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Company No: 12324709 (England and Wales)

MILES CROFT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MILES CROFT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MILES CROFT LIMITED

BALANCE SHEET

As at 31 March 2024
MILES CROFT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,908 6,042
15,908 6,042
Current assets
Debtors 4 20,832 10,082
Cash at bank and in hand 76,403 99,837
97,235 109,919
Creditors: amounts falling due within one year 5 ( 17,225) ( 24,482)
Net current assets 80,010 85,437
Total assets less current liabilities 95,918 91,479
Net assets 95,918 91,479
Capital and reserves
Called-up share capital 100 100
Profit and loss account 95,818 91,379
Total shareholder's funds 95,918 91,479

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.

Director's responsibilities:

The financial statements of Miles Croft Limited (registered number: 12324709) were approved and authorised for issue by the Director on 21 October 2024. They were signed on its behalf by:

Mr M A Croft
Director
MILES CROFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MILES CROFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Miles Croft Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 34 Parkstone Heights, Poole, BH14 0QF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 20 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 1,072 0 7,085 8,157
Additions 1,249 11,583 511 13,343
At 31 March 2024 2,321 11,583 7,596 21,500
Accumulated depreciation
At 01 April 2023 435 0 1,680 2,115
Charge for the financial year 316 2,022 1,139 3,477
At 31 March 2024 751 2,022 2,819 5,592
Net book value
At 31 March 2024 1,570 9,561 4,777 15,908
At 31 March 2023 637 0 5,405 6,042

4. Debtors

2024 2023
£ £
Trade debtors 0 2,545
Amounts owed by Group undertakings 15,658 0
Other debtors 5,174 7,537
20,832 10,082

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,662 3,513
Taxation and social security 13,622 18,358
Other creditors 1,941 2,611
17,225 24,482

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
DCA overdrawn 2,100 0

No interest has been charged