IRIS Accounts Production v25.1.0.734 11116748 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh111167482023-12-31111167482024-12-31111167482024-01-012024-12-31111167482022-12-31111167482023-01-012023-12-31111167482023-12-3111116748ns15:EnglandWales2024-01-012024-12-3111116748ns14:PoundSterling2024-01-012024-12-3111116748ns10:Director12024-01-012024-12-3111116748ns10:Consolidated2024-12-3111116748ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3111116748ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3111116748ns10:Consolidatedns10:MediumEntities2024-01-012024-12-3111116748ns10:Consolidatedns10:Audited2024-01-012024-12-3111116748ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3111116748ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3111116748ns10:Consolidated2024-01-012024-12-3111116748ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3111116748ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3111116748ns10:FullAccounts2024-01-012024-12-3111116748ns5:Subsidiary12024-01-012024-12-311111674812024-01-012024-12-3111116748ns10:OrdinaryShareClass12024-01-012024-12-3111116748ns10:Director22024-01-012024-12-3111116748ns10:Director32024-01-012024-12-3111116748ns10:CompanySecretary12024-01-012024-12-3111116748ns10:RegisteredOffice2024-01-012024-12-3111116748ns10:Consolidated2023-01-012023-12-3111116748ns5:CurrentFinancialInstruments2024-12-3111116748ns5:CurrentFinancialInstruments2023-12-3111116748ns5:ShareCapital2024-12-3111116748ns5:ShareCapital2023-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2024-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3111116748ns5:RetainedEarningsAccumulatedLosses2024-12-3111116748ns5:RetainedEarningsAccumulatedLosses2023-12-3111116748ns5:ShareCapital2022-12-3111116748ns5:RetainedEarningsAccumulatedLosses2022-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3111116748ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3111116748ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2024-01-012024-12-311111674812024-01-012024-12-3111116748ns5:NetGoodwill2024-01-012024-12-3111116748ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3111116748ns5:PlantMachinery2024-01-012024-12-3111116748ns5:MotorVehicles2024-01-012024-12-3111116748ns5:LandBuildings2023-12-3111116748ns5:LandBuildings2024-01-012024-12-3111116748ns5:LandBuildings2024-12-3111116748ns5:LandBuildings2023-12-3111116748ns5:CostValuation2023-12-31111167481ns5:Subsidiary12024-01-012024-12-3111116748ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3111116748ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111116748ns5:AcceleratedTaxDepreciationDeferredTax2024-12-3111116748ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3111116748ns5:RevaluationInvestmentPropertyDeferredTax2024-12-3111116748ns5:RevaluationInvestmentPropertyDeferredTax2023-12-3111116748ns5:DeferredTaxation2023-12-3111116748ns5:DeferredTaxation2024-01-012024-12-3111116748ns5:DeferredTaxation2024-12-3111116748ns10:OrdinaryShareClass12024-12-3111116748ns5:RetainedEarningsAccumulatedLosses2023-12-3111116748ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-31
REGISTERED NUMBER: 11116748 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MONTYREDMAN HOLDINGS LIMITED

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


MONTYREDMAN HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: C D Johnson
Mrs G Johnson
R D Johnson





SECRETARY: Mrs G Johnson





REGISTERED OFFICE: The Embankment
Kelleythorpe Industrial Estate
Driffield
East Yorkshire
YO25 9DJ





REGISTERED NUMBER: 11116748 (England and Wales)





AUDITORS: BCO Accountants LLP
Chartered Certified Accountants
and Statutory Auditors
Driffield

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The key financial highlights are as follows:

2024 2023 2022 2021
£    £    £    £   

Turnover 16,884 15,971 13,427 10,643
Profit before tax 2,076 1,620 1,215 1,438
Net assets 11,174 9,849 8,761 7,942

The directors consider the Group results for the year to be satisfactory. with productivity continuing to show good growth.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks for the group are raw material supplies and costs, compliance with food safety standards and competition in the retail market and food service sectors.

KEY PERFORMANCE INDICATORS
2024 2023 2022 2021

Growth in Revenue 6% 19% 26% 13%

Gross Profit Margin 29% 27% 25% 30%

Net Profit Margin 12% 10% 9% 14%

FUTURE DEVELOPMENTS
In view of the group's continued successful financial results the directors will continue the same business model as previously and expect to continue trading at the same productivity levels as in previous years.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise of bank balances, bank overdrafts and trade creditors. The main purpose of these instruments is to raise funds and finance for the group's operations.

Due to the nature of the financial instruments used by the group there is limited exposure to price risk. The group's approach to managing other risks applicable to the financial instruments is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

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

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

ON BEHALF OF THE BOARD:





R D Johnson - Director


15 April 2025

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of speciality food wholesaler.

DIVIDENDS
Interim dividends of £236,096 were paid on the ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 31 December 2024 will be £236,096 (2023 - £156,096).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

C D Johnson
Mrs G Johnson
R D Johnson

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, BCO Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R D Johnson - Director


15 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONTYREDMAN HOLDINGS LIMITED


Opinion
We have audited the financial statements of Montyredman Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of 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 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONTYREDMAN HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the 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
MONTYREDMAN HOLDINGS 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to:

- Financial Reporting Standard 102
- Companies Act 2006
- health and safety
- food hygiene

We assessed the risks of material misstatement in respect of fraud through discussions with directors.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquiries were made of management and we corroborated our enquiries by reviewing the company's health and safety manual and external food hygiene audit reports.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the risk of fraud to be low. Accounting policies were reviewed and an element of unpredictability was included in our audit procedures.

We consider that the nature, timing and extent of audit procedures performed increases the likelihood of detection of any irregularities.

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

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




Nicola Jayne Lyon FCCA (Senior Statutory Auditor)
for and on behalf of BCO Accountants LLP
Chartered Certified Accountants
and Statutory Auditors
Driffield

25 April 2025

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 16,884,020 15,971,008

Cost of sales (11,928,490 ) (11,700,144 )
GROSS PROFIT 4,955,530 4,270,864

Administrative expenses (3,278,989 ) (2,836,360 )
1,676,541 1,434,504

Other operating income 4 81,831 73,637
OPERATING PROFIT 6 1,758,372 1,508,141

Interest receivable and similar income 190,357 111,880
1,948,729 1,620,021
Gain/(loss) on revaluation of investment
property

126,774

-
PROFIT BEFORE TAXATION 2,075,503 1,620,021

Tax on profit 7 (514,008 ) (375,619 )
PROFIT FOR THE FINANCIAL YEAR 1,561,495 1,244,402

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,561,495

1,244,402

Profit attributable to:
Owners of the parent 1,561,495 1,244,402

Total comprehensive income attributable to:
Owners of the parent 1,561,495 1,244,402

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,674,268 3,741,629
Investments 13 - -
Investment property 14 2,424,000 1,805,000
6,098,268 5,546,629

CURRENT ASSETS
Stocks 15 551,608 422,076
Debtors 16 1,236,140 1,228,467
Cash at bank and in hand 5,048,403 4,380,156
6,836,151 6,030,699
CREDITORS
Amounts falling due within one year 17 (1,298,053 ) (1,284,661 )
NET CURRENT ASSETS 5,538,098 4,746,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,636,366

10,292,667

PROVISIONS FOR LIABILITIES 20 (461,893 ) (443,593 )
NET ASSETS 11,174,473 9,849,074

CAPITAL AND RESERVES
Called up share capital 21 750 750
Retained earnings 22 11,173,723 9,848,324
SHAREHOLDERS' FUNDS 11,174,473 9,849,074

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:





R D Johnson - Director


MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,756,040 1,756,522
Investments 13 5,000,000 5,000,000
Investment property 14 2,424,000 1,805,000
9,180,040 8,561,522

CURRENT ASSETS
Debtors 16 499 389
Cash at bank 2,864,199 2,467,223
2,864,698 2,467,612
CREDITORS
Amounts falling due within one year 17 (127,148 ) (107,069 )
NET CURRENT ASSETS 2,737,550 2,360,543
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,917,590

10,922,065

PROVISIONS FOR LIABILITIES 20 (106,887 ) (75,214 )
NET ASSETS 11,810,703 10,846,851

CAPITAL AND RESERVES
Called up share capital 21 750 750
Merger reserve 22 4,999,250 4,999,250
Retained earnings 22 6,810,703 5,846,851
SHAREHOLDERS' FUNDS 11,810,703 10,846,851

Company's profit for the financial year 1,199,948 1,270,745

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:





R D Johnson - Director


MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 750 8,760,018 8,760,768

Changes in equity
Dividends - (156,096 ) (156,096 )
Total comprehensive income - 1,244,402 1,244,402
Balance at 31 December 2023 750 9,848,324 9,849,074

Changes in equity
Dividends - (236,096 ) (236,096 )
Total comprehensive income - 1,561,495 1,561,495
Balance at 31 December 2024 750 11,173,723 11,174,473

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Merger Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 750 4,732,202 4,999,250 9,732,202

Changes in equity
Dividends - (156,096 ) - (156,096 )
Total comprehensive income - 1,270,745 - 1,270,745
Balance at 31 December 2023 750 5,846,851 4,999,250 10,846,851

Changes in equity
Dividends - (236,096 ) - (236,096 )
Total comprehensive income - 1,199,948 - 1,199,948
Balance at 31 December 2024 750 6,810,703 4,999,250 11,810,703

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,870,691 1,648,234
Tax paid (585,801 ) (44,321 )
Net cash from operating activities 1,284,890 1,603,913

Cash flows from investing activities
Purchase of tangible fixed assets (99,486 ) (265,150 )
Purchase of investment property (492,226 ) -
Sale of tangible fixed assets 4,000 -
Interest received 190,357 111,880
Net cash from investing activities (397,355 ) (153,270 )

Cash flows from financing activities
Equity dividends paid (236,096 ) (156,096 )
Net cash from financing activities (236,096 ) (156,096 )

Increase in cash and cash equivalents 651,439 1,294,547
Cash and cash equivalents at
beginning of year

2

4,191,603

2,897,056

Cash and cash equivalents at end of
year

2

4,843,042

4,191,603

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


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

2024 2023
as restated
£    £   
Profit before taxation 2,075,503 1,620,021
Depreciation charges 157,307 152,694
Loss on disposal of fixed assets 5,540 -
Gain on revaluation of fixed assets (126,774 ) -
Finance income (190,357 ) (111,880 )
1,921,219 1,660,835
(Increase)/decrease in stocks (129,532 ) 56,666
Increase in trade and other debtors (7,673 ) (92,648 )
Increase in trade and other creditors 86,677 23,381
Cash generated from operations 1,870,691 1,648,234

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 5,048,403 4,380,156
Bank overdrafts (205,361 ) (188,553 )
4,843,042 4,191,603
Year ended 31 December 2023
31/12/23 1/1/23
as restated
£    £   
Cash and cash equivalents 4,380,156 3,123,188
Bank overdrafts (188,553 ) (226,132 )
4,191,603 2,897,056


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 4,380,156 668,247 5,048,403
Bank overdrafts (188,553 ) (16,808 ) (205,361 )
4,191,603 651,439 4,843,042
Total 4,191,603 651,439 4,843,042

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Montyredman Holdings Limited ("the Company") is a private company limited by shares. The Company is incorporated and domiciled in England and Wales. Its company registration number is 11116748. The registered office of the company is The Embankment, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ.

The group consists of Montyredman Holdings Limited and its subsidiary company.

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 present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

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 - 2% on cost
Plant and machinery - 20% on cost and 10% on cost
Motor vehicles - 20% on cost

Freehold land is not depreciated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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
Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The 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:

2024 2023
as restated
£    £   
Sale of goods 16,884,020 15,971,008
16,884,020 15,971,008

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. OTHER OPERATING INCOME
2024 2023
as restated
£    £   
Rents received 75,808 66,676
Sundry receipts - 257
Feed in tariff 6,023 6,704
81,831 73,637

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 1,903,939 1,652,540
Social security costs 148,370 126,425
Other pension costs 77,170 69,617
2,129,479 1,848,582

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

Directors 3 3
Sales and production 63 59
Administration 5 4
71 66

2024 2023
as restated
£    £   
Directors' remuneration 27,825 27,300
Directors' pension contributions to money purchase schemes 22,500 22,500

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
£    £   
Depreciation - owned assets 157,307 152,694
Loss on disposal of fixed assets 5,540 -
Operating lease charges 37,045 38,052
Auditor's remuneration 9,000 9,000
Auditors remuneration for non audit work 10,500 11,000

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 495,708 345,802

Deferred tax:
Credit for the period 18,300 29,817
Tax on profit 514,008 375,619

UK corporation tax has been charged at 25 % (2023 - 23.52 %).

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

2024 2023
as restated
£    £   
Profit before tax 2,075,503 1,620,021
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 23.520 %)

518,876

381,029

Effects of:
Expenses not deductible for tax purposes - 1,751
Capital allowances in excess of depreciation (4,868 ) (4,578 )
Capital allowances super deduction - (4,356 )
Effect of changes in tax rates - 1,773
Total tax charge 514,008 375,619

The net reversal of deferred tax liabilities for the group expected to occur in the next year is £30,631. This expected reversal is due to the movement in the accelerated capital allowances timing differences.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of £1 each
Interim 236,096 156,096

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. PRIOR YEAR ADJUSTMENT

In prior years the parent company balance sheet has shown a share premium account in error. This has been corrected to reflect the merger relief provisions and is now shown as a merger reserve.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 227,500
AMORTISATION
At 1 January 2024
and 31 December 2024 227,500
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2024 2,688,185 2,619,002 186,762 5,493,949
Additions - 14,114 85,372 99,486
Disposals - - (30,445 ) (30,445 )
At 31 December 2024 2,688,185 2,633,116 241,689 5,562,990
DEPRECIATION
At 1 January 2024 170,463 1,463,595 118,262 1,752,320
Charge for year 11,166 117,217 28,924 157,307
Eliminated on disposal - - (20,905 ) (20,905 )
At 31 December 2024 181,629 1,580,812 126,281 1,888,722
NET BOOK VALUE
At 31 December 2024 2,506,556 1,052,304 115,408 3,674,268
At 31 December 2023 2,517,722 1,155,407 68,500 3,741,629

Included in cost of land and buildings is freehold land of £274,740 (2023 - £274,740) which is not depreciated.

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 January 2024
and 31 December 2024 1,759,189
DEPRECIATION
At 1 January 2024 2,667
Charge for year 482
At 31 December 2024 3,149
NET BOOK VALUE
At 31 December 2024 1,756,040
At 31 December 2023 1,756,522

Included in cost of land and buildings is freehold land of £ 274,740 (2023 - £ 274,740 ) which is not depreciated.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 5,000,000
NET BOOK VALUE
At 31 December 2024 5,000,000
At 31 December 2023 5,000,000

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

Subsidiary

Primepak Foods Limited
Registered office: The Embankment, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ
Nature of business: Speciality food wholesaler
%
Class of shares: holding
Ordinary 100.00


MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2024 1,805,000
Additions 492,226
Revaluations 126,774
At 31 December 2024 2,424,000
NET BOOK VALUE
At 31 December 2024 2,424,000
At 31 December 2023 1,805,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 2,424,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,995,822 1,503,596

Investment property was valued on an open market basis on 31 December 2024 by the directors .

Company
Total
£   
FAIR VALUE
At 1 January 2024 1,805,000
Additions 492,226
Revaluations 126,774
At 31 December 2024 2,424,000
NET BOOK VALUE
At 31 December 2024 2,424,000
At 31 December 2023 1,805,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 2,424,000

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. INVESTMENT PROPERTY - continued

Company

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,995,822 1,503,596

Investment property was valued on an open market basis on 31 December 2024 by the directors .

15. STOCKS

Group
2024 2023
as restated
£    £   
Stocks 551,608 422,076

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade debtors 1,178,976 1,168,852 - -
VAT 32,493 33,883 - -
Prepayments and accrued income 24,671 25,732 499 389
1,236,140 1,228,467 499 389

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 18) 205,361 188,553 - -
Trade creditors 742,886 687,278 - -
Amounts owed to group undertakings - - 55,974 57,096
Tax 255,682 345,775 68,593 47,399
Social security and other taxes 36,957 30,651 - -
VAT - - 81 74
Accruals and deferred income 57,167 32,404 2,500 2,500
1,298,053 1,284,661 127,148 107,069

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 205,361 188,553

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 8,634 33,323
Between one and five years 2,099 11,233
10,733 44,556

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 930 950 930 950
Investment properties 460,963 442,643 105,957 74,264
461,893 443,593 106,887 75,214

Group
Deferred
tax
£   
Balance at 1 January 2024 443,593
Charge to Statement of Comprehensive Income during year 18,300
Balance at 31 December 2024 461,893

MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


20. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 January 2024 75,214
Charge to Statement of Comprehensive Income during year 31,673
Balance at 31 December 2024 106,887

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
750 Ordinary £1 750 750

The shares that have been allotted, issued and fully paid are divided as follows:

'A''B''C''D''E''F''G'
ordinaryordinaryordinaryordinaryordinaryordinaryordinary
£40£40£100£30£20£260£260

All shares rank pari passu in all respects save that dividends may be payable at varying rates on the different classes of shares.

22. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 9,848,324
Profit for the year 1,561,495
Dividends (236,096 )
At 31 December 2024 11,173,723

Company
Retained Merger
earnings reserve Totals
£    £    £   

At 1 January 2024 5,846,851 4,999,250 10,846,101
Profit for the year 1,199,948 - 1,199,948
Dividends (236,096 ) - (236,096 )
At 31 December 2024 6,810,703 4,999,250 11,809,953


MONTYREDMAN HOLDINGS LIMITED (REGISTERED NUMBER: 11116748)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


23. PENSION COMMITMENTS

The group operates defined contribution pension schemes on behalf of its directors and certain employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost for the year amounts to £77,170 (2023 - £69,617). Included in creditors at the year end is £3,965 (2023 - £3,197) of outstanding contributions.

24. CAPITAL COMMITMENTS
2024 2023
as restated
£    £   
Contracted but not provided for in the
financial statements - 76,000

25. TRANSACTIONS WITH DIRECTORS

During the year, total dividends of £125,596 (2023 - £85,596) were paid to the directors.

26. ULTIMATE CONTROLLING PARTY

Montyredman Holdings Limited is held under the control of its directors.