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REGISTERED NUMBER: NI050311 (Northern Ireland)













MILLIGAN BROS. LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


MILLIGAN BROS. LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr Raymond Milligan
Mr Ronald Milligan



SECRETARY: Mr Ronald Milligan



REGISTERED OFFICE: 110 Edenamohill Road
EDERNEY
Co. Fermanagh
BT93 0BA



REGISTERED NUMBER: NI050311 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
South Business Centre
45-48 High Street
Portadown
CRAIGAVON
Co. Armagh
BT62 1LB



SOLICITORS: Logan & Corry
Church House
24 Dublin Road
OMAGH
Co Tyrone
BT78 1HE

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MILLIGAN BROS. LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


7 May 2025

MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,500
Tangible assets 5 256,370 274,891
256,370 278,391

CURRENT ASSETS
Stocks 200,000 200,000
Debtors 6 247,233 618,751
Cash at bank 154,821 358,014
602,054 1,176,765
CREDITORS
Amounts falling due within one year 7 745,243 771,012
NET CURRENT (LIABILITIES)/ASSETS (143,189 ) 405,753
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,181

684,144

CREDITORS
Amounts falling due after more than one
year

8

(17,641

)

(31,578

)

PROVISIONS FOR LIABILITIES (64,093 ) (68,723 )
NET ASSETS 31,447 583,843

MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

BALANCE SHEET - continued
31 DECEMBER 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 31,347 583,743
SHAREHOLDERS' FUNDS 31,447 583,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:




Mr Ronald Milligan - Director



Mr Raymond Milligan - Director


MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

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

1. STATUTORY INFORMATION

Milligan Bros. Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Exemption from preparing group accounts
Milligan Bros. Ltd is part of a small group. The company has taken the option under section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery - 15% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value and include the value of work in progress at the period end, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

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

2. ACCOUNTING POLICIES - continued
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.

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 date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 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.

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

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 37 ) .

MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 210,000
AMORTISATION
At 1 January 2024 206,500
Charge for year 3,500
At 31 December 2024 210,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 3,500

5. TANGIBLE FIXED ASSETS
Plant &
machinery
£   
COST
At 1 January 2024 811,498
Additions 160,208
Disposals (206,376 )
At 31 December 2024 765,330
DEPRECIATION
At 1 January 2024 536,607
Charge for year 82,428
Eliminated on disposal (110,075 )
At 31 December 2024 508,960
NET BOOK VALUE
At 31 December 2024 256,370
At 31 December 2023 274,891

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 184,967 300,147
Amounts recoverable on contract 15,000 252,573
Other debtors 47,266 66,031
247,233 618,751

MILLIGAN BROS. LTD (REGISTERED NUMBER: NI050311)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,457 7,457
Trade creditors 96,950 176,242
Taxation and social security 45,654 159,690
Other creditors 595,182 427,623
745,243 771,012

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 2,912 10,634
Other creditors 14,729 20,944
17,641 31,578

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors' loans 14,729 20,944

9. RELATED PARTY DISCLOSURES

Coldrum Holdings Ltd, the parent company of Milligan Bros Ltd has provided a parent company guarantee in the sum of £150,000 (supported by a legal charge over lands owned by Coldrum Holdings Ltd) for the benefit of Milligan Bros Ltd in relation to existing bank facilities for Milligan Bros Ltd.

The company has availed of the exemption to not disclose transactions with group undertakings under Section 33 of FRS102.

10. ULTIMATE PARENT UNDERTAKING & CONTROLLING PARTY

The immediate parent undertaking is Coldrum Holdings Ltd, a company incorporated in N.Ireland, whichowns 100% of the issued share capital of Milligan Bros. Ltd. Mr Raymond Milligan and Mr Ronald Milligan are considered to be the ultimate controlling party by virtue of the shareholdings in the parent company.