| REGISTERED NUMBER: |
| MILLSIDE FOODS LIMITED |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 30 June 2024 |
| REGISTERED NUMBER: |
| MILLSIDE FOODS LIMITED |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 30 June 2024 |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 3 |
| Independent Auditors' Report | 4 |
| Income Statement | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| MILLSIDE FOODS LIMITED |
| Company Information |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| SOLICITORS: |
| 42-46 Fountain Street |
| Belfast |
| BT1 5EF |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Strategic Report |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their strategic report for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| The Principal activity of the Company is that of distrubution of poultry meat. |
| Millside Foods Limited has delivered a strong trading performance for the year ended 30 June 2024 and the business remains in a strong financial position. Revenue for the year had decreased by £1,921,919 to £10,025,845 (2023: £11,947,764). Gross profit margin 12.64% (2023: 13.81%). The Company generated profit before tax of £1,427,205 (2023 loss: £946,866). The Company has net assets of £6,225,837 (2023: £8,692,031). The directors consider the results for the year to be satisfactory. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The Company's operations expose it to a variety of risks that include economic risk and competition. The company has in place a risk management programme that seeks to limit any adverse effects on the financial performance of the company. |
| Economic Risk |
| The economic risks facing the company include fall in demand for produce and inflationary cost pressures. The company continues to be exposed to pressures created by Brexit, rising energy costs, supply chain and the ongoing global political instability. The business remains vigilant to the potential headwinds experienced by all aspects of the project cycle and seeks to mitigate these risks through robust commercial risk management, on-going dialogue with key stakeholders, including customer and supply chain. |
| Competition Risk |
| Competition risk comes from other poultry distributors. The directors manage this risk by ensuring a quality product is offered to all customers at a competitive price. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors consider the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit. |
| The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the company remains profitable. The company continues to maintain a strong net asset position. |
| 2024 | 2023 |
| Revenue | £10,025,845 | £11,947,764 |
| Gross Profit Margin | 12.64% | 13.81% |
| Operating (Loss)/Profit | £1,427,205 | (£946,866) |
| STRATEGY & DEVELOPMENT |
| The company's success is dependent on understanding and meeting the developing needs of customers and developing innovative solutions for their needs. The company will continue to improve upon its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations. With its proven track record the company believes it will be well placed to retain existing customers and generate new business. |
| FUTURE DEVELOPMENTS |
| The company is committed to long term creation of shareholder value by increasing the company's market share, The company aims to increase revenue and operating profits. The company will continue to meet the needs of the customers and develop innovative solutions for their needs while remaining highly competitive. |
| ON BEHALF OF THE BOARD: |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Directors' Report |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their report with the financial statements of the Company for the year ended 30 June 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 June 2024. |
| POST BALANCE SHEET EVENTS |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| No donations for political purposes were made during the year (2023: £nil). |
| 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 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 Company'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 Company's auditors are aware of that information. |
| AUDITORS |
| The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Independent Auditors' Report to the Members of |
| Millside Foods Limited |
| Opinion |
| We have audited the financial statements of Millside Foods Limited (the 'Company') for the year ended 30 June 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Company's affairs as at 30 June 2024 and of its 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 Company 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 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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. |
| 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 Strategic Report and the Directors' Report for the financial year 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. |
| Independent Auditors' Report to the Members of |
| Millside Foods Limited |
| 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 where 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 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 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. |
| Independent Auditors' Report to the Members of |
| Millside Foods 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 an Auditors' 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
| - | We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation; |
| - | We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance; |
| - | We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; |
| - | Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and |
| - | Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. |
| The audit response to risks identified included: |
| - | Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; |
| - | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
| - | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| 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 Auditors' Report. |
| Independent Auditors' Report to the Members of |
| Millside Foods Limited |
| 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 an Auditors' 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 |
| Chartered Accountants and Statutory Auditors |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Income Statement |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) |
| 1,269,411 | 1,319,748 |
| Other operating income |
| 1,427,206 | 1,450,022 |
| Gain/loss on revaluation of investment property |
- |
(2,396,888 |
) |
| PROFIT/(LOSS) BEFORE TAXATION | 5 | ( |
) |
| Tax on profit/(loss) | 6 | ( |
) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| OTHER COMPREHENSIVE INCOME |
| Disposal of investment property | ( |
) |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Statement of Financial Position |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| NON-CURRENT ASSETS |
| Tangible assets | 8 |
| Investment property | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Receivables | 11 |
| Cash at bank |
| PAYABLES |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Revaluation reserve | 15 | ( |
) |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Statement of Changes in Equity |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 July 2022 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 June 2023 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 June 2024 |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Statement of Cash Flows |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of investment property | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | 90,092 | 212,153 |
| Amount withdrawn by directors | (212,153 | ) | (146,508 | ) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
4,946,222 |
| Cash and cash equivalents at end of year |
2 |
6,339,519 |
6,393,323 |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Statement of Cash Flows |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before taxation | ( |
) |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Loss on revaluation of fixed assets | - | 2,396,888 |
| 1,042,753 | 1,451,686 |
| Increase in stocks | ( |
) | ( |
) |
| Decrease in trade and other debtors |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 June 2024 |
| 30/6/24 | 1/7/23 |
| £ | £ |
| Cash and cash equivalents | 6,339,519 | 6,393,323 |
| Year ended 30 June 2023 |
| 30/6/23 | 1/7/22 |
| £ | £ |
| Cash and cash equivalents | 6,393,323 | 4,946,222 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/7/23 | Cash flow | At 30/6/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 6,393,323 | (53,804 | ) | 6,339,519 |
| 6,393,323 | ( |
) | 6,339,519 |
| Total | 6,393,323 | (53,804 | ) | 6,339,519 |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| Millside Foods Limited is a private company limited by shares incorporated in Northern Ireland. The company's registered number is NI030912 and the registered office address is 38 Northland Row, Dungannon, County Tyrone. |
| The principal activity of the company is that of distribution of poultry meat. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparation |
| The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets. |
| The accounting policies detailed below have been applied consistently throughout the year. |
| Significant judgements and estimates |
| The preparation of the financial statements in accordance which generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimated. Therefore, management believe there are no critical accounting policies where estimates, judgements and assumptions are necessary. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Property, plant and equipment |
| Fixtures and fittings | - |
| Computer equipment | - |
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if |
| events or changes in circumstances indicate the carrying value may not be recoverable. |
| 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. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group and related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to group and related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| (iii) Offsetting |
| Financial assets and liabilities are offset and 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. |
| Taxation |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | 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 where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities. |
| Provision for liabilities |
| Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the income statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
| Share capital |
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new |
| ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 5. | PROFIT/(LOSS) BEFORE TAXATION |
| The profit (2023 - loss) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Commissions payable |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Foreign exchange differences |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit/(loss) |
| 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 |
| £ | £ |
| Profit/(loss) before tax | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| ROI Branch Tax | 126,140 | 76,128 |
| Impact of Rate Change | - | 9,624 |
| Total tax charge | 143,403 | 219,976 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Disposal of investment property | ( |
) | - | (3,750,000 | ) |
| 7. | TURNOVER |
| All turnover is derived from the company's principal activities. No analysis of turnover is presented as the directors consider disclosure to be seriously prejudical to the interests of the company. |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2023 |
| and 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 9. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| The directors consider that such valuations are reflective of the open market value of the properties at 30 June 2023. |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Inventories |
| There is no material difference between the replacement cost of inventories and their balance sheet values. |
| 11. | RECEIVABLES |
| 2024 | 2023 |
| £ | £ |
| Trade receivables |
| VAT |
| MILLSIDE FOODS LIMITED (REGISTERED NUMBER: NI030912) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 12. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade payables |
| Tax |
| Social security and other taxes |
| VAT | 1,418 | - |
| Directors' current accounts | 90,092 | 212,153 |
| Accruals and deferred income |
| Amounts due to Directors are unsecured, interest free and repayable on demand. |
| 13. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 1,231 | 1,248 |
| Deferred tax |
| £ |
| Balance at 1 July 2023 |
| Provided during year | ( |
) |
| Balance at 30 June 2024 |
| Deferred taxation is provided in respect of accelerated capital allowances. |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 15. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 July 2023 | ( |
) | 8,691,933 |
| Profit for the year |
| Distribution in Specie | (3,750,000 | ) | - | (3,750,000 | ) |
| Disposal of investment prop | (1,152,798 | ) | 1,152,798 | - |
| At 30 June 2024 | 6,225,736 |
| 16. | POST BALANCE SHEET EVENTS |
| There were no significant events affecting the company since the year end. |
| 17. | ULTIMATE CONTROLLING PARTY |
| At the year end the ultimate controlling parties are Paul and Geraldine Quigley. |