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Registered number: 00461439 MILTONS (WALLPAPERS) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
MILTONS (WALLPAPERS) LIMITED CONTENTS
| Page
Company Information | 1
Strategic Report | 2 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 26
MILTONS (WALLPAPERS) LIMITED COMPANY INFORMATION
Directors | M H Taylor
| M E Taylor
| C J Wills
Company secretary | M H Taylor
Registered number | 00461439
Registered office | St James Road
| Corby
| Northants
| NN18 8AL
Independent auditors | MHA
| The Pinnacle
| 150 Midsummer Boulevard
| Milton Keynes
| Buckinghamshire
| MK9 1LZ
Page 1
MILTONS (WALLPAPERS) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2025
Introduction
The Directors present their Strategic Report and the financial statements for the year ended 31 January 2025.
Business review
The principal activity of the Company during the period was retailing of paint, wallpapers, DIY and gardening products. The sales for the year ended 2025 were £6,994,250 compared to £7,923,052 for the period ended 2024, a decrease of £928,802 for the 12 month period compared to 14 months for the 2024 period end. The Company made a loss before tax of £514,188 for year end 2025 compared to a loss before tax for the prior period of £467,818. Staff turnover remains low and the wages increases were not helped by the minimum wage regulations introduced during the year and an increase in national insurance costs.
Principal risks and uncertainties
The main risks faced by the Company are prices and competition, particularly the increasing online sales. The Company is optimistic about the future though very wary of online competition. The High Street business rates are a matter of increasing concern and an expense for the business. Future developments Management are optimistic for the future performance of the business.
Financial key performance indicators
The Board’s two KPIs by which they monitor the Company’s performance are: The gross profit margin has increased by 1.1% from 41.8% for the period ended January 2024 to 42.9% for the year ended January 2025. This has arisen due to focusing more on higher margin revenue streams and as a result of a higher proportion of revenue now being generated from the garden centres. The operating profit/(loss) margin has decreased by 1.3% from (5.9)% for the period ended January 2024 to (7.2)% for the year ended January 2025. The Directors are focusing on reviewing staff levels and positions for FY26 given the rising payroll costs. The Company's newest revenue stream 'internet sales' decreased by £9,245 from £72,032 for the period ended January 2024 to £62,787 for the year ended January 2025. The Directors will focus on this area for FY26 now that the Chatteris site is fully open and operational. Page 2
MILTONS (WALLPAPERS) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 This report was approved by the board and signed on its behalf.
................................................ M E Taylor Director
Date: 1 December 2025
Page 3
MILTONS (WALLPAPERS) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Directors present their report and the financial statements for the year ended 31 January 2025.
Directors' responsibilities statement
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.
Principal activity
The principal activity of the Company during the year was retailing of paint, wallpapers, DIY and gardening products.
Results and dividends
The loss for the year, after taxation, amounted to £530,706 (2024 - loss £431,189). No dividends were voted or paid for either financial year end.
Directors
The Directors who served during the year were:
M H Taylor
M E Taylor
C J Wills
Future developments
Future developments have been disclosed in the Strategic Report. Page 4
MILTONS (WALLPAPERS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
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.
Post balance sheet events
Subsequent to the year end, assets classified as held for sale at the balance sheet date were sold in October 2025 for £1.9m. As the sale relates to conditions arising after the year end, no adjustment has been made to the financial statements.
Auditors
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ M E Taylor Director
Date: 1 December 2025
Page 5
MILTONS (WALLPAPERS) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED
Opinion
We have audited the financial statements of Miltons (Wallpapers) Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, 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 January 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 6
MILTONS (WALLPAPERS) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 4, 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 7
MILTONS (WALLPAPERS) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
Auditor's 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 Auditor's 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: • Enquiry of management around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journals entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 8
MILTONS (WALLPAPERS) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTONS (WALLPAPERS) LIMITED (CONTINUED)
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 Auditor's 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. Adam Young ACA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditors Milton Keynes Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)3 December 2025 Page 9
MILTONS (WALLPAPERS) LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JANUARY 2025
| Year ended 31 January | Period ended 31 January
| 2025 | 2024
Note | £ | £
Turnover | 4 | 6,994,250 | 7,923,052
Cost of sales |  | (3,992,688) | (4,611,703)
Gross profit |  | 3,001,562 | 3,311,349
Distribution costs |  | (11,396) | (14,143)
Administrative expenses |  | (3,556,136) | (3,831,612)
Other operating income | 5 | 60,119 | 66,588
Operating loss |  | (505,851) | (467,818)
Interest payable and similar expenses | 9 | (8,337) | -
Loss before tax |  | (514,188) | (467,818)
Tax on loss | 10 | (16,518) | 36,629
Loss after tax |  | (530,706) | (431,189)
Retained earnings at the beginning of the year |  | 5,910,748 | 6,341,937
Loss for the year |  | (530,706) | (431,189)
Retained earnings at the end of the year |  | 5,380,042 | 5,910,748
The notes on pages 16 to 26 form part of these financial statements.
Page 10
MILTONS (WALLPAPERS) LIMITED REGISTERED NUMBER: 00461439 BALANCE SHEET AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 5,805,984 |  | 6,081,204
Current assets |  |  |  |  |
Fixed assets held for sale | 12 | 135,690 |  | 135,690 |
Stocks | 13 | 2,230,924 |  | 2,398,267 |
Debtors: amounts falling due within one year | 14 | 100,558 |  | 82,498 |
Cash at bank and in hand | 15 | 3,700 |  | 2,065 |
|  | 2,470,872 |  | 2,618,520 |
Creditors: amounts falling due within one year | 16 | (1,364,296) |  | (1,272,976) |
Net current assets |  |  | 1,106,576 |  | 1,345,544
Total assets less current liabilities |  |  | 6,912,560 |  | 7,426,748
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (128,918) |  | (112,400) |
|  |  | (128,918) |  | (112,400)
Net assets |  |  | 6,783,642 |  | 7,314,348
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1,210,000 |  | 1,210,000
Share premium account | 19 |  | 193,600 |  | 193,600
Profit and loss account | 19 |  | 5,380,042 |  | 5,910,748
|  |  | 6,783,642 |  | 7,314,348
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M E Taylor
Director
Date: 1 December 2025
The notes on pages 16 to 26 form part of these financial statements. Page 11
MILTONS (WALLPAPERS) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 December 2022 | 1,210,000 | 193,600 | 6,341,937 | 7,745,537
Comprehensive income for the period |  |  |  |
Loss for the period | - | - | (431,189) | (431,189)
Total comprehensive income for the period | - | - | (431,189) | (431,189)
Total transactions with owners | - | - | - | -
At 1 February 2024 | 1,210,000 | 193,600 | 5,910,748 | 7,314,348
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (530,706) | (530,706)
Total comprehensive income for the year | - | - | (530,706) | (530,706)
At 31 January 2025 | 1,210,000 | 193,600 | 5,380,042 | 6,783,642
| The notes on pages 16 to 26 form part of these financial statements.
Page 12
MILTONS (WALLPAPERS) LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
|  |  | Year ended 2025 | Period ended 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (530,706) | (431,189)
Adjustments for: |  |
Depreciation of tangible assets | 275,220 | 326,062
Profit on fixed assets held for sale | - | (120,584)
Interest paid | 8,337 | -
Taxation charge | 16,518 | (36,629)
Decrease/(increase) in stocks | 167,343 | (87,134)
(Increase)/decrease in debtors | (18,060) | 104,635
Increase/(decrease) in creditors | 70,538 | (41,102)
Corporation tax received | - | 15,785
Net cash generated from operating activities | (10,810) | (270,156)
Cash flows from investing activities |  |
Sale of assets held for sale | - | 125,000
Net cash from investing activities | - | 125,000
Cash flows from financing activities |  |
Interest paid | (8,337) | -
Net cash used in financing activities | (8,337) | -
Net (decrease) in cash and cash equivalents | (19,147) | (145,156)
Page 13
MILTONS (WALLPAPERS) LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at beginning of year | (142,738) | 2,418
Cash and cash equivalents at the end of year | (161,885) | (142,738)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,700 | 2,065
Bank overdrafts | (165,585) | (144,803)
| (161,885) | (142,738)
The notes on pages 16 to 26 form part of these financial statements.
Page 14
MILTONS (WALLPAPERS) LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JANUARY 2025
|  | At 1 February 2024 | Cash flows | At 31 January 2025
|  | £ | £ | £
Cash at bank and in hand | 2,065 | 1,635 | 3,700
Bank overdrafts | (144,803) | (20,782) | (165,585)
Debt due within 1 year | (409,160) | 63,830 | (345,330)
| (551,898) | 44,683 | (507,215)
The notes on pages 16 to 26 form part of these financial statements.
Page 15
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
Miltons (Wallpapers) Limited is a private company limited by shares, incorporated in England. The address of its registered office is St. James Road, Corby, Northamptonshire, NN18 8AL. The Company's head office is the same as the registered office but it also has other trading locations in Sutton, St Ives, March, Huntingdon, Kettering, Rushden, Desborough, Wellingborough, Bedford and Chatteris. The principal activity of the Company during the period was retailing of paint, wallpapers, DIY and gardening products. The financial statements are presented in Pound Sterling, which is also the functional currency of the Company, rounded to the nearest £1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. Given the loss reported for the current period and given that the Chatteris development was funded all from working capital, cash management is a key focus for the Directors into FY26 and beyond. The Directors have resisted the option of funding growth via bank debt and instead have used working capital and the use of a bank overdraft to manage day to day cash requirements given that the business is very seasonal and the use of the overdraft is needed at certain times of the year. Subsequent to the year end, the company completed the sale of a spare parcel of land which generated significant inflow of funds. This disposal has materially improved the company's cash position and provides additional liquidity to support the ongoing operations without the need for external debt. The Directors always have the option of raising further funds either as debt secured on the fixed assets of the business or via a property/land disposal if there is a requirement for capital projects. Page 16
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.3 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below methods. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 4% straight line
|  |  |  | Plant and machinery | - | 10% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 20% reducing balance
Freehold land is not depreciated
| 2.4 | Fixed assets held for resale
Assets held for resale are classified as current assets and are valued at the lower of their carrying amount and fair value less costs to sell.
| 2.5 | 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. At each balance sheet 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.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Page 17
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.10 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue 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 revenue 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.
| 2.11 | 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 18
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | 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 balance sheet 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 balance sheet 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 balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no key judgements. The key estimates include depreciation, stock valuation and stock provisions. Page 19
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
4. | Turnover
The whole of the turnover is attributable to the principal activity of the Company.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 60,119 | 66,588
6. | Auditors' remuneration
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 28,000 | 25,050
| Fees payable to the Company's auditors in respect of: |  |
| Taxation compliance services | 3,650 | 3,400
| All other services | 4,400 | 4,000
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,069,134 | 2,280,392
| Social security costs | 146,362 | 164,379
| Cost of defined contribution scheme | 36,483 | 41,047
|  | 2,251,979 | 2,485,818
| During the year, the key management personnel were the Directors and their compensation is detailed in the Directors' remuneration note. The average monthly number of employees, including directors, during the period was 128 (2024 - 120).
Page 20
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
8. | Directors' remuneration
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 58,999 | 64,589
| Company contributions to defined contribution pension schemes | 1,122 | 1,212
|  | 60,121 | 65,801
| During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest payable
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 8,337 | -
10. | Taxation
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | (15,785)
| Total current tax | - | (15,785)
| Deferred tax |  |
| Origination and reversal of timing differences | 16,518 | (20,844)
| Total deferred tax | 16,518 | (20,844)
| Tax on loss | 16,518 | (36,629)
Page 21
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | Year ended 31 January | Period ended 31 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (514,188) | (467,818)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (128,547) | (116,955)
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 30,535 | 34,714
| Adjustments to tax charge in respect of prior periods | - | (15,785)
| Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax | 768 | (602)
| Deferred taxation | 16,518 | (20,844)
| Unrelieved tax losses carried forward | 97,244 | 82,843
| Total tax charge for the year | 16,518 | (36,629)
Page 22
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
11. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 February 2024 | 9,564,445 | 644,535 | 43,651 | 404,871 | 10,657,502
| At 31 January 2025 | 9,564,445 | 644,535 | 43,651 | 404,871 | 10,657,502
| Depreciation |  |  |  |  |
| At 1 February 2024 | 3,616,437 | 550,725 | 28,781 | 380,355 | 4,576,298
| Charge for the year on owned assets | 257,218 | 9,382 | 3,718 | 4,902 | 275,220
| At 31 January 2025 | 3,873,655 | 560,107 | 32,499 | 385,257 | 4,851,518
| Net book value |  |  |  |  |
| At 31 January 2025 | 5,690,790 | 84,428 | 11,152 | 19,614 | 5,805,984
| At 31 January 2024 | 5,948,008 | 93,810 | 14,870 | 24,516 | 6,081,204
| Included in freehold property is land of £1,491,800 (2024 - £1,491,800) which is not depreciated.
12. | Fixed assets held for resale
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed assets held for sale | 135,690 | 135,690
| Land included within fixed assets at a cost of £135,690 is now intended to be sold. Consequently it has now been disclosed as fixed assets for resale.
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 2,230,924 | 2,398,267
Page 23
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 40,981 | 32,891
| Other debtors | 332 | 332
| Prepayments and accrued income | 59,245 | 49,275
|  | 100,558 | 82,498
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,700 | 2,065
| Less: bank overdrafts | (165,585) | (144,803)
|  | (161,885) | (142,738)
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 165,585 | 144,803
| Trade creditors (net of rebate) | 557,579 | 490,934
| Other taxation and social security | 235,361 | 168,310
| Other creditors | 335,713 | 427,738
| Accruals and deferred income | 70,058 | 41,191
|  | 1,364,296 | 1,272,976
Page 24
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
17. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 112,400 | 133,244
| Charged to profit or loss | 16,518 | (20,844)
| At end of year | 128,918 | 112,400
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 56,893 | 24,996
| Rollover relief | 154,094 | 154,094
| Tax losses carried forward | (82,069) | (66,690)
|  | 128,918 | 112,400
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,210,000 (2024 - 1,210,000) Ordinary shares of £1.00 each | 1,210,000 | 1,210,000
19. | Reserves
Share premium account This reserve records the amount above the nominal value received for shares, less transaction costs. Profit and loss account Includes all current and prior period retained profits and losses.
20. | Pension commitments
The Company contributes to defined contribution schemes on behalf of its employees. At the balance sheet date there were outstanding contributions of £4,368 (2024 - £Nil) and the charge for the period recorded in the Statement of Income and Retained Earnings was £36,483 (2024 - £41,047). Page 25
MILTONS (WALLPAPERS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 21.Securities held The Company has a debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future dated 29 May 2022.
22. | Related party transactions
| At the Balance Sheet date there was a loan of £345,330 (2024 - £346,330) owed to M H Taylor and a loan of £Nil (2024 - £62,830) owed to M E Taylor by the Company. The loans are interest free and are payable on demand.
23. | Post balance sheet events
Subsequent to the year end, assets classified as held for sale at the balance sheet date were sold in October 2025 for £1.9m. As the sale relates to conditions arising after the year end, no adjustment has been made to the financial statements.
24. | Controlling party
The Company was under the control of M H Taylor throughout the current year and previous period.
Page 26