REGISTERED NUMBER: 07417758 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MILES & MILES GROUP LIMITED |
REGISTERED NUMBER: 07417758 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MILES & MILES GROUP LIMITED |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
MILES & MILES GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
The company has two subsidiaries, Miles & Miles Ltd and Miles & Miles Self Drive Ltd. |
Miles & Miles Limited |
The principal activity of the company during the year was the renting of its trading properties to other group companies and the letting of investment properties for residential use. |
The directors report that the company has continued to recover following the impact of the COVID-19 Pandemic resulting in a 3% increase in revenue from 2022. |
The company maintains a position of strength after a decade of prudent reinvestment of profits with Net Assets and Shareholders Funds of £10.13m. This strength is underpinned by the valuation of the investment property at the year end of £11.46m. |
The directors continue to measure the performance of the business using key performance indicators, which include occupancy rates and profit levels. |
The principal risk of the company going forward relates to the property market. The level of rent achievable on the commercial premises remained static in 2023, whilst the demand for residential property has improved throughout the period. At the time of writing, the advice from agents in the local area is that all future rents remain rather difficult to predict, but residential occupancy rates and rent levels are returning to pre pandemic levels. |
The company continues to monitor its costs and the directors believe that the company has sufficient strength and is well placed to continue successfully in the future. |
Miles & Miles Self Drive Limited |
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. |
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 £10.74m 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 £1.5m whilst current asset motor vehicles has increased to in excess of £12.9m. |
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. |
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. |
Miles & Miles Group Limited |
Given the performance of the subsidiaries, the group's Net Assets and Shareholder Funds have remained consistent at £11.6m. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
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: |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
The principal activity of the group in the year under review were those of mobility service providers and the holding of properties for use by the group and third parties. |
DIVIDENDS |
No interim dividend was paid in the current or preceding year. |
FUTURE DEVELOPMENTS |
Information relating to future developments is given in the Group 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 |
A D F Nettleton |
S D Grime |
P N Wildey |
FINANCIAL INSTRUMENTS |
The principal financial instruments of the group 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, taking out credit insurance policies and regular monitoring of amounts outstanding for both time and credit limits. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILES & MILES GROUP LIMITED |
Opinion |
We have audited the financial statements of Miles & Miles Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILES & MILES GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent 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 group 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, valuation of investment property 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MILES & MILES GROUP LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 10,907,411 | 11,636,996 |
Other external expenses | (3,594,294 | ) | (4,220,753 | ) |
7,313,117 | 7,416,243 |
Staff costs | 4 | (2,372,436 | ) | (2,615,613 | ) |
Depreciation | (3,008,213 | ) | (2,145,681 | ) |
Other operating expenses | (1,285,241 | ) | (1,210,237 | ) |
OPERATING PROFIT | 5 | 647,227 | 1,444,712 |
Interest receivable and similar income | 1,805 | 576 |
649,032 | 1,445,288 |
Gain/loss on revaluation of investment property |
- |
65,000 |
649,032 | 1,510,288 |
Interest payable and similar expenses | 7 | (647,742 | ) | (219,428 | ) |
PROFIT BEFORE TAXATION | 1,290 | 1,290,860 |
Tax on profit | 8 | (60,208 | ) | (484,572 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
OTHER COMPREHENSIVE LOSS |
Revaluation of freehold property | - | (260,000 | ) |
Deferred tax on revaluation of freehold |
property | - | 65,000 |
Income tax relating to components of other comprehensive loss |
- |
- |
OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX |
- |
(195,000 |
) |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
(58,918 |
) |
611,288 |
(Loss)/profit attributable to: |
Owners of the parent | (58,918 | ) | 806,288 |
Total comprehensive (loss)/income attributable to: |
Owners of the parent | (58,918 | ) | 611,288 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 160,391 | 206,616 |
Tangible assets | 11 | 6,426,035 | 6,401,712 |
Investments | 12 | - | - |
Investment property | 13 | 5,065,000 | 5,065,000 |
11,651,426 | 11,673,328 |
CURRENT ASSETS |
Current asset motor vehicles | 14 | 12,927,400 | 9,147,884 |
Debtors | 15 | 2,306,276 | 1,754,644 |
Cash in hand | 689 | 2,108 |
15,234,365 | 10,904,636 |
CREDITORS |
Amounts falling due within one year | 16 | (13,293,358 | ) | (7,185,422 | ) |
NET CURRENT ASSETS | 1,941,007 | 3,719,214 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,592,433 |
15,392,542 |
CREDITORS |
Amounts falling due after more than one year |
17 |
- |
(1,741,191 |
) |
PROVISIONS FOR LIABILITIES | 21 | (1,999,124 | ) | (1,999,124 | ) |
NET ASSETS | 11,593,309 | 11,652,227 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 493,792 | 493,792 |
Share premium | 23 | 7,387 | 7,387 |
Revaluation reserve | 23 | 4,726,295 | 4,726,295 |
Capital redemption reserve | 23 | 64,882 | 64,882 |
Other reserves | 23 | 1,106,673 | 1,106,673 |
Investment property fair value |
reserve | 23 | 3,499,463 | 3,499,463 |
Retained earnings | 23 | 1,694,817 | 1,753,735 |
SHAREHOLDERS' FUNDS | 11,593,309 | 11,652,227 |
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 GROUP LIMITED (REGISTERED NUMBER: 07417758) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Capital redemption reserve | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 350,363 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Share | Revaluation |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 January 2022 | 558,674 | 1,346,556 | 7,387 | 4,921,295 |
Changes in equity |
Purchase of own shares | (64,882 | ) | (350,363 | ) | - | - |
Total comprehensive income | - | 806,288 | - | (195,000 | ) |
Transfer | - | (48,746 | ) | - | - |
Balance at 31 December 2022 | 493,792 | 1,753,735 | 7,387 | 4,726,295 |
Changes in equity |
Total comprehensive loss | - | (58,918 | ) | - | - |
Balance at 31 December 2023 | 493,792 | 1,694,817 | 7,387 | 4,726,295 |
Investment |
property |
Capital | fair |
redemption | Other | value | Total |
reserve | reserves | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | - | 1,106,673 | 3,450,717 | 11,391,302 |
Changes in equity |
Purchase of own shares | 64,882 | - | - | (350,363 | ) |
Total comprehensive income | - | - | - | 611,288 |
Transfer | - | - | 48,746 | - |
Balance at 31 December 2022 | 64,882 | 1,106,673 | 3,499,463 | 11,652,227 |
Changes in equity |
Total comprehensive loss | - | - | - | (58,918 | ) |
Balance at 31 December 2023 | 64,882 | 1,106,673 | 3,499,463 | 11,593,309 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Purchase of own shares | (64,882 | ) | (350,363 | ) | - | 64,882 | (350,363 | ) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Balance at 31 December 2023 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,375,200 | 4,019,454 |
Interest paid | (70,729 | ) | (448 | ) |
Interest element of hire purchase payments paid |
(577,013 |
) |
(218,980 |
) |
Tax paid | (791,043 | ) | (229,109 | ) |
Net cash from operating activities | 1,936,415 | 3,570,917 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (14,185 | ) | - |
Purchase of tangible fixed assets | (36,580 | ) | - |
Purchase of current asset motor vehicles | (16,256,956 | ) | (8,600,721 | ) |
Sale of current asset motor vehicles | 9,464,119 | 5,636,837 |
Interest received | 1,805 | 576 |
Net cash from investing activities | (6,841,797 | ) | (2,963,308 | ) |
Cash flows from financing activities |
New hire purchase agreements | 14,460,375 | 7,197,780 |
Capital repayments in year | (9,722,406 | ) | (6,627,335 | ) |
Purchase of own shares | - | (350,363 | ) |
Net cash from financing activities | 4,737,969 | 220,082 |
(Decrease)/increase in cash and cash equivalents | (167,413 | ) | 827,691 |
Cash and cash equivalents at beginning of year |
2 |
(312,351 |
) |
(1,140,042 |
) |
Cash and cash equivalents at end of year | 2 | (479,764 | ) | (312,351 | ) |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit for the financial year | (58,918 | ) | 806,288 |
Depreciation charges | 3,758,829 | 2,126,563 |
Profit on disposal of fixed assets | (811,026 | ) | (40,770 | ) |
Gain on revaluation of fixed assets | - | (65,000 | ) |
Amortisation charges | 60,410 | 59,888 |
Finance costs | 647,742 | 219,428 |
Finance income | (1,805 | ) | (576 | ) |
Taxation | 60,208 | 484,572 |
3,655,440 | 3,590,393 |
(Increase)/decrease in trade and other debtors | (271,255 | ) | 147,775 |
(Decrease)/increase in trade and other creditors | (8,985 | ) | 281,286 |
Cash generated from operations | 3,375,200 | 4,019,454 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 689 | 2,108 |
Bank overdrafts | (480,453 | ) | (314,459 | ) |
(479,764 | ) | (312,351 | ) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 2,108 | 2,409 |
Bank overdrafts | (314,459 | ) | (1,142,451 | ) |
(312,351 | ) | (1,140,042 | ) |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,108 | (1,419 | ) | 689 |
Bank overdrafts | (314,459 | ) | (165,994 | ) | (480,453 | ) |
(312,351 | ) | (167,413 | ) | (479,764 | ) |
Debt |
Finance leases | (4,917,642 | ) | (4,770,946 | ) | (9,688,588 | ) |
(4,917,642 | ) | (4,770,946 | ) | (9,688,588 | ) |
Total | (5,229,993 | ) | (4,938,359 | ) | (10,168,352 | ) |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Miles & Miles Group Limited is a company registered in England and Wales. Its registered office address is 18 Petersham Mews, London, SW7 5NR and the registered number is 07417758 |
2. | ACCOUNTING POLICIES |
General information |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
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 group's accounting policies. |
The financial statements are presented in Sterling (£). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the group and value added taxes. |
The group recognises car hire and property rental revenue over the hire and rental 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 rates 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. |
Tangible fixed assets |
Tangible fixed assets and current asset motor vehicles 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) Land & buildings |
Freehold land and property is stated at valuation. No provision for depreciation is made on freehold land and buildings. The policy of not providing for depreciation on freehold buildings is a departure from the requirement of the Companies Act 2006 concerning the depreciation of fixed assets. It is in the opinion of the directors that the useful economic life of these assets are of such a length and the residual values are such that they are not materially different from the carrying value and any depreciation would not be material. In accordance with FRS 102 annual impairment reviews are undertaken to confirm this treatment. Residual values are reviewed annually and any permanent diminution in value is provided in the Consolidated Statement of Comprehensive Income. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
(ii) Fixtures & fittings |
Fixtures & fittings are stated at cost less accumulated depreciation. |
(iii) 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. |
Investment property |
The group classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost, which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the Consolidated Statement of Comprehensive Income. |
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 amortised cost. The capital element of future payments is treated as a liability and the interest is charged to the Consolidated Statement of Comprehensive Income 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 to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease. |
Pension costs |
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 Consolidated Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classified as equity. |
Financial instruments |
The group 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 investments 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 group 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) Property valuations |
A full valuation was obtained from a qualified valuer in 2022, with subsequent valuation carried out by the directors. Property valuations are amended when necessary to reflect market movements, future investments and the physical condition of the properties. |
The carrying value of investment properties and land and buildings at the period end is £11,455,000 (2022: £11,455,000). A positive or negative variation of 1% in this value would result in an increase or decrease of £114,550 (2022: £114,550) in the current comprehensive income and net assets of the company, excluding any deferred tax impact. |
(ii) Refurbishment provision |
The group 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. |
(iii) 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. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Car rental services | 10,746,274 | 11,486,841 |
Rental income | 161,137 | 150,155 |
10,907,411 | 11,636,996 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 10,907,411 | 11,636,996 |
10,907,411 | 11,636,996 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,034,242 | 2,261,822 |
Social security costs | 237,448 | 249,949 |
Other pension costs | 100,746 | 103,842 |
2,372,436 | 2,615,613 |
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 | 6 |
Key management compensation |
The directors deem key management to include directors only. |
2023 | 2022 |
£ | £ |
Directors' remuneration | 566,804 | 719,860 |
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 | 172,757 | 211,559 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 203,972 | 169,388 |
Depreciation - owned assets | 12,257 | 12,906 |
Profit on disposal of fixed assets | (811,026 | ) | (40,770 | ) |
Computer software amortisation | 60,410 | 59,888 |
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. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
3,350 |
3,050 |
Fees payable to the company's auditors for the audit of the subsidiary's financial statements |
18,550 |
16,865 |
Total audit fees | 21,900 | 19,915 |
Auditors remuneration for non audit work |
Total non-audit fees | 6,725 | 5,870 |
Total | 28,625 | 25,785 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 70,729 | 448 |
Hire purchase | 577,013 | 218,980 |
647,742 | 219,428 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | (50,134 | ) | 453,218 |
Adjustment to prior years | 110,342 | 144 |
Total current tax | 60,208 | 453,362 |
Deferred tax | - | 31,210 |
Tax on profit | 60,208 | 484,572 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
8. | TAXATION - continued |
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 |
£ | £ |
Profit before tax | 1,290 | 1,290,860 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
303 |
245,263 |
Effects of: |
Expenses not deductible for tax purposes | 24,734 | 28,926 |
Income not taxable for tax purposes | (1,429 | ) | - |
Adjustments to tax charge in respect of previous periods | 111,722 | 144 |
Transfer pricing | 16,547 | 13,112 |
Other timing differences | - | (8,110 | ) |
Other deductions | (388 | ) | - |
Movement in deferred tax not recognised | (103,537 | ) | 205,237 |
Difference in tax rates on loss carry back claim | 12,256 | - |
Total tax charge | 60,208 | 484,572 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | (260,000 | ) | - | (260,000 | ) |
Deferred tax on revaluation of freehold |
property | 65,000 | - | 65,000 |
(195,000 | ) | - | (195,000 | ) |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
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 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
land & | and |
buildings | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 6,390,000 | 160,490 | 6,550,490 |
Additions | - | 36,580 | 36,580 |
At 31 December 2023 | 6,390,000 | 197,070 | 6,587,070 |
DEPRECIATION |
At 1 January 2023 | - | 148,778 | 148,778 |
Charge for year | - | 12,257 | 12,257 |
At 31 December 2023 | - | 161,035 | 161,035 |
NET BOOK VALUE |
At 31 December 2023 | 6,390,000 | 36,035 | 6,426,035 |
At 31 December 2022 | 6,390,000 | 11,712 | 6,401,712 |
The freehold property owned by the company was valued on an open market basis on 14 September 2022 by Knight Frank, a Chartered Surveyor and RICS member. The comparable historic cost is £716,324 (2022: £716,324). |
The directors have considered the valuation as at 31 December 2023, on an open market basis, and consider the values to be in line with the valuation undertaken in September 2022. |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Miles & Miles Self Drive Limited |
Registered office: |
Nature of business: Mobility service providers |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 1,451,539 | 1,604,277 |
(Loss)/profit for the year | (152,738 | ) | 733,515 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 | 5,065,000 |
NET BOOK VALUE |
At 31 December 2023 | 5,065,000 |
At 31 December 2022 | 5,065,000 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
13. | INVESTMENT PROPERTY - continued |
Group |
The investment property owned by the company was valued on an open market basis on 14 September 2022 by Knight Frank, a Chartered Surveyor and RICS member. The comparable historic cost is £569,063 (2022: £569,063). |
The directors have considered the valuation as at 31 December 2023, on an open market basis, and consider the values to be in line with the valuation undertaken in September 2022. |
14. | CURRENT ASSET MOTOR VEHICLES |
2023 |
£ |
COST |
At 1 January 2023 | 11,070,829 |
Additions | 16,256,956 |
Disposals | (12,071,159 | ) |
At 31 December 2023 | 15,256,626 |
DEPRECIATION |
At 1 January 2023 | 1,922,945 |
Charge for year | 3,746,572 |
Disposals | (3,340,291 | ) |
At 31 December 2023 | 2,329,226 |
NET BOOK VALUE |
At 31 December 2023 | 12,927,400 |
At 31 December 2022 | 9,147,884 |
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 in the year amounted to £2,816,698 (2022: £1,812,298). |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 10,290 | 42,043 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,413,632 | 1,332,024 |
Tax | 280,377 | - |
Prepayments and accrued income | 601,977 | 380,577 |
2,306,276 | 1,754,644 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 480,453 | 314,459 |
Hire purchase contracts (see note 19) | 9,688,588 | 3,176,451 |
Trade creditors | 1,064,184 | 1,060,785 |
Tax | 1,380 | 451,838 |
Social security and other taxes | 103,736 | 210,544 |
VAT | 168,990 | 209,182 | - | - |
Other creditors | 58,214 | 72,579 |
Accruals and deferred income | 1,727,813 | 1,689,584 |
13,293,358 | 7,185,422 |
Other creditors include £33,954 (2022: £46,999) of unpaid pension contributions. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 19) | - | 1,741,191 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 480,453 | 314,459 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
19. | LEASING AGREEMENTS |
The future minimum operating lease payments are as follows: |
Group |
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: |
Group |
Hire purchase contracts |
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 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank overdrafts | 480,453 | 314,459 |
Hire purchase contracts | 9,688,588 | 4,917,642 |
10,169,041 | 5,232,101 |
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 GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 35,538 | 35,538 |
Other timing differences | (523 | ) | (523 | ) |
Deferred tax on revaluations and fair value adjustments |
1,964,109 |
1,964,109 |
1,999,124 | 1,999,124 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 1,999,124 |
Balance at 31 December 2023 | 1,999,124 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 493,792 | 493,792 |
Each ordinary share is entitled to one vote in any circumstances and rights to participate in a distribution. |
23. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 1 January 2023 | 1,753,735 | 7,387 | 4,726,295 |
Deficit for the year | (58,918 | ) | - | - |
At 31 December 2023 | 1,694,817 | 7,387 | 4,726,295 |
Group |
Investment |
property |
Capital | fair |
redemption | Other | value |
reserve | reserves | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 64,882 | 1,106,673 | 3,499,463 | 11,158,435 |
Deficit for the year | - | - | - | (58,918 | ) |
At 31 December 2023 | 64,882 | 1,106,673 | 3,499,463 | 11,099,517 |
MILES & MILES GROUP LIMITED (REGISTERED NUMBER: 07417758) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
23. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 72,269 |
Profit for the year | - | - |
At 31 December 2023 | 72,269 |
Other reserves relates to a merger reserve generated upon acquisition of a subsidiary in 2002. |
24. | CONTINGENT LIABILITIES |
The subsidiary companies are part of a group VAT registration with other related party companies under common control. The subsidiaries are 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 the subsidiary undertakings. |
25. | RELATED PARTY DISCLOSURES |
Group |
During the year, the group made purchases of £30,000 (2022: £30,000) from Miles & Miles Property Limited, a related party company by virtue of common ultimate ownership. At 31 December 2023 the group was owed £1,407,089 (2022: £1,395,720) by Miles & Miles Property Limited. The loans are interest free and repayable on demand. |
Company |
Miles & Miles Limited is a wholly owned subsidiary of Miles & Miles Group Limited. At 31 December 2023 the company was owed £15,490 (2022: £15,490) by Miles & Miles Limited. The loan is interest free and repayable on demand. |
26. | ULTIMATE CONTROLLING PARTY |
There was no ultimate controlling party at the current year and prior year ends. |