Caseware UK (AP4) 2024.0.164 2024.0.164 2024-01-312025-05-272025-05-282024-01-312025-05-272022-12-01false120117falsefalsefalse 00461439 2022-12-01 2024-01-31 00461439 2021-12-01 2022-11-30 00461439 2024-01-31 00461439 2022-11-30 00461439 2021-12-01 00461439 1 2022-12-01 2024-01-31 00461439 1 2021-12-01 2022-11-30 00461439 5 2022-12-01 2024-01-31 00461439 5 2021-12-01 2022-11-30 00461439 7 2022-12-01 2024-01-31 00461439 7 2021-12-01 2022-11-30 00461439 d:CompanySecretary1 2022-12-01 2024-01-31 00461439 d:Director1 2022-12-01 2024-01-31 00461439 d:Director2 2022-12-01 2024-01-31 00461439 d:Director3 2022-12-01 2024-01-31 00461439 d:RegisteredOffice 2022-12-01 2024-01-31 00461439 e:Buildings 2022-12-01 2024-01-31 00461439 e:Buildings 2024-01-31 00461439 e:Buildings 2022-11-30 00461439 e:Buildings e:OwnedOrFreeholdAssets 2022-12-01 2024-01-31 00461439 e:PlantMachinery 2022-12-01 2024-01-31 00461439 e:PlantMachinery 2024-01-31 00461439 e:PlantMachinery 2022-11-30 00461439 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-12-01 2024-01-31 00461439 e:MotorVehicles 2022-12-01 2024-01-31 00461439 e:MotorVehicles 2024-01-31 00461439 e:MotorVehicles 2022-11-30 00461439 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-12-01 2024-01-31 00461439 e:FurnitureFittings 2022-12-01 2024-01-31 00461439 e:FurnitureFittings 2024-01-31 00461439 e:FurnitureFittings 2022-11-30 00461439 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-01 2024-01-31 00461439 e:OwnedOrFreeholdAssets 2022-12-01 2024-01-31 00461439 e:CurrentFinancialInstruments 2024-01-31 00461439 e:CurrentFinancialInstruments 2022-11-30 00461439 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 00461439 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 00461439 e:UKTax 2022-12-01 2024-01-31 00461439 e:UKTax 2021-12-01 2022-11-30 00461439 e:ShareCapital 2022-12-01 2024-01-31 00461439 e:ShareCapital 2024-01-31 00461439 e:ShareCapital 2021-12-01 2022-11-30 00461439 e:ShareCapital 2022-11-30 00461439 e:ShareCapital 2021-12-01 00461439 e:SharePremium 2022-12-01 2024-01-31 00461439 e:SharePremium 2024-01-31 00461439 e:SharePremium 2021-12-01 2022-11-30 00461439 e:SharePremium 2022-11-30 00461439 e:SharePremium 2021-12-01 00461439 e:RetainedEarningsAccumulatedLosses 2022-12-01 2024-01-31 00461439 e:RetainedEarningsAccumulatedLosses 2024-01-31 00461439 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 00461439 e:RetainedEarningsAccumulatedLosses 2022-11-30 00461439 e:RetainedEarningsAccumulatedLosses 2021-12-01 00461439 e:AcceleratedTaxDepreciationDeferredTax 2024-01-31 00461439 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 00461439 e:TaxLossesCarry-forwardsDeferredTax 2024-01-31 00461439 e:TaxLossesCarry-forwardsDeferredTax 2022-11-30 00461439 e:RetirementBenefitObligationsDeferredTax 2024-01-31 00461439 e:RetirementBenefitObligationsDeferredTax 2022-11-30 00461439 e:OtherDeferredTax 2024-01-31 00461439 e:OtherDeferredTax 2022-11-30 00461439 d:OrdinaryShareClass1 2022-12-01 2024-01-31 00461439 d:OrdinaryShareClass1 2024-01-31 00461439 d:OrdinaryShareClass1 2022-11-30 00461439 d:FRS102 2022-12-01 2024-01-31 00461439 d:Audited 2022-12-01 2024-01-31 00461439 d:FullAccounts 2022-12-01 2024-01-31 00461439 d:PrivateLimitedCompanyLtd 2022-12-01 2024-01-31 00461439 2 2022-12-01 2024-01-31 00461439 f:PoundSterling 2022-12-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00461439










MILTONS (WALLPAPERS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2024

 
MILTONS (WALLPAPERS) LIMITED
 

CONTENTS



Page
Company Information
 
1
Strategic Report
 
2 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 27


 
MILTONS (WALLPAPERS) LIMITED
 
 
COMPANY INFORMATION


Directors
M H Taylor 
M E Taylor 
C J Wills 




Company secretary
M H Taylor



Registered number
00461439



Registered office
St James Road

Corby

Northants

NN18 8AL




Independent auditors
MHA

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ




Page 1

 
MILTONS (WALLPAPERS) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024

Introduction

The Directors present their Strategic Report and the financial statements for the 14 month period ended 31 January 2024.
 
Business review

The principal activity of the Company during the period was retailing of paint, wallpapers, DIY and gardening products.
The sales for period ended 2024 were £7,923,052 compared to £6,268,508 for the year ended 2022, an increase of £1,654,544 for the 14 month period compared to 12 months for 2022.
The Company made a loss before tax of £467,818 for period end 2024 compared to a profit before tax for the prior year of £183,345.
The new Garden Centre in Chatteris opened in September 2022. 
Staff turnover remains low and the wages increases were not helped by the minimum wage regulations introduced during the year.
 
Principal risks and uncertainties

The main risks faced by the Company are prices and competition, particularly the increasing online sales.
The Company is optimistic about the future though very wary of online competition. 
The High Street business rates are a matter of increasing concern and an expense for the business.
Future developments
The Directors will be focusing on the development of the new Garden Centre and developing the DIY branches in the future. They are optimistic for the future performance of the business. 
 
Financial key performance indicators

The Board’s two KPIs by which they monitor the Company’s performance are:
The gross profit margin has increased by 0.4% from 41.4% for the year ended November 2022 to 41.8% for the period ended January 2024. This has arisen due to focusing more on higher margin revenue streams and as a result of a higher proportion of revenue now being generated from the garden centres.
The operating profit/(loss) margin has decreased by 7% from 2.9% for the year ended November 2022 to (5.9)% for the period ended January 2024. The Directors are focusing on reviewing staff levels and positions for FY25 given the rising payroll costs
The Company's newest revenue stream 'internet sales' decreased by £41,146 from £113,178 for the year ended November 2022 to £72,032 for the period ended January 2024. The Directors will focus on this area for FY25 now that the Chatteris site is fully open and operational
 
Page 2

 
MILTONS (WALLPAPERS) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024

This report was approved by the board and signed on its behalf.



................................................
M H Taylor
Director

Date: 27 May 2025

Page 3

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024

The Directors present their report and the financial statements for the 14 month period ended 31 January 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company during the period was retailing of paint, wallpapers, DIY and gardening products.

Results and dividends

The loss for the period, after taxation, amounted to £431,189 (2022 - profit £266,155).

No dividends were voted or paid for either financial year end.

Directors

The Directors who served during the period were:

M H Taylor 
M E Taylor 
C J Wills 

Future developments

Future developments have been disclosed in the Strategic Report.

Page 4

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M H Taylor
Director

Date: 27 May 2025

Page 5

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED
 

Opinion


We have audited the financial statements of Miltons (Wallpapers) Limited (the 'Company') for the period ended 31 January 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 January 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)


Auditor's 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 an Auditor's Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•    Enquiry of management around actual and potential litigation and claims;
•    Performing audit work over the risk of management override of controls, including testing of journals entries
     and other adjustments for appropriateness, evaluating the business rationale of significant transactions
     outside the normal course of business and reviewing accounting estimates for bias;
•    Reviewing minutes of meetings of those charged with governance;
•    Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
     with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.


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 Auditor's Report.


Page 8

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)


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 2006Our 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 an Auditor's 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Herron BA (Hons) ACA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
Milton Keynes

Date: 
 
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
28 May 2025
Page 9

 
MILTONS (WALLPAPERS) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 JANUARY 2024

Period ended
31 January
Year ended
30 November
2024
2022
Note
£
£

  

Turnover
 4 
7,923,052
6,268,508

Cost of sales
  
(4,611,703)
(3,673,634)

Gross profit
  
3,311,349
2,594,874

Distribution costs
  
(14,143)
(11,714)

Administrative expenses
  
(3,831,612)
(2,451,294)

Other operating income
 5 
66,588
52,257

Operating (loss)/profit
  
(467,818)
184,123

Interest receivable and similar income
 9 
-
8

Interest payable and similar expenses
 10 
-
(786)

(Loss)/profit before tax
  
(467,818)
183,345

Tax on (loss)/profit
 11 
36,629
82,810

(Loss)/profit after tax
  
(431,189)
266,155

  

  

Retained earnings at the beginning of the period
  
6,341,937
6,075,782

(Loss)/profit for the period
  
(431,189)
266,155

Retained earnings at the end of the period
  
5,910,748
6,341,937

The notes on pages 16 to 27 form part of these financial statements.

Page 10

 
MILTONS (WALLPAPERS) LIMITED
REGISTERED NUMBER: 00461439

BALANCE SHEET
AS AT 31 JANUARY 2024

31 January
30 November
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,081,204
6,407,266

Current assets
  

Fixed assets held for sale
 13 
135,690
140,106

Stocks
 14 
2,398,267
2,311,133

Debtors: amounts falling due within one year
 15 
82,498
187,133

Cash at bank and in hand
 16 
2,065
12,365

  
2,618,520
2,650,737

Creditors: amounts falling due within one year
 17 
(1,272,976)
(1,179,222)

Net current assets
  
 
 
1,345,544
 
 
1,471,515

Total assets less current liabilities
  
7,426,748
7,878,781

Provisions for liabilities
  

Deferred tax
 18 
(112,400)
(133,244)

  
 
 
(112,400)
 
 
(133,244)

Net assets
  
7,314,348
7,745,537


Capital and reserves
  

Called up share capital 
 19 
1,210,000
1,210,000

Share premium account
 20 
193,600
193,600

Profit and loss account
 20 
5,910,748
6,341,937

  
7,314,348
7,745,537


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M H Taylor
Director

Date: 27 May 2025

The notes on pages 16 to 27 form part of these financial statements.

Page 11

 
MILTONS (WALLPAPERS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
605,000
-
6,075,782
6,680,782


Comprehensive income for the year

Profit for the year
-
-
266,155
266,155
Total comprehensive income for the year
-
-
266,155
266,155


Contributions by and distributions to owners

Shares issued during the year
605,000
193,600
-
798,600


Total transactions with owners
605,000
193,600
-
798,600



At 1 December 2022
1,210,000
193,600
6,341,937
7,745,537


Comprehensive income for the period

Loss for the period
-
-
(431,189)
(431,189)
Total comprehensive income for the period
-
-
(431,189)
(431,189)


At 31 January 2024
1,210,000
193,600
5,910,748
7,314,348


The notes on pages 16 to 27 form part of these financial statements.

Page 12

 
MILTONS (WALLPAPERS) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2024

Period ended
31 January
Year ended
30 November
2024
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial period
(431,189)
266,155

Adjustments for:

Depreciation of tangible assets
326,062
157,253

Profit on disposal of tangible assets
-
(334,644)

Profit on fixed assets held for sale
(120,584)
-

Interest paid
-
786

Interest received
-
(8)

Taxation charge
(36,629)
(82,810)

(Increase) in stocks
(87,134)
(382,095)

Decrease/(increase) in debtors
104,635
(22,897)

(Decrease)/increase in creditors
(41,102)
271,887

Corporation tax received/(paid)
15,785
(104,661)

Net cash generated from operating activities

(270,156)
(231,034)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(1,007,368)

Sale of tangible fixed assets
-
370,000

Sale of aasets held for sale
125,000
-

Interest received
-
8

Net cash from investing activities

125,000
(637,360)

Cash flows from financing activities

Issue of ordinary shares
-
798,600

Repayment of loans
-
(393,600)

Interest paid
-
(786)

Net cash used in financing activities
-
404,214

Net (decrease) in cash and cash equivalents
(145,156)
(464,180)
Page 13

 
MILTONS (WALLPAPERS) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024

Period ended
31 January
Year ended
30 November

2024
2022

£
£

Cash and cash equivalents at beginning of period
2,418
466,598

Cash and cash equivalents at the end of period
(142,738)
2,418


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,065
12,365

Bank overdrafts
(144,803)
(9,947)

(142,738)
2,418


The notes on pages 16 to 27 form part of these financial statements.

Page 14

 
MILTONS (WALLPAPERS) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JANUARY 2024




At 1 December 2022
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

12,365

(10,300)

2,065

Bank overdrafts

(9,947)

(134,856)

(144,803)

Debt due within 1 year

(336,330)

(72,830)

(409,160)


(333,912)
(217,986)
(551,898)

The notes on pages 16 to 27 form part of these financial statements.

Page 15

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Miltons (Wallpapers) Limited is a private company limited by shares, incorporated in England. The address of its registered office is St. James Road, Corby, Northamptonshire, NN18 8AL.
The Company's head office is the same as the registered office but it also has other trading locations in Sutton, St Ives, March, Huntingdon, Kettering, Rushden, Desborough, Wellingborough, Bedford and Chatteris. 
The principal activity of the Company during the period was retailing of paint, wallpapers, DIY and gardening products.
During the period, the Company lengthened the accounting period ending 29 November 2023 so as to end on 31 January 2024. 
The financial statements are presented in Pound Sterling, which is also the functional currency of the
Company, rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Given the loss reported for the current period and given that the Chatteris development was funded all from working capital, cash management is a key focus for the Directors into FY25 and beyond. The Directors have resisted the option of funding growth via bank debt and instead have used working capital and the use of a bank overdraft to manage day to day cash requirements given that the business is very seasonal and the use of the overdraft is needed at certain times of the year.
The Directors always have the option of raising funds either as debt secured on the fixed assets of the business or via a property/land disposal if there is a requirement for capital projects. At the date of signing the accounts the Directors are in advance discussions on the sale of a spare parcel of land that is expected to generate a significant sum for the business to ensure that the company can continue into the future without the need for external debt.

Page 16

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below methods.

Depreciation is provided on the following basis:

Freehold property
-
4% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance



Freehold land is not depreciated

  
2.4

Fixed assets held for resale

Assets held for resale are classified as current assets and are valued at the lower of their carrying amount and fair value less costs to sell.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

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MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and ammortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.14

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

There are no key judgements. The key estimates include depreciation, stock valuation and stock provisions. 

Page 19

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.


5.


Other operating income

Period ended
31 January
Year ended
30 November
2024
2022
£
£

Net rents receivable
66,588
52,257



6.


Auditors' remuneration

Period ended
31 January
Year ended
30 November
2024
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,050
18,000

Fees payable to the Company's auditors in respect of:

Audit-related assurance services
-
3,000

Taxation compliance services
3,400
2,000

All other services
4,000
1,225
Page 20

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


Period ended
31 January
Year ended
30 November
2024
2022
£
£

Wages and salaries
2,280,392
1,685,709

Social security costs
164,379
128,885

Cost of defined contribution scheme
41,047
28,421

2,485,818
1,843,015


During the period, the key management personnel were the Directors and their compensation is detailed in the Directors' remuneration note.
The average monthly number of employees, including directors, during the period was 120 (2022 - 117).


8.


Directors' remuneration

Period ended
31 January
Year ended
30 November
2024
2022
£
£

Directors' emoluments
64,589
52,265

Company contributions to defined contribution pension schemes
1,212
972

65,801
53,237


During the period retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

Period ended
31 January
Year ended
30 November
2024
2022
£
£


Other interest receivable
-
8

Page 21

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

10.


Interest payable

Period ended
31 January
Year ended
30 November
2024
2022
£
£


Other interest payable
-
786


11.


Taxation


Period ended
31 January
Year ended
30 November
2024
2022
£
£

Corporation tax


Adjustments in respect of previous periods
(15,785)
(44,114)


Total current tax
(15,785)
(44,114)

Deferred tax


Origination and reversal of timing differences
(20,844)
(38,696)

Total deferred tax
(20,844)
(38,696)


Tax on (loss)/profit
(36,629)
(82,810)
Page 22

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

Period ended
31 January
Year ended
30 November
2024
2022
£
£


(Loss)/profit on ordinary activities before tax
(467,818)
183,345


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(116,955)
34,836

Effects of:


Capital allowances for period/year (in excess) / less than depreciation
34,714
(87,036)

Adjustments to tax charge in respect of prior periods
(15,785)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(602)
356

Deferred taxation
(20,844)
(38,696)

Capital gains
-
7,730

Unrelieved tax losses carried forward
82,843
-

Total tax charge for the period/year
(36,629)
(82,810)

Page 23

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

12.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
9,564,445
644,535
43,651
404,871
10,657,502



At 31 January 2024

9,564,445
644,535
43,651
404,871
10,657,502



Depreciation


At 1 December 2022
3,316,349
538,329
22,658
372,900
4,250,236


Charge for the period on owned assets
300,088
12,396
6,123
7,455
326,062



At 31 January 2024

3,616,437
550,725
28,781
380,355
4,576,298



Net book value



At 31 January 2024
5,948,008
93,810
14,870
24,516
6,081,204



At 30 November 2022
6,248,096
106,206
20,993
31,971
6,407,266

Included in freehold property is land of £1,491,800 (2022 - £1,491,800) which is not depreciated.


13.


Fixed assets held for resale

31 January
30 November
2024
2022
£
£


Fixed assets held for sale
135,690
140,106


Land included within fixed assets at a cost of £135,690 is now intended to be sold. Consequently it has now been disclosed as fixed assets for resale. 



Page 24

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

14.


Stocks

31 January
30 November
2024
2022
£
£

Goods for resale
2,398,267
2,311,133



15.


Debtors

31 January
30 November
2024
2022
£
£


Trade debtors
32,891
23,392

Other debtors
332
36,612

Prepayments and accrued income
49,275
83,015

Tax recoverable
-
44,114

82,498
187,133



16.


Cash and cash equivalents

31 January
30 November
2024
2022
£
£

Cash at bank and in hand
2,065
12,365

Less: bank overdrafts
(144,803)
(9,947)

(142,738)
2,418


Page 25

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

17.


Creditors: Amounts falling due within one year

31 January
30 November
2024
2022
£
£

Bank overdrafts
144,803
9,947

Trade creditors (net of rebate)
490,934
543,961

Other taxation and social security
168,310
245,006

Other creditors
427,738
354,565

Accruals and deferred income
41,191
25,743

1,272,976
1,179,222



18.


Deferred taxation






2024
2022


£

£






At beginning of year
133,244
171,940


Charged to profit or loss
(20,844)
(38,696)



At end of year
112,400
133,244

The provision for deferred taxation is made up as follows:

31 January
30 November
2024
2022
£
£


Accelerated capital allowances
24,996
(19,924)

Pension surplus
-
(926)

Rollover relief
154,094
154,094

Tax losses carried forward
(66,690)
-

112,400
133,244

Page 26

 
MILTONS (WALLPAPERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

19.


Share capital

31 January
30 November
2024
2022
£
£
Allotted, called up and fully paid



1,210,000 (2022 - 1,210,000) Ordinary shares of £1.00 each
1,210,000
1,210,000



20.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares, less transaction costs.

Profit and loss account

Includes all current and prior period retained profits and losses.


21.


Pension commitments

The Company contributes to defined contribution schemes on behalf of its employees. At the balance sheet date there were outstanding contributions of £Nil (2022 - £2,783) and the charge for the period recorded in the Statement of Income and Retained Earnings was £41,047 (2022 - £28,421).


22.Securities held

The Company has a debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future dated 29 May 2022.


23.


Related party transactions

At the Balance Sheet date there was a loan of £346,330 (2022 - £336,330) owed to M H Taylor and a loan of £62,830 (2022 - £Nil) owed to M E Taylor by the Company. The loans are interest free and are payable on demand. 


24.


Controlling party

The Company was under the control of M H Taylor throughout the current period and previous year.

 
Page 27