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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
Driffield |
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 |
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 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Merger reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2024 |
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 |
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 |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: The Embankment, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ |
Nature of business: |
% |
Class of shares: | holding |
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 |
Additions |
Revaluations | 126,774 |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
1,236,140 | 1,228,467 |
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 | - | - |
Tax | 255,682 | 345,775 |
Social security and other taxes | 36,957 | 30,651 |
VAT | - | - |
Accruals and deferred income | 57,167 | 32,404 |
1,298,053 | 1,284,661 |
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 |
Investment properties | 460,963 | 442,643 |
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 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
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' |
ordinary | ordinary | ordinary | ordinary | ordinary | ordinary | ordinary |
£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 | 10,846,101 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 December 2024 | 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 |