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Registration number: 06253188

Miles Offshore Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Miles Offshore Services Limited

Contents
for the Year Ended 31 March 2024

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

Miles Offshore Services Limited

Company Information
for the Year Ended 31 March 2024

Directors

R Miles

F Miles

Registered office

St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

Registered number

06253188 ( England and Wales )

Accountants

Windsor Accountancy Ltd
Chartered Certified Accountants
St. Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Miles Offshore Services Limited

(Registration number: 06253188)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

440

Current assets

 

Debtors

5

33,295

34,964

Cash at bank and in hand

 

47,746

80,846

 

81,041

115,810

Creditors: Amounts falling due within one year

6

(9,969)

(6,886)

Net current assets

 

71,072

108,924

Total assets less current liabilities

 

71,072

109,364

Provisions for liabilities

-

(84)

Net assets

 

71,072

109,280

Capital and reserves

 

Called up share capital

2

2

Retained earnings

71,070

109,278

Shareholders' funds

 

71,072

109,280

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2024 and signed on its behalf by:
 

 

Miles Offshore Services Limited

(Registration number: 06253188)
Balance Sheet as at 31 March 2024

.........................................
R Miles
Director

 

Miles Offshore Services Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2

109,278

109,280

Profit for the year

-

37,192

37,192

Dividends

-

(75,400)

(75,400)

At 31 March 2024

2

71,070

71,072

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

165,771

165,773

Profit for the year

-

25,847

25,847

Dividends

-

(82,340)

(82,340)

At 31 March 2023

2

109,278

109,280

 

Miles Offshore Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

These financial statements were authorised for issue by the Board on 10 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Miles Offshore Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% Straight line

Furniture and fittings

20% Straight line

Plant and machinery

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Amounts classified as receivable within one year are not amortised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Miles Offshore Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,587

4,587

At 31 March 2024

4,587

4,587

Depreciation

At 1 April 2023

4,147

4,147

Charge for the year

440

440

At 31 March 2024

4,587

4,587

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

440

440

5

Debtors

Current

2024
£

2023
£

Trade debtors

32,455

28,929

Prepayments

545

5,850

Other debtors

295

185

 

33,295

34,964

 

Miles Offshore Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

8,858

6,205

Accruals and deferred income

200

200

Other creditors

911

481

9,969

6,886

7

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director advances and credits

(481)

2,376

(2,639)

(744)

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director advances and credits

1,764

2,315

(4,560)

(481)

 

Other transactions with directors

The balance due to the directors at the year end date was free of interest and deemed repayable on demand.