Company registration number 1238310 (England and Wales)
MILTON-LLOYD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MILTON-LLOYD LIMITED
COMPANY INFORMATION
Directors
Mrs A Jackson
Mr H. Walters
Mr D.W.J. Jackson
Mr C.P.C.H. Jackson
Miss J.A.I. Jackson
Mr J.C.W. Jackson
Mrs M. Colclough
Secretary
Mrs A Jackson
Company number
1238310
Registered office
42-44 Norwood High Street
London
SE27 9NR
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
MILTON-LLOYD LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 21
MILTON-LLOYD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
The results for the year are set out on page 7 of these financial statements.
The key performance indicators of the company are as follows:
Principal risks and uncertainties
Competition
Competition is considered a significant risk to the company, as there are increasing numbers of competitors globally, particularly in online markets. To mitigate this risk, we continue to invest in our website as well as working with online marketplaces, with the aim that our perfumery range will be available worldwide.
Counterfeit products
Our products are sold globally, and it is an ongoing challenge to identify and remove counterfeit products when they appear in our markets. However, we are constantly evolving security and ‘hard to copy’ features on our packaging, determined to keep ahead of the counterfeiters.
Current economic conditions
The year under review has been challenging for the company due to several factors that are out of our control: regional wars resulting in global, political and economic uncertainty, price rises from suppliers as inflation continues to have an impact, hyper-inflationary economies in certain of our overseas markets with associated currency valuation issues and embargoes on the import of non-essential luxury goods into some export markets. This creates some challenges regarding future sales and cash flows.
The company continues to closely monitor the impact of these factors on its worldwide business and liquidity, and believes, through the growing diversity of global markets and related income streams, it is well placed to see through the uncertainty.
Mrs A Jackson
Secretary
25 June 2025
MILTON-LLOYD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their report and financial statements of the company for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be the manufacture, marketing and sale of perfumery products.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs A Jackson
Mr C.W.J. Jackson
(Resigned 1 April 2024)
Mr H. Walters
Mr D.W.J. Jackson
Mr C.P.C.H. Jackson
Miss J.A.I. Jackson
Mrs J.A.C.V. Gabr
(Resigned 11 February 2025)
Mr J.C.W. Jackson
Mrs M. Colclough
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £2,000,000 (2023: £700,000). The directors do not recommend payment of a further dividend.
Financial instruments
Interest rate risk
The company finances its operations through a mixture of retained profits, hire purchase, bank loans and intercompany loans.
Foreign currency risk
The company has some exposure to currency risk as it makes sales in sterling and US dollars, purchases in sterling, US dollars and Euros and has bank accounts denominated in sterling, US dollars, Euros and UAE Dirhams. However, the risk is not considered to be material.
Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks meet its objective of managing exposure to credit risk.
The company has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Auditor
In accordance with the company's articles, a resolution proposing that Bright Grahame Murray be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
MILTON-LLOYD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors’ indemnities
The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
By order of the board
Mrs A Jackson
Secretary
25 June 2025
MILTON-LLOYD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MILTON-LLOYD LIMITED
- 4 -
Opinion
We have audited the financial statements of Milton-Lloyd Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 31 December 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.
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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
MILTON-LLOYD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MILTON-LLOYD LIMITED (CONTINUED)
- 5 -
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, 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and health and safety.
We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override and stock valuation.
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
We enquired of the directors about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
MILTON-LLOYD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MILTON-LLOYD LIMITED (CONTINUED)
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Matthew Eade (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
25 June 2025
MILTON-LLOYD LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,634,467
16,632,076
Cost of sales
(10,973,313)
(10,035,538)
Gross profit
6,661,154
6,596,538
Distribution costs
(1,536,923)
(1,415,695)
Administrative expenses
(4,123,376)
(4,269,783)
Other operating income
271,400
266,300
Operating profit
6
1,272,255
1,177,360
Other interest receivable and similar income
5
39,956
1,278
Interest payable and similar expenses
7
(211,690)
(211,690)
Profit before taxation
1,100,521
966,948
Tax on profit
8
(268,896)
(226,603)
Profit for the financial year
831,625
740,345
Retained earnings brought forward
4,935,481
4,895,136
Dividends
9
(2,000,000)
(700,000)
Retained earnings carried forward
3,767,106
4,935,481
The Statement of Income and Retained Earnings has been prepared on the basis that all operations are continuing operations.
MILTON-LLOYD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,312,215
1,414,017
Investments
11
196,103
196,103
1,508,318
1,610,120
Current assets
Stocks
13
9,048,234
10,837,155
Debtors
14
3,462,270
3,641,703
Cash at bank and in hand
3,079,550
1,598,170
15,590,054
16,077,028
Creditors: amounts falling due within one year
15
(8,890,296)
(8,082,325)
Net current assets
6,699,758
7,994,703
Total assets less current liabilities
8,208,076
9,604,823
Creditors: amounts falling due after more than one year
16
(4,125,000)
(4,335,000)
Provisions for liabilities
Deferred tax liability
18
295,970
314,342
(295,970)
(314,342)
Net assets
3,787,106
4,955,481
Capital and reserves
Called up share capital
19
20,000
20,000
Profit and loss reserves
3,767,106
4,935,481
Total equity
3,787,106
4,955,481
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mrs A Jackson
Mr H. Walters
Director
Director
Company registration number 1238310 (England and Wales)
MILTON-LLOYD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful lives of tangible assets
The company depreciates tangible assets over their useful economic lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.
Stock provisions
The company manufactures and sells perfumery products. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning that may be required. In determining the provision, management considers the nature and condition of stock, as well as applying assumptions regarding the future usage of raw materials and future sales of finished goods.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2
Accounting policies
Company information
Milton-Lloyd Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42-44 Norwood High Street, London, SE27 9NR.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Jackson Trading Company PLC. These consolidated financial statements are available from its registered office, 42-44 Norwood High Street, London, SE27 9NR.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
The turnover shown in the profit and loss account represents sales of perfumery products in the year, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 11 -
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tooling
10% - 33.3% p.a. on a straight line basis
Equipment
20% p.a. on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 12 -
2.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 13 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 15 -
2.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Turnover and other revenue
Turnover, which is net of Value Added Tax, is derived from the sale of perfumery products.
The Directors are of the opinion that the disclosure of the analysis of turnover by geographical market would be unfairly prejudicial to the company.
2024
2023
£
£
Other revenue
Interest income
39,956
1,278
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Number of production staff
5
4
Number of selling and distribution staff
10
12
Number of administrative staff
4
6
Total
19
22
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
871,975
1,065,791
Social security costs
60,813
85,903
Pension costs
30,834
40,178
963,622
1,191,872
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
39,956
1,278
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
39,956
1,278
6
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
2,257
59,734
Fees payable to the company's auditor for the audit of the company's financial statements
40,000
40,000
Depreciation of owned tangible fixed assets
241,477
240,246
(Profit)/loss on disposal of tangible fixed assets
-
100
Operating lease charges
296,000
296,000
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
21,690
21,690
Interest payable to group undertakings
190,000
190,000
211,690
211,690
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
295,611
269,921
Adjustments in respect of prior periods
(8,343)
Total current tax
287,268
269,921
Deferred tax
Origination and reversal of timing differences
(18,372)
(43,318)
Total tax charge
268,896
226,603
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 17 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,100,521
966,948
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
275,130
241,737
Tax effect of expenses that are not deductible in determining taxable profit
(6,234)
(7,378)
Change in tax rates on profit
(3,458)
Change in tax rates on deferred tax
(2,563)
Expenses not deductible
(1,735)
Taxation charge for the year
268,896
226,603
9
Dividends
2024
2023
£
£
Final paid
2,000,000
700,000
10
Tangible fixed assets
Tooling
Equipment
Total
£
£
£
Cost
At 1 January 2024
2,177,650
318,766
2,496,416
Additions
100,000
39,675
139,675
At 31 December 2024
2,277,650
358,441
2,636,091
Depreciation and impairment
At 1 January 2024
810,384
272,015
1,082,399
Depreciation charged in the year
214,497
26,980
241,477
At 31 December 2024
1,024,881
298,995
1,323,876
Carrying amount
At 31 December 2024
1,252,769
59,446
1,312,215
At 31 December 2023
1,367,266
46,751
1,414,017
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
196,103
196,103
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Milton Lloyd FZE
Dubai
Trading in perfumes, cosmetics and beauty products
Ordinary
100.00
0
Milton Lloyd Inc
United States of America
Dormant
Ordinary
100.00
0
13
Stocks
2024
2023
£
£
Raw materials and consumables
3,447,073
5,018,401
Finished goods and goods for resale
5,601,161
5,818,754
9,048,234
10,837,155
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,218,915
3,372,932
Amounts owed by group undertakings
60,329
105,253
Other debtors
21,487
Prepayments and accrued income
161,539
163,518
3,462,270
3,641,703
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
210,000
210,000
Trade creditors
1,832,274
1,341,289
Amounts owed to group undertakings
4,985,981
4,923,098
Corporation tax
133,610
106,842
Other taxation and social security
12,047
59,750
Accruals and deferred income
1,716,384
1,441,346
8,890,296
8,082,325
The bank loan is secured by a fixed charge over machinery included in fixed assets.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
125,000
335,000
Amounts owed to group undertakings
4,000,000
4,000,000
4,125,000
4,335,000
The bank loan is secured by a fixed charge over machinery included in fixed assets.
17
Loans and overdrafts
2024
2023
£
£
Bank loans
335,000
545,000
Payable within one year
210,000
210,000
Payable after one year
125,000
335,000
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Depreciation in excess of tax allowances
296,634
315,188
Retirement benefit obligations
(664)
(846)
295,970
314,342
2024
Movements in the year:
£
Liability at 1 January 2024
314,342
Credit to profit or loss
(18,372)
Liability at 31 December 2024
295,970
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
All Ordinary shares in the Company have the right to vote and to receive dividends or distribution of assets on winding up.
20
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
385,500
57,500
Years 2-5
385,500
115,000
771,000
172,500
MILTON-LLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Related party transactions
The company has taken advantage of the exemption not to disclose transactions with its parent company, Jackson Trading Company Plc, and fellow subsidiaries that are wholly owned within the group.
22
Ultimate controlling party
The company's immediate and ultimate parent undertaking is Jackson Trading Company Plc, a company incorporated in England and Wales. The ultimate controlling party is Mr P.H.J. Jackson. Jackson Trading Company Plc is the only group in which the results of that Company and its subsidiaries are consolidated. Copies of the financial statements of Jackson Trading Company Plc may be obtained from the company's registered office.
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