IRIS Accounts Production v24.3.0.553 02794532 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities the retail and service of mobility and healthcare products. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 1 Ordinary 1.00000 Ordinary "A" 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027945322023-08-31027945322024-08-31027945322023-09-012024-08-31027945322022-08-31027945322022-09-012023-08-31027945322023-08-3102794532ns15:EnglandWales2023-09-012024-08-3102794532ns14:PoundSterling2023-09-012024-08-3102794532ns10:Director12023-09-012024-08-3102794532ns10:Director22023-09-012024-08-3102794532ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102794532ns10:MediumEntities2023-09-012024-08-3102794532ns10:Audited2023-09-012024-08-3102794532ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3102794532ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3102794532ns10:FullAccounts2023-09-012024-08-310279453212023-09-012024-08-3102794532ns10:OrdinaryShareClass12023-09-012024-08-3102794532ns10:OrdinaryShareClass22023-09-012024-08-3102794532ns10:OrdinaryShareClass2122023-09-012024-08-3102794532ns10:Director72023-09-012024-08-3102794532ns10:CompanySecretary12023-09-012024-08-3102794532ns10:RegisteredOffice2023-09-012024-08-3102794532ns10:Director32023-09-012024-08-3102794532ns10:Director42023-09-012024-08-3102794532ns10:Director52023-09-012024-08-3102794532ns10:Director62023-09-012024-08-3102794532ns5:CurrentFinancialInstruments2024-08-3102794532ns5:CurrentFinancialInstruments2023-08-3102794532ns5:ShareCapital2024-08-3102794532ns5:ShareCapital2023-08-3102794532ns5:SharePremium2024-08-3102794532ns5:SharePremium2023-08-3102794532ns5:RetainedEarningsAccumulatedLosses2024-08-3102794532ns5:RetainedEarningsAccumulatedLosses2023-08-3102794532ns5:ShareCapital2022-08-3102794532ns5:RetainedEarningsAccumulatedLosses2022-08-3102794532ns5:SharePremium2022-08-3102794532ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3102794532ns5:ShareCapital2023-09-012024-08-3102794532ns5:SharePremium2023-09-012024-08-3102794532ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-310279453212023-09-012024-08-310279453212022-09-012023-08-3102794532ns5:NetGoodwill2023-09-012024-08-3102794532ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3102794532ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-012024-08-3102794532ns5:ComputerSoftware2023-09-012024-08-3102794532ns5:LeaseholdImprovements2023-09-012024-08-3102794532ns5:PlantMachinery2023-09-012024-08-3102794532ns5:FurnitureFittings2023-09-012024-08-3102794532ns5:MotorVehicles2023-09-012024-08-3102794532ns5:ComputerEquipment2023-09-012024-08-3102794532ns10:HighestPaidDirector2023-09-012024-08-3102794532ns10:HighestPaidDirector2022-09-012023-08-3102794532ns5:OwnedAssets2023-09-012024-08-3102794532ns5:OwnedAssets2022-09-012023-08-3102794532ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-09-012023-08-3102794532ns5:ComputerSoftware2022-09-012023-08-3102794532ns10:OrdinaryShareClass12022-09-012023-08-3102794532ns5:NetGoodwill2023-08-3102794532ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-3102794532ns5:ComputerSoftware2023-08-3102794532ns5:NetGoodwill2024-08-3102794532ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-08-3102794532ns5:ComputerSoftware2024-08-3102794532ns5:NetGoodwill2023-08-3102794532ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-3102794532ns5:ComputerSoftware2023-08-3102794532ns5:LeaseholdImprovements2023-08-3102794532ns5:PlantMachinery2023-08-3102794532ns5:FurnitureFittings2023-08-3102794532ns5:LeaseholdImprovements2024-08-3102794532ns5:PlantMachinery2024-08-3102794532ns5:FurnitureFittings2024-08-3102794532ns5:LeaseholdImprovements2023-08-3102794532ns5:PlantMachinery2023-08-3102794532ns5:FurnitureFittings2023-08-3102794532ns5:MotorVehicles2023-08-3102794532ns5:ComputerEquipment2023-08-3102794532ns5:MotorVehicles2024-08-3102794532ns5:ComputerEquipment2024-08-3102794532ns5:MotorVehicles2023-08-3102794532ns5:ComputerEquipment2023-08-3102794532ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102794532ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102794532ns5:WithinOneYear2024-08-3102794532ns5:WithinOneYear2023-08-3102794532ns5:BetweenOneFiveYears2024-08-3102794532ns5:BetweenOneFiveYears2023-08-3102794532ns5:MoreThanFiveYears2024-08-3102794532ns5:MoreThanFiveYears2023-08-3102794532ns5:AllPeriods2024-08-3102794532ns5:AllPeriods2023-08-3102794532ns5:AcceleratedTaxDepreciationDeferredTax2024-08-3102794532ns5:AcceleratedTaxDepreciationDeferredTax2023-08-3102794532ns5:DeferredTaxation2023-08-3102794532ns5:DeferredTaxation2024-08-3102794532ns10:OrdinaryShareClass12024-08-3102794532ns5:RetainedEarningsAccumulatedLosses2023-08-3102794532ns5:SharePremium2023-08-31
REGISTERED NUMBER: 02794532 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 August 2024

for

Millercare Limited

Millercare Limited (Registered number: 02794532)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Millercare Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: A N Buchanan
P B Neal
Mrs T Butterworth



SECRETARY: P B Neal



REGISTERED OFFICE: Alexander House
38 Churchill Way
Lomeshaye Industrial Estate
Nelson
Lancashire
BB9 6RT



REGISTERED NUMBER: 02794532 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ



BANKERS: HSBC Bank
60 Church Street
Blackburn
Lancashire
BB1 5AS

Millercare Limited (Registered number: 02794532)

Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

The company continued its main activity which is the retail distribution and servicing of mobility and healthcare products from 15 retail outlets, a service department and online trading.

REVIEW OF BUSINESS
The key performance indicators are as follows:

2023 2022
£    £   
Sales 11,979 11,752
Operating profit 718 769
Gross margin 44.0% 42.8%

Net current assets 3,351 2,620
Shareholders funds 3,801 3,013

The company achieved a slightly higher level of sales for year at a better gross profit rate, which mitigated an increase operating expenses.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the continued operations are:

- A general downturn in the economy, resulting in a reduction in sales and profit. To mitigate the effects of an economic downturn, the company maintains a strong balance sheet and a sound net current asset position.

- Restrictions on the supply of products for re-sale. To avoid this situation, the company maintains a reasonable level of stock and re-ordering and a good credit rating to maximise its ability to maintain a steady supply of products.

FUTURE DEVELOPMENTS
The company has made a good trading start to the 2024/25 year with sales and gross profit rates similar to the previous year and expenses under good control.

ON BEHALF OF THE BOARD:





P B Neal - Director


23 January 2025

Millercare Limited (Registered number: 02794532)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2024.

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

A N Buchanan
P B Neal
Mrs T Butterworth

Other changes in directors holding office are as follows:

D C Johnson - resigned 26 July 2024
J W G Johnson - resigned 26 July 2024
Mrs L M Johnson - resigned 26 July 2024
Miss S A Johnson - resigned 26 July 2024

CHANGE OF OWNERSHIP
During the year Millercare Holdings Limited, a company established by the executive directors, N Buchanan, P Neal and T Butterworth acquired 100% of the ordinary share capital of the company in conjunction with an additional private investor.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

Millercare Limited (Registered number: 02794532)

Report of the Directors
for the Year Ended 31 August 2024


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

ON BEHALF OF THE BOARD:





P B Neal - Director


23 January 2025

Report of the Independent Auditors to the Members of
Millercare Limited

Opinion
We have audited the financial statements of Millercare Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 August 2024 and of its 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 company 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 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 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.

Report of the Independent Auditors to the Members of
Millercare Limited


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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Millercare 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:

We evaluated management's incentives and opportunities for over-riding controls and therefore
manipulation of the financial statements. We concluded that the risk was low. Our audit procedures in this respect carried out by the audit team included:

- Discussions with management including consideration of any known or suspected instances of
non-compliance with laws and regulations and fraud;

- Evaluating management's controls designed to prevent and detect any irregularities;

- Performing analytical procedures to identify any unusual or unexpected relationships which may indicate material misstatements due to fraud or error;

- Inspecting minutes of meetings of directors

- Review and testing of journal entries, in particular journal adjustments on or around the year-end; and

- Review and challenging judgements made by management concerning significant accounting estimate

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.




Keith Roberts (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

23 January 2025

Millercare Limited (Registered number: 02794532)

Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 11,979,361 11,751,796

Cost of sales 6,708,184 6,727,039
GROSS PROFIT 5,271,177 5,024,757

Administrative expenses 4,604,090 4,298,374
667,087 726,383

Other operating income 50,488 42,807
OPERATING PROFIT 4 717,575 769,190

Interest receivable and similar income 74,335 29,239
PROFIT BEFORE TAXATION 791,910 798,429

Tax on profit 5 38,287 173,645
PROFIT FOR THE FINANCIAL YEAR 753,623 624,784

Millercare Limited (Registered number: 02794532)

Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 753,623 624,784


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

753,623

624,784

Millercare Limited (Registered number: 02794532)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 5,049 7,271
Tangible assets 8 566,713 488,360
571,762 495,631

CURRENT ASSETS
Stocks 9 1,246,673 1,459,336
Debtors 10 2,895,092 597,446
Cash at bank and in hand 966,024 2,553,706
5,107,789 4,610,488
CREDITORS
Amounts falling due within one year 11 1,756,295 1,990,856
NET CURRENT ASSETS 3,351,494 2,619,632
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,923,256

3,115,263

PROVISIONS FOR LIABILITIES 13 122,411 101,791
NET ASSETS 3,800,845 3,013,472

CAPITAL AND RESERVES
Called up share capital 14 1,125 1,000
Share premium 15 33,625 -
Retained earnings 15 3,766,095 3,012,472
SHAREHOLDERS' FUNDS 3,800,845 3,013,472

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





A N Buchanan - Director


Millercare Limited (Registered number: 02794532)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 1,000 2,787,688 - 2,788,688

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 624,784 - 624,784
Balance at 31 August 2023 1,000 3,012,472 - 3,013,472

Changes in equity
Issue of share capital 125 - 33,625 33,750
Total comprehensive income - 753,623 - 753,623
Balance at 31 August 2024 1,125 3,766,095 33,625 3,800,845

Millercare Limited (Registered number: 02794532)

Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 882,602 806,858
Tax paid (117,227 ) (170,799 )
Net cash from operating activities 765,375 636,059

Cash flows from investing activities
Purchase of intangible fixed assets (5,820 ) (5,900 )
Purchase of tangible fixed assets (298,291 ) (381,135 )
Sale of tangible fixed assets 36,595 37,389
Interest received 74,335 29,239
Net cash from investing activities (193,181 ) (320,407 )

Cash flows from financing activities
Amount withdrawn by directors (3,000 ) -
Share issue 33,750 -
Loan to holding company (2,190,626 ) -
Equity dividends paid - (400,000 )
Net cash from financing activities (2,159,876 ) (400,000 )

Decrease in cash and cash equivalents (1,587,682 ) (84,348 )
Cash and cash equivalents at
beginning of year

2

2,553,706

2,638,054

Cash and cash equivalents at end of
year

2

966,024

2,553,706

Millercare Limited (Registered number: 02794532)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

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

2024 2023
£    £   
Profit before taxation 791,910 798,429
Depreciation charges 193,238 135,725
Profit on disposal of fixed assets (1,852 ) (24,266 )
Finance income (74,335 ) (29,239 )
908,961 880,649
Decrease/(increase) in stocks 212,663 (99,321 )
Increase in trade and other debtors (104,020 ) (125,449 )
(Decrease)/increase in trade and other creditors (135,002 ) 150,979
Cash generated from operations 882,602 806,858

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 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 966,024 2,553,706
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 2,553,706 2,638,054


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 2,553,706 (1,587,682 ) 966,024
2,553,706 (1,587,682 ) 966,024
Total 2,553,706 (1,587,682 ) 966,024

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Millercare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Sales are recognised at the point at which the goods are transferred to the buyer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006 has been fully amortised evenly over its estimated useful life of five years.

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

Website costs are being amortised evenly over their estimated useful life of three years.

Telephone divert system is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% and 25% on cost
Plant and machinery - 15% and 25% on cost
Fixtures and fittings - 25% on cost and 7 years
Motor vehicles - 30% on reducing balance and 25% and 30% on cost
Computer equipment - 20% on cost and 25% and 33% on cost

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,481,663 2,259,526
Social security costs 235,924 218,586
Other pension costs 60,537 88,313
2,778,124 2,566,425

The average number of employees during the year was as follows:
2024 2023

Directors & shareholders 5 5
Branches 54 57
Service 15 13
Web 2 2
ADL 4 4
80 81

2024 2023
£    £   
Directors' remuneration 311,911 339,640
Directors' pension contributions to money purchase schemes 13,150 45,661

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

One director exercised share options during the year (2023 - no directors).

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 97,163 108,810
Pension contributions to money purchase schemes 5,868 26,529

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 185,195 132,953
Profit on disposal of fixed assets (1,852 ) (24,266 )
Website costs amortisation 7,854 2,520
Telephone divert system amortisation 188 250
Auditors' remuneration 8,450 6,580

5. 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 17,667 117,227

Deferred tax 20,620 56,418
Tax on profit 38,287 173,645

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 791,910 798,429
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 21.515%)

197,978

171,782

Effects of:
Expenses not deductible for tax purposes 297 4,605
Capital allowances in excess of depreciation (19,945 ) (59,160 )
Deferred taxation charge 20,620 56,418
Gain on issue of shares under EMI scheme (160,484 ) -
Marginal relief (179 ) -
Total tax charge 38,287 173,645

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 400,000

7. INTANGIBLE FIXED ASSETS
Telephone
Website divert
Goodwill costs system Totals
£    £    £    £   
COST
At 1 September 2023 10,000 18,807 1,000 29,807
Additions - 5,820 - 5,820
Disposals - (18,930 ) - (18,930 )
At 31 August 2024 10,000 5,697 1,000 16,697
AMORTISATION
At 1 September 2023 10,000 11,723 813 22,536
Amortisation for year - 7,854 188 8,042
Eliminated on disposal - (18,930 ) - (18,930 )
At 31 August 2024 10,000 647 1,001 11,648
NET BOOK VALUE
At 31 August 2024 - 5,050 (1 ) 5,049
At 31 August 2023 - 7,084 187 7,271

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 89,346 5,264 284,767
Additions - - 27,685
Disposals - - (22,799 )
At 31 August 2024 89,346 5,264 289,653
DEPRECIATION
At 1 September 2023 88,682 5,264 212,625
Charge for year 664 - 23,787
Eliminated on disposal - - (22,799 )
At 31 August 2024 89,346 5,264 213,613
NET BOOK VALUE
At 31 August 2024 - - 76,040
At 31 August 2023 664 - 72,142

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 634,224 278,816 1,292,417
Additions 263,414 7,192 298,291
Disposals (108,002 ) (6,614 ) (137,415 )
At 31 August 2024 789,636 279,394 1,453,293
DEPRECIATION
At 1 September 2023 305,742 191,744 804,057
Charge for year 128,844 31,900 185,195
Eliminated on disposal (73,259 ) (6,614 ) (102,672 )
At 31 August 2024 361,327 217,030 886,580
NET BOOK VALUE
At 31 August 2024 428,309 62,364 566,713
At 31 August 2023 328,482 87,072 488,360

9. STOCKS
2024 2023
£    £   
Goods for resale 1,246,673 1,459,336

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 308,888 250,529
Amounts owed by group undertakings 2,190,626 -
Other debtors 250 1,950
VAT debtor 146,426 76,017
Corporation tax recoverable - 930
Amounts due from related company - 31,652
Directors' current accounts 3,000 -
Prepayments and accrued income 245,902 236,368
2,895,092 597,446

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,629,167 1,751,941
Tax 17,667 117,227
Social security and other taxes 59,285 58,175
Accrued expenses 50,176 63,513
1,756,295 1,990,856

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 372,663 269,208
Between one and five years 828,000 370,996
In more than five years 195,117 -
1,395,780 640,204

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 122,411 45,373
charge for the year - 56,418
122,411 101,791

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 101,791
Increase in provision 20,620
Balance at 31 August 2024 122,411

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,125 Ordinary £1 1,125 1,000

The following shares were issued during the year:

125 Ordinary "A" shares of £1 for cash of £ 33,750

During the year 125 A ordinary shares where issued for £33,750 on the exercise of an EMI option. Subsequently the 125 A ordinary shares and 1,000 B ordinary shares where re-classified as 1,125 ordinary shares.

15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 3,012,472 - 3,012,472
Profit for the year 753,623 753,623
Cash share issue - 33,625 33,625
At 31 August 2024 3,766,095 33,625 3,799,720

16. ULTIMATE PARENT COMPANY

Millercare Holdings Limited is regarded by the directors as being the company's ultimate parent company.

17. OTHER FINANCIAL COMMITMENTS

The company has provided security in the form of fixed and floating charges over the assets of the company in respect of loans to the company's parent company Millercare Holdings Limited.

Millercare Limited (Registered number: 02794532)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

18. RELATED PARTY DISCLOSURES

During the year the company paid rent of £40,488 (2023: £32,371) to Fred Miller Limited a company in which Mr and Mrs Johnson and their family. Since the end of the year, the parent company, Millercare Holdings Limited has purchased the property from Fred Miller Limited for £350,000. At 31 August 2024 the balance outstanding to Fred Miller Limited was £1,170.

On 26 July 2024 Millercare Holdings Limited a company of which P Neal, N Buchanan and TButterworth are directors and shareholders purchased 100% of the share capital of Millercare Limited.

On the same day Mrs L Johnson purchased a car from the company at its market value of £14,305.