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Registered number:
FOR THE PERIOD ENDED 31 JANUARY 2024
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MILTONS (WALLPAPERS) LIMITED
CONTENTS
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MILTONS (WALLPAPERS) LIMITED
COMPANY INFORMATION
Page 1
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MILTONS (WALLPAPERS) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
The Directors present their Strategic Report and the financial statements for the 14 month period ended 31 January 2024. 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. 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. 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
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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.
Page 3
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The Directors who served during the period were:
Future developments have been disclosed in the Strategic Report.
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MILTONS (WALLPAPERS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
There have been no significant events affecting the Company since the year end.
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.
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MILTONS (WALLPAPERS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED
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 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).
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.
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.
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MILTONS (WALLPAPERS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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MILTONS (WALLPAPERS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
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.
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MILTONS (WALLPAPERS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
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 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.
for and on behalf of
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
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MILTONS (WALLPAPERS) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 10
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MILTONS (WALLPAPERS) LIMITED
REGISTERED NUMBER: 00461439
BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 27 form part of these financial statements.
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MILTONS (WALLPAPERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
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MILTONS (WALLPAPERS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2024
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MILTONS (WALLPAPERS) LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 14
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MILTONS (WALLPAPERS) LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JANUARY 2024
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
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
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:
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.
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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 land is not depreciated
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.
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Page 19
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
The whole of the turnover is attributable to the principal activity of the Company.
Page 20
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 21
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 22
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
11.Taxation (continued)
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 24
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 25
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Page 26
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MILTONS (WALLPAPERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Share premium account
This reserve records the amount above the nominal value received for shares, less transaction costs.
Profit and loss account
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.
The Company was under the control of M H Taylor throughout the current period and previous year.
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