At 31 December 2022 12,657,875

The valuations of investment properties were made as at 31 December 2023 by the directors, on an open
market basis.

14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials 3,593,750 3,623,869 - 1,292,905
Work-in-progress 16,650,645 1,849,124 9,137,876 1,836,426
Finished goods 11,728,599 12,649,643 7,356,452 7,356,452
31,972,994 18,122,636 16,494,328 10,485,783

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,025,192 10,733,821 1,112,930 1,119,729
Gross amounts owed by contract
customers 908,762 459,558 - -
Amounts owed by group undertakings - - 10,072,206 515,924
Other debtors 5,941,509 3,112,118 65,712 3,966,238
Corporation tax recoverable 158,806 85,777 - -
Prepayments and accrued income 1,761,401 2,922,102 589,557 238,942
14,795,670 17,313,376 11,840,405 5,840,833

Amounts falling due after more than one year:
Other debtors 4,763,250 - - -

Aggregate amounts 19,558,920 17,313,376 11,840,405 5,840,833

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 9,606,547 6,409,118 278,008 353,333
Hire purchase contracts (see note 19) 1,152,997 746,688 - 285,415
Trade creditors 4,134,993 4,527,181 697,560 1,087,477
Amounts owed to group undertakings - - 2,377,282 -
Tax 891,868 1,462,289 474,434 384,648
Social security and other taxes 192,235 240,183 14,441 53,312
VAT 137,339 - 51,431 -
Other creditors 1,355,763 1,770,154 579,158 1,588,652
Accruals and deferred income 2,103,256 1,660,399 1,047,591 716,473
19,574,998 16,816,012 5,519,905 4,469,310

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 3,080,001 3,080,001 3,080,001 3,080,001
Hire purchase contracts (see note 19) 1,822,222 673,911 - 197,415
4,902,223 3,753,912 3,080,001 3,277,416

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 9,328,539 6,055,785 - -
Bank loans & overdrafts 278,008 353,333 278,008 353,333
9,606,547 6,409,118 278,008 353,333
Amounts falling due between one and two years:
Bank loans - over 1 year 3,080,001 3,080,001 3,080,001 3,080,001

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,152,997 746,688
Between one and five years 1,822,222 673,911
2,975,219 1,420,599

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 285,415
Between one and five years - 197,415
- 482,830

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 1,571,546 1,637,319 346,561 949,765

Group
Deferred
tax
£   
Balance at 1 January 2023 1,637,319
Credit to Income Statement during year (52,713 )
Crystallised on disposal (13,060 )
Balance at 31 December 2023 1,571,546

Company
Deferred
tax
£   
Balance at 1 January 2023 949,765
Credit to Income Statement during year (603,204 )
Balance at 31 December 2023 346,561

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,021 Ordinary £1 9,021 9,021

22. RESERVES

Group
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 83,123,118 805,120 50,000 83,978,238
Profit for the year 12,073,829 12,073,829
Revaluations 183,425 (183,425 ) - -
At 31 December 2023 95,380,372 621,695 50,000 96,052,067

Melbourne Holdings Limited (Registered number: 01437478)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. RESERVES - continued

Company
Retained Other Revaluation
earnings reserves reserve Totals
£    £    £    £   

At 1 January 2023 66,282,110 5,887,425 805,120 72,974,655
Profit for the year 7,557,638 7,557,638
Revaluations 183,425 - (183,425 ) -
At 31 December 2023 74,023,173 5,887,425 621,695 80,532,293




23. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales 38,031 969,933
Purchases 360 64,591
Interest received 140,751 283,869
Management charges 167,000 170,000
Rents received 869,323 201,173
Amount due from related party 9,367,200 2,371,688
Amount due to related party 2,419,649 1,008,840

24. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr J L Priestley throughout the current and previous year, Mr J L Priestley is the managing director and majority shareholder