Company registration number 03030596 (England and Wales)
MILLBANK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MILLBANK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D Hopley
Mrs A Hopley
Company number
03030596
Registered office
Millbank House
Northway
Runcorn
WA7 2SX
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
MILLBANK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
MILLBANK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The principal activity of the company is that of a holding company and predominantly generates income by management fees charged to the subsidiary companies.
Position at the end of the period
The balance sheet at the end of the year shows that the company's net assets have decreased by £127,686 to £793,821. A dividend was declared to the parent company during the year of £228,690. No dividends have been received from subsidiary companies during the year.
Principal risks and uncertainties
The company’s principal risks and uncertainties lie with its subsidiary companies’ ability to trade and therefore pay the management charges and dividends to the company.
All group risks are managed at the ultimate parent level and are detailed in the Strategic Report of MillB 2018 Ltd.
Mr D Hopley
Director
26 January 2025
MILLBANK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company was that of an intermediate parent company providing management services to the subsidiary companies.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £228,690. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Hopley
Mrs A Hopley
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Financial risk management objectives and policies
The company finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings.
The management's objectives are to:
retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds and;
minimise the group's exposure to fluctuating interest rates when seeking new borrowings; and
match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the company's trading activities.
Where appropriate, funds are held primarily in short term variable rate deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with reputable UK banks.
Hedge accounting is not used by the company.
On behalf of the board
Mr D Hopley
Director
26 January 2025
MILLBANK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors are responsible for preparing the annual report 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.
MILLBANK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLBANK HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Millbank Holdings Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 September 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.
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 Auditor 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
MILLBANK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLBANK HOLDINGS LIMITED (CONTINUED)
- 5 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:
enquiries with management, about any known or suspected instances of non-compliance with laws and regulations or fraud within the business;
challenging assumptions and judgements made by management in their key accounts estimates, in particular in relation to provisions;
auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments made by management for appropriateness;
reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries, and
auditing the risk of fraud in revenue, including through the testing of the cut off of management charge income at the year end and completing a proof in total to ensure income is complete and recognised in the correct accounting period.
MILLBANK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLBANK HOLDINGS LIMITED (CONTINUED)
- 6 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Paul Spencer BSc(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
27 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
MILLBANK HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
1,275,106
1,136,281
Administrative expenses
(1,141,926)
(1,076,277)
Other operating income
53,530
53,883
Operating profit
4
186,710
113,887
Interest payable and similar expenses
7
(51,163)
(59,995)
Profit before taxation
135,547
53,892
Tax on profit
8
(34,543)
(11,610)
Profit for the financial year
101,004
42,282
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MILLBANK HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
71,936
82,850
Investments
11
1,001,642
1,023,536
1,073,578
1,106,386
Current assets
Debtors
13
584,267
661,381
Cash at bank and in hand
42,901
34,641
627,168
696,022
Creditors: amounts falling due within one year
14
(413,924)
(274,793)
Net current assets
213,244
421,229
Total assets less current liabilities
1,286,822
1,527,615
Creditors: amounts falling due after more than one year
15
(479,002)
(589,451)
Provisions for liabilities
Deferred tax liability
17
13,999
16,657
(13,999)
(16,657)
Net assets
793,821
921,507
Capital and reserves
Called up share capital
19
6,857
6,857
Profit and loss reserves
786,964
914,650
Total equity
793,821
921,507
The financial statements were approved by the board of directors and authorised for issue on 26 January 2025 and are signed on its behalf by:
Mr D Hopley
Director
Company registration number 03030596 (England and Wales)
MILLBANK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
6,857
1,016,419
1,023,276
Year ended 30 September 2023:
Profit and total comprehensive income
-
42,282
42,282
Dividends
9
-
(144,051)
(144,051)
Balance at 30 September 2023
6,857
914,650
921,507
Year ended 30 September 2024:
Profit and total comprehensive income
-
101,004
101,004
Dividends
9
-
(228,690)
(228,690)
Balance at 30 September 2024
6,857
786,964
793,821
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information
Millbank Holdings Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Millbank House, Northway, Runcorn, Cheshire, WA7 2SX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Millb 2018 Ltd. These consolidated financial statements are available from its registered office, Millbank House, Northway, Runcorn, WA7 2SX.
1.2
Going concern
Our trading position has remained steady, albeit conservative, in light of external challenges including global conflicts, economic uncertainties, the recent election of a Labour government, and a reduction in interest rates by the Bank of England. However, demand with our clients for the professional personnel we provide remains high across multiple industries for the delivery of their required talent pools. true
The director has prepared detailed budgets and cash flows and considered various possible scenarios. These forecasts are continually monitored and regularly updated to reflect the latest available information.
Our business model is robust and we are in a strong position to grow turnover and gross profit with investment to promote organic growth being of key focus. Further IT investments are planned that will support growth and further enhance and automate processes.
The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover
Turnover represents management charges received from subsidiaries and is recognised in the period to which they relate.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% - 10% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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 leases asset are consumed.
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no critical accounting estimates or judgements made in these financial statements.
3
Turnover and other revenue
All of the company's turnover relates to management charges received from subsidiaries with all turnover being earned in the United Kingdom.
2024
2023
£
£
Other revenue
Rental income arising from investment properties
53,530
53,883
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
36,590
34,950
Depreciation of owned tangible fixed assets
17,601
33,517
Loss on disposal of tangible fixed assets
3,647
4,066
Operating lease charges
159,737
141,581
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management staff
7
7
Administration staff
12
10
Total
19
17
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
560,771
528,468
Social security costs
58,066
54,823
Pension costs
19,951
11,689
638,788
594,980
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
122,025
134,663
Company pension contributions to defined contribution schemes
6,000
-
128,025
134,663
The company did not make pension contributions on behalf of the directors in the prior year.
7
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
51,163
59,995
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
37,201
17,094
Deferred tax
Origination and reversal of timing differences
(2,658)
(5,484)
Total tax charge
34,543
11,610
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
135,547
53,892
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
33,887
11,862
Tax effect of expenses that are not deductible in determining taxable profit
830
688
Tax effect of income not taxable in determining taxable profit
(940)
Adjustments in respect of prior years
(174)
Taxation charge for the year
34,543
11,610
9
Dividends
2024
2023
£
£
Final paid
228,690
144,051
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
200,769
233,819
15,986
450,574
Additions
10,516
10,516
Disposals
(31,524)
(31,524)
At 30 September 2024
200,769
212,811
15,986
429,566
Depreciation and impairment
At 1 October 2023
157,403
194,335
15,986
367,724
Depreciation charged in the year
1,842
15,759
17,601
Eliminated in respect of disposals
(27,695)
(27,695)
At 30 September 2024
159,245
182,399
15,986
357,630
Carrying amount
At 30 September 2024
41,524
30,412
71,936
At 30 September 2023
43,366
39,484
82,850
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
1,001,642
1,023,536
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
1,023,536
Disposals
(21,894)
At 30 September 2024
1,001,642
Carrying amount
At 30 September 2024
1,001,642
At 30 September 2023
1,023,536
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
12
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
M.D.A Rail Limited
1
Ordinary
100.00
Millbank Resource Management Limited
1
Ordinary
100.00
Priory Design Services Limited
1
Ordinary
100.00
Forbes H R Limited
1
Ordinary
95.00
Registered office addresses (all UK unless otherwise indicated):
1
Millbank House, Northway, Runcorn, WA7 2SX
At the start of the period both MDA Technical Personnel Limited and MDA Work Services Limited were dormant subsidiaries of Millbank Holdings Limited. During the year MDA Work Services Limited was dissolved and MDA Technical Personnel Limited had an application to strike off in place by the 30 September 2024 and was subsequently dissolved on 22 October 2024.
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
510,605
535,548
Prepayments and accrued income
73,662
125,833
584,267
661,381
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
16
100,000
Trade creditors
75,289
87,627
Amounts owed to group undertakings
83,635
62,523
Corporation tax
37,201
17,094
Other taxation and social security
56,817
55,251
Accruals and deferred income
60,982
52,298
413,924
274,793
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
16
479,002
589,451
Other borrowings is made up of long term directors' and former directors' loan accounts. Interest is charged on these loans at a rate of 10% (2023 - 10%) per annum.
16
Loans and overdrafts
2024
2023
£
£
Other loans
579,002
589,451
Payable within one year
100,000
Payable after one year
479,002
589,451
The long term borrowings represent amounts lent to the company by the directors and former directors.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
14,354
16,657
Short term timing differences
(355)
-
13,999
16,657
2024
Movements in the year:
£
Liability at 1 October 2023
16,657
Credit to profit or loss
(2,658)
Liability at 30 September 2024
13,999
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,951
11,689
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,857
6,857
6,857
6,857
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
153,948
143,166
Between two and five years
546,572
122,517
In over five years
895,333
1,595,853
265,683
MILLBANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
Management recharges
131,590
199,143
520
218,114
Other related parties
Rent paid
132,500
129,000
Balances with related parties
Category
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
236,257
128,670
Other information
The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
22
Ultimate controlling party
The ultimate parent company is Millb 2018 Ltd, a company incorporated in England and Wales. The registered office of Millb 2018 Ltd is Millbank House, Northway, Runcorn, WA7 2SX.
The largest and smallest group in which the results of the company are consolidated is that headed by Millb 2018 Ltd. The consolidated financial statements of this group are available to the public and may be obtained from Millbank House, Northway, Runcorn, WA7 2SX.
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