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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
and Registered Auditors (Statutory Auditor) |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
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 |
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 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 23 | ( |
) | ( |
) |
NET ASSETS |
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 |
Capital redemption reserve | 25 |
Fair value reserve | 25 |
Retained earnings | 25 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 28th March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31st March 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Plant and machinery | 661,212 | 262,997 | 661,212 | 262,997 |
Motor vehicles | 66,274 | 88,365 | 66,274 | 88,365 |
727,486 | 351,362 | 727,486 | 351,362 |
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. |
Group | Company |
2024 | 2023 | 2023 | 2023 |
£ | £ | £ | £ |
Carrying amount brought forward | 62,108 | 7,416 | 62,108 | 7,416 |
Amounts received in year | - | 55,149 | - | 55,149 |
Amounts released to income | (11,906 | ) | (457 | ) | (11,906 | ) | (457 | ) |
Carrying amount carried forward | 50,202 | 62,108 | 50,202 | 62,108 |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 29th March 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 28th March 2023 |
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 |
NET BOOK VALUE |
At 31st March 2024 |
At 28th March 2023 |
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 |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Australia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Singapore |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Holland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: USA |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
The subsidiary is exempt from the requirements relating to the audit of accounts under section 479C of the Companies Act 2006. |
Registered office: Singapore |
Nature of business: |
% |
Class of shares: | holding |
Associated companies |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
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 |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
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 |
NET BOOK VALUE |
At 31st March 2024 |
At 28th March 2023 |
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 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 318,779 | 318,779 |
Amounts recoverable on contract | 2,731,211 | 2,829,265 |
Other debtors | 495,900 | 367,180 |
Directors' current accounts | 393,028 | 787,413 | 393,028 | 787,413 |
Tax | 27,870 | 112,762 |
Prepayments | 125,531 | 94,347 |
10,577,073 | 10,299,410 |
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 |
Hire purchase contracts (see note 21) | 254,788 | 111,271 |
Trade creditors | 561,045 | 433,384 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 57,852 | 423,149 |
Social security and other taxes | 341,900 | 274,390 |
VAT | 156,647 | 127,962 | 155,376 | 131,788 |
Other creditors | 134,304 | 237,083 |
Directors' current accounts | 1,715 | 27,421 | 1,715 | 27,421 |
Accrued expenses | 626,095 | 636,215 |
2,471,689 | 2,617,698 |
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 |
Hire purchase contracts (see note 21) | 368,485 | 163,263 |
Other creditors | 38,902 | 47,902 |
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 |
Amounts falling due between one and two | years: |
Bank loans - > 1 year | 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 |
Between one and five years |
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 |
Between one and five years |
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 |
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 |
Tax losses carried forward | (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 |
Provided during period |
Balance at 31st March 2024 |
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 | 13,874,674 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Revaluation of investment property |
79,454 |
- |
(79,454 |
) |
- |
At 31st March 2024 | 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. |