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Registered number: 12122812









M MILES LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
M MILES LTD
REGISTERED NUMBER: 12122812

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
619,973
619,973

Current assets
  

Stocks
 5 
-
336,517

Cash at bank and in hand
 6 
411
2,647

  
411
339,164

Creditors: amounts falling due within one year
 7 
(405,203)
(756,924)

Net current liabilities
  
 
 
(404,792)
 
 
(417,760)

Total assets less current liabilities
  
215,181
202,213

Creditors: amounts falling due after more than one year
 8 
(210,449)
(210,449)

  

Net assets/(liabilities)
  
4,732
(8,236)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
4,722
(8,246)

  
4,732
(8,236)


Page 1

 
M MILES LTD
REGISTERED NUMBER: 12122812
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 April 2024.






Matthew Robert Miles
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
M MILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

M Miles Ltd is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office and principal place of business is 82 Brentwood Road, Romford, Essex, RM1 2EL. The principal activity of the company was that of property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
M MILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Taxation

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value.

The company has undertaken a full review of the value of all its land stock and development projects after considering the current market conditions.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).

Page 4

 
M MILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
619,973



At 31 July 2023
619,973

The 2023 valuations were made by the director, on an open market value for existing use basis.






5.


Stocks

2023
2022
£
£

Work in progress
-
336,517



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
411
2,647



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
140,000

Corporation tax
825
-

Other creditors
403,406
615,514

Accruals and deferred income
972
1,410

405,203
756,924


Page 5

 
M MILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
210,449
210,449


The following liabilities were secured:

2023
2022
£
£



Bank loans
210,449
210,449

Details of security provided:

The bank loans are secured on the company's freehold property investment.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
210,449
210,449


 
Page 6