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Registered number: 04198265 MILBANK CONCRETE PRODUCTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MILBANK CONCRETE PRODUCTS LIMITED COMPANY INFORMATION
Directors | Mr S R Milbank
| Mr D M Costin
| Mr M J Sparrow
| Mr R T Wood
| Mr L G Cowen
| Mr P M Thompson (appointed 1 January 2025)
Registered number | 04198265
Registered office | Earls Colne Business Park
| Earls Colne
| Colchester
| Essex
| CO6 2NS
Independent auditors | Ensors
| Chartered Accountants & Statutory Auditor
| 159 Princes Street
| Ipswich
| Suffolk
| IP1 1QJ
MILBANK CONCRETE PRODUCTS LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Directors' responsibilities statement | 6
Independent auditors' report | 7 - 10
Statement of comprehensive income | 11
Statement of financial position | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 29
MILBANK CONCRETE PRODUCTS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report and financial statements for the year ended 31 December 2024. The company’s purpose is to deliver structural precast concrete products with a high quality of service in the most sustainable way; providing a workplace environment that helps our employees thrive and contributing and supporting our local communities.
Business review
The company has reported a strong profit despite challenging market conditions. The removal of Help to Buy in 2023, combined with the persistence of high interest rates has had a direct impact on new home completions which have fallen to their lowest annual level since 2017. The new government took office in 2024 with a target of 300,000 new homes per annum which, if achieved, will present a great opportunity for the company. Despite, the reduction in revenue and profit in the year, the directors are pleased with overall result and are confident that the company is well positioned to react when the market improves. Milbank Concrete Products is committed to reducing its carbon emissions and has an aim to be the most sustainable supplier of precast concrete products. During 2024 the company has taken further strides towards the net zero goal. In 2024, a low-carbon concrete mix using cement replacement technology was introduced, achieving up to 21% reduction in cement content without performance compromise. This is expected to reduce 2,800 tonnes of Scope 3 CO2e annually. The company has influenced its key suppliers to follow Milbank Concrete Products in the switch from diesel to renewable HVO biofuel which is estimated to save a further 715 tonnes of Scope 3 CO2e annually. During the year the company also invested over £500k in carbon saving assets - expanding the solar infrastructure across both production facilities and replacing several diesel-powered plant assets with fully electric versions. This included a new battery powered concrete transporter – the first of its kind in the UK.
Principal risks and uncertainties
The company manufactures and supplies concrete products primarily for the residential construction sector. While the business benefits from long-term demand for housing, it is also exposed to a number of sector-specific and macroeconomic risks. The Board regularly reviews the company’s risk profile with a view to managing the principal risks and uncertainties facing the business. The key risks identified are as follows: Residential Construction Market Dependency The company’s performance is closely tied to the health of the residential construction market, which is influenced by interest rates, mortgage availability, consumer confidence, and government housing policy (e.g. Help to Buy, planning reform, building regulations). Close relationships are maintained with national and regional housebuilders and there has been investment to diversify product applications into infrastructure and commercial sectors. Raw Material and Energy Cost Inflation Key costs such as cement, aggregates, admixtures, and energy represent a significant portion of production costs. Price volatility in these areas can compress margins and reduce profitability. Page 1
MILBANK CONCRETE PRODUCTS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strong relationships with long-term suppliers are maintained which reduces price uncertainty. The company aims for continual improvement in operational efficiency and waste reduction is targeted each year. The company has invested in solar panels and a biomass boiler which provides increased energy security. Supply Chain Disruption Concrete production depends on the timely delivery of raw materials. Disruption to the supply of aggregates and cement would impact production. Strong relationships with long-term suppliers are maintained for key supplies. The company looks to treat these suppliers fairly, both in terms of prices and payment terms to support the financial health of critical partners. Labour Shortages and Skills Retention Manufacturing and construction industries are facing increasing challenges in attracting and retaining skilled labour, particularly construction workers, plant operatives, and maintenance engineers. The company offers competitive pay and benefits and is proud to be an Accredited Real Living Wage employer. The company continues to invest in staff training and development and offers a wide range of apprenticeship schemes. Environmental Regulation and Emissions Compliance Concrete manufacturing is energy-intensive and subject to increasing environmental regulation, particularly regarding CO2 emissions, dust, and water usage. Whilst there is pressure from housebuilders and end-users for low-carbon construction materials, the company is determined to become the UK’s most sustainable supplier of precast concrete products and is committed to make strides in reducing the impact on the environment long-before regulations enforce this. Direct energy and fuel consumption is increasingly shifted to renewable (solar) or lower carbon (HVO) alternatives. R&D is ongoing to continue the reduction of cement content within the concrete mix and development of an Environmental Product Declaration (EPD) is underway. Health and Safety Risks Concrete production involves heavy machinery, high-temperature processes, and manual handling, creating inherent health and safety risks. The company maintains robust health and safety management systems, regular training, audits and a strong safety culture is embedded throughout the organisation. Weather Dependency Severe weather can disrupt site deliveries, reduce on-site construction activity, and affect production. The company maintains flexible production scheduling and ensures close collaboration with customers on delivery planning. Credit Risk The company is exposed to financial risk particularly the credit worthiness of customers. With a slow-down in the construction market, this risk of company failures is higher. The company has robust credit control procedures in place to mitigate this risk.
Key Performance Indicators The directors consider the following key performance indicators, which are monitored on a month to month and year on year basis, as important to the business:
| 2024 | 2023
Turnover | £25.0m | £27.8m
Gross profit margin | 35.8% | 39.0%
EBITDA | £3.9m | £6.1m
Current ratio | 2.0:1 | 1.8:1
Page 2
MILBANK CONCRETE PRODUCTS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 17 September 2025 and signed on its behalf.
................................................ Mr S R Milbank Director
Page 3
MILBANK CONCRETE PRODUCTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company continued to be that of manufacturers and installers of structural precast concrete products.
Results and dividends
The profit for the year, after taxation, amounted to £2,466,758 (2023 - £4,328,054). The directors recommend paying a final dividend of £1,000,000 (2023: £2,400,000). Interim dividends declared during the year amounted to £1,435,000 (2023: £2,750,000).
Directors
The Directors who served during the year were:
Mr S R Milbank
Mr D M Costin
Mr M J Sparrow
Mr R T Wood
Mr L G Cowen
Mrs C M Cutts (resigned 29 February 2024) Mr M J Perry (resigned 30 September 2024) Mr P L Maxwell (resigned 31 January 2025) Mr P M Thompson (appointed 1 January 2025)
Future developments
The aim is to continue to implement the management policies which have been introduced in recent years in relation to the business’s position in the marketplace. Overall, the directors believe that the Company is well placed in terms of strategic and market position to maximise its ability to generate sales and satisfy customer demand, if the economic conditions facing the business worsen. Sustainability The Company is aware of the impact it has on the environment and is committed to reducing this as much, and as quickly as possible. We aspire to set the standard for sustainable practices within our industry, aiming to influence not only our own operations but also the behaviour of our competitors to promote industry-wide sustainability. In addition to reducing carbon emissions across Scope 1, 2, and 3, we have initiatives in place to decrease water consumption, enhance biodiversity, and make positive contributions to our community. Charitable donations We are committed to allocating 2% of our net profit to charitable and community-led organisations as part of our efforts to foster a positive impact beyond our business. Page 4
MILBANK CONCRETE PRODUCTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial instruments
The Company’s principal financial instruments include bank loans and an invoice financing facility, the main purpose of which is to raise finance for the Company’s operations. In addition, the Company has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. Liquidity Risk The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expenses, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business. I nterest rate risk The Company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development activities
The company continues to develop new ideas and products working either with universities, colleges and other research institutions, with internal developments at our sites or with our customers at their sites.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. This report was approved by the board on 17 September 2025 and signed on its behalf.
................................................ Mr S R Milbank Director
Page 5
MILBANK CONCRETE PRODUCTS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements 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 to 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. Page 6
MILBANK CONCRETE PRODUCTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED
Opinion
We have audited the financial statements of Milbank Concrete Products Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 7
MILBANK CONCRETE PRODUCTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 6, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
MILBANK CONCRETE PRODUCTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our audit was designed, after obtaining suitable knowledge and understanding of the company and the industry that it operates within, to include tests of detail together with an assessment of the control environment, to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk if fraud including transactions with related parties, revenue recognition and areas where there is a risk of management override of systems and controls, and accounting estimates. We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: • obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework; • inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud; • discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 9
MILBANK CONCRETE PRODUCTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED) Barry Gostling (Senior statutory auditor) for and on behalf of Ensors Chartered Accountants Statutory Auditor Connexions 18 September 2025 Page 10
MILBANK CONCRETE PRODUCTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 5 | 25,049,565 | 27,857,229
Cost of sales |  | (16,069,624) | (17,003,976)
Gross profit |  | 8,979,941 | 10,853,253
Administrative expenses |  | (5,917,135) | (5,474,876)
Other operating income | 6 | 78,074 | 80,656
Operating profit | 7 | 3,140,880 | 5,459,033
Amounts written off investments |  | - | (116,179)
Interest receivable and similar income | 11 | 172,764 | 398,010
Interest payable and similar expenses | 12 | (82,603) | (63,894)
Profit before tax |  | 3,231,041 | 5,676,970
Tax on profit | 13 | (764,283) | (1,348,916)
Profit for the financial year |  | 2,466,758 | 4,328,054
The income statement has been prepared on the basis that all operations are continuing operations.
Page 11
MILBANK CONCRETE PRODUCTS LIMITED REGISTERED NUMBER: 04198265 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 4,172,807 |  | 3,710,629
|  |  | 4,172,807 |  | 3,710,629
Current assets |  |  |  |  |
Stocks | 16 | 734,935 |  | 667,293 |
Debtors | 17 | 8,299,511 |  | 9,697,422 |
Cash at bank and in hand | 18 | 216,384 |  | 404,325 |
|  | 9,250,830 |  | 10,769,040 |
Creditors: amounts falling due within one year | 19 | (4,730,268) |  | (6,386,742) |
Net current assets |  |  | 4,520,562 |  | 4,382,298
Total assets less current liabilities |  |  | 8,693,369 |  | 8,092,927
Creditors: amounts falling due after more than one year | 20 |  | (603,785) |  | (192,522)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (738,950) |  | (581,529) |
|  |  | (738,950) |  | (581,529)
Net assets |  |  | 7,350,634 |  | 7,318,876
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 50,205 |  | 50,205
Share premium account | 24 |  | 35,094 |  | 35,094
Revaluation reserve | 24 |  | 27,479 |  | 33,704
Profit and loss account | 24 |  | 7,237,856 |  | 7,199,873
|  |  | 7,350,634 |  | 7,318,876
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr S R Milbank
Director
Date: 17 September 2025
Page 12
MILBANK CONCRETE PRODUCTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 50,205 | 35,094 | 39,973 | 8,015,550 | 8,140,822
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 4,328,054 | 4,328,054
Transfers | - | - | (6,269) | 6,269 | -
Dividends: Equity capital | - | - | - | (5,150,000) | (5,150,000)
Total transactions with owners | - | - | - | (5,150,000) | (5,150,000)
At 1 January 2024 | 50,205 | 35,094 | 33,704 | 7,199,873 | 7,318,876
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 2,466,758 | 2,466,758
Transfers | - | - | (6,225) | 6,225 | -
Dividends: Equity capital | - | - | - | (2,435,000) | (2,435,000)
Total transactions with owners | - | - | - | (2,435,000) | (2,435,000)
At 31 December 2024 | 50,205 | 35,094 | 27,479 | 7,237,856 | 7,350,634
Page 13
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | Company information
Milbank Concrete Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earls Colne Business Park, Earls Colne, Colchester, Essex, CO6 2NS. 2.Accounting policies
| 2.1 | Accounting convention
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Milbank Ventures Limited as at 31st December 2024 and these financial statements may be obtained from its registered office: Lindsey House, Brunel Way, Severalls Industrial Estate, Colchester, Essex, CO4 9QX.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 14
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 5% to 10% straight line
|  |  |  | Plant and machinery | - | 5% to 50% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Office equipment | - | 5% to 50% straight line
|  |  |  | Computer equipment | - | 10% to 50% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 15
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of Page 16
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially Page 17
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 18
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that re 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. The following have been identified as being significant judgements and estimates: Stock pricing The cost of certain stocks include direct labour and semi variable overheads. These are estimated and allocated to particular items by management based on all available relevant information and past experience.
4. | Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Page 19
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Precast concrete products | 25,049,565 | 27,857,229
|  | 25,049,565 | 27,857,229
| All turnover arose within the United Kingdom.
6. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 78,074 | 80,656
|  | 78,074 | 80,656
7. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (6,454) | 5,684
| Other operating lease rentals | 515,096 | 528,094
8. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,000 | 18,000
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 6,250,678 | 6,081,483
| Social security costs | 622,231 | 588,018
| Cost of defined contribution scheme | 156,766 | 142,355
|  | 7,029,675 | 6,811,856
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Production and Installation | 87 | 85
|  | Sales and Administration | 44 | 45
|  | Directors | 6 | 6
|  |  | 137 | 136
10. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 729,480 | 661,024
| Company contributions to defined contribution pension schemes | 39,551 | 29,160
|  | 769,031 | 690,184
| During the year retirement benefits were accruing to 7 Directors (2023 - 7) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £195,654 (2023 - £157,207).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £12,064 (2023 - £11,870).
Page 21
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 170,779 | 398,010
| Other interest receivable | 1,985 | -
|  | 172,764 | 398,010
12. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 8,458 | 7,009
| Finance leases and hire purchase contracts | 32,068 | 15,190
| Other interest payable | 42,077 | 41,695
|  | 82,603 | 63,894
13. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 442,313 | 1,180,778
| Adjustments in respect of previous periods | (52,123) | -
|  | 390,190 | 1,180,778
| Group taxation relief | 216,672 | 142,977
|  | 606,862 | 1,323,755
| Total current tax | 606,862 | 1,323,755
| Deferred tax |  |
| Changes to tax rates | 157,421 | 25,161
| Total deferred tax | 157,421 | 25,161
Page 22
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13.Taxation (continued)
| Tax on profit | 764,283 | 1,348,916
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,231,041 | 5,676,971
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 807,760 | 1,335,254
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 157 | 3,291
| Adjustments to tax charge in respect of prior periods | (52,123) | 2,805
| Payment/(receipt) for group relief | 89,185 | 142,977
| Other permanent differences | 8,489 | 6,039
| Changes in provisions leading to an increase (decrease) in the tax charge | - | 1,527
| Group relief | (89,185) | (142,977)
| Total tax charge for the year | 764,283 | 1,348,916
14. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Final paid | 1,000,000 | 2,400,000
| Interim paid | 1,435,000 | 2,750,000
|  | 2,435,000 | 5,150,000
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2024 | 1,260,188 | 6,966,907 | 12,488 | 58,367 | 891,143 | 9,189,093
| Additions | 16,431 | 1,108,428 | 19,800 | 10,121 | 64,043 | 1,218,823
| Disposals | - | (560,092) | (12,488) | - | - | (572,580)
| At 31 December 2024 | 1,276,619 | 7,515,243 | 19,800 | 68,488 | 955,186 | 9,835,336
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | 434,634 | 4,404,674 | 12,488 | 49,133 | 577,535 | 5,478,464
| Charge for the year on owned assets | 114,561 | 590,816 | 330 | 5,367 | 16,627 | 727,701
| Disposals | - | (531,148) | (12,488) | - | - | (543,636)
| At 31 December 2024 | 549,195 | 4,464,342 | 330 | 54,500 | 594,162 | 5,662,529
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 727,424 | 3,050,901 | 19,470 | 13,988 | 361,024 | 4,172,807
| At 31 December 2023 | 825,554 | 2,562,233 | - | 9,234 | 313,608 | 3,710,629
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 605,236 | 519,604
|  | 605,236 | 519,604
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 734,935 | 667,293
|  | 734,935 | 667,293
17. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 4,519,667 | 5,593,230
|  | 4,519,667 | 5,593,230
| Due within one year |  |
| Trade debtors | 2,457,537 | 2,849,807
| Amounts owed by group undertakings | 25,200 | 102,262
| Other debtors | 114,015 | 229,841
| Prepayments and accrued income | 766,569 | 922,282
| Tax recoverable | 416,523 | -
|  | 8,299,511 | 9,697,422
18. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 216,384 | 404,325
|  | 216,384 | 404,325
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Payments received on account | 248,988 | 382,848
| Trade creditors | 1,997,188 | 2,742,182
| Amounts owed to group undertakings | 270,243 | 1,159,485
| Corporation tax | - | 254,208
| Other taxation and social security | 241,229 | 250,328
| Obligations under finance lease and hire purchase contracts | 174,936 | 129,072
| Other creditors | 1,370,512 | 1,013,911
| Accruals and deferred income | 427,172 | 454,708
|  | 4,730,268 | 6,386,742
| Net obligations under finance leases are secured over the assets to which they relate. Other creditors include an invoice financing facility £1,331,692 (2023: £971,612) which is secured by a charge created by Arbuthnot Commercial Asset Based Lending Limited. This contains a fixed charge over certain assets and floating charge over all property and undertakings of the Company, present and future.
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 603,785 | 192,522
|  | 603,785 | 192,522
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 174,936 | 129,072
| Between 1-5 years | 603,785 | 192,522
|  | 778,721 | 321,594
| Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. No restrictions are placed on the use of the assets. The average lease term is 4 years and all leases are on a fixed repayment basis.
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (581,529)
| Charged to profit or loss | (157,421)
| At end of year | (738,950)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (743,349) | (586,816)
| Pension contributions deductible on paid basis | 4,399 | 5,287
|  | (738,950) | (581,529)
23. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,005 (2023 - 50,005) Ordinary shares of £1 each | 50,005 | 50,005
|  | 100 (2023 - 100) Ordinary A shares of £1 each | 100 | 100
|  | 100 (2023 - 100) Ordinary B shares of £1 each | 100 | 100
|  |  | 50,205 | 50,205
| The Ordinary shares are voting shares with rights to participate in dividends and capital distributions. The A and B Ordinary shares are non-voting shares with rights to participate in dividends declared on the particular class of share but no rights to capital distributions.
Page 27
MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Reserves
Share premium account The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Revaluation reserve The revaluation reserve relates to historic property, plant and equipment revaluation increases. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
25. | Contingent liabilities
There is a Composite Guarantee and Debenture with Arbuthnot Commercial Asset Based Lending Limited dated 9th May 2022 under which the Company is party to a guarantee of the liabilities of certain fellow group companies under the terms of a Receivables Financing Agreement. The total amounts due by fellow group companies under this agreement is £0.86m. Each group company has net assets and the directors consider that they will comfortably meet their obligations as they fall due and the guarantee will have no impact on the Company.
26. | Pension commitments
The Company operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £165,682 (2023 - £158,587).
27. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 540,390 | 618,010
| Later than 1 year and not later than 5 years | 2,026,391 | 2,048,236
| Later than 5 years | 6,157,756 | 6,658,090
|  | 8,724,537 | 9,324,336
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MILBANK CONCRETE PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
28. | Controlling party
The immediate and ultimate parent company is Milbank Ventures Limited, a company incorporated in England and Wales. Milbank Ventures Limited prepares group financial statements, which is the largest and smallest group of undertakings for which group financial statements are prepared. Copies of the group financial statements can be obtained from the registered office of Milbank Ventures Limited which is: Lindsey House, Brunel Way, Severalls Industrial Estate, Colchester, Essex, CO4 9QX. The ultimate controlling party is Mr S Milbank, by virtue of his shareholding in Milbank Ventures Limited.
29. | Related party transactions
| The company has taken the exemption available in FRS 102 from disclosing transactions and balances with wholly owned group companies. During the year, the Company paid rent to a pension scheme under which certain directors are trustees totalling £420,000 (2023: £420,000). As at the year end, the Company owed £nil (2023: £84,000) to the pension scheme.
30. | Post balance sheet events
Subsequent to the period end the Company entered into a debenture with a lender, HSBC UK Bank Plc, which contains a fixed charge over certain assets and floating charge over all property and undertaking of the Company, present or future in relation to amounts owed by the Company or any other group companies. The existing Composite Guarantee and Debenture with Arbuthnot Commercial Asset Based Lending Limited and Debenture and Omnibus Guarantee & Set-off Agreement with Lloyds Bank Plc, were released at the same time. The Company also entered into a charge with HSBC Invoice Finance (UK) Limited which contains a fixed charge over certain assets and a floating charge over certain present and future assets in relation to amounts owed by the Company.
Page 29