REGISTERED NUMBER: 01169121 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
JOHN S. MILLER LIMITED |
REGISTERED NUMBER: 01169121 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
JOHN S. MILLER LIMITED |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
JOHN S. MILLER LIMITED |
COMPANY INFORMATION |
for the year ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
GROUP STRATEGIC REPORT |
for the year ended 31 January 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
John S. Miller Limited is a property investment group with a number of both residential and commercial rental properties. The group also holds investments in companies trading in the purchase and distribution of medical equipment and supplies in the United States. |
Rental properties carry on being let on a continuous basis and rental income during the year was similar to the rental income earnt in 2023. |
General repairs were carried out to the properties during the year to maintain their condition. |
The result for the year is shown on page 9. |
The medical supply business saw a growth in turnover during the year of 22%, largely driven by a combination of growth in sales of existing customers and acquisition of new customers. |
Gross profit has increased by £146,838 from £2.84m to £2.92m (5%). Medical sales for the year has increased to £24.5m compared to £20.1m in the previous year. Rental income increased to £225,239 from £211,019 in the previous period. |
As shown in the profit and loss account, the operating profit for continuing operations for the year was £206,192 (2023: £231,586). |
The balance sheet on page 11 shows net assets of £7,047,611 (2023: £6,932,711) at the end of the year, with a positive cash position of £3,052,750 (2023: £3,900,552). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The valuation and rentals of the properties are dependent on market conditions, but there has been no difficulty in letting properties. |
Foreign exchange risk for translation of assets and liabilities held in USD, as well as exchange differences on sales in foreign currencies, can lead to fluctuations in the accounts. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
GROUP STRATEGIC REPORT |
for the year ended 31 January 2024 |
KEY PERFORMANCE INDICATORS |
Gross profit margin - margin has been improving in the last few years due to constant monitoring and introduction of efficiencies. However, it has decreased in the current year due to general increase in labour costs. |
2024 | 2023 | Measure |
Gross profit margin | 12.2% | 13.9% | Gross profit/turnover |
- Debtor days - a slight increase in debtor days as a result of new customers within the year. |
2024 | 2023 | Measure |
Debtor days | 13 days | 9 days | Trade debtors/turnover |
- Creditor days - the creditor days have decreased significantly due to better cashflow management within the group and to maintain supplier relationships. |
2024 | 2023 | Measure |
Creditor days | 5 days | 14 days | Trade creditors/cost of sales |
ON BEHALF OF THE BOARD: |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
REPORT OF THE DIRECTORS |
for the year ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of property investment company. The group also holds investments in companies trading in the purchase and distribution of medical equipment and supplies in the United States. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £ 7,972 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JOHN S. MILLER LIMITED |
Opinion |
We have audited the financial statements of John S. Miller Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JOHN S. MILLER LIMITED |
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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JOHN S. MILLER LIMITED |
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: |
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation; |
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected transactions; |
- tested the appropriateness of journal entries; |
- assessed whether judgements and assumptions made in determining the accounting estimate for the valuation of properties were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
To address the risk that revenue could be misstated due to fraud, we: |
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard; |
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions; |
- tested a sample of revenue transactions to supporting evidence; and |
- tested, on a sample basis, revenue related balances in the balance sheet. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; and |
- enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JOHN S. MILLER LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 24,700,876 | 20,318,688 |
Cost of sales | (21,709,688 | ) | (17,474,338 | ) |
GROSS PROFIT | 2,991,188 | 2,844,350 |
Administrative expenses | (2,784,996 | ) | (2,612,764 | ) |
OPERATING PROFIT | 5 | 206,192 | 231,586 |
Interest receivable and similar income | 84,244 | 41,642 |
290,436 | 273,228 |
Loss on revaluation of investments | - | (337,134 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 290,436 | (63,906 | ) |
Tax on profit/(loss) | 6 | (71,674 | ) | (25,883 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 197,218 | (102,875 | ) |
Non-controlling interests | 21,544 | 13,086 |
218,762 | (89,789 | ) |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 218,762 | (89,789 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
218,762 |
(89,789 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 197,218 | (102,875 | ) |
Non-controlling interests | 21,544 | 13,086 |
218,762 | (89,789 | ) |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONSOLIDATED BALANCE SHEET |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 96,301 | 87,671 |
Tangible assets | 10 | 19,043 | 22,073 |
Investments | 11 | - | - |
Investment property | 12 | 4,914,822 | 4,829,119 |
5,030,166 | 4,938,863 |
CURRENT ASSETS |
Stocks | 13 | 462,366 | 522,662 |
Debtors | 14 | 1,150,828 | 745,999 |
Cash at bank and in hand | 3,052,750 | 3,900,552 |
4,665,944 | 5,169,213 |
CREDITORS |
Amounts falling due within one year | 15 | 2,152,631 | 2,679,497 |
NET CURRENT ASSETS | 2,513,313 | 2,489,716 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,543,479 |
7,428,579 |
PROVISIONS FOR LIABILITIES | 16 | 495,868 | 495,868 |
NET ASSETS | 7,047,611 | 6,932,711 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 30,000 | 30,000 |
Revaluation reserve | 18 | 2,426,476 | 2,426,476 |
Other reserves | 18 | 442,865 | 538,755 |
Retained earnings | 18 | 3,897,696 | 3,708,450 |
SHAREHOLDERS' FUNDS | 6,797,037 | 6,703,681 |
NON-CONTROLLING INTERESTS | 19 | 250,574 | 229,030 |
TOTAL EQUITY | 7,047,611 | 6,932,711 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by: |
Mr J S Miller - Director |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
COMPANY BALANCE SHEET |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 135,243 | (155,220 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 January 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 February 2022 | 30,000 | 3,811,325 | 2,426,476 |
Changes in equity |
Total comprehensive income | - | (102,875 | ) | - |
Balance at 31 January 2023 | 30,000 | 3,708,450 | 2,426,476 |
Changes in equity |
Dividends | - | (7,972 | ) | - |
Total comprehensive income | - | 197,218 | - |
Balance at 31 January 2024 | 30,000 | 3,897,696 | 2,426,476 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 | 294,239 | 6,562,040 | 215,944 | 6,777,984 |
Changes in equity |
Total comprehensive income | 244,516 | 141,641 | 13,086 | 154,727 |
Balance at 31 January 2023 | 538,755 | 6,703,681 | 229,030 | 6,932,711 |
Changes in equity |
Dividends | - | (7,972 | ) | - | (7,972 | ) |
Total comprehensive income | (95,890 | ) | 101,328 | 21,544 | 122,872 |
Balance at 31 January 2024 | 442,865 | 6,797,037 | 250,574 | 7,047,611 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 January 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2024 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (897,869 | ) | 1,381,283 |
Tax paid | (45,378 | ) | (17,095 | ) |
Net cash from operating activities | (943,247 | ) | 1,364,188 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (22,267 | ) | (104,979 | ) |
Purchase of tangible fixed assets | (4,122 | ) | (37,949 | ) |
Purchase of investment property | (85,703 | ) | - |
Interest received | 84,244 | 41,642 |
Net cash from investing activities | (27,848 | ) | (101,286 | ) |
Cash flows from financing activities |
Amount introduced by directors | 227,155 | - |
Equity dividends paid | (7,972 | ) | - |
Net cash from financing activities | 219,183 | - |
(Decrease)/increase in cash and cash equivalents | (751,912 | ) | 1,262,902 |
Cash and cash equivalents at beginning of year |
2 |
3,900,552 |
2,391,614 |
Effect of foreign exchange rate changes | (95,890 | ) | 246,036 |
Cash and cash equivalents at end of year | 2 | 3,052,750 | 3,900,552 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 290,436 | (63,906 | ) |
Depreciation charges | 10,867 | 44,777 |
Loss on revaluation of fixed assets | - | 337,134 |
Finance income | (84,244 | ) | (41,642 | ) |
217,059 | 276,363 |
Decrease/(increase) in stocks | 60,296 | (210,053 | ) |
(Increase)/decrease in trade and other debtors | (401,564 | ) | 166,047 |
(Decrease)/increase in trade and other creditors | (773,660 | ) | 1,148,926 |
Cash generated from operations | (897,869 | ) | 1,381,283 |
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 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 3,052,750 | 3,900,552 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 3,900,552 | 2,391,614 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,900,552 | (847,802 | ) | 3,052,750 |
3,900,552 | (847,802 | ) | 3,052,750 |
Total | 3,900,552 | (847,802 | ) | 3,052,750 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
1. | STATUTORY INFORMATION |
John S. Miller Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies. |
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Wholly owned dormant subsidiaries are considered not to material for the purposes of providing a true and fair view and excluded from consolidation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the group has transferred the significant risks and rewards of ownership to the buyer; |
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probably that the group will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be meade, the useful life shall not exceed ten years. |
Software & website costs are unamortised. |
Goodwill has a useful life of 4 years. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Fixtures and fittings - 25% 4 years |
Office equipment - 100% 1 year |
Computer equipment - 100% 1 year |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Revaluation of tangible fixed assets: |
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
Investment property |
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group only enters into basic financial instrument transactions that result in the recognition of financial asset or liabilities. |
Short term debtors are measured at transaction price, less impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Medical sales | 24,475,637 | 20,107,669 |
Rental income | 225,239 | 211,019 |
24,700,876 | 20,318,688 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 225,239 | 211,019 |
Rest of the world | 24,475,637 | 20,107,669 |
24,700,876 | 20,318,688 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,076,309 | 2,927,094 |
Social security costs | 66,637 | 74,374 |
Other pension costs | 56,586 | 57,508 |
4,199,532 | 3,058,976 |
The average number of employees during the year was as follows: |
2024 | 2023 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 1,894,740 | 1,359,574 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 1,894,740 | 1,359,574 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 59,140 | 58,511 |
Depreciation - owned assets | 4,580 | 38,407 |
Depreciation - assets on hire purchase contracts or finance leases | 1,585 | 1,605 |
Goodwill amortisation | 4,702 | 17,308 |
Auditors' remuneration | 8,480 | 21,312 |
Foreign exchange differences | - | (970 | ) |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 71,674 | 25,883 |
Tax on profit/(loss) | 71,674 | 25,883 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 290,436 | (63,906 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 24.030 % (2023 - 19 %) |
69,792 |
(12,142 |
) |
Effects of: |
Capital allowances in excess of depreciation | (558 | ) | - |
Foreign tax on income for the year | 30,216 | 25,883 |
Other differences leading to (decrease)/increase | (27,331 | ) | 12,142 |
Structures and buildings allowance | (445 | ) | - |
Total tax charge | 71,674 | 25,883 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
7. | 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. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares shares of £0.05 each |
Interim | 7,972 | - |
9. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 72,453 | 32,526 | 104,979 |
Additions | - | 22,267 | 22,267 |
Exchange differences | (3,590 | ) | (1,611 | ) | (5,201 | ) |
At 31 January 2024 | 68,863 | 53,182 | 122,045 |
AMORTISATION |
At 1 February 2023 | 17,308 | - | 17,308 |
Amortisation for year | 4,702 | - | 4,702 |
Exchange differences | 3,734 | - | 3,734 |
At 31 January 2024 | 25,744 | - | 25,744 |
NET BOOK VALUE |
At 31 January 2024 | 43,119 | 53,182 | 96,301 |
At 31 January 2023 | 55,145 | 32,526 | 87,671 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 | 85,612 | 61,548 | 73,025 | 219,222 | 439,407 |
Additions | - | - | - | 4,122 | 4,122 |
Exchange differences | (4,242 | ) | (3,049 | ) | (1,329 | ) | (12,713 | ) | (21,333 | ) |
At 31 January 2024 | 81,370 | 58,499 | 71,696 | 210,631 | 422,196 |
DEPRECIATION |
At 1 February 2023 | 64,931 | 61,548 | 71,633 | 219,222 | 417,334 |
Charge for year | 1,585 | - | 458 | 4,122 | 6,165 |
Exchange differences | (3,254 | ) | (3,049 | ) | (1,330 | ) | (12,713 | ) | (20,346 | ) |
At 31 January 2024 | 63,262 | 58,499 | 70,761 | 210,631 | 403,153 |
NET BOOK VALUE |
At 31 January 2024 | 18,108 | - | 935 | - | 19,043 |
At 31 January 2023 | 20,681 | - | 1,392 | - | 22,073 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Improvement |
to |
property |
£ |
COST |
At 1 February 2023 | 85,612 |
Exchange differences | (4,242 | ) |
At 31 January 2024 | 81,370 |
DEPRECIATION |
At 1 February 2023 | 64,931 |
Charge for year | 1,585 |
Exchange differences | (3,254 | ) |
At 31 January 2024 | 63,262 |
NET BOOK VALUE |
At 31 January 2024 | 18,108 |
At 31 January 2023 | 20,681 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and |
fittings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 160 Greentree Drive, Suite 191, Dover, Delaware, United States, 19904 |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 14127 Califa Street, Van Nuys, California, United States, 91401 |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The subsidiaries operating in the USA prepare financial statements up to 31 December each year, while the parent is consolidated at the following 31 January. There are not considered to be any significant events between the two dates which require adjustment. |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 | 4,829,119 |
Additions | 85,703 |
At 31 January 2024 | 4,914,822 |
NET BOOK VALUE |
At 31 January 2024 | 4,914,822 |
At 31 January 2023 | 4,829,119 |
Company |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The 2024 valuations by Land Commercial Surveyors London Limited, on an open market value for existing use basis. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Goods for resale | 462,366 | 522,662 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 869,431 | 479,302 |
Amounts owed by group undertakings | - | - |
Other debtors | 263,782 | 232,569 |
Tax | 50 | 17,094 |
Prepayments and accrued income | 17,565 | 17,034 |
1,150,828 | 745,999 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 311,206 | 663,893 |
Tax | 43,388 | 18,593 |
Social security and other taxes | 70,548 | 34,937 |
Other creditors | 1,133,182 | 1,656,690 |
Directors' current accounts | 227,205 | 50 | 50 | 50 |
Accruals and deferred income | 367,102 | 305,334 |
2,152,631 | 2,679,497 |
16. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 495,868 | 495,868 | 495,868 | 495,868 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 495,868 |
Balance at 31 January 2024 | 495,868 |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Balance at 31 January 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £0.05 | 30,000 | 30,000 |
18. | RESERVES |
Group |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 February 2023 | 3,708,450 | 2,426,476 | 538,755 | 6,673,681 |
Profit for the year | 197,218 | 197,218 |
Dividends | (7,972 | ) | (7,972 | ) |
Foreign exchange reserve | - | - | (95,890 | ) | (95,890 | ) |
At 31 January 2024 | 3,897,696 | 2,426,476 | 442,865 | 6,767,037 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 5,925,444 |
Profit for the year |
At 31 January 2024 | 6,060,687 |
19. | NON-CONTROLLING INTERESTS |
As at 1 February 2023, balance attributable to non-controlling interest was £229,030. During the year, a total comprehensive income attributable to non-controlling interest was £21,544. As at 31 January 2024, balance due to non-controlling interest was £250,574. |
20. | CONTINGENT LIABILITIES |
There were no contingent liabilities at either the beginning or end of the financial year. |
JOHN S. MILLER LIMITED (REGISTERED NUMBER: 01169121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
21. | OTHER COMMITMENTS |
The company has a bank cross guarantee with Miller & Miller (Chemicals) Limited, a company under common control and ownership. |
22. | RELATED PARTY DISCLOSURES |
At the year-end, the group owed £978,709 (2023: £992,003) to Miller & Miller (Chemicals) Limited which is a related company due to common directors. During the year, the group made sales of £712,282 (2023: £478,650) to the same company. |
23. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The company has entered into a liability limitation agreement with Raffingers LLP, the statutory auditors, in respect of the statutory audit for the period ended 31 January 2024. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditors Liability Agreements and was approved by the members on 10 April 2024. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr J S Miller, by virtue of his shareholding in John S. Miller Limited. |