IRIS Accounts Production v24.2.0.383 00522998 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh005229982022-12-31005229982023-12-31005229982023-01-012023-12-31005229982021-12-31005229982022-01-012022-12-31005229982022-12-3100522998ns15:EnglandWales2023-01-012023-12-3100522998ns14:PoundSterling2023-01-012023-12-3100522998ns10:Director12023-01-012023-12-3100522998ns10:Director22023-01-012023-12-3100522998ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100522998ns10:FRS1022023-01-012023-12-3100522998ns10:Audited2023-01-012023-12-3100522998ns10:FullAccounts2023-01-012023-12-3100522998ns10:OrdinaryShareClass12023-01-012023-12-3100522998ns10:Director32023-01-012023-12-3100522998ns10:Director42023-01-012023-12-3100522998ns10:CompanySecretary12023-01-012023-12-3100522998ns10:RegisteredOffice2023-01-012023-12-3100522998ns5:CurrentFinancialInstruments2023-12-3100522998ns5:CurrentFinancialInstruments2022-12-3100522998ns5:ShareCapital2023-12-3100522998ns5:ShareCapital2022-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2023-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2022-12-3100522998ns5:RetainedEarningsAccumulatedLosses2023-12-3100522998ns5:RetainedEarningsAccumulatedLosses2022-12-3100522998ns5:ShareCapital2021-12-3100522998ns5:RetainedEarningsAccumulatedLosses2021-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2021-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2021-12-3100522998ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2022-01-012022-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2022-01-012022-12-3100522998ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2023-01-012023-12-3100522998ns5:ReportableOperatingSegment12023-01-012023-12-3100522998ns5:ReportableOperatingSegment12022-01-012022-12-3100522998ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3100522998ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3100522998ns15:UnitedKingdom2023-01-012023-12-3100522998ns15:UnitedKingdom2022-01-012022-12-3100522998ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3100522998ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-310052299812023-01-012023-12-310052299812022-01-012022-12-3100522998112023-01-012023-12-3100522998112022-01-012022-12-3100522998ns10:OrdinaryShareClass12022-01-012022-12-3100522998ns5:CostValuation2022-12-3100522998ns5:Subsidiary12023-01-012023-12-3100522998ns5:Subsidiary112023-01-012023-12-3100522998ns5:Subsidiary12023-12-3100522998ns5:Subsidiary12022-12-3100522998ns5:Subsidiary12022-01-012022-12-3100522998ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3100522998ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3100522998ns5:CurrentFinancialInstruments2023-01-012023-12-3100522998ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3100522998ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3100522998ns5:DeferredTaxation2022-12-3100522998ns5:DeferredTaxation2023-12-3100522998ns10:OrdinaryShareClass12023-12-3100522998ns5:RetainedEarningsAccumulatedLosses2022-12-3100522998ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3100522998ns5:FurtherSpecificReserve2ComponentTotalEquity2022-12-31
REGISTERED NUMBER: 00522998 (England and Wales)












REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MILES & MILES LIMITED

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Statement of Financial Position 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


MILES & MILES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: P A Grime
A D F Nettleton
S D Grime
P N Wildey





SECRETARY: P N Wildey





REGISTERED OFFICE: 18 Petersham Mews
London
SW7 5NR





REGISTERED NUMBER: 00522998 (England and Wales)





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

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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 holding properties for use by other group companies and the letting of investment property.

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

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 company comprise bank balances, trade creditors and trade debtors. 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 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 LIMITED (REGISTERED NUMBER: 00522998)

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 LIMITED


Opinion
We have audited the financial statements of Miles & Miles 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 profit 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has 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 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

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


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 investment property's values and judgements formed and deferred tax;
- 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 LIMITED (REGISTERED NUMBER: 00522998)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 351,137 340,155

Other external expenses (15,011 ) (13,595 )
336,126 326,560

Staff costs 4 (188,821 ) (213,304 )
Other operating expenses (53,910 ) (67,103 )
OPERATING PROFIT 93,395 46,153

Income from shares in group undertakings 5 - 350,363
Interest receivable and similar income 1,805 576
95,200 397,092
Loss on revaluation of
investment property - (195,000 )
PROFIT BEFORE TAXATION 6 95,200 202,092

Tax on profit 7 (1,380 ) 26,044
PROFIT FOR THE FINANCIAL YEAR 93,820 228,136

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 9 100 100
Investment property 10 11,455,000 11,455,000
11,455,100 11,455,100

CURRENT ASSETS
Debtors 11 686,376 681,314
Cash at bank 93,501 10,150
779,877 691,464
CREDITORS
Amounts falling due within one year 12 (101,370 ) (106,777 )
NET CURRENT ASSETS 678,507 584,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,133,607

12,039,787

PROVISIONS FOR LIABILITIES 13 (1,999,124 ) (1,999,124 )
NET ASSETS 10,134,483 10,040,663

CAPITAL AND RESERVES
Called up share capital 14 558,674 558,674
Other reserves 15 1,106,673 1,106,673
Investment property fair value
reserve 15 8,187,313 8,187,313
Retained earnings 15 281,823 188,003
SHAREHOLDERS' FUNDS 10,134,483 10,040,663

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 LIMITED (REGISTERED NUMBER: 00522998)

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

Investment
property
Called up fair
share Retained Other value Total
capital earnings reserves reserve equity
£    £    £    £    £   
Balance at 1 January 2022 558,674 163,976 1,106,673 8,333,567 10,162,890

Changes in equity
Dividends - (350,363 ) - - (350,363 )
Total comprehensive income - 228,136 - - 228,136
Transfer - 146,254 - (146,254 ) -
Balance at 31 December 2022 558,674 188,003 1,106,673 8,187,313 10,040,663

Changes in equity
Total comprehensive income - 93,820 - - 93,820
Balance at 31 December 2023 558,674 281,823 1,106,673 8,187,313 10,134,483

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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.

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 company has adopted FRS 102 in these financial statements.

Basis of preparing the financial statements
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 to the accounts.

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.

Preparation of consolidated financial statements
The financial statements contain information about Miles & Miles Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Miles & Miles Group Limited.

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 company and value added taxes.

The company recognises revenue when the rent on investment properties falls due.

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

Investment property
The company 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 Statement of Comprehensive Income. Fair value gains are transferred to the Investment Property Fair Value Reserve with its associated provision for deferred taxation.


MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in the income statement 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.

Pension costs
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.

Income from shares in group undertakings
Income from shares in group undertakings shown in the statement of comprehensive income represents dividends receivable from group companies. Dividends receivable are recognised in the period in which the dividends are declared and approved.

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 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.


MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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


2. ACCOUNTING POLICIES - continued
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) 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 at the year 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: £114,500) in the current year pre tax profits and net assets of the company, excluding any deferred tax impact.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rental income 351,137 340,155
351,137 340,155

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 351,137 340,155
351,137 340,155

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 163,711 188,194
Other pension costs 25,110 25,110
188,821 213,304

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

Directors 4 5

Key management compensation
The directors deem key management to include directors only.

2023 2022
£    £   
Directors' remuneration 124,002 150,191

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 1 1

5. INCOME FROM SHARES IN GROUP UNDERTAKINGS
2023 2022
£    £   
Dividends receivable - 350,363

6. PROFIT BEFORE TAXATION

The profit is stated after charging:

2023 2022
£    £   
Auditors' remuneration 10,818 9,840
Other services relating to taxation 1,000 900
Loss on revaluation of investment property - 195,000

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,380 7,746

Deferred tax - (33,790 )
Tax on profit 1,380 (26,044 )

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

2023 2022
£    £   
Profit before tax 95,200 202,092
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

22,391

38,397

Effects of:
Expenses not deductible for tax purposes 77 4,206
Income not taxable for tax purposes (1,428 ) (66,569 )
Transfer pricing income 7,648 6,032
Other timing differences (413 ) (8,110 )
Change in tax rates 24 -
Adjustments in respect of prior years 1,380 -
Group relief (28,299 ) -
Total tax charge/(credit) 1,380 (26,044 )

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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


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

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Miles & Miles Self Drive Limited
Registered office: United Kingdom
Nature of business: Mobility service providers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,512,939 1,604,277
(Loss)/profit for the year (91,338 ) 733,515

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 11,455,000
NET BOOK VALUE
At 31 December 2023 11,455,000
At 31 December 2022 11,455,000

Certain investment properties owned by the company were valued on an open market basis on 14 September 2022 by Knight Frank, a Chartered Surveyor and RICS member. The comparable historic cost is £1,285,387 (2022: £1,285,387).

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 LIMITED (REGISTERED NUMBER: 00522998)

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


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 8,750
Amounts owed by group undertakings 157,223 117,020
Other debtors 508,611 533,451
Prepayments and accrued income 20,542 22,093
686,376 681,314

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,560 10,025
Amounts owed to group undertakings 15,490 15,490
Tax - 6,366
Social security and other taxes 5,000 5,000
Other creditors 19,959 19,959
Accruals and deferred income 59,361 49,937
101,370 106,777

Other creditors include £19,959 (2022: £19,959) of unpaid pension contributions.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 35,538 35,538
Other timing differences (523 ) (523 )
Deferred tax on fair
value adjustments 1,964,109 1,964,109
1,999,124 1,999,124

Deferred
tax
£   
Balance at 1 January 2023 1,999,124
Balance at 31 December 2023 1,999,124

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
558,674 Ordinary £1 558,674 558,674

Ordinary shares have equal rights.

MILES & MILES LIMITED (REGISTERED NUMBER: 00522998)

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


15. RESERVES
Investment
property
fair
Retained Other value
earnings reserves reserve Totals
£    £    £    £   

At 1 January 2023 188,003 1,106,673 8,187,313 9,481,989
Profit for the year 93,820 - - 93,820
At 31 December 2023 281,823 1,106,673 8,187,313 9,575,809

Other reserves relates to a merger reserve generated upon acquisition of a subsidiary in 2002.

16. CONTINGENT LIABILITIES

The bank overdraft of a group company was 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.

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: £208,816) of which £Nil (2022: £Nil) is due from Miles & Miles Limited.

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

Miles & Miles Group Limited is the parent company of Miles & Miles Limited. At 31 December 2023 the company owed £15,490 (2022: £15,490) to Miles & Miles Group 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 £508,611 (2022: £533,451) by Miles & Miles Property Limited. The loan is interest free and is repayable on demand.

18. ULTIMATE CONTROLLING PARTY

The immediate and 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 in the current and preceding year.