REGISTERED NUMBER: 00148449 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INCORPORATED NATIONAL ASSOCIATION OF

BRITISH AND IRISH MILLERS,LIMITED(THE)

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr R W Butler

Mr N S Fyfe

Mr M F George

Mr C J Harkin

Mr A R Heygate

Mr P M Heygate, OBE

Mr B Kelly

Mr G D Marriage

Mr M G Peters

Mr G I Sharkey

Mr S Taylor

Mrs L M Wilcock

Mr D A Wright

Mr A S Fuller

SECRETARY:

Mr C L Freedland

REGISTERED OFFICE:

21 Arlington Street

London

SW1A 1RN

REGISTERED NUMBER:

00148449 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

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

DIRECTORS

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

Mr R W Butler

Mr M F George

Mr C J Harkin

Mr A R Heygate

Mr P M Heygate, OBE

Mr B Kelly

Mr G D Marriage

Mr M G Peters

Mr G I Sharkey

Mr S Taylor

Mrs L M Wilcock

Mr D A Wright

Other changes in directors holding office are as follows:

Mr N S Fyfe - appointed 6 June 2024

Mr A S Fuller was appointed as a director after 31 December 2024 but prior to the date of this report.

Mr A G Cross ceased to be a director after 31 December 2024 but prior to the date of this report.

GOING CONCERN

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 surplus or deficit 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, Xeinadin Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr C L Freedland - Secretary

5 June 2025

Opinion

We have audited the financial statements of Incorporated National Association of British and Irish Millers,Limited(The) (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 Section 1A '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 surplus 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- tested the appropriateness of journal entries;

- tested authorisation of expenditure;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Mr Suda Ratnam FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

29 September 2025

TURNOVER

1,441,528

1,338,786

Administrative expenses

(1,393,624

)

(1,296,248

)

OPERATING SURPLUS

4

47,904

42,538

Gains on revaluation

5

20,507

23,543

SURPLUS BEFORE TAXATION

68,411

66,081

Tax on surplus

6

(16,451

)

(13,019

)

SURPLUS FOR THE FINANCIAL YEAR

51,960

53,062

FIXED ASSETS

Tangible assets

7

18,070

32,982

Investments

8

73,200

68,613

91,270

101,595

CURRENT ASSETS

Stocks

8,234

7,373

Debtors

9

1,442,595

1,181,193

Investments

10

543,088

527,168

Cash at bank and in hand

53,031

381,561

2,046,948

2,097,295

CREDITORS

Amounts falling due within one year

11

550,190

662,854

NET CURRENT ASSETS

1,496,758

1,434,441

TOTAL ASSETS LESS CURRENT LIABILITIES

1,588,028

1,536,036

PROVISIONS FOR LIABILITIES

12

32

-

NET ASSETS

1,587,996

1,536,036

RESERVES

Fair value reserve

13

(26,719

)

(10,398

)

Income and expenditure account

13

1,614,715

1,546,434

1,587,996

1,536,036

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by:

Mr P M Heygate, OBE - Director

Mr G D Marriage - Director

Fair

Retained

value

Total

earnings

reserve

equity

£

£

£

Balance at 1 January 2023

1,512,442

(29,468

)

1,482,974

Changes in equity

Total comprehensive income

33,992

19,070

53,062

Balance at 31 December 2023

1,546,434

(10,398

)

1,536,036

Changes in equity

Total comprehensive income

68,281

(16,321

)

51,960

Balance at 31 December 2024

1,614,715

(26,719

)

1,587,996

1.	STATUTORY INFORMATION

Incorporated National Association of British and Irish Millers,Limited(The) is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Incorporated National Association of British and Irish Millers,Limited(The) as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

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.

The items in the accounts where these judgements and estimates have been made, include:

-estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge and

-assessing the recoverability of outstanding debtors.

Turnover

Turnover represents amounts receivable for levies, management fees, income from investments (including bank and other interest) and income from training.

Amount receivable for levies

Levies are charged based on the tonnage produced in the previous year and invoiced in two instalments. Income is recognised when the invoices are raised.

Management fees

Management fees are recognised as income at the point when the company becomes contractually entitled to the fees.

Income from investments

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

Income from training

Income received in advance is recorded on the balance sheet as deferred income and revenue is recognised once the performance obligations are satisfied.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Pension costs and other post-retirement benefits

Defined contribution scheme

The company participates in a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period.

Defined benefit scheme

The company also participates in a multi-employer defined benefit pension scheme providing benefits based on final pensionable pay.

As the company is a part of a multi-employer defined benefit scheme and was unable to identify its share of the underlying assets and liabilities, the annual cost charged to the profit and loss account has been equal to the employer contributions paid. Currently, the information is not readily available on the basis required to identify the company's share of the underlying assets and liabilities on a consistent and reasonable basis.

The assets of the scheme are held separately from those of the company. Contributions to the scheme are made in accordance with advice from the company's actuary. The defined benefit pension scheme is closed to new members.

Details of the company's pension costs are set out in note 18.

Listed investments

Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Operating leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Cash flow exemption

The accounts do not include a cash flow statement because the company, as a small reporting entity is exempt from the requirements to prepare such a statement under Section 1A "Small Entities" of Financial Reporting Standard 102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

2024

2023

£

£

Directors' remuneration

-

-

4.	OPERATING SURPLUS

The operating surplus is stated after charging:

2024

2023

£

£

Depreciation - owned assets

19,015

16,412

5.	EXCEPTIONAL ITEMS

2024

2023

£

£

Gains on revaluation

20,507

23,543

6.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

12,555

8,546

Deferred tax

3,896

4,473

Tax on surplus

16,451

13,019

UK corporation tax has been charged at 25% (2023 - 19%).

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

69,532

152,555

222,087

Additions

1,570

2,533

4,103

At 31 December 2024

71,102

155,088

226,190

DEPRECIATION

At 1 January 2024

60,231

128,874

189,105

Charge for year

3,196

15,819

19,015

At 31 December 2024

63,427

144,693

208,120

NET BOOK VALUE

At 31 December 2024

7,675

10,395

18,070

At 31 December 2023

9,301

23,681

32,982

8.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

100

68,513

68,613

Revaluations

-

4,587

4,587

At 31 December 2024

100

73,100

73,200

NET BOOK VALUE

At 31 December 2024

100

73,100

73,200

At 31 December 2023

100

68,513

68,613

Cost or valuation at 31 December 2024 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2015

-

39,862

39,862

Valuation in 2016

-

6,036

6,036

Valuation in 2017

-

8,867

8,867

Valuation in 2018

-

(2,988

)

(2,988

)

Valuation in 2019

-

10,648

10,648

Valuation in 2020

-

10,818

10,818

Valuation in 2021

-

7,666

7,666

Valuation in 2022

-

(15,333

)

(15,333

)

Valuation in 2023

-

2,053

2,053

Valuation in 2024

-

4,587

4,587

Cost

100

884

984

100

73,100

73,200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Policy Consultants Limited

Registered office: 21 Arlington Street,London,SW1A 1RN

Nature of business: Secretariat services

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

(63,967

)

(63,563

)

Loss for the year

(404

)

(5,133

)

Flour Advisory Bureau Limited

Registered office: 21 Arlington Street, London,SW1A 1RN

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

100

100

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

18,994

18,574

Amounts owed by group undertakings

21,079

23,939

Other debtors

1,266,500

999,526

Deferred tax asset

-

3,864

Prepayments

136,022

135,290

1,442,595

1,181,193

10.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Listed investments

543,088

527,168

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

54,847

144,174

Amounts owed to group undertakings

100

100

Tax

12,555

8,546

Social security and other taxes

35,753

33,828

VAT

24,319

26,308

Other creditors

44,900

42,304

Accrued expenses

377,716

407,594

550,190

662,854

12.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

32

Deferred

tax

£

Balance at 1 January 2024

(3,864

)

Provided during year

3,896

Balance at 31 December 2024

32

13.

RESERVES

Income

and

Fair

expenditure

value

account

reserve

Totals

£

£

£

At 1 January 2024

1,546,434

(10,398

)

1,536,036

Surplus for the year

51,960

51,960

Fair value adjustment

16,321

(16,321

)

-

At 31 December 2024

1,614,715

(26,719

)

1,587,996

14.	CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

15.	CAPITAL COMMITMENTS

At 31 December 2024 and 31 December 2023 the company had no capital commitments which had been contracted for but not provided in the financial statements.

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17.	LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital. Should the Association be wound up, each company in membership at any time within the calendar year prior to the winding up is liable to contribute a sum determined by a sliding scale set out in the Memorandum of Association; this sum shall not exceed £10.50 for companies with an annual production of less than 40,000 sacks (c5,000 tonnes) nor £105 for any other company.