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REGISTERED NUMBER: 00435262 (England and Wales)















MINTON,TREHARNE & DAVIES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

29TH MARCH 2023 TO 31ST MARCH 2024






MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


MINTON,TREHARNE & DAVIES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024







DIRECTORS: R J Minton
C J Minton
J E Minton





SECRETARY: J A Minton





REGISTERED OFFICE: Minton, Treharne & Davies Limited
Longwood Drive
Forest Farm Industrial Estate
Cardiff
CF14 7HY





REGISTERED NUMBER: 00435262 (England and Wales)





AUDITORS: Green & Co
Chartered Certified Accountants
and Registered Auditors (Statutory Auditor)
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

The directors present their strategic report of the company and the group for the period 29th March 2023 to 31st March 2024.

REVIEW OF BUSINESS
The group continues to achieve its strategy of growth through diversification with much more emphasis on quality of service.

Turnover in the year for the group has increased from £15.2m in 2023 to £16.8m in 2024. We have had a full year of post covid recovery which is reflected in the increase in turnover.

The group remains optimistic regarding the future and believes that the policy of providing a superior level of service to customers and the continued investment in technology (aiming to provide greater transparency) will keep the group at the forefront of the industry.

Our overseas offices have shown encouraging signs in the current financial year and the group is confident that there will be further growth going forward thus showing our continued investment in key locations around the world.

The financial statements have been prepared on a going concern basis which assumes the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered facilities that are in place at the date of signing the report.

PRINCIPAL RISKS AND UNCERTAINTIES

Business continuity
The disaster recovery plan continues to be reviewed
and strengthened.


Competition
The group continues to monitor the performance of
its main competitors.






Interest rate risk
The group finances its operation through a mixture of
retained profits, finance agreements and bank
borrowings. The company's exposure is managed by
the use of fixed charge lease agreements. The bank
facilities are a mixture of fixed and variable which
are continually monitored by the company.



Liquidity risk
The group utilises appropriately termed debt finance
that is designed to ensure that it has sufficient funds
for operations.


Credit risk
The group has robust credit controls in place to
mitigate the risk of bad debts.


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

KEY PERFORMANCE INDICATORS
2024 2023 Variance

Revenue 16,771,998 15,239,249 1,532,749
Cost of sales 9,373,682 8,968,553 (405,129 )
Gross profit 7,398,316 6,270,696 1,127,620
Gross profit % 44.11% 41.15% 2.96%
Administrative expenses 6,620,150 4,368,266 (2,251,884 )
Other operating income 185,606 104,156 81,450
Operating profit/(loss) 963,772 2,006,586 (1,042,814 )

ON BEHALF OF THE BOARD:





C J Minton - Director


19th March 2025

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

The directors present their report with the financial statements of the company and the group for the period 29th March 2023 to 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of providing scientific consultancy, surveying, testing, and training services.

DIVIDENDS
The total distribution of dividends for the period ended 31st March 2024 will be £ 578,374 .

DIRECTORS
The directors shown below have held office during the whole of the period from 29th March 2023 to the date of this report.

R J Minton
C J Minton
J E Minton

FINANCIAL INSTRUMENTS
The company's financial instruments comprise of bank balances, trade debtors, trade creditors, hire purchase, intercompany loans within the group and to related companies under the control of the director and bank loans.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements concerned is shown below:

In respect of bank balances, liquidity is managed by maintaining sufficient cash balances.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out its strategic report information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. It has done so in respect of future development and financial risks and uncertainties.


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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
The auditors, Green & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C J Minton - Director


19th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINTON,TREHARNE & DAVIES LIMITED

Opinion
We have audited the financial statements of Minton,Treharne & Davies Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31st March 2024 which comprise the Consolidated Profit and Loss, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2024 and of the group's profit for the period 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 qualified opinion
Limitation of scope
Other creditors relating to the prior year include an amount of £97,271 which the company was holding as the company was unsure if the funds belong to the company. We were unable to obtain evidence of the company trying to contact the possible recipients of the monies and therefore we were unable to determine whether any adjustment to this amount was necessary.
We have obtained sufficient and appropriate evidence to confirm the balance of £18,208 in the current year financial statements.

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 qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINTON,TREHARNE & DAVIES LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to other creditors, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of the audit.

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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINTON,TREHARNE & DAVIES 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 obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk or irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

* Enquiry of management and those charged with governance around actual and potential litigation and claims as actual , suspected and alleged fraud;
* Reviewing minutes of meetings of those charged with governance;
* Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
* Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates or indicators of potential bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINTON,TREHARNE & DAVIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




ED GOODERHAM (Senior Statutory Auditor)
for and on behalf of Green & Co
Chartered Certified Accountants
and Registered Auditors (Statutory Auditor)
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

19th March 2025

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED
PROFIT AND LOSS
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

Period
29.3.23
to Year Ended
31.3.24 28.3.23
Notes £    £   

TURNOVER 3 16,771,998 15,239,249

Cost of sales 9,373,682 8,968,553
GROSS PROFIT 7,398,316 6,270,696

Administrative expenses 6,403,868 4,209,845
994,448 2,060,851

Other operating income 64,769 98,877
OPERATING PROFIT 5 1,059,217 2,159,728

Interest receivable and similar income 7 120,837 5,279
1,180,054 2,165,007

Interest payable and similar expenses 8 216,282 158,421
PROFIT BEFORE TAXATION 963,772 2,006,586

Tax on profit 9 (602,506 ) 297,011
PROFIT FOR THE FINANCIAL
PERIOD

1,566,278

1,709,575
Profit attributable to:
Owners of the parent 1,665,783 1,766,152
Non-controlling interests (99,505 ) (56,577 )
1,566,278 1,709,575

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

Period
29.3.23
to Year Ended
31.3.24 28.3.23
Notes £    £   

PROFIT FOR THE PERIOD 1,566,278 1,709,575


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,566,278

1,709,575

Total comprehensive income attributable to:
Owners of the parent 1,665,784 1,766,152
Non-controlling interests (99,506 ) (56,577 )
1,566,278 1,709,575

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 119,999 119,999
Tangible assets 13 10,892,463 10,417,757
Investments 14 253,598 253,598
Investment property 15 1,200,000 1,200,000
12,466,060 11,991,354

CURRENT ASSETS
Stocks 16 551 13,044
Debtors 17 10,577,073 10,299,410
Cash at bank and in hand 1,532,020 1,804,660
12,109,644 12,117,114
CREDITORS
Amounts falling due within one year 18 2,471,689 2,617,698
NET CURRENT ASSETS 9,637,955 9,499,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,104,015

21,490,770

CREDITORS
Amounts falling due after more than one
year

19

(1,895,273

)

(2,011,894

)

PROVISIONS FOR LIABILITIES 23 (763,674 ) (1,021,711 )
NET ASSETS 19,445,068 18,457,165

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED BALANCE SHEET - continued
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 24 100,000 100,000
Capital redemption reserve 25 10,000 10,000
Fair value reserve 25 918,163 997,617
Retained earnings 25 18,230,133 17,063,270
SHAREHOLDERS' FUNDS 19,258,296 18,170,887

NON-CONTROLLING INTERESTS 186,772 286,278
TOTAL EQUITY 19,445,068 18,457,165


The financial statements were approved by the Board of Directors and authorised for issue on 19th March 2025 and were signed on its behalf by:





C J Minton - Director


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

COMPANY BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 10,838,951 10,360,416
Investments 14 436,249 436,249
Investment property 15 1,200,000 1,200,000
12,475,200 11,996,665

CURRENT ASSETS
Debtors 17 7,839,663 7,493,616
Cash at bank and in hand 969,926 1,375,217
8,809,589 8,868,833
CREDITORS
Amounts falling due within one year 18 4,715,834 4,228,516
NET CURRENT ASSETS 4,093,755 4,640,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,568,955

16,636,982

CREDITORS
Amounts falling due after more than one
year

19

(1,895,273

)

(2,011,894

)

PROVISIONS FOR LIABILITIES 23 (762,317 ) (650,414 )
NET ASSETS 13,911,365 13,974,674

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

COMPANY BALANCE SHEET - continued
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 24 100,000 100,000
Capital redemption reserve 25 10,000 10,000
Fair value reserve 25 918,163 997,617
Retained earnings 25 12,883,202 12,867,057
SHAREHOLDERS' FUNDS 13,911,365 13,974,674

Company's profit for the financial year 515,065 1,656,462


The financial statements were approved by the Board of Directors and authorised for issue on 19th March 2025 and were signed on its behalf by:





C J Minton - Director


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 29th March 2022 100,000 16,263,723 10,000

Changes in equity
Dividends - (32,900 ) -
Total comprehensive income - 832,447 -
Balance at 28th March 2023 100,000 17,063,270 10,000

Changes in equity
Dividends - (578,374 ) -
Total comprehensive income - 1,745,237 -
Balance at 31st March 2024 100,000 18,230,133 10,000
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 29th March 2022 63,912 16,437,635 342,855 16,780,490

Changes in equity
Dividends - (32,900 ) - (32,900 )
Total comprehensive income 933,705 1,766,152 (56,577 ) 1,709,575
Balance at 28th March 2023 997,617 18,170,887 286,278 18,457,165

Changes in equity
Dividends - (578,374 ) - (578,374 )
Total comprehensive income (79,454 ) 1,665,783 (99,506 ) 1,566,277
Balance at 31st March 2024 918,163 19,258,296 186,772 19,445,068

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 29th March 2022 100,000 12,177,200 10,000 63,912 12,351,112

Changes in equity
Dividends - (32,900 ) - - (32,900 )
Total comprehensive income - 722,757 - 933,705 1,656,462
Balance at 28th March 2023 100,000 12,867,057 10,000 997,617 13,974,674

Changes in equity
Dividends - (578,374 ) - - (578,374 )
Total comprehensive income - 594,519 - (79,454 ) 515,065
Balance at 31st March 2024 100,000 12,883,202 10,000 918,163 13,911,365

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

Period
29.3.23
to Year Ended
31.3.24 28.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 813,256 (623,003 )
Interest paid (158,556 ) (115,217 )
Interest element of hire purchase
payments paid

(56,818

)

(37,214

)
Finance costs paid - (1,103 )
Government grant received - 55,149
Tax paid (116,229 ) (51,536 )
Taxation refund 108,770 107,739
Net cash from operating activities 590,423 (665,185 )

Cash flows from investing activities
Purchase of tangible fixed assets (466,631 ) (177,722 )
Sale of tangible fixed assets 186,021 13,868
Interest received 17,182 5,279
Net cash from investing activities (263,428 ) (158,575 )

Cash flows from financing activities
Loan repayments in year (322,322 ) (337,088 )
Capital repayments in year on HP (203,437 ) (124,692 )
Amount withdrawn by directors (27,736 ) -
Equity dividends paid (78,374 ) (32,900 )
Net cash from financing activities (631,869 ) (494,680 )

Decrease in cash and cash equivalents (304,874 ) (1,318,440 )
Cash and cash equivalents at beginning
of period

2

1,804,660

3,166,514
Effect of foreign exchange rate changes 32,234 (43,414 )
Cash and cash equivalents at end of
period

2

1,532,020

1,804,660

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

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

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Profit before taxation 963,772 2,006,586
Depreciation charges 289,945 295,901
(Profit)/loss on disposal of fixed assets (11,518 ) 6,521
Loss/(gain) on revaluation of fixed assets 79,650 (1,511,763 )
FX adjustment on consolidation (6,559 ) 23,610
Impairment loss on receivables - 10,000
Government grants (11,906 ) (457 )
Finance costs 216,282 158,421
Finance income (120,837 ) (5,279 )
1,398,829 983,540
Decrease/(increase) in stocks 12,493 (10,819 )
Increase in trade and other debtors (732,790 ) (1,286,968 )
Increase/(decrease) in trade and other creditors 134,724 (308,756 )
Cash generated from operations 813,256 (623,003 )

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:

Period ended 31st March 2024
31.3.24 29.3.23
£    £   
Cash and cash equivalents 1,532,020 1,804,660
Year ended 28th March 2023
28.3.23 29.3.22
£    £   
Cash and cash equivalents 1,804,660 3,166,514


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 29.3.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,804,660 (272,640 ) 1,532,020
1,804,660 (272,640 ) 1,532,020
Debt
Finance leases (274,534 ) 203,437 - (623,273 )
Debts falling due
within 1 year (346,823 ) 9,480 - (337,343 )
Debts falling due
after 1 year (1,800,729 ) 312,843 - (1,487,886 )
(2,422,086 ) 525,760 - (2,448,502 )
Total (617,426 ) 253,120 - (916,482 )

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

1. STATUTORY INFORMATION

Minton,Treharne & Davies 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its "subsidiaries") made up to 31 March each year. Generally control is achieved where the company owns more than one half of the issues voting share capital.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations (including comparatives) are expressed in Sterling using the exchange rates prevailing at the balance sheet date. Income and expense items (including comparatives) are translated at the exchange rate prevailing at the balance sheet date.

Associates
Where ownership is less than half of the issued voting share capital and no significant influence is exercised then the investments are treated as fixed asset investments, details of these are disclosed in the notes to the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The application of the group's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents revenue earned under a wide variety of contracts to provide professional services.
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements, but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Revenue that is contingent on events outside the control of the company is recognised when the contingent event occurs.

Amounts recoverable on contracts
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
Goodwill relates to the amount paid in connection with the acquisition of a business in 2022. This is not being amortised.

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.

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

GroupCompany
2024202320242023
£   £   £   £   

Plant and machinery661,212262,997661,212262,997
Motor vehicles66,27488,36566,27488,365
727,486351,362727,486351,362

The interest element of these obligations is charged to profit or loss over the relevant period. The capital
element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leasehold property
Leasehold property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. A grant that relates to the purchased of a fixed asset is recognised in income over the same period in which the asset is depreciated.

GroupCompany
2024202320232023
£   £   £   £   
Carrying amount brought forward62,1087,41662,1087,416
Amounts received in year-55,149-55,149
Amounts released to income(11,906)(457)(11,906)(457)
Carrying amount carried forward50,20262,10850,20262,108

Investments in subsidiaries
Investments in subsidiary and associate undertakings are recognised at cost.

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according ot the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans.

Debtors and creditors with no stated interest rate are receivable or payable within one year and are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents comprise of cash at bank and in hand.

Loans and borrowings and concessionary loans are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Consultancy services 16,771,998 15,239,249
16,771,998 15,239,249

An analysis of turnover by geographical market is given below:

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
United Kingdom 12,101,905 11,017,758
Europe 1,567,132 1,135,068
Rest of World 3,102,961 3,086,423
16,771,998 15,239,249

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

4. EMPLOYEES AND DIRECTORS
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Wages and salaries 8,616,452 8,410,599
Social security costs 636,518 606,187
Other pension costs 358,404 320,893
9,611,374 9,337,679

The average number of employees during the period was as follows:
Period
29.3.23
to Year Ended
31.3.24 28.3.23

Number of staff 134 135

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Directors' remuneration 687,865 684,960
Directors' pension contributions to money purchase schemes 23,635 19,463

Information regarding the highest paid director is as follows:
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Emoluments etc 206,362 227,095

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

5. OPERATING PROFIT

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

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Hire of plant and machinery 274,764 215,175
Other operating leases 79,835 58,519
Depreciation - owned assets 289,948 295,900
(Profit)/loss on disposal of fixed assets (11,518 ) 6,521
Foreign exchange differences 171,446 (204,452 )
Government grants (11,906 ) (457 )
(Gain)/loss on revaluation of tangible assets 79,650 (1,211,763 )
(Gain)/loss on revaluation on investment property - (300,000 )

6. AUDITORS' REMUNERATION
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

68,136

41,015
Auditors' remuneration for non audit work 24,696 18,015

7. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Deposit account interest 11,642 5,279
Other interest 109,195 -
120,837 5,279

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Bank interest 141,301 114,242
Hire purchase 56,818 37,214
Interest on overdue tax 18,163 2,078
Corporation tax interest - 4,887
216,282 158,421

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the period was as follows:
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Current tax:
UK corporation tax 122,058 468
Other tax 17,201 15,472
Foreign taxation (483,728 ) (25,174 )
Total current tax (344,469 ) (9,234 )

Deferred tax (258,037 ) 306,245
Tax on profit (602,506 ) 297,011

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

9. TAXATION - continued

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

Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Profit before tax 963,772 2,006,586
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

240,943

381,251

Effects of:
Expenses not deductible for tax purposes 32,379 7,581
Income not taxable for tax purposes (8,290 ) (1,707 )
Capital allowances in excess of depreciation (122,793 ) (36,563 )
Utilisation of tax losses (101,229 ) (113,703 )
Others (1,753 ) -
R&D enhanced deduction - (36,250 )
ATED charge 17,201 15,472
Deferred tax (258,037 ) 306,246
Foreign losses c/f 83,140 70,507
Foreign tax adjustments (518,301 ) (24,706 )
UK losses c/f 14,321 16,118
Investment property revaluation 19,913 (287,235 )

Total tax (credit)/charge (602,506 ) 297,011

10. INDIVIDUAL PROFIT AND LOSS

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss of the parent company is not presented as part of these financial statements.


MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

11. DIVIDENDS
Period
29.3.23
to Year Ended
31.3.24 28.3.23
£    £   
Ordinary A shares of £1 each
Interim 500,000 -
Ordinary C shares of £1 each
Interim 78,374 32,900
578,374 32,900

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 29th March 2023
and 31st March 2024 139,999
AMORTISATION
At 29th March 2023
and 31st March 2024 20,000
NET BOOK VALUE
At 31st March 2024 119,999
At 28th March 2023 119,999

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

13. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 29th March 2023 6,990,364 2,910,000 4,457,803
Additions 439,218 322,445 245,143
Disposals - (160,000 ) -
Revaluations - (79,650 ) -
At 31st March 2024 7,429,582 2,992,795 4,702,946
DEPRECIATION
At 29th March 2023 231,211 - 3,882,453
Charge for period 60,946 - 184,194
Eliminated on disposal - - -
At 31st March 2024 292,157 - 4,066,647
NET BOOK VALUE
At 31st March 2024 7,137,425 2,992,795 636,299
At 28th March 2023 6,759,153 2,910,000 575,350

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 29th March 2023 206,106 351,469 19,028 14,934,770
Additions 7,166 - 4,835 1,018,807
Disposals - (80,240 ) - (240,240 )
Revaluations - - - (79,650 )
At 31st March 2024 213,272 271,229 23,863 15,633,687
DEPRECIATION
At 29th March 2023 157,206 228,660 17,483 4,517,013
Charge for period 12,027 30,703 2,078 289,948
Eliminated on disposal - (65,737 ) - (65,737 )
At 31st March 2024 169,233 193,626 19,561 4,741,224
NET BOOK VALUE
At 31st March 2024 44,039 77,603 4,302 10,892,463
At 28th March 2023 48,900 122,809 1,545 10,417,757

Cost or valuation at 31st March 2024 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2024 - 945,061 -
Cost 7,429,582 2,047,734 4,702,946
7,429,582 2,992,795 4,702,946

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2024 - - - 945,061
Cost 213,272 271,229 23,863 14,688,626
213,272 271,229 23,863 15,633,687

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

13. TANGIBLE FIXED ASSETS - continued

Group

If leasehold properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,047,734 1,859,001
Aggregate depreciation 169,255 185,943

Company
Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 29th March 2023 6,934,030 2,910,000 4,437,227 310,835 14,592,092
Additions 439,218 322,445 245,143 - 1,006,806
Disposals - (160,000 ) - (80,240 ) (240,240 )
Revaluations - (79,650 ) - - (79,650 )
At 31st March 2024 7,373,248 2,992,795 4,682,370 230,595 15,279,008
DEPRECIATION
At 29th March 2023 174,876 - 3,867,901 188,899 4,231,676
Charge for period 60,946 - 182,688 30,484 274,118
Eliminated on disposal - - - (65,737 ) (65,737 )
At 31st March 2024 235,822 - 4,050,589 153,646 4,440,057
NET BOOK VALUE
At 31st March 2024 7,137,426 2,992,795 631,781 76,949 10,838,951
At 28th March 2023 6,759,154 2,910,000 569,326 121,936 10,360,416

Cost or valuation at 31st March 2024 is represented by:

Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
Valuation in 2024 - 945,061 - - 945,061
Cost 7,373,248 2,047,734 4,682,370 230,595 14,333,947
7,373,248 2,992,795 4,682,370 230,595 15,279,008

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

13. TANGIBLE FIXED ASSETS - continued

Company

If leasehold properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,047,734 1,859,001
Aggregate depreciation 169,255 185,943

The leasehold properties were valued by an independent valuer.

14. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertaking
£   
COST
At 29th March 2023
and 31st March 2024 253,598
NET BOOK VALUE
At 31st March 2024 253,598
At 28th March 2023 253,598
Company
Shares in
group
undertaking
£   
COST
At 29th March 2023
and 31st March 2024 436,249
NET BOOK VALUE
At 31st March 2024 436,249
At 28th March 2023 436,249

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

British Vapour Testing Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Composite Inspection Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Minton, Treharne & Davies (Australia) PTY Ltd
Registered office: Australia
Nature of business: Consulting
%
Class of shares: holding
Ordinary 100.00

Minton, Treharne & Davies (Singapore) PTE
Registered office: Singapore
Nature of business: Consulting, scientists, mariners and engineers
%
Class of shares: holding
Ordinary 100.00

Minton, Treharne & Davies Holland B.V.
Registered office: Holland
Nature of business: Consulting, scientists, mariners and engineers
%
Class of shares: holding
Ordinary 100.00

Minton, Treharne & Davies USA Inc
Registered office: USA
Nature of business: Consulting, scientists, mariners and engineers
%
Class of shares: holding
Ordinary 80.00

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

14. FIXED ASSET INVESTMENTS - continued

MTD Marine Surveys Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Nuffield Radiographic Inspection Limited
Registered office: UK
Nature of business: Technical testing & analysis
%
Class of shares: holding
Ordinary 100.00

The subsidiary is exempt from the requirements relating to the audit of accounts under section 479C of the Companies Act 2006.

MTD South West School of NDT PTE Ltd
Registered office: Singapore
Nature of business: Professional, scientific & technical activities
%
Class of shares: holding
Ordinary 100.00

Associated companies

Tracetag International Ltd
Registered office: UK
Nature of business: Consulting, scientists, mariners and engineers
%
Class of shares: holding
Ordinary 27.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (3,692,725 ) (3,446,245 )
Loss for the year (246,480 ) (130,538 )

DNA Tracer Technologies Ltd
Registered office: UK
Nature of business: Head offices
%
Class of shares: holding
Ordinary 29.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (196,226 ) (196,226 )

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

14. FIXED ASSET INVESTMENTS - continued

Cypher Science Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 24.00

Tracetag International UK Ltd, DNA Tracer Technologies Ltd and Cypher Science Limited are classified as investments and are therefore not included in the consolidated accounts. The results of all the other active subsidiaries shown above are included in the consolidated financial statements.


15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 29th March 2023
and 31st March 2024 1,200,000
NET BOOK VALUE
At 31st March 2024 1,200,000
At 28th March 2023 1,200,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 (20,844 )
Valuation in 2024 300,000
Cost 920,844
1,200,000

Company
Total
£   
FAIR VALUE
At 29th March 2023
and 31st March 2024 1,200,000
NET BOOK VALUE
At 31st March 2024 1,200,000
At 28th March 2023 1,200,000

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

15. INVESTMENT PROPERTY - continued

Company

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 (20,844 )
Valuation in 2024 300,000
Cost 920,844
1,200,000

The investment property has been valued by an independent professionally qualified valuer.

16. STOCKS

Group
2024 2023
£    £   
Work-in-progress 551 13,044

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 6,484,754 5,789,664 4,694,026 4,042,048
Amounts owed by group undertakings - - 657,312 561,830
Amounts owed by associates 318,779 318,779 318,779 318,779
Amounts recoverable on contract 2,731,211 2,829,265 1,298,129 1,333,233
Other debtors 495,900 367,180 368,907 263,755
Directors' current accounts 393,028 787,413 393,028 787,413
Tax 27,870 112,762 25,666 110,856
Prepayments 125,531 94,347 83,816 75,702
10,577,073 10,299,410 7,839,663 7,493,616

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 20) 337,343 346,823 337,343 346,823
Hire purchase contracts (see note 21) 254,788 111,271 254,788 111,271
Trade creditors 561,045 433,384 370,815 280,168
Amounts owed to group undertakings - - 2,803,787 2,528,296
Corporation Tax 57,852 423,149 41,861 -
Social security and other taxes 341,900 274,390 277,175 218,169
VAT 156,647 127,962 155,376 131,788
Other creditors 134,304 237,083 31,298 106,204
Directors' current accounts 1,715 27,421 1,715 27,421
Accrued expenses 626,095 636,215 441,676 478,376
2,471,689 2,617,698 4,715,834 4,228,516

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 20) 1,487,886 1,800,729 1,487,886 1,800,729
Hire purchase contracts (see note 21) 368,485 163,263 368,485 163,263
Other creditors 38,902 47,902 38,902 47,902
1,895,273 2,011,894 1,895,273 2,011,894

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 337,343 346,823 337,343 346,823
Amounts falling due between one and two years:
Bank loans - > 1 year 773,061 1,060,163 773,061 1,060,163
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 714,825 740,566 714,825 740,566

The long-term loans are secured by a first legal charge over the freehold property owned by the group.

Interest rates on loans include variable rates from base rate + 1.45% to base rate + 3.5%.and fixed rate of 4.55%.

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 254,788 111,271
Between one and five years 368,485 163,263
623,273 274,534

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

21. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 254,788 111,271
Between one and five years 368,485 163,263
623,273 274,534

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 311,403 268,320
Between one and five years 468,347 538,297
779,750 806,617

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 311,403 268,320
Between one and five years 468,347 538,297
779,750 806,617

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts 623,273 274,534 623,273 274,534
Bank loans 1,391,896 1,514,218 1,391,896 1,514,218
2,015,169 1,788,752 2,015,169 1,788,752

The finance lease creditors are secured upon the assets to which they relate. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The long-term loans are secured by a first legal charge over the freehold property owned by the group.

23. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 497,958 739,309 496,601 368,012
Tax losses carried forward (15,948 ) (23,111 ) (15,948 ) (23,111 )
Other timing differences (24,390 ) (27,026 ) (24,390 ) (27,026 )
Deferred tax on property reval 306,054 332,539 306,054 332,539
763,674 1,021,711 762,317 650,414

Group
Deferred
tax
£   
Balance at 29th March 2023 1,021,711
Utilised during period (258,037 )
Balance at 31st March 2024 763,674

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

23. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 29th March 2023 650,414
Provided during period 111,903
Balance at 31st March 2024 762,317

24. CALLED UP SHARE CAPITAL

Ordinary share capital
Allotted, issued and fully paid:

Number: Class: Nominal Value: £   

34,190 Ordinary A £1 34,190
4,000 Ordinary B £1 4,000
46,810 Ordinary C £1 46,810
5,000 Ordinary D £1 5,000
5,000 Ordinary E £1 5,000
5,000 Ordinary F £1 5,000
100,000

Ordinary shares carry full voting rights, full equity participation and full rights in respect of dividends.

25. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 29th March 2023 17,063,270 10,000 997,617 18,070,887
Profit for the period 1,665,783 1,665,783
Dividends (578,374 ) (578,374 )
Revaluation of investment
property

79,454

-

(79,454

)

-

At 31st March 2024 18,230,133 10,000 918,163 19,158,296

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

25. RESERVES - continued

Company
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 29th March 2023 12,867,057 10,000 997,617 13,874,674
Profit for the period 515,065 515,065
Dividends (578,374 ) (578,374 )
Revaluation of investment
property

79,454

-

(79,454

)

-

At 31st March 2024 12,883,202 10,000 918,163 13,811,365


26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31st March 2024 and the year ended 28th March 2023:

2024 2023
£    £   
J E Minton
Balance outstanding at start of period 787,413 787,413
Amounts advanced 2,030 -
Amounts repaid (396,415 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 393,028 787,413

C J Minton
Balance outstanding at start of period (27,421 ) (27,421 )
Amounts advanced 25,706 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (1,715 ) (27,421 )

27. RELATED PARTY DISCLOSURES

Dividends of £78,374 were voted in the year (2023: £32,900) to the EAM Discretionary Trust, of which Mr JE Minton, Mr RJ Minton & Mr CJ Minton are beneficiaries.

MINTON,TREHARNE & DAVIES LIMITED (REGISTERED NUMBER: 00435262)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH MARCH 2023 TO 31ST MARCH 2024

27. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 91,188 82,079
Amount due from related party 318,778 318,778

During the period, a total of key management personnel compensation of £ 1,075,856 (2023 - £ 1,114,809 ) was paid.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr JE Minton, Mr RJ Minton & Mr CJ Minton, who are shareholders and directors of the parent company.