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REGISTERED NUMBER: 01578741 (England and Wales)




















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: Mr D J Miles
Mr J A Halls
Mr P J Marley
Mr M M Lawrence





SECRETARY: Mr J A Halls





REGISTERED OFFICE: Vale Yard
High Street
Porlock
Somerset
TA24 8PU





REGISTERED NUMBER: 01578741 (England and Wales)

D J Miles & Co Limited (Registered number: 01578741)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 3,937 9,187
Tangible assets 6 659,132 695,026
Investments 7 5,000 5,000
668,069 709,213

CURRENT ASSETS
Stocks 561,391 636,703
Debtors 8 226,883 247,359
Cash at bank and in hand 262,664 119,736
1,050,938 1,003,798
CREDITORS
Amounts falling due within one year 9 170,216 180,233
NET CURRENT ASSETS 880,722 823,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,548,791

1,532,778

PROVISIONS FOR LIABILITIES 41,907 34,980
NET ASSETS 1,506,884 1,497,798

CAPITAL AND RESERVES
Called up share capital 766,924 766,924
Capital redemption reserve 505,951 505,951
Retained earnings 234,009 224,923
SHAREHOLDERS' FUNDS 1,506,884 1,497,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 August 2024 and were signed on its behalf by:




Mr J A Halls - Director Mr D J Miles - Director




Mr M M Lawrence - Director Mr P J Marley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% straight line
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on straight line basis

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 27 (2022 - 26 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 581,077 185 581,262
AMORTISATION
At 1 December 2022 571,890 185 572,075
Amortisation for year 5,250 - 5,250
At 30 November 2023 577,140 185 577,325
NET BOOK VALUE
At 30 November 2023 3,937 - 3,937
At 30 November 2022 9,187 - 9,187

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 663,922 811,928 49,585
Additions - 1,665 -
At 30 November 2023 663,922 813,593 49,585
DEPRECIATION
At 1 December 2022 165,780 644,405 37,674
Charge for year 6,639 33,807 1,190
At 30 November 2023 172,419 678,212 38,864
NET BOOK VALUE
At 30 November 2023 491,503 135,381 10,721
At 30 November 2022 498,142 167,523 11,911

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 4,701 180,492 1,710,628
Additions - 12,120 13,785
At 30 November 2023 4,701 192,612 1,724,413
DEPRECIATION
At 1 December 2022 4,607 163,136 1,015,602
Charge for year 24 8,019 49,679
At 30 November 2023 4,631 171,155 1,065,281
NET BOOK VALUE
At 30 November 2023 70 21,457 659,132
At 30 November 2022 94 17,356 695,026


7. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 December 2022
and 30 November 2023 5,000
NET BOOK VALUE
At 30 November 2023 5,000
At 30 November 2022 5,000

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 195,818 208,235
Other debtors - 340
Corporation tax 4,361 4,213
VAT 17,436 22,853
Prepayments and accrued income 9,268 11,718
226,883 247,359

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 107,316 120,900
Corporation tax 16,825 -
Social security and other taxes 18,375 16,902
Other creditors 2,757 4,840
Accrued expenses & deferred
income 24,943 37,591
170,216 180,233

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,030 10,978
Between one and five years 5,459 1,757
10,489 12,735

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.