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REGISTERED NUMBER: 06323483 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MILES & MILES SELF DRIVE LIMITED

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


MILES & MILES SELF DRIVE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: P A Grime
H M Sylvester
S D Grime
P N Wildey





SECRETARY: P N Wildey





REGISTERED OFFICE: 18 Petersham Mews
London
SW7 5NR





REGISTERED NUMBER: 06323483 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

STRATEGIC REPORT
for the year ended 31 December 2023


The principal activity of the company during the year was the buying, selling and rental of luxury vehicles throughout the UK, under the branding of both Miles and Miles and Avis Prestige.

Review of the business
The directors report that the company continues to operate at reduced volumes when compared to the pre COVID-19 pandemic performance.

Revenue fell 6% from £11.48m in 2022 to £10.75m 2023. This was experienced across the rental branch network as the UK and global economies experienced downturns following the initial short-lived recovery after the COVID pandemic. However, second hand car values remained high throughout the majority of 2023 and allowed for consistently strong returns on investment in Luxury vehicles.

The company has carefully managed its cost base but the company has experienced an increased average cost of new vehicles and borrowing over the period. The company maintains a position of strength after a decade of prudent reinvestment of profits with Net Assets and Shareholders Funds of £1.45m whilst current asset motor vehicles has increased to in excess of £12.9m.

Key Performance Indicators
The company continues to monitor key performance indicators to measure the performance of the business, which include the cost and utilisation rates of its vehicles, the cost of capital and profit margins. We closely monitor used car markets, assessing motor vehicle residual values and rates of depreciation to maximise the return on vehicles when sold.

Principal risks and uncertainties
The directors have reviewed the principal risks and uncertainties affecting the company, which include ongoing pressure on its profit margins with the impact of reduced vehicle availability and increased cost, demand volatility, interest rate and exchange rate fluctuations and wage inflation.

At the time of writing the automotive industry is still rebounding from the supply chain challenges of the COVID 19 Pandemic and the ongoing transition to electric vehicles. However, the directors continue to monitor and address all the risks stated above especially those concerning the supply and cost of motor vehicles, and their residual values and believe that the company has sufficient strength and is well placed to continue successfully in the future.

Future developments
The Directors believe that the group is well placed to consolidate the strength of the business as the UK economy continues to recover in the coming year.

ON BEHALF OF THE BOARD:





S D Grime - Director


22 May 2024

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of mobility service providers.

DIVIDENDS
Dividends of £Nil (2022: £350,363) have been declared for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
Information relating to future developments is given in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P A Grime
H M Sylvester
S D Grime
P N Wildey

FINANCIAL INSTRUMENTS
The principal financial instruments of the company comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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), 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 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.

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


AUDITORS
Magma Audit LLP has expressed its willingness to remain in office as auditor.

ON BEHALF OF THE BOARD:





S D Grime - Director


22 May 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MILES & MILES SELF DRIVE LIMITED


Opinion
We have audited the financial statements of Miles & Miles Self Drive Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 '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 2023 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 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MILES & MILES SELF DRIVE LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation and fraud;
- challenging assumptions made by management in their significant accounting estimates, in particular in relation
to the refurbishment provision and judgements formed;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

5 June 2024

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 10,746,274 11,486,841

Other external expenses (3,579,283 ) (4,207,158 )
7,166,991 7,279,683

Staff costs 4 (2,183,615 ) (2,402,309 )
Depreciation (3,008,213 ) (2,145,681 )
Other operating expenses (1,421,331 ) (1,333,134 )
OPERATING PROFIT 5 553,832 1,398,559


Interest payable and similar expenses 6 (647,742 ) (219,428 )
(LOSS)/PROFIT BEFORE TAXATION (93,910 ) 1,179,131

Tax on (loss)/profit 7 (58,828 ) (445,616 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (152,738 ) 733,515

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(152,738

)

733,515

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 160,391 206,616
Tangible assets 10 36,035 11,712
196,426 218,328

CURRENT ASSETS
Current asset motor vehicles 11 12,927,400 9,147,884
Debtors 12 1,775,743 1,190,350
Cash in hand 689 2,108
14,703,832 10,340,342
CREDITORS
Amounts falling due within one year 13 (13,448,719 ) (7,213,202 )
NET CURRENT ASSETS 1,255,113 3,127,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,451,539

3,345,468

CREDITORS
Amounts falling due after more than one
year

14

-

(1,741,191

)
NET ASSETS 1,451,539 1,604,277

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 1,451,439 1,604,177
SHAREHOLDERS' FUNDS 1,451,539 1,604,277

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2024 and were signed on its behalf by:





P A Grime - Director


MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 1,221,025 1,221,125

Changes in equity
Dividends - (350,363 ) (350,363 )
Total comprehensive income - 733,515 733,515
Balance at 31 December 2022 100 1,604,177 1,604,277

Changes in equity
Total comprehensive income - (152,738 ) (152,738 )
Balance at 31 December 2023 100 1,451,439 1,451,539

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

The company is a private company limited by shares and is incorporated in England. The address of the registered office is 18 Petersham Mews, London, SW7 5NR.

2. ACCOUNTING POLICIES

General information
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of preparing the financial statements
These financial statements are prepared on a going concern basis, under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes below.

The financial statements are presented in Sterling (£). The financial statements have been rounded to the nearest £1.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue over the car hire period.

Intangible fixed assets
Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Software is amortised over its estimated useful life of 8 years.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life has changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Costs includes the original purchase price and costs directly attributable to bringing the assets to their working condition for their intended use.

(i) Fixtures & fittings

Fixtures & fittings are stated at cost less accumulated depreciation.

(ii) Depreciation and residual values

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & fittings-20% to 25% straight line per annum

The assets' residual values and useful economic lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Current asset motor vehicles
Current asset motor vehicles care carried at cost, including incidental costs and less straight-line depreciation to their residual values. The residual values are based on the buy-back value per vehicle type contractually agreed with the suppliers. If no buy-back values have been agreed, the residual value is based on the expected fair value. Write-downs for impairment are recognised to the extent that indications for impairment are given. Current asset motor vehicles are recognised as current assets as the expected holding period for the fleet is less than one year.

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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets or current assets at their fair value. The capital element of future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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 when they are due. Amounts not paid are shown in accruals in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Share capital
Ordinary shares are classified as equity.

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Refurbishment provision
The company makes an estimate of the refurbishment costs associated with the disposed vehicles. When making their estimate, management consider the average historic costs of refurbishment, the age of the vehicles and the likely disposal dates.

(ii) Useful economic lives of current assets motor vehicles and estimated residual value
The annual depreciation charge for current assets motor vehicles is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates or updated agreements in place from suppliers.

3. TURNOVER

The company's turnover is derived from the company's principal activity of car rental services wholly undertaken in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,870,531 2,073,628
Social security costs 237,448 249,949
Other pension costs 75,636 78,732
2,183,615 2,402,309

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Drivers 16 18
Administrative staff 27 24
Accounts staff 4 3
Directors 4 4
51 49

2023 2022
£    £   
Directors' remuneration 451,179 581,745
Directors' pension contributions to money purchase schemes 28,201 26,358

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 140,757 179,559

Key Management Personnel
The directors deem key management to include directors only.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 393,972 359,388
Depreciation - owned assets 12,257 12,906
Profit on disposal of fixed assets (811,026 ) (40,770 )
Computer software amortisation 60,410 59,888
Auditors' remuneration 9,700 8,815
Other services relating to taxation 1,800 1,400
Other non- audit services 7,275 6,620
Depreciation of current asset motor vehicles held under hire purchase
agreements

2,816,698

1,812,298
Depreciation of owned current asset motor vehicles 929,874 301,359
Motor vehicle lease rentals 506,073 715,136

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 70,729 448
Hire purchase interest 577,013 218,980
647,742 219,428

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (51,514 ) 445,472
Adjustment to prior years 110,342 144

Tax on (loss)/profit 58,828 445,616

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (93,910 ) 1,179,131
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

(22,088

)

224,035

Effects of:
Expenses not deductible for tax purposes 24,656 24,720
Adjustments to tax charge in respect of previous periods 110,342 144

Transfer pricing 8,717 7,080
Movement in deferred tax not recognised (103,537 ) 189,637
Group relief 28,482 -
Difference in tax rates on loss carry back claim 12,256 -
Total tax charge 58,828 445,616

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 350,363

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 479,107
Additions 14,185
At 31 December 2023 493,292
AMORTISATION
At 1 January 2023 272,491
Amortisation for year 60,410
At 31 December 2023 332,901
NET BOOK VALUE
At 31 December 2023 160,391
At 31 December 2022 206,616

10. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 160,490
Additions 36,580
At 31 December 2023 197,070
DEPRECIATION
At 1 January 2023 148,778
Charge for year 12,257
At 31 December 2023 161,035
NET BOOK VALUE
At 31 December 2023 36,035
At 31 December 2022 11,712

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


11. CURRENT ASSET MOTOR VEHICLES

2023
£
COST
At 1 January 202311,070,829
Additions16,256,956
Disposals(12,071,159)
At 31 December 202315,256,626

DEPRECIATION
At 1 January 20231,922,945
Charge for year3,746,572
Disposals(3,340,291)
At 31 December 20232,329,226

NET BOOK VALUE
At 31 December 202312,927,400
At 31 December 20229,147,884

Hire purchase agreements
Included within the net book value of £12,927,400 (2022: £9,147,884) above are assets held under hire purchase agreements with total costs of £10,803,527 (2022: £6,681,941). The depreciation charged in the year in respect of such assets amounted to £2,816,698 (2022: £1,812,298).

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,290 33,293
Other debtors 905,021 798,573
Corporation tax 278,997 -
Prepayments and accrued income 581,435 358,484
1,775,743 1,190,350

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 573,954 324,609
Hire purchase contracts (see note 16) 9,688,588 3,176,451
Trade creditors 1,062,624 1,050,760
Amounts owed to group undertakings 157,223 117,020
Tax - 445,472
Social security and other taxes 98,736 205,544
VAT 168,990 209,182
Other creditors 30,152 44,517
Accruals and deferred income 1,668,452 1,639,647
13,448,719 7,213,202

Other creditors include £13,995 (2022: £27,040) of unpaid pension contributions.

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) - 1,741,191

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 573,954 324,609

16. LEASING AGREEMENTS

The future minimum operating lease payments are as follows:
2023 2022
£ £
Not later than one year 272,335 145,000
Later than one year and not later than five years 662,528 580,000
Later than 5 years 593,515 667,000
1,528,378 1,392,000

The future minimum hire purchase lease payments are as follows:
2023 2022
£ £
Not later than one year 10,073,651 3,332,855
Later than one year and not later than five years - 1,788,261
Total gross payments 10,073,651 5,121,116
Less: finance charges (385,063 ) (203,474 )
Carrying amount of liability 9,688,588 4,917,642

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 573,954 324,609
Hire purchase contracts 9,688,588 4,917,642
10,262,542 5,242,251

The hire purchase liabilities are secured on the current asset motor vehicles to which they relate.

Certain hire purchase liabilities are secured by way of first fixed charge over vehicle sub-hire agreements dated 18 November 2010.

The bank overdraft facility is secured by a cross guarantee and debenture between the company, other group companies and Miles & Miles Property Limited and legal charges over investment property owned by other group companies.

MILES & MILES SELF DRIVE LIMITED (REGISTERED NUMBER: 06323483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Each share is entitled to one vote in any circumstance.

19. RESERVES
Retained
earnings
£   

At 1 January 2023 1,604,177
Deficit for the year (152,738 )
At 31 December 2023 1,451,439

20. CONTINGENT LIABILITIES

The company is part of a group VAT registration with other related party companies under common control. The company is jointly and severally liable for the liabilities of the VAT group to which it belongs. At 31 December 2023, the group VAT liability amounted to £181,446 (2022: £208,616) of which £177,616 (2022: £209,182) was owed by Miles & Miles Self Drive Limited.

21. 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.

Miles & Miles Limited is the parent company of Miles & Miles Self Drive Limited. At 31 December 2023 the company owed £157,223 (2022: £117,020) to Miles & Miles Limited. The loan is interest free and is repayable on demand.

Miles & Miles Property Limited is a related party company by virtue of common ultimate ownership. At 31 December 2023 the company was owed £898,478 (2022: £862,269) by Miles & Miles Property Limited. The loan is interest free and is repayable on demand.

During the year, purchases of £30,000 (2022: £30,000) were made from a company under common ownership.

22. ULTIMATE CONTROLLING PARTY

The immediate parent company is Miles & Miles Limited. The ultimate parent company is Miles & Miles Group Limited, a company incorporated in England & Wales. Consolidated group accounts are publicly available from Companies House.

There was no ultimate controlling party at the current or preceding year end.