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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | James Sewell BA (Hons) FCA CTA |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
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 |
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 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Other reserves | 22 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | - | ( |
) |
Balance at 31 December 2023 |
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 |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 | 2,012,700 |
Additions | 330,825 |
Disposals | ( |
) | (593,434 | ) |
Revaluations | ( |
) | (184,524 | ) |
Reclassification/transfer | ( |
) | (210,567 | ) |
At 31 December 2023 | 1,355,000 |
NET BOOK VALUE |
At 31 December 2023 | 1,355,000 |
At 31 December 2022 | 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 |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Holdings Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Food Group Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Holdings Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
This investment is held by Melbourne Holdings Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
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 |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
This investment is held by Melbourne Construction Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
Profit for the year |
This investment is held by Melbourne Holdings Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
This investment is held by Smith Construction (Heckington) Limited. |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Work-in-progress | 16,650,645 | 1,849,124 |
Finished goods | 11,728,599 | 12,649,643 |
31,972,994 | 18,122,636 |
15. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 6,025,192 | 10,733,821 |
Gross amounts owed by contract |
customers | 908,762 | 459,558 | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 5,941,509 | 3,112,118 |
Corporation tax recoverable | 158,806 | 85,777 | - | - |
Prepayments and accrued income | 1,761,401 | 2,922,102 |
14,795,670 | 17,313,376 |
Amounts falling due after more than one | year: |
Other debtors | 4,763,250 | - |
Aggregate amounts | 19,558,920 | 17,313,376 |
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 |
Hire purchase contracts (see note 19) | 1,152,997 | 746,688 |
Trade creditors | 4,134,993 | 4,527,181 |
Amounts owed to group undertakings | - | - |
Tax | 891,868 | 1,462,289 |
Social security and other taxes | 192,235 | 240,183 |
VAT | 137,339 | - | 51,431 | - |
Other creditors | 1,355,763 | 1,770,154 |
Accruals and deferred income | 2,103,256 | 1,660,399 |
19,574,998 | 16,816,012 |
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 |
Hire purchase contracts (see note 19) | 1,822,222 | 673,911 |
4,902,223 | 3,753,912 |
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 |
9,606,547 | 6,409,118 |
Amounts falling due between one and two | years: |
Bank loans - over 1 year | 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 |
Between one and five years |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | 72,974,655 |
Profit for the year |
Revaluations | 183,425 | - | (183,425 | ) | - |
At 31 December 2023 | 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 |