Company registration number 12577710 (England and Wales)
MILTON WEBBER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
MILTON WEBBER LIMITED
COMPANY INFORMATION
Director
Mr S Webber
Company number
12577710
Registered office
Pasta Foods Limited
Forest Way
New Costessey
Norwich
NR5 0JH
Auditor
Ensors Accountants LLP
3 St James Court
Whitefriars
Norwich
NR3 1RJ
MILTON WEBBER LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Director's responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
MILTON WEBBER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The director presents the strategic report for the year ended 31 October 2024.

Review of the business

The director presents his Strategic report together with the audited financial statements for the year ended 31 October 2024. It refers to the performance, operating and trading of the operating companies Pasta Foods Limited and Snack Creations Ltd.

 

Pasta Foods Limited

Pasta Foods is a vertically integrated pasta manufacturer. The company buys high quality durum wheat which it mills at its own mill and then makes pasta from the semolina. The pasta is sold to a wide variety of customers which make pasta salads, recipe dishes, canned goods, snack pots and to a number of food service distributors and a small number of retail brands. It also sells semolina as an ingredient along with other added value products from the mill.

 

It has been a difficult year for our UK customer base, as the UK endured long periods of wet weather with a very un- summer like season and consumption of pasta salads was down significantly. That has had a profound impact on our business, along with general weakness in demand in the UK.

 

Despite poor UK sales, our export business, both direct and indirect, has been more robust with direct export volumes continuing to grow in a highly competitive market.

 

Sales to retail are in double-digit growth with foodservice being even more significant. Our added value products from the mill continue to grow, albeit at a lower rate.

 

Pasta Foods has continued to deliver 100% of all customer needs on time, in full. We are winning new business as our quality service and product is appreciated by a wider group of customers. We support a number of charities with donations of pasta in difficult times for many.

 

Sales of £29.9m whilst down on the record pasta sales of the previous year is well up on earlier years with a creditable Operating Profit of £2.4m.

 

Given the huge investment made over the last 10 or so years, it is key that we focus on our Return on Invested Capital (ROIC). This year it stands at 8.6%. We need to strive to improve returns on investment in the coming year.

 

A continuing theme is that we work closely with our customers, both existing and new, to meet their needs. We have also worked successfully to increase the range of suppliers of durum wheat, as our purchased volumes increase over the longer term and as a natural hedge in our buying portfolio.

 

The business, like all UK businesses, confronts the challenges posed by inflationary pressures including upcoming increases in employers’ NI, minimum wage increases above inflation, interest rates higher for longer and the threats of no/slow economic growth.

 

Debt is specifically allocated to companies within the group, with the exception of £8.7m that Pasta Foods is holding on behalf of group companies.

 

Capex in the year was £299k following the significant investment in previous years.

 

MILTON WEBBER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Review of the business (continued)

Snack Creations Ltd

 

The company is a market leader in the development and manufacture of healthy snacks using extruded pellet technology to make snacks from lentil, chickpea, split pea, potato and other ingredients. Snack Creations is a new product development (NPD) led business.

 

We achieved sales of £27.4m (up 4.5% on 2023 - £26.3m). We achieved 18% sales growth in our export markets as we continue to open up new markets and support new customers. This reflects our ambition to grow the business on a sustainable path over the long term. Our new facility will be producing commercially in early 2025. It has been a challenging period as we invest in the new facility with dual running costs and we strive to grow our sales ahead of opening the facility and maintaining our old facility. The weak demand in the UK market has stunted our growth ambitions in the short term. Our plans are based on long term, sustainable growth and we will continue to invest in our business to deliver against our ambitious targets despite short term bumps on the growth journey.

 

During the year we started to supply 14 new customers which has been a target as we prepare to open the new factory. The pipeline continues to grow with both new customers and significant opportunities with existing customers. Each year the team develops great, new products. Our ability to deliver what the market needs, whether that is high protein, low salt, low fat, high fibre, or whatever technical challenge, is not just met, but beaten.

 

Ingredient costs continue upwards and energy costs are volatile. Taken together, our input cost base remains higher than we would like.

 

This paragraph will appear in every review and I make no apologies. It is the essence of our DNA. Our focus is on delighting our customers with world leading NPD and great service. As our technical capability, through investment in people and processes grows, our ability to offer even more to our customers expands.

 

Our capex in the year amounted to in excess of £18m which is a very clear indication of our commitment to deliver the next stage of the development of our world class business. Post year end, £10m of the £11m in bank loans was repaid. This was replaced with longer term borrowings due over a 7 year period.

 

Exceptional costs of £535k, relate to dual running associated with the opening of our new facility. The increase in costs from prior year illustrates the step towards fully opening the site in early 2025. EBITDAE has been included within our financial statements, as this is a key measure at a time we are investing in a new facility, which at present is giving us no return.

Principal risks and uncertainties

The principal risks faced by the group are focused on raw material price movements, energy cost volatility and exchange rate fluctuations.

 

The business seeks to pass on underlying raw material price increases to customers as appropriate.

 

The business protects itself with long term agreements, insurance policies and forward contracts where possible.

Key performance indicators

The group operates using a range of KPIs which are cascaded through the business.

 

The group reviews health and safety metrics at Board level and acts accordingly upon that information.

 

HR metrics regarding employee performance and wellbeing are measured and reviewed.

 

The business focuses on various financial KPIs including operating profit, ROIC, EBITDAE, net assets and cash.

 

The non-financial KPIs that are reviewed involve production volumes, waste volumes and manufacturing metrics.

 

Sales volumes are measured against manufacturing volumes. In turn, KPIs regarding customer service levels and efficiency are monitored very closely.

MILTON WEBBER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Director statement of compliance with duty to promote the success of the Group

Section 172 statement

 

As the director of the company, I acknowledge and adhere to the duty under Section 172 of the Companies Act 2006 to act in the best interests of the Company, taking into account the following factors:

Long-term Sustainability:

The Company is dedicated to long-term sustainability, evidenced by our strategic planning that incorporates a forward-looking 5-year model. This model guides our decisions, ensuring they align with our vision for enduring success. Through a comprehensive approach encompassing economic, social, and environmental factors, we aim to navigate challenges and seize opportunities, fostering a resilient and sustainable future for the Company and our stakeholders.

Interests of Employees:

Our employees are at the heart of everything we do, and our commitment to their well-being and growth is unwavering. We foster a supportive work environment, invest in professional development, and fair compensation. Collaborating closely with our union partners, we ensure the collective well-being and growth of our workforce. We recognise the contribution of our employees and remunerate appropriately.

Interests of Other Stakeholders (Suppliers, Customers, and Others):

Acknowledging the importance of diverse stakeholders, inter alia, our suppliers, customers and banking partners, we maintain transparent and collaborative relationships. Fair business practices and timely communication are central to our interactions, ensuring sustained partnerships and stakeholder satisfaction.

Impact on the community and the environment:

We recognise our responsibility to the broader community and environment. Our operations are conducted with a keen awareness of the impact on local communities and ecosystems. Actively engaging in initiatives that contribute positively to society, including our ongoing collaborations with charitable organisations, we aim to make a difference where we can. Simultaneously, we undertake environmentally sustainable practices to minimise our ecological footprint, embodying our commitment to corporate citizenship and environmental stewardship, detailed further in the Director’s report.

High Standards of Business Conduct:

Upholding the highest standards of business conduct is non-negotiable. We prioritise ethics, integrity and transparency in all dealings, including our extensive worldwide trade engagements. Recognising the diverse array of customers, cultures, and partners we engage with globally, we maintain a profound level of respect for their unique perspectives, values and needs. Our commitment to ethical practices extends to every aspect of our operations, fostering trust among stakeholders and maintaining the Company's reputation.

Need to Act Fairly Between Members of the Company:

The Director understands the views of the shareholders and acts in their best interests.

 

On behalf of the board

Mr S Webber
Director
25 February 2025
MILTON WEBBER LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The director presents his annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activities of the group are wheat milling, the production of dry pasta and the production of snack pellets typically made from potato, lentil, chickpea and yellow pea.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr S Webber
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Financial instruments

The group's financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and where necessary through borrowings with third party banks.

 

The group's exposure to the price risk of financial instruments is therefore minimal. As the counter party to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments. Its cash flow risk in respect of forward currency purchases is also minimal as it aims to pay suppliers in accordance with their stated terms, matching the maturity of currency purchases.

 

The director does not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.

 

At the Statement of Financial Position date, the group had entered into forward foreign exchange contracts. The group does not use hedge accounting.

Research and development

The development and technical function is focused not only on improving efficiency and quality by use of technology, but also by further development of pasta and snack products offering a point of difference or meeting changed market needs. Resource is allocated to achieve this aim.

Future developments

As we develop new products and wins new customers, the group will be able to improve its financial results as we utilise our new capacity. Our new facility will be producing commercially in the current year and is the biggest step change ever in the business. It is a really exciting time and will allow our focus on growth to continue and accelerate. We are already developing our plans for the next phase of growth, once the factory opens.

Auditor

Ensors Accountants LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

MILTON WEBBER LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
44,756,418
45,626,530
2024
2023
Emissions of CO2 equivalent
metric
tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
4,261.00
3,987.00
- Oil
2,196.00
2,948.00
- Diesel
79.00
-
6,536.00
6,935.00
Scope 2 - indirect emissions
- Electricity purchased
2,683.00
2,659.00
Scope 3 - other indirect emissions
- Electricity T&D Losses
237.00
230.00
Total gross emissions
9,456.00
9,824.00
Intensity ratio
Emissions per tonne of produce
0.238
0.249
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per tonne of produce.

Measures taken to improve energy efficiency

The Director is committed to minimising the environmental impact and enhancing energy efficiency across our operations.

In a proactive effort to reduce our carbon footprint, we have successfully implemented an electric car scheme. This initiative aligns with our commitment to environmental responsibility.

We have intensified our efforts to achieve zero-waste-to-landfill. Through a careful selection process of the correct waste partner for the business, we are working towards minimising the amount of waste sent to landfills with a goal to reduce this to nil.

As part of our ongoing commitment to enhancing energy efficiency, whenever new capital expenditure replaces equipment, improved efficiency is always at the forefront of our considerations.

We are continually exploring renewable energy solutions as part of our commitment to sustainable practices and environmental responsibility.

MILTON WEBBER LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr S Webber
Director
25 February 2025
MILTON WEBBER LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MILTON WEBBER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILTON WEBBER LIMITED
- 8 -
Opinion

We have audited the financial statements of Milton Webber Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

MILTON WEBBER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILTON WEBBER LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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.

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:

 

MILTON WEBBER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILTON WEBBER LIMITED
- 10 -

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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 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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
3 St James Court
Whitefriars
Norwich
NR3 1RJ
5 March 2025
MILTON WEBBER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
57,293,922
61,893,303
Cost of sales
(44,350,480)
(45,635,883)
Distribution costs
(4,145,089)
(3,523,596)
Gross profit
8,798,353
12,733,824
Administrative expenses
(4,413,761)
(4,964,473)
Other operating income
449,335
449,371
Exceptional items
4
(632,285)
(469,600)
Operating profit
5
4,201,642
7,749,122
Interest receivable and similar income
9
3,300
-
Interest payable and similar expenses
10
(2,377,021)
(1,882,567)
Profit before taxation
1,827,921
5,866,555
Tax on profit
11
(429,481)
(1,069,381)
Profit for the financial year
25
1,398,440
4,797,174
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on page 17 to page 35 form part of these financial statements.
MILTON WEBBER LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,215,485
1,434,790
Tangible assets
13
39,947,708
23,537,122
41,163,193
24,971,912
Current assets
Stocks
17
10,396,117
7,617,576
Debtors
18
11,619,298
12,889,071
Cash at bank and in hand
4,081,404
3,823,070
26,096,819
24,329,717
Creditors: amounts falling due within one year
19
(38,942,847)
(20,858,694)
Net current (liabilities)/assets
(12,846,028)
3,471,023
Total assets less current liabilities
28,317,165
28,442,935
Creditors: amounts falling due after more than one year
20
(13,047,357)
(15,001,048)
Provisions for liabilities
Deferred tax liability
22
2,910,946
2,481,465
(2,910,946)
(2,481,465)
Net assets
12,358,862
10,960,422
Capital and reserves
Called up share capital
24
1,000
1,000
Merger reserve
25
9,000
9,000
Profit and loss reserves
25
12,348,862
10,950,422
Total equity
12,358,862
10,960,422
The notes on page 17 to page 35 form part of these financial statements.
The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr S  Webber
Director
Company registration number 12577710 (England and Wales)
MILTON WEBBER LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
15,991,471
15,991,471
Current assets
Stocks
17
1,326,983
-
Debtors
18
3,252,520
80,162
Cash at bank and in hand
200
4,133
4,579,703
84,295
Creditors: amounts falling due within one year
19
(16,223,812)
(12,796,015)
Net current liabilities
(11,644,109)
(12,711,720)
Total assets less current liabilities
4,347,362
3,279,751
Creditors: amounts falling due after more than one year
20
(3,200,000)
(3,200,000)
Net assets
1,147,362
79,751
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
25
1,146,362
78,751
Total equity
1,147,362
79,751
The notes on page 17 to page 35 form part of these financial statements.

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £1,067,611 (2023: £428,548).

The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr S  Webber
Director
Company registration number 12577710 (England and Wales)
MILTON WEBBER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
1,000
9,000
6,153,248
6,163,248
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
4,797,174
4,797,174
Balance at 31 October 2023
1,000
9,000
10,950,422
10,960,422
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,398,440
1,398,440
Balance at 31 October 2024
1,000
9,000
12,348,862
12,358,862
The notes on page 17 to page 35 form part of these financial statements.
MILTON WEBBER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
1,000
(349,797)
(348,797)
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
428,548
428,548
Balance at 31 October 2023
1,000
78,751
79,751
Year ended 31 October 2024:
Profit and total comprehensive income
-
1,067,611
1,067,611
Balance at 31 October 2024
1,000
1,146,362
1,147,362
The notes on page 17 to page 35 form part of these financial statements.
MILTON WEBBER LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
9,773,302
9,019,356
Income taxes refunded
-
0
1,386
Net cash inflow from operating activities
9,773,302
9,020,742
Investing activities
Purchase of tangible fixed assets
(18,554,875)
(2,903,030)
Net cash used in investing activities
(18,554,875)
(2,903,030)
Financing activities
Proceeds from bank loans
14,501,161
-
Repayment of bank loans
(3,903,469)
(1,044,362)
Interest paid
(2,377,021)
(1,882,567)
Increase/(decrease) in invoice discounting facility
819,236
(2,791,458)
Net cash generated from/(used in) financing activities
9,039,907
(5,718,387)
Net increase in cash and cash equivalents
258,334
399,325
Cash and cash equivalents at beginning of year
3,823,070
3,423,745
Cash and cash equivalents at end of year
4,081,404
3,823,070
The notes on page 17 to page 35 form part of these financial statements.
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
1
Accounting policies
Company information

Milton Webber Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pasta Foods Limited, Forest Way, New Costessey, Norwich, NR5 0JH.

 

The group consists of Milton Webber Limited and all of its subsidiaries.

1.1
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Milton Webber Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

Post year end, £10,133,662 in bank loans was repaid. This was replaced with longer term borrowings due over a 7 year period.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

Negative goodwill represents the value of net assets acquired over and above the consideration in relation to business combinations. Negative goodwill is not offset against the groups intangible assets and is disclosed separately on the face of the Consolidated Statement of Financial Position. Any excess above the fair value of the non-monetary assets acquired is recognised in the Consolidated Statement of Comprehensive Income, as other non operating income over the period in which the benefit is expected to be received.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.7
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:

Freehold land and buildings
2% straight line
Plant and equipment
10-20% straight line

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 recognised in the income statement.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
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.

 

The group's regrind stocks (product which has been ground to powder or due to be ground to powder for future use in selected lines) is carried at the equivalent cost of virgin raw materials and excludes factory overheads, which are written off to the Statement of Comprehensive Income at the point at which the stock is classified as regrind stock.

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.

1.11
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.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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.

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.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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 group 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.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
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 income statement 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 group’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 income statement, 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 if, and only if, there is 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.

1.16
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.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 23 -
1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
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 leased asset are consumed.

1.19
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.

1.20

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.21

Invoice financing

The group has an invoice discounting arrangement. The amount owed by customers to the group is included within trade debtors and the amount owed to the invoice discounting company is included within other creditors. The amount owed to the invoice discounting company represents the difference between the amounts advanced by the discounting group and the invoices discounted. The interest element of the invoice discounting charges and other related costs are recognised as they accrue and are included in the Statement of Comprehensive Income within 'interest payable and similar expenses'.

1.22

Exceptional items

Exceptional items in the current year and prior year relate to costs related to refinancing and dual running costs.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Critical judgements
Impairment of tangible and intangbile assets

Determine whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such as decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
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.

Tangible fixed assets

Tangible fixed asset, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for the stock provision. Provision is made for slow moving or obsolete stock that is written down to its original cost without absorbed overheads.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Processed goods
52,038,854
56,811,636
Milled goods
5,255,068
5,081,667
57,293,922
61,893,303
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
43,378,651
49,972,210
Rest of Europe
8,549,203
6,382,494
Rest of the World
5,366,068
5,538,599
57,293,922
61,893,303
4
Exceptional items
2024
2023
£
£
Expenditure
Exceptional items
632,285
469,600
632,285
469,600
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
87,413
4,983
Research and development costs
450,084
435,861
Depreciation of owned tangible fixed assets
2,144,289
2,048,654
Amortisation of intangible assets
219,305
219,305
Operating lease charges
824,048
810,159
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,945
7,790
Audit of the financial statements of the company's subsidiaries
38,555
37,800
46,500
45,590
For other services
All other non-audit services
7,800
12,210
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
131
126
-
-
Selling and distribution
30
29
-
-
Adminstration
24
24
1
1
Total
185
179
1
1
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Employees
(Continued)
- 26 -

The company had no employees other than the director, who did not receive any remuneration from the company, in the current and prior year.

 

 

 

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,005,505
7,510,889
13,394
6,341
Social security costs
862,282
830,436
-
-
Pension costs
251,600
237,053
-
0
-
0
9,119,387
8,578,378
13,394
6,341
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
25,503
22,852
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
3,300
-
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,963,578
1,586,713
Other interest
413,443
295,854
Total finance costs
2,377,021
1,882,567
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(1,386)
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 27 -
Deferred tax
Origination and reversal of timing differences
429,481
1,070,767
Total tax charge
429,481
1,069,381

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
1,827,921
5,866,555
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
456,980
1,319,975
Tax effect of expenses that are not deductible in determining taxable profit
53,383
-
0
Tax effect of income not taxable in determining taxable profit
(63,581)
-
0
Group relief
-
0
(146,396)
Deferred tax adjustments in respect of prior years
(58,100)
(99,360)
DT not recognised
(18,050)
49,792
Additional deduction for research and development
(225,750)
(182,394)
Remeasurement of deferred tax for changes in tax rates
-
0
116,233
Ineligible depreciation
83,476
(19,033)
Group relief not paid for
-
38,227
Deferred tax not recognsied
-
32,723
Changes in deferred tax rates
-
(40,386)
Other
201,123
-
Taxation charge
429,481
1,069,381
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
2,193,045
Amortisation and impairment
At 1 November 2023
758,255
Amortisation charged for the year
219,305
At 31 October 2024
977,560
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 31 October 2024
1,215,485
At 31 October 2023
1,434,790
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2023
11,138,477
18,173,156
29,311,633
Additions
40,021
18,514,854
18,554,875
At 31 October 2024
11,178,498
36,688,010
47,866,508
Depreciation and impairment
At 1 November 2023
309,705
5,464,806
5,774,511
Depreciation charged in the year
223,570
1,920,719
2,144,289
At 31 October 2024
533,275
7,385,525
7,918,800
Carrying amount
At 31 October 2024
10,645,223
29,302,485
39,947,708
At 31 October 2023
10,828,772
12,708,350
23,537,122
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
15,991,471
15,991,471
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
15,991,471
Carrying amount
At 31 October 2024
15,991,471
At 31 October 2023
15,991,471
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Snack Creations Ltd
Pasteur Road, Great Yarmouth, NR31 0DW
Ordinary
100.00
Pasta Foods Investments Limited
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00
Pretty Investments Limited
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00
Pasta Foods Limited
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00
Pretty 210 Limited*
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00
Pretty 1050 Limited*
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00
Pretty Properties Limited*
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH
Ordinary
100.00

*indirect subsidiaries

 

Pasta Foods Investments Limited - company number 09599872, Pretty 210 Limited - company number 07181848, Pretty 1050 Limited - company number 04734074, Pretty Investments Limited - company number 07181919 and Pretty Properties Limited - company number 07181811, all registered in England and Wales, were entitled to, and have opted to take exemption from the requirement to have an audit of their financial statements for the year ended 31 October 2024 under 479A of the Companies Act 2006 (UK) relating to subsidiary companies.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
16
Financial instruments

During the year, the group made sales in US Dollars. To mitigate the exchange rate risk that Sterling may appreciate against the US Dollar between the sale date and the payment date, the group entered into forward agreements to sell US Dollars.

 

During the year, the group also made purchases in Euros and Swiss Francs. To mitigate the exchange rate risk that Sterling may depreciate against the Euro and Swiss Franc between the purchase date and the payment date, the group entered into forward agreements to buy Euros and Swiss Francs.

 

As at 31 October 2024 the fair value of the above contracts were determined to be a liability of £51,192 (2023: asset of £20,923). The debit to the Statement of Comprehensive Income was £72,115 (2023: Credit of £50,306).

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,614,767
3,273,067
1,326,983
-
Finished goods and goods for resale
4,781,350
4,344,509
-
0
-
0
10,396,117
7,617,576
1,326,983
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,155,287
11,474,722
-
0
-
0
Amounts owed by group undertakings
-
-
3,210,966
-
Other debtors
810,224
251,909
7,804
677
Prepayments and accrued income
1,653,787
1,162,440
33,750
79,485
11,619,298
12,889,071
3,252,520
80,162
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
15,747,295
3,195,912
-
0
-
0
Trade creditors
13,577,210
8,912,840
4,176,975
1,896,532
Amounts owed to group undertakings
-
0
-
0
11,524,838
10,358,602
Other taxation and social security
210,789
202,750
-
-
Other creditors
7,321,940
6,571,281
389,879
458,549
Accruals and deferred income
2,085,613
1,975,911
132,120
82,332
38,942,847
20,858,694
16,223,812
12,796,015
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Creditors: amounts falling due within one year
(Continued)
- 31 -

Bank loans and overdrafts totalling £5,613,633 (2023: £3,195,912) are secured by a fixed and floating charge by way of an Unlimited Multilateral Guarantee over the assets of the following companies; Pretty Investments Limited, Pretty Properties Limited, Pasta Foods Limited, Snack Creations Ltd and Milton Webber Ltd.

 

Post year end, £10,133,662 in bank loans was repaid. This was replaced with longer term borrowings due over a 7 year period.

 

Other creditors includes £6,607,014 (2023: £5,787,778) secured on the trade debts of the company, and by way of an Unlimited Multilateral Guarantee over the assets of fellow group undertakings, Pretty Investments limited, Pretty Properties Limited, Pasta Foods Limited and Snack Creations Ltd.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
9,420,357
11,374,048
-
0
-
0
Other borrowings
21
3,200,000
3,200,000
3,200,000
3,200,000
Other creditors
427,000
427,000
-
0
-
0
13,047,357
15,001,048
3,200,000
3,200,000

Bank loans totaling £9,420,357 (2023: £11,374,078) are secured by a fixed and floating charge by way of an unlimited multilateral guarantee over the assets of the following companies; Pretty Investments Limited, Pasta Foods Limited, Snack Creations Ltd, Milton Webber Ltd and Pretty Properties Limited.

 

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
3,015,833
4,439,286
-
-
Payable other than by instalments
1,250,000
1,250,000
1,250,000
1,250,000
4,265,833
5,689,286
1,250,000
1,250,000
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
25,167,652
14,569,960
-
0
-
0
Other loans
3,200,000
3,200,000
3,200,000
3,200,000
28,367,652
17,769,960
3,200,000
3,200,000
Payable within one year
15,747,295
3,195,912
-
0
-
0
Payable after one year
12,620,357
14,574,048
3,200,000
3,200,000
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
5,174,707
2,632,153
Tax losses
(3,010,477)
(132,886)
Short term timing differences
(14,402)
(17,802)
Capital gain rolled over
575,960
-
Other
185,158
-
2,910,946
2,481,465
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
2,481,465
-
Charge to profit or loss
429,481
-
Liability at 31 October 2024
2,910,946
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
251,600
237,053

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
10,000 shares of 10p each
10,000
10,000
1,000
1,000
MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 33 -
25
Reserves
Profit and loss reserves

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

 

Merger reserve

The merger reserve represents the share premium acquired on acquisition of subsidiaries.

26
Financial commitments, guarantees and contingent liabilities

The company has guaranteed the bank debts of the group. The debts are secured by a fixed and floating charge by way of an Unlimited Multilateral Guarantee over the assets of the following companies: Pretty Investments Limited, Pasta Foods Limited, Snack Creations Ltd and Milton Webber Ltd. The maximum amount payable under this guarantee at 31 October 2024 is £6,865,833 (2023: £7,700,000).

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
815,438
813,093
-
-
Between two and five years
3,253,601
3,245,774
-
-
In over five years
506,072
1,318,451
-
-
4,575,111
5,377,318
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
354,381
7,362,536
-
-
29
Events after the reporting date

Post year end, £10,133,662 in bank loans was repaid. This was replaced with longer term borrowings due over a 7 year period.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 34 -
30
Related party transactions

Milton Webber Limited

Loan notes totalling £3,200,000 (2023: £3,200,000) owed to the Director of the company remained outstanding at the year end.

The company owed £275,000 (2023: £300,00) to the Director included within other creditors at the year end.

Interest is being accrued at 4% above the Bank of England base rate per annum on both these amounts. Interest of £321,282 (2023: £295,854) was incurred during the year, £114,879 (2023: £158,549) is outstanding at the year end.

The total compensation paid to key management personnel for services provided to the group was £568,019 (2023: £634,262).

During the year, purchases totalling £268,745 (2023: £214,272) were made to a partnership involving a Director. £185,500 (2023: £173,043) were in accruals as at the year end.

Pasta Foods Limited

During the year, sales totalling £906,505 (2023: £657,261) were made to a related company by virtue of a director's common control.

Pasta Foods Limited also made recharges of directly attributable costs and overheads amounting to £498,551 (2023: £487,774) during the year to this company.

At the year end an amount totalling £652,552 (2023: £650,816) was due to this company. Of this, there was £427,000 (2023: £427,000) due after more than one year. There is no interest charged on, or security over, this balance.

During the year, purchases totalling £Nil (2023: £131,158) were made to a partnership involving a Director.

Pretty Investments Limited

At the year end an amounted totalling £21,000 (2023: £21,000) was due to a company related by common control of one of the directors.

During the year, sales totalling £Nil (2023: £14,840) were made to a related party by virtue of one of the director's common control. At the year end there was £Nil (2023: £Nil) owed by this company.

Snack Creations Limited

During the year, purchases totalling £Nil (2023: £26,204) were made to a partnership involving a Director.

31
Controlling party

The ultimate controlling party is Simon Webber by way of a majority shareholding.

MILTON WEBBER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 35 -
32
Cash generated from group operations
2023
2024
as restated
£
£
Profit for the year after tax
1,398,440
4,797,174
Adjustments for:
Taxation charged
429,481
1,069,381
Finance costs
2,377,021
1,882,567
Amortisation and impairment of intangible assets
219,305
219,305
Depreciation and impairment of tangible fixed assets
2,144,289
2,048,654
Fair Value (gains)/losses recognised in P&L
72,115
(50,305)
Movements in working capital:
Increase in stocks
(2,778,541)
(1,244,260)
Decrease in debtors
1,248,851
183,656
Increase in creditors
4,662,341
113,184
Cash generated from operations
9,773,302
9,019,356
33
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
3,823,070
258,334
4,081,404
Borrowings excluding overdrafts
(17,769,960)
(10,597,692)
(28,367,652)
(13,946,890)
(10,339,358)
(24,286,248)
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