14 Miles East Limited 12449026 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is food and drink sales. Digita Accounts Production Advanced 6.30.9574.0 true true 12449026 2023-03-01 2024-02-29 12449026 2024-02-29 12449026 core:RetainedEarningsAccumulatedLosses 2024-02-29 12449026 core:ShareCapital 2024-02-29 12449026 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12449026 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12449026 bus:SmallEntities 2023-03-01 2024-02-29 12449026 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12449026 bus:FullAccounts 2023-03-01 2024-02-29 12449026 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12449026 bus:RegisteredOffice 2023-03-01 2024-02-29 12449026 bus:Director1 2023-03-01 2024-02-29 12449026 bus:Director2 2023-03-01 2024-02-29 12449026 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12449026 core:FurnitureFittings 2023-03-01 2024-02-29 12449026 core:LeaseholdImprovements 2023-03-01 2024-02-29 12449026 countries:EnglandWales 2023-03-01 2024-02-29 12449026 2023-02-28 12449026 2022-03-01 2023-02-28 12449026 2023-02-28 12449026 core:RetainedEarningsAccumulatedLosses 2023-02-28 12449026 core:ShareCapital 2023-02-28 12449026 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12449026 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 12449026

14 Miles East Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

14 Miles East Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

14 Miles East Limited

(Registration number: 12449026)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

69,145

81,029

Current assets

 

Stocks

1,799

4,021

Debtors

41,709

30,179

Cash at bank and in hand

 

747

273

 

44,255

34,473

Creditors: Amounts falling due within one year

(246,639)

(184,643)

Net current liabilities

 

(202,384)

(150,170)

Total assets less current liabilities

 

(133,239)

(69,141)

Creditors: Amounts falling due after more than one year

5

(30,184)

(50,941)

Net liabilities

 

(163,423)

(120,082)

Capital and reserves

 

Called up share capital

202

202

Profit and loss account

(163,625)

(120,284)

Total equity

 

(163,423)

(120,082)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 

Mrs Deborah Helen Ellis

Director

Mr Michael John Ellis

Director

 

14 Miles East Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 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:
Ashe Farm
Musbury
Axminster
Devon
EX13 8AD

These financial statements were authorised for issue by the Board on 11 November 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's liabilities at 29 February 2024, £192,338 is owed to the directors. They have agreed not to demand repayment of this amount for at least one year after the date of the approval of these accounts to the extent that any such repayment would jeopardise the future of the company. The directors have also agreed that they will continue to provide financial support for at least 12 months from the date of approval of these accounts.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 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.

 

14 Miles East Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Leasehold Improvements

8.33% straight line over the term of the 12 year lease

Fixtures and fittings

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 14).

 

14 Miles East Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 March 2023

128,437

At 29 February 2024

128,437

Depreciation

At 1 March 2023

47,408

Charge for the year

11,884

At 29 February 2024

59,292

Carrying amount

At 29 February 2024

69,145

At 28 February 2023

81,029

5

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,000 (2023 - £18,500).