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COMPANY REGISTRATION NUMBER: 1621623
MILES KINGSPORT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
MILES KINGSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
5
347,719
296,228
Current Assets
Stocks
1,397,920
1,083,163
Debtors
6
36,964
96,470
Cash at bank and in hand
648,501
805,018
--------------
--------------
2,083,385
1,984,651
Creditors: amounts falling due within one year
7
576,591
684,884
--------------
--------------
Net Current Assets
1,506,794
1,299,767
--------------
--------------
Total Assets Less Current Liabilities
1,854,513
1,595,995
Provisions
Taxation including deferred tax
43,300
29,700
--------------
--------------
Net Assets
1,811,213
1,566,295
--------------
--------------
MILES KINGSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
2024
2023
Note
£
£
£
£
Capital and Reserves
Called up share capital
125
125
Share premium account
63,342
63,342
Profit and loss account
1,747,746
1,502,828
--------------
--------------
Shareholders Funds
1,811,213
1,566,295
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
T J C Wade
R Romaine
Director
Director
Company registration number: 1621623
MILES KINGSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 104 Witham, Hull, HU9 1AT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Fixtures and Equipment
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).
5. Tangible Assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
228,183
209,191
171,700
10,284
619,358
Additions
6,595
125,750
132,345
Disposals
( 95,450)
( 95,450)
-----------
-----------
-----------
---------
-----------
At 31 January 2024
228,183
215,786
202,000
10,284
656,253
-----------
-----------
-----------
---------
-----------
Depreciation
At 1 February 2023
68,960
189,502
57,898
6,770
323,130
Charge for the year
2,064
2,628
24,454
675
29,821
Disposals
( 44,417)
( 44,417)
-----------
-----------
-----------
---------
-----------
At 31 January 2024
71,024
192,130
37,935
7,445
308,534
-----------
-----------
-----------
---------
-----------
Carrying amount
At 31 January 2024
157,159
23,656
164,065
2,839
347,719
-----------
-----------
-----------
---------
-----------
At 31 January 2023
159,223
19,689
113,802
3,514
296,228
-----------
-----------
-----------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
27,409
60,285
Other debtors
9,555
36,185
---------
---------
36,964
96,470
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
370,520
476,702
Social security and other taxes
80,400
45,992
Other creditors
125,671
162,190
-----------
-----------
576,591
684,884
-----------
-----------