Company registration number 05947975 (England and Wales)
MILES AWAY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MILES AWAY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MILES AWAY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
326,791
307,683
326,791
307,683
Current assets
Debtors
4
2,251,217
3,002,730
Cash at bank and in hand
2,231,926
927,697
4,483,143
3,930,427
Creditors: amounts falling due within one year
5
(3,492,239)
(2,903,042)
Net current assets
990,904
1,027,385
Total assets less current liabilities
1,317,695
1,335,068
Creditors: amounts falling due after more than one year
6
(617,740)
(847,222)
Provisions for liabilities
(65,740)
(61,248)
Net assets
634,215
426,598
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
634,115
426,498
Total equity
634,215
426,598

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered 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 22 April 2024 and are signed on its behalf by:
Mr M H F Morgan
Director
Company Registration No. 05947975
MILES AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Miles Away Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 High Street, Chepstow, Gwent, Wales, NP16 5LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of travel and holiday services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvement
20% reducing balance
Short leasehold
20% reducing balance
Office equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Internet
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

Debtors and creditors with no stated interest rate and and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MILES AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
108
93
MILES AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Property improvement
Short leasehold
Office equipment
Fixtures and fittings
Internet
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 October 2022
595,984
6,658
151,775
215,409
67,281
60,947
1,098,054
Additions
388
-
0
19,030
6,572
-
0
66,555
92,545
Disposals
-
0
-
0
-
0
(325)
-
0
(14,417)
(14,742)
At 30 September 2023
596,372
6,658
170,805
221,656
67,281
113,085
1,175,857
Depreciation and impairment
At 1 October 2022
438,351
6,551
106,440
153,916
52,276
32,837
790,371
Depreciation charged in the year
31,597
21
10,692
12,654
3,001
11,608
69,573
Eliminated in respect of disposals
-
0
-
0
-
0
(53)
-
0
(10,825)
(10,878)
At 30 September 2023
469,948
6,572
117,132
166,517
55,277
33,620
849,066
Carrying amount
At 30 September 2023
126,424
86
53,673
55,139
12,004
79,465
326,791
At 30 September 2022
157,633
107
45,335
61,493
15,005
28,110
307,683
MILES AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
656,756
567,371
Corporation tax recoverable
-
0
116,565
Amounts owed by group undertakings
888,574
1,147,227
Other debtors
705,887
1,171,567
2,251,217
3,002,730
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
250,000
250,000
Trade creditors
245,155
329,313
Corporation tax
563,733
281,010
Other taxation and social security
454,297
327,442
Other creditors
1,979,054
1,715,277
3,492,239
2,903,042

The secured debts included within creditors are bank loans of £250,000 (2022: £250,000), secured over the company's assets, and hire purchase contracts of £30,777 (2022: £nil) secured over the company's assets.

 

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
597,222
847,222
Other creditors
20,518
-
0
617,740
847,222

The secured debts included within creditors are bank loans of £597,222 (2022: £847,222), secured over the company's assets, and hire purchase contracts of £20,518 (2022: £nil) secured over the company's assets.

 

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
MILES AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
8
Related party transactions

As at the year end, an amount of £888,574 (2022: £1,147,227) was due from the parent company and is included in debtors: amount falling due within one year.

9
Parent company

The company's immediate parent company during the year was Miles Away (Holdings) Ltd, a company registered in Wales.

 

Miles Away (Holdings) Ltd is ultimately controlled by Mr M Morgan and Mrs L Morgan by virtue of their 100% shareholding.

10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors
2.50
431,387
111,835
(543,222)
-
431,387
111,835
(543,222)
-
0
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