REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MILES & MILES PROPERTY LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MILES & MILES PROPERTY LIMITED |
MILES & MILES PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MILES & MILES PROPERTY 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 PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Capital redemption reserve |
Investment property fair value |
reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILES & MILES PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
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 |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 as modified by the revaluation of certain assets. |
The financial statements are presented in Sterling (£). The financial statements have been rounded to the nearest £1. |
Going concern |
At the year end the company had net current liabilities of £1,385,805 (2022: £1,408,305). The directors have prepared the financial statements on a going concern basis as the associated companies, Miles & Miles Limited and Miles & Miles Self Drive Limited, have the ability and the intention to continue supporting the company's operating activities for at least 12 months from the date of approval. In addition, the associated companies will not call for the repayment of the outstanding loans of £1,407,089 (2022: £1,395,720) until the company is in a financial position to repay the loans. |
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. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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. |
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. |
MILES & MILES PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 £3,681,936 (2022: £3,681,936). |
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. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
MILES & MILES PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Tax losses carried forward | ( |
) | ( |
) |
Investment property gains | 1,227,485 | 1,227,485 |
1,164,941 | 1,178,923 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 493,792 | 493,792 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The bank overdraft for a company with common control was secured by a cross guarantee and debenture between the company, other related party companies and legal charges over investment property owned by other related party 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: £215,337) of which £3,830 (2022: £366) is owed by Miles & Miles Property Limited. |
MILES & MILES PROPERTY LIMITED (REGISTERED NUMBER: 07417414) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
Miles & Miles Limited is a related party company by virtue of common ultimate ownership. At 31 December 2023 the company owed £508,611 (2022: £533,451) to Miles & Miles Limited. The loan is interest free and is repayable on demand. |
Miles & Miles Self Drive Limited is a related party by virtue of common ultimate ownership. During the year, rental income of £30,000 (2022: £30,000) was receivable from the company. At 31 December 2023 the company owed £898,478 (2022: £862,269) to Miles & Miles Self Drive Limited. The loan is interest free and is repayable on demand. |
During the year rental income of £26,000 (2022: £26,000) was receivable from P Grime, a director of the company. |
During the year, design services of £Nil (2022: £6,848) were provided to a director. At the year end, a balance of £Nil (2022: £6,848) was due from S Grime, a director of the company. |