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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
COMPANY INFORMATION
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MILBANK CONCRETE PRODUCTS LIMITED
CONTENTS
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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.
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.
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.
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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:
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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.
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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.
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).
The Directors who served during the year were:
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)
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.
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MILBANK CONCRETE PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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. Interest 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.
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.
This report was approved by the board on
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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.
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MILBANK CONCRETE PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED
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).
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.
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.
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MILBANK CONCRETE PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED)
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.
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.
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.
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MILBANK CONCRETE PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED)
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.
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.
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MILBANK CONCRETE PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILBANK CONCRETE PRODUCTS LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditor
Connexions
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MILBANK CONCRETE PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
REGISTERED NUMBER: 04198265
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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MILBANK CONCRETE PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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.
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Taxation (continued)
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Revaluation reserve
Profit and loss account
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.
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).
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MILBANK CONCRETE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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. 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.
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