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COMPANY REGISTRATION NUMBER: 11906512
Miles Drainage & Groundworks Limited
Filleted Unaudited Financial Statements
31 March 2023
Miles Drainage & Groundworks Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Miles Drainage & Groundworks Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
53,755
66,598
Cash at bank and in hand
48,242
49,136
---------
---------
101,997
115,734
Creditors: amounts falling due within one year
6
( 21,103)
( 27,665)
---------
---------
Net current assets
80,894
88,069
--------
--------
Total assets less current liabilities
80,894
88,069
Creditors: amounts falling due after more than one year
7
( 12,523)
( 18,303)
--------
--------
Net assets
68,371
69,766
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
68,370
69,765
--------
--------
Shareholders funds
68,371
69,766
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mrs A J Miles
Director
Company registration number: 11906512
Miles Drainage & Groundworks Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
9,944
Adjustments in respect of prior periods
( 327)
----
-------
Total current tax
( 327)
9,944
----
-------
----
-------
Tax on (loss)/profit
( 327)
9,944
----
-------
5. Debtors
2023
2022
£
£
Trade debtors
24,060
Other debtors
53,755
42,538
--------
--------
53,755
66,598
--------
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,780
5,780
Trade creditors
4,405
2,852
Corporation tax
9,805
17,344
Other creditors
1,113
1,689
--------
--------
21,103
27,665
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,523
18,303
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
The company was under the control of Mrs A J Miles , the managing director, throughout the current and previous year by virtue of her majority shareholding. During the year dividends of £nil (2022 - £31,000) were paid to the shareholders of the company.