Milecross Financial Solutions Limited 31/12/2024 iXBRL

Company registration number: NI601587

Milecross Financial Solutions Limited

Filleted financial statements

31 December 2024

Milecross Financial Solutions Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Milecross Financial Solutions Limited

Directors and other information


	Directors	Paul Dalzell
		Elizabeth Dalzell
		Chris Thorndycraft


	Company number	NI601587


	Registered office	42 Milecross Road
		Newtownards
		BT23 4SR


	Auditor	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Santander
		Bootle
		Merseyside
		L30 4GB

Milecross Financial Solutions Limited

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Milecross Financial Solutions Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	6	5,855,653		741,916
Tangible assets	7	146,052		140,784
Investments	8	4,333,378		4,391,627
		_______		_______
			10,335,083		5,274,327

Current assets
Debtors	9	1,854,619		1,428,616
Cash at bank and in hand		891,101		308,572
		_______		_______
		2,745,720		1,737,188
Creditors: amounts falling due
within one year	10	( 2,708,620)		( 1,218,358)
		_______		_______
Net current assets			37,100		518,830
			_______		_______
Total assets less current liabilities			10,372,183		5,793,157

Creditors: amounts falling due
after more than one year	11		( 5,002,613)		( 349,643)

Provisions for liabilities			( 34,720)		( 1,729)

			_______		_______
Net assets			5,334,850		5,441,785
			_______		_______

Capital and reserves
Called up share capital			2		2
Share premium account			3,983,999		3,983,999
Profit and loss account			1,350,849		1,457,784
			_______		_______
Shareholders funds			5,334,850		5,441,785
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:

Paul Dalzell

Director

Company registration number: NI601587

Milecross Financial Solutions Limited

Statement of changes in equity

Year ended 31 December 2024

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


At 1 January 2023	1	-	1,238,827	1,238,828

(Loss)/profit for the year			435,865	435,865
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	435,865	435,865

Issue of shares	1	3,983,999		3,984,000
Dividends paid and payable			( 216,908)	( 216,908)
	_______	_______	_______	_______
Total investments by and distributions to owners	1	3,983,999	( 216,908)	3,767,092

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	2	3,983,999	1,457,784	5,441,785

(Loss)/profit for the year			( 106,935)	( 106,935)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 106,935)	( 106,935)

	_______	_______	_______	_______
At 31 December 2024	2	3,983,999	1,350,849	5,334,850
	_______	_______	_______	_______

Milecross Financial Solutions Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 42 Milecross Road, Newtownards, BT23 4SR.Principle activity: activities of financial advisors and brokers

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	33.3 %	straight line
Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 50 (2023: 39 ).

5. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	-	216,908
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024	1,694,013	1,694,013
Additions	5,812,400	5,812,400
	_______	_______
At 31 December 2024	7,506,413	7,506,413
	_______	_______
Amortisation
At 1 January 2024	952,097	952,097
Charge for the year	698,663	698,663
	_______	_______
At 31 December 2024	1,650,760	1,650,760
	_______	_______
Carrying amount
At 31 December 2024	5,855,653	5,855,653
	_______	_______
At 31 December 2023	741,916	741,916
	_______	_______

7. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	49,994	33,357	141,084	224,435
Additions	28,365	12,500	-	40,865
	_______	_______	_______	_______
At 31 December 2024	78,359	45,857	141,084	265,300
	_______	_______	_______	_______
Depreciation
At 1 January 2024	40,254	31,640	11,757	83,651
Charge for the year	5,825	1,555	28,217	35,597
	_______	_______	_______	_______
At 31 December 2024	46,079	33,195	39,974	119,248
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	32,280	12,662	101,110	146,052
	_______	_______	_______	_______
At 31 December 2023	9,740	1,717	129,327	140,784
	_______	_______	_______	_______

8. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	4,125,747	265,880	4,391,627
Additions	41,751	-	41,751
	_______	_______	_______
At 31 December 2024	4,167,498	265,880	4,433,378
	_______	_______	_______
Impairment
Impairment loss	100,000	-	100,000
At 1 January 2024 and 31 December 2024	100,000	-	100,000
	_______	_______	_______
Carrying amount
At 31 December 2024	4,067,498	265,880	4,333,378
	_______	_______	_______
At 31 December 2023	4,125,747	265,880	4,391,627
	_______	_______	_______

9. Debtors

	2024	2023
	£	£
Trade debtors	345,392	315,734
Amounts owed by group undertakings and undertakings in which the company has a participating interest	137,843	33,573
Other debtors	1,371,384	1,079,309
	_______	_______
	1,854,619	1,428,616
	_______	_______

10. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	211,921	117,666
Trade creditors	242,809	14,337
Amounts owed to group undertakings and undertakings in which the company has a participating interest	115,686	-
Corporation tax	224,542	163,990
Social security and other taxes	46,234	30,282
Other creditors	1,867,428	892,083
	_______	_______
	2,708,620	1,218,358
	_______	_______

The bank overdraft and loans are secured on the following: Bond & Floating charge where floating charge covers all the property or undertaking of the company.

11. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	5,002,613	349,643
	_______	_______

12. Limitation of auditors liability

The company has entered into a liability limitation agreement with the company's auditor which was approved on 23 January 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

13. Summary audit opinion

The auditor's report dated 30 April 2025 was unqualified.

The senior statutory auditor was Eoin McMullan, ACA for and on behalf of Hill Vellacott

14. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Paul Dalzell	626,175	119,802	745,977
	Elizabeth Dalzell	( 45,062)	75,195	30,133
		_______	_______	_______
		581,113	194,997	776,110
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Paul Dalzell	526,005	100,170	626,175
	Elizabeth Dalzell	( 105,743)	60,681	( 45,062)
		_______	_______	_______
		420,262	160,851	581,113
		_______	_______	_______

15. Related party transactions

Milecross Financial (Scotland) Limited, Milecross Money Solutions Limited & M & G Cliffe Limited are 100% subsidiaries o f Milecross Financial Solutions Limited . At the balance sheet date the amount owed to the company from Milecross Financial (Scotland) Limited was £137,873 (2023: £33,573), from Milecross Money Solutions Limited was £NIL (2023: £2,600) At the balance sheet date the amount owed by the company to M & G Cliffe Limited was £115,686 .