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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: 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: 07417758 (England and Wales)





AUDITORS: Magma Audit LLP
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:





S D Grime - Director


22 May 2024

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:





S D Grime - Director


22 May 2024

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.




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 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 (58,918 ) 806,288

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 12 558,674 558,674
Investment property 13 - -
558,674 558,674

CURRENT ASSETS
Debtors 15 15,490 15,490

CREDITORS
Amounts falling due within one year 16 (8,103 ) (8,103 )
NET CURRENT ASSETS 7,387 7,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

566,061

566,061

CAPITAL AND RESERVES
Called up share capital 22 493,792 493,792
Share premium 23 7,387 7,387
Capital redemption reserve 23 64,882 64,882
SHAREHOLDERS' FUNDS 566,061 566,061

Company's profit for the financial year - 350,363

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)

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 558,674 - 7,387 - 566,061

Changes in equity
Purchase of own shares (64,882 ) (350,363 ) - 64,882 (350,363 )
Total comprehensive income - 350,363 - - 350,363
Balance at 31 December 2022 493,792 - 7,387 64,882 566,061

Changes in equity
Balance at 31 December 2023 493,792 - 7,387 64,882 566,061

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
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 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
51 51

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 558,674
NET BOOK VALUE
At 31 December 2023 558,674
At 31 December 2022 558,674

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

Subsidiaries

Miles & Miles Limited
Registered office:
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 10,134,483 10,040,663
Profit for the year 93,820 228,136

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 - - 15,490 15,490
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 15,490 15,490

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 8,103 8,103
Accruals and deferred income 1,727,813 1,689,584 - -
13,293,358 7,185,422 8,103 8,103

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: £    £   
493,792 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 - 7,387 64,882 72,269
Profit for the year - - - -
At 31 December 2023 - 7,387 64,882 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.