REGISTERED NUMBER: 12579020 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Millbry Hill Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

N E M Jones

Mrs S E Harriman

REGISTERED OFFICE:

1 Mount Pleasant Way

Stokesley Business Park

Stokesley

Middlesbrough

Cleveland

TS9 5NZ

REGISTERED NUMBER:

12579020 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Being a family ran independent Retailer we believe in providing quality equine, farm, pet feed and associated products at a fair price to our loyal customers. Our stores are located around small towns, and we pride ourselves in providing employment for local community members.

In a challenging economy, us, like most small businesses are facing increasing costs and reduced sales, so maintaining the same level of turnover as last year is reassuring our customers appreciate our dedication to our core values. The increase in profit margin is testament to the hard work given from our employees when the conditions facing them is extremely difficult.

The results for the year show turnover amounting to £10,406,731 (2023: £10,549,367), gross profit margin of 25.6% (2023: 24.9%) and overall pre-tax loss of £125,998 (2023 Profit: £14,449). 2024 also saw additional restructure costs necessary to preempt and offset the Governments October's budget changes to the National Living Wage and Employers National Insurance that would be coming into effect in April 2025.

These results are considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors feel that there is no single customer or supplier, the loss of which would seriously affect the business.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the entity, and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:

Mrs S E Harriman - Director

17 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of retailing.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The company expects to continue to improve efficiency and achieve economies of scale.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N E M Jones

Mrs S E Harriman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S E Harriman - Director

17 September 2025

Opinion

We have audited the financial statements of Millbry Hill Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Auditors' responsibilities for the audit of the financial statements (continued)

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Challenging estimates and judgements made by management in their significant accounting estimates.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

17 September 2025

TURNOVER

3

10,406,731

10,549,367

Cost of sales

7,736,517

7,923,482

GROSS PROFIT

2,670,214

2,625,885

Administrative expenses

2,808,110

2,623,080

(137,896

)

2,805

Other operating income

11,898

11,635

OPERATING (LOSS)/PROFIT

5

(125,998

)

14,440

Interest receivable and similar income

-

9

(LOSS)/PROFIT BEFORE TAXATION

(125,998

)

14,449

Tax on (loss)/profit

6

3,600

8,307

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(129,598

)

6,142

Retained earnings at beginning of year

463,845

457,703

RETAINED EARNINGS AT END OF YEAR

334,247

463,845

FIXED ASSETS

Intangible assets

7

154,935

173,343

Tangible assets

8

441,399

439,859

596,334

613,202

CURRENT ASSETS

Stocks

9

1,659,531

1,616,267

Debtors

10

118,605

172,330

Cash at bank and in hand

731,891

1,054,178

2,510,027

2,842,775

CREDITORS

Amounts falling due within one year

11

1,747,934

1,971,552

NET CURRENT ASSETS

762,093

871,223

TOTAL ASSETS LESS CURRENT LIABILITIES

1,358,427

1,484,425

CREDITORS

Amounts falling due after more than one year

12

(1,000,000

)

(1,000,000

)

PROVISIONS FOR LIABILITIES

15

(24,000

)

(20,400

)

NET ASSETS

334,427

464,025

CAPITAL AND RESERVES

Called up share capital

16

180

180

Retained earnings

17

334,247

463,845

SHAREHOLDERS' FUNDS

334,427

464,025

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mrs S E Harriman - Director

Cash flows from operating activities

Cash generated from operations

1

(126,198

)

297,409

Tax paid

-

(16,307

)

Net cash from operating activities

(126,198

)

281,102

Cash flows from investing activities

Purchase of intangible fixed assets

-

(184,081

)

Purchase of tangible fixed assets

(41,688

)

(105,441

)

Interest received

-

9

Net cash from investing activities

(41,688

)

(289,513

)

Cash flows from financing activities

Foreign exchange gains/losses

3,573

6,520

Related party financing

(157,974

)

87,946

Net cash from financing activities

(154,401

)

94,466

(Decrease)/increase in cash and cash equivalents

(322,287

)

86,055

Cash and cash equivalents at beginning of year

2

1,054,178

968,123

Cash and cash equivalents at end of year

2

731,891

1,054,178

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(125,998

)

14,449

Depreciation charges

58,556

39,286

Foreign exchange gains/losses

(3,573

)

(6,520

)

Finance income

-

(9

)

(71,015

)

47,206

Increase in stocks

(43,264

)

(131,363

)

Decrease in trade and other debtors

87,287

15,907

(Decrease)/increase in trade and other creditors

(99,206

)

365,659

Cash generated from operations

(126,198

)

297,409

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

731,891

1,054,178

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,054,178

968,123

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,054,178

(322,287

)

731,891

1,054,178

(322,287

)

731,891

Total

1,054,178

(322,287

)

731,891

1.	STATUTORY INFORMATION

Millbry Hill Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The nature of the Company's operations and principal activities are set out in the Report of the Directors on page 3.

The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Computer equipment

-

50% on cost and 33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

Debtors and creditors receivable/payable less than one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Judgement and key sources of estimation uncertainty

In the application of the companies' accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Sale of goods

10,406,731

10,549,367

10,406,731

10,549,367

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,410,467

1,202,505

Social security costs

96,423

81,286

Other pension costs

25,898

21,701

1,532,788

1,305,492

The average number of employees during the year was as follows:

2024

2023

Retail & administration

73

77

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

40,148

28,548

Goodwill amortisation

18,408

10,738

Auditors remuneration

15,500

15,000

Foreign exchange differences

(3,573

)

(6,520

)

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

Under/over provision prior

year tax

-

(8,693

)

Deferred taxation

3,600

17,000

Tax on (loss)/profit

3,600

8,307

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

(Loss)/profit before tax

(125,998

)

14,449

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(31,500

)

3,612

Effects of:

Expenses not deductible for tax purposes

8,211

13,672

Adjustments to tax charge in respect of previous periods

5,412

(8,592

)

tax charge

Capital allowances super-deduction

-

(27

)

on assets transferred from

Group relief

21,477

(1,539

)

Rate change

-

1,181

Total tax charge

3,600

8,307

There is no expiry date on timing differences, unused tax losses or tax credits.

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

184,081

AMORTISATION

At 1 January 2024

10,738

Amortisation for year

18,408

At 31 December 2024

29,146

NET BOOK VALUE

At 31 December 2024

154,935

At 31 December 2023

173,343

8.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

356,032

121,572

30,044

507,648

Additions

-

41,688

-

41,688

At 31 December 2024

356,032

163,260

30,044

549,336

DEPRECIATION

At 1 January 2024

21,362

21,717

24,710

67,789

Charge for year

7,121

28,814

4,213

40,148

At 31 December 2024

28,483

50,531

28,923

107,937

NET BOOK VALUE

At 31 December 2024

327,549

112,729

1,121

441,399

At 31 December 2023

334,670

99,855

5,334

439,859

9.

STOCKS

2024

2023

£

£

Stocks

1,659,531

1,616,267

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

17,863

125,182

Amounts owed by group undertakings

545

-

Amounts owed by participating interests

39,535

6,518

Other debtors

8,157

-

Prepayments

52,505

40,630

118,605

172,330

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

830,455

1,041,386

Amounts owed to group undertakings

392,171

332,600

Amounts owed to participating interests

112,839

296,822

Social security and other taxes

18,982

18,916

VAT

121,693

117,805

Other creditors

122,578

129,961

Directors' current accounts

5,153

5,153

Accrued expenses

144,063

28,909

1,747,934

1,971,552

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,000,000

1,000,000

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

39,000

38,583

Between one and five years

103,750

136,750

In more than five years

248,000

254,000

390,750

429,333

14.	SECURED DEBTS

The company has a bank overdraft facility which is secured by a debenture charge over the fixed and floating assets of the Company.

15.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred taxation

24,000

20,400

Deferred

tax

£

Balance at 1 January 2024

20,400

Provided during year

3,600

Balance at 31 December 2024

24,000

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

180

Ordinary

£1

180

180