REGISTERED NUMBER: 10045486 (England and Wales) |
MILLFIELD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: 10045486 (England and Wales) |
MILLFIELD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 16 |
MILLFIELD HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
The director presents his strategic report of the company and the group for the year ended 31 July 2024. |
Fair Review of the Business including Key Performance Indicators |
The director considers the profit achieved on ordinary activities before taxation to be satisfactory, taking into account the current state of affairs around the world with the Covid pandemic. |
The director is pleased with the revenue of £17.34m (2023: £19.58m). The gross profit margin for the year decreased by 0.47%. |
The group recorded an operating profit before exceptional costs of £253k (2023: £957k). |
The group's statement of financial position shows a net worth of £3.45m in the year and is considered to represent a healthy state of affairs. |
Business Review |
The principal activity of the group in the year under review continues to be the provision of logistical solutions. There have not been any significant changes in the company's principal activities in the year under review. The director is not aware of any likely changes in the group's activities in the next year. |
Revenue decreased by 11.4% during the year primarily due to the end of a major contract. |
During the year, the sole customer of P&H Contract Services Limited served notice of its intention to terminate the service contract in place. The service contract came to an end, and all obligations discharged, at the end of July 2024. The cost control plan that was implemented by management in the wake of the notice of termination has served to mitigate undue costs and the business has continued to be able to pay all debts as they fall due. |
Management is satisfied that the subsidiary has sufficient cash reserves to meet any final costs arising after the year end and intends to keep the company active on the register as a non-trading entity. |
There have been no significant events since the statement of financial position date. |
Principal Risks and Uncertainties |
Whilst the group takes a responsible and balanced approach towards risk management it also recognises that risk is an inherent part of the business and, as with all businesses, sone risks may be beyond its control. |
Liquidity Risk |
In terms of financial risk management, the group considers that it has limited exposure to the various aspects of financial risk. The group aims to mitigate liquidity risk by closely managing the cash generated by its operating business. |
Interest Rate Risk |
The group's exposure to interest rate risk relates primarily to the group's long term and short term financial instruments. However, the director does not consider this to be a significant risk. |
Foreign Currency Risk |
The group trades primarily in the UK, therefore the level of foreign currency risk is extremely low. |
ON BEHALF OF THE BOARD: |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 JULY 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of logistical solutions. The principal activity of the company was that of a holding company. |
DIVIDENDS |
Dividends of £160,000 have been declared for the year ended 31 July 2024. |
DIRECTOR |
EMPLOYMENT OF DISABLED PERSONS |
The group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
Where existing employees become disabled, it is the groups policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim. |
EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information, including information relating to the economic and financial factors likely to affect employees' interests continued via meetings. |
The group is committed to treating its employees with dignity and respect, and to value the differences people bring to the business. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the report of the directors. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 JULY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILLFIELD HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Millfield Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 July 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILLFIELD HOLDINGS 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: |
As part of our planning process: |
- | We enquired of management the systems and controls the company and group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and Health & Safety at Work 1974. |
- | We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- | Using our knowledge of the group, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILLFIELD HOLDINGS LIMITED |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- | Identifying and testing journal entries and consolidation adjustments, in particular those that were significant and unusual. |
- | Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- | Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation, goodwill amortisation, and recoverability of trade and intercompany debtors. |
- | Assessing the extent of compliance, or lack of, with the relevant laws and regulations. |
- | Testing key revenue lines, for evidence of management bias. |
- | Physical verification of key assets. |
- | Obtaining third-party confirmation of material bank balances. |
- | Documenting and verifying all significant related party balances and transactions. |
- | Reviewing documentation such as the group board minutes, for discussions of irregularities including fraud. |
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 |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 | 17,338,385 | 19,579,340 |
Cost of sales | (14,487,243 | ) | (16,267,954 | ) |
GROSS PROFIT | 2,851,142 | 3,311,386 |
Administrative expenses | (2,597,834 | ) | (2,353,905 | ) |
OPERATING PROFIT | 5 | 253,308 | 957,481 |
Interest receivable and similar income | 62,419 | 6,325 |
315,727 | 963,806 |
Interest payable and similar expenses | 6 | (96,546 | ) | (87,337 | ) |
PROFIT BEFORE TAXATION | 219,181 | 876,469 |
Tax on profit | 7 | (204,236 | ) | (214,123 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
14,945 |
662,346 |
Profit attributable to: |
Owners of the parent | 14,945 | 662,346 |
Total comprehensive income attributable to: |
Owners of the parent | 14,945 | 662,346 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 77,590 | 593,077 |
Property, plant and equipment | 11 | 1,046,111 | 3,678,963 |
Investments | 12 | - | - |
1,123,701 | 4,272,040 |
CURRENT ASSETS |
Inventories | 13 | - | 49,194 |
Debtors | 14 | 1,673,911 | 1,258,089 |
Cash at bank and in hand | 3,358,456 | 2,966,790 |
5,032,367 | 4,274,073 |
CREDITORS |
Amounts falling due within one year | 15 | (2,560,478 | ) | (2,687,322 | ) |
NET CURRENT ASSETS | 2,471,889 | 1,586,751 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,595,590 |
5,858,791 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(142,436 |
) |
(1,847,910 |
) |
PROVISIONS FOR LIABILITIES | 20 | - | (412,672 | ) |
NET ASSETS | 3,453,154 | 3,598,209 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 795,001 | 795,001 |
Retained earnings | 22 | 2,658,153 | 2,803,208 |
SHAREHOLDERS' FUNDS | 3,453,154 | 3,598,209 |
The financial statements were approved by the director and authorised for issue on 16 January 2025 and were signed by: |
S D Gent - Director |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 228,132 | 660,000 |
The financial statements were approved by the director and authorised for issue on |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 | 795,001 | 2,300,862 | 3,095,863 |
Changes in equity |
Dividends | - | (160,000 | ) | (160,000 | ) |
Total comprehensive income | - | 662,346 | 662,346 |
Balance at 31 July 2023 | 795,001 | 2,803,208 | 3,598,209 |
Changes in equity |
Dividends | - | (160,000 | ) | (160,000 | ) |
Total comprehensive income | - | 14,945 | 14,945 |
Balance at 31 July 2024 | 795,001 | 2,658,153 | 3,453,154 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,541,152 | 2,266,307 |
Interest paid | (9,747 | ) | (18,048 | ) |
Interest element of hire purchase payments paid |
(86,799 |
) |
(69,289 |
) |
Tax paid | (124,254 | ) | (103,113 | ) |
Net cash from operating activities | 1,320,352 | 2,075,857 |
Cash flows from investing activities |
Purchase of property, plant & equipment | (911,138 | ) | (139,926 | ) |
Sale of property, plant & equipment | 2,911,033 | 201,097 |
Interest received | 62,419 | 6,325 |
Net cash from investing activities | 2,062,314 | 67,496 |
Cash flows from financing activities |
Bank loan repayments in year | (283,334 | ) | (99,999 | ) |
Hire purchase capital repayments in year | (2,551,874 | ) | (994,782 | ) |
Amount introduced by directors | 129,031 | 159,504 |
Amount withdrawn by directors | (124,823 | ) | (129,031 | ) |
Equity dividends paid | (160,000 | ) | (160,000 | ) |
Net cash from financing activities | (2,991,000 | ) | (1,224,308 | ) |
Increase in cash and cash equivalents | 391,666 | 919,045 |
Cash and cash equivalents at beginning of year |
2 |
2,966,790 |
2,047,745 |
Cash and cash equivalents at end of year | 2 | 3,358,456 | 2,966,790 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 219,181 | 876,469 |
Depreciation charges | 1,441,895 | 1,531,137 |
Profit on disposal of fixed assets | (263,742 | ) | (137,550 | ) |
Impairment of intangible assets | 306,167 | - |
Finance costs | 96,546 | 87,337 |
Finance income | (62,419 | ) | (6,325 | ) |
1,737,628 | 2,351,068 |
Decrease/(increase) in inventories | 49,194 | (19,683 | ) |
(Increase)/decrease in trade and other debtors | (412,038 | ) | 511,771 |
Increase/(decrease) in trade and other creditors | 166,368 | (576,849 | ) |
Cash generated from operations | 1,541,152 | 2,266,307 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 3,358,456 | 2,966,790 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 2,966,790 | 2,047,745 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.8.23 | Cash flow | changes | At 31.7.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,966,790 | 391,666 | 3,358,456 |
2,966,790 | 391,666 | 3,358,456 |
Debt |
Finance leases | (2,551,874 | ) | 2,551,874 | - | (335,876 | ) |
Debts falling due |
within 1 year | (100,000 | ) | 100,000 | - | - |
Debts falling due |
after 1 year | (183,334 | ) | 183,334 | - | - |
(2,835,208 | ) | 2,835,208 | - | (335,876 | ) |
Total | 131,582 | 3,226,874 | - | 3,022,580 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Millfield Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 10045486 and the registered office address is Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. |
The director believes that the group is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements. |
During the year, the service contract with the sole customer of P&H Contract Services Limited terminated. Management have implemented a cost control plan and do not forsee any issues with continuing to pay all remaining debts as they fall due. |
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. |
The consolidated financial statements incorporate those of Millfield 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 July 2024. 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. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group’s accounting policies, the director is 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. |
The critical estimates and judgement made by the director in preparing these financial statements are outlined below. |
Estimating the useful economic life of goodwill and customer relationships, which are both 10 years, and the useful economic life of the motor vehicles. |
Judgement is required in assessing the recoverability of trade and intercompany debtors. |
Revenue |
Revenue is recognised at the fair value of the consideration received or receivable for logistical solutions provided in the normal course of business by the statement of financial position date, and is shown net of VAT and other sales related taxes. |
Revenue is recognised when a service has been provided to a customer. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
Intangible assets other than goodwill |
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. |
Customer relationships | - 10% straight line |
Website | - 50% straight line |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 33% straight line |
Fixtures and fittings | - 10% - 33% straight line |
Motor vehicles | - 18% - 50% straight line |
Computer equipment | - 33% straight line |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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. |
Inventories |
Inventories 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. |
Financial instruments |
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
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 as a statement of financial position 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, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
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 inventories 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. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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. |
Equity instruments |
Equity instruments issued by the group 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 group. |
Fixed asset investments |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | REVENUE |
All revenue related to the principal activity of the group, being the provision of logistical solutions, and arose within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 8,243,708 | 8,942,636 |
Social security costs | 744,996 | 822,177 |
Other pension costs | 305,629 | 271,632 |
9,294,333 | 10,036,445 |
The average number of employees during the year as follows: |
2024 | 2023 |
£ | £ |
Administrative | 37 | 40 |
Distribution | 208 | 241 |
245 | 281 |
2024 | 2023 |
£ | £ |
Director's remuneration | 13,049 | 10,254 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
5. | OPERATING PROFIT |
Operating profit is stated after charging/(crediting); |
2024 | 2023 |
£ | £ |
Depreciation - owed assets | 696,344 | 151,775 |
Depreciation - assets held under hire purchase | 554,694 | 1,170,042 |
Profit on disposal of fixed assets | (263,742 | ) | (137,550 | ) |
Amortisation of intangible assets | 209,320 | 209,320 |
Auditor remuneration | 22,000 | 22,000 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 9,747 | 18,048 |
Hire purchase interest | 86,799 | 69,289 |
96,546 | 87,337 |
7. | 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 | 619,753 | 123,217 |
Overprovision of tax in prior year | 939 | - |
Total current tax | 620,692 | 123,217 |
Deferred tax | (416,456 | ) | 90,906 |
Tax on profit | 204,236 | 214,123 |
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 before tax | 219,181 | 876,469 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
54,795 |
219,117 |
Effects of: |
Expenses not deductible for tax purposes | 77,976 | 842 |
Capital allowances in excess of depreciation | - | (144,512 | ) |
Depreciation in excess of capital allowances | 609,117 | - |
Utilisation of tax losses | (174,465 | ) | - |
Effect of change in corporation tax rate | - | (4,560 | ) |
Overprovision in prior year | 939 | - |
Amortisation on assets not qualifying for tax allowances | 52,330 | 52,330 |
Deferred tax movement | (416,456 | ) | 90,906 |
Total tax charge | 204,236 | 214,123 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 160,000 | 160,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Customer |
Goodwill | relationships | Website | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 423,204 | 1,670,000 | 2,400 | 2,095,604 |
Impairments | - | (1,670,000 | ) | - | (1,670,000 | ) |
At 31 July 2024 | 423,204 | - | 2,400 | 425,604 |
AMORTISATION |
At 1 August 2023 | 303,294 | 1,196,833 | 2,400 | 1,502,527 |
Amortisation for year | 42,320 | 167,000 | - | 209,320 |
Impairments | - | (1,363,833 | ) | - | (1,363,833 | ) |
At 31 July 2024 | 345,614 | - | 2,400 | 348,014 |
NET BOOK VALUE |
At 31 July 2024 | 77,590 | - | - | 77,590 |
At 31 July 2023 | 119,910 | 473,167 | - | 593,077 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 | 5,529 | 7,798 | 9,373,073 | 28,496 | 9,414,896 |
Additions | - | - | 1,245,004 | 2,010 | 1,247,014 |
Disposals | - | - | (9,539,706 | ) | - | (9,539,706 | ) |
At 31 July 2024 | 5,529 | 7,798 | 1,078,371 | 30,506 | 1,122,204 |
DEPRECIATION |
At 1 August 2023 | 4,120 | 7,798 | 5,700,527 | 23,488 | 5,735,933 |
Charge for year | 512 | - | 1,247,583 | 2,943 | 1,251,038 |
Eliminated on disposal | - | - | (6,910,878 | ) | - | (6,910,878 | ) |
At 31 July 2024 | 4,632 | 7,798 | 37,232 | 26,431 | 76,093 |
NET BOOK VALUE |
At 31 July 2024 | 897 | - | 1,041,139 | 4,075 | 1,046,111 |
At 31 July 2023 | 1,409 | - | 3,672,546 | 5,008 | 3,678,963 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2023 | 3,377,565 |
Additions | 335,876 |
Disposals | (3,377,565 | ) |
At 31 July 2024 | 335,876 |
DEPRECIATION |
At 1 August 2023 | 875,306 |
Charge for year | 554,694 |
Eliminated on disposal | (1,423,991 | ) |
At 31 July 2024 | 6,009 |
NET BOOK VALUE |
At 31 July 2024 | 329,867 |
At 31 July 2023 | 2,502,259 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
Impairments | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Contract Vehicle Services Limited |
Registered office: Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW, UK |
Nature of business: Vehicle Hire |
% |
Class of shares: | holding |
Ordinary | 100.00 |
P & H Contract Services Limited |
Registered office: Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW, UK |
Nature of business: Logistical solutions |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Simon Willitts Transport Limited |
Registered office: Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW, UK |
Nature of business: Logistical solutions |
% |
Class of shares: | holding |
Ordinary | 100.00 |
13. | INVENTORIES |
Group |
2024 | 2023 |
£ | £ |
Inventories | - | 49,194 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,399,503 | 708,370 |
Amounts owed by group undertakings | - | - |
Other debtors | 215,294 | - |
VAT | 5,110 | 134,286 |
Deferred tax asset | 3,784 | - | - | - |
Prepayments and accrued income | 50,220 | 415,433 |
1,673,911 | 1,258,089 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 3,784 | - | - | - |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 100,000 |
Hire purchase contracts (see note 18) | 193,440 | 887,298 |
Trade creditors | 498,407 | 648,436 |
Amounts owed to group undertakings | - | - |
Corporation tax | 619,668 | 123,230 |
Social security and other taxes | 850,241 | 645,309 |
Other creditors | 179,446 | 207,107 |
Directors' current accounts | 35,177 | 30,969 | - | - |
Accruals and deferred income | 184,099 | 44,973 |
2,560,478 | 2,687,322 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | - | 183,334 |
Hire purchase contracts (see note 18) | 142,436 | 1,664,576 |
142,436 | 1,847,910 |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 100,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 100,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 83,334 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 193,440 | 887,298 |
Between one and five years | 142,436 | 1,664,576 |
335,876 | 2,551,874 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | - | 283,334 |
Hire purchase contracts | 335,876 | 2,551,874 |
335,876 | 2,835,208 |
The bank loan was secured by way of a debenture over the assets of the subsidiaries. |
Hire purchase contracts are secured over the assets to which they relate. |
MILLFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 10045486) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | - | 412,672 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 412,672 |
Provided during year | (416,456 | ) |
Balance at 31 July 2024 | (3,784 | ) |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 795,001 | 795,001 |
22. | RESERVES |
Retained earnings |
Profit and loss reserves relate to accumulated profits and losses to date, net of distributions to shareholders. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is S D Gent. |