REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
D J Miles & Co Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
D J Miles & Co Limited |
D J Miles & Co Limited (Registered number: 01578741) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
D J Miles & Co Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
D J Miles & Co Limited (Registered number: 01578741) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
D J Miles & Co Limited (Registered number: 01578741) |
Statement of Financial Position - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
D J Miles & Co Limited (Registered number: 01578741) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
D J Miles & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of consideration received or receivable for goods supplied net of returns, trade discounts, allowances, value added tax and other sales related taxes. |
The company recognises revenue when (a) the significant risks and returns of ownership have been transferred to the buyer, (b) the company retains no continual involvement or control over its goods, (c) the amount of revenue can be reliably measured and (d) it is probably that future economic benefits will flow to the entity. |
Goodwill |
Goodwill in relation to the purchase of a business has been amortised evenly over its estimated useful life of twenty years. |
Further goodwill in relation to a purchase of a business has been amortised evenly over its estimated useful life of two years. |
Intangible assets |
Amortisation |
Amortisation 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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition and making the asset capable of operating as intended. |
Investments in associates |
Investments in associate undertakings are recognised at cost less any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
D J Miles & Co Limited (Registered number: 01578741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
D J Miles & Co Limited (Registered number: 01578741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
7. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
D J Miles & Co Limited (Registered number: 01578741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses & deferred |
income |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The company has a bank overdraft facility which is secured by first legal mortgages over the company's freehold and leasehold properties, a floating charge over all plant and machinery and a fixed charge over book debt. |
12. | OTHER FINANCIAL COMMITMENTS |
The company enters into contracts for tea and coffee. At the year end the total amount committed to in relation to purchases of tea are £91,468 (2022: £68,455) and for purchases of coffee £21,860 (2022: £95,656). |
13. | RELATED PARTY DISCLOSURES |
An associated company that D J Miles & Co has a 50% ownership |
D J Miles has provided the company an interest free loan with a closing value of £165,879 (2022: £165,879). The loan was fully impaired in 2017. |