Company registration number 02068081 (England and Wales)
MILESHIELD COMMERCIAL FUNDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MILESHIELD COMMERCIAL FUNDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MILESHIELD COMMERCIAL FUNDING LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
3,851,530
6,598,596
Cash at bank and in hand
6,952,135
4,250,737
10,803,665
10,849,333
Creditors: amounts falling due within one year
4
(1,873,912)
(1,633,835)
Net current assets
8,929,753
9,215,498
Creditors: amounts falling due after more than one year
5
(1,567,238)
(1,869,097)
Net assets
7,362,515
7,346,401
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
7,362,415
7,346,301
Total equity
7,362,515
7,346,401
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
Mr S J Mattey
Director
Company registration number 02068081 (England and Wales)
MILESHIELD COMMERCIAL FUNDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Mileshield Commercial Funding Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Craufurd Hale Group, Ground Floor, Arena Court, Crown Lane, MAIDENHEAD, SL6 8QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents earnings under lease and hire purchase agreements.
1.3
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
MILESHIELD COMMERCIAL FUNDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
The main activity is that of a lessor. Leases and hire purchase agreements are accounted for in accordance with Section 20 of FRS 102. The investment in leases is stated in the balance sheet as the total of the gross minimum rental payments receivable under such agreements, less finance income allocated to future periods. Operating leases, where funded on a back-to-back basis by the way of finance leases, hire purchase or sale of receivables and with the income and expenditure being matched, are included under leasing in the balance sheet (Note 5). Where operating leases are not funded by back-to-back arrangements the assets are recorded as fixed assets.
The company finances its lessor activities through a number of financing institutions. The company's finance commitment in relation to these facilities is stated in the balance sheet as the total of the capital repayments outstanding. Finance charges on these commitments are charged to profit and loss over the period of the commitments in proportion to the balance of capital repayments outstanding. The difference, if any, between the gross minimum rental payments receivable and the cost of the equipment represents finance income which is recognised in the profit and loss account over the period of the lease, in order to give a constant rate of return on the investment in the agreement after allowing for the initial commission.
Fees representing the cost of handling transactions are taken as income in the year agreements commence.
Where the company retains ownership or a significant interest in the residual value of the equipment leased under the funding arrangements described above, no recognition is made in the financial statements of any profit attributable to the unguaranteed residual value of equipment which will be returned to the company at the termination of the lease or from rentals resulting from anticipated secondary leases.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
MILESHIELD COMMERCIAL FUNDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,870,578
2,158,201
Amounts owed by group undertakings
1,757,375
4,331,106
Other debtors
223,577
109,289
3,851,530
6,598,596
Debtors include an amount of £1,567,238 (2023 - £1,869,097) which is due after more than one year.
The trade debtors and operating lease balance of £1,870,578 (2023 - £2,158,201) includes operating lease balances of £1,869,097 (2023 - £2,154,085) which have been accounted for under the policy in Note 1.
Analysed as follows:
2024
2023
£
£
Operating leases which expire:
Within one year
301,860
284,988
Between two and five years
1,432,197
1,370,924
In over five years
135,040
498,173
1,869,097
2,154,085
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,900
26,956
Amounts due to group undertakings
1,527,629
1,132,874
Other taxation and social security
16,210
185,489
Net obligations under finance leases
301,860
284,988
Other creditors
3,313
3,528
1,873,912
1,633,835
Receivable agreements:
The rate of interest payable on lease agreements is related to relevant rates received on leased receivables. All obligations under lease and hire purchase agreements are secured on the corresponding lease receivables.
MILESHIELD COMMERCIAL FUNDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Net obligations under finance leases
1,567,238
1,869,097
6
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
301,860
284,988
In two to five years
1,432,197
1,370,924
In over five years
135,041
498,173
1,869,098
2,154,085
Included in creditors: amounts falling due within one year
(301,860)
(284,988)
1,567,238
1,869,097
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. No restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Parent company
The parent company of Mileshield Commercial Funding Limited is Longriver Holdings Limited and its registered office is Ground Floor, Arena Court, Crown Lane, MAIDENHEAD, SL6 8QZ.
Longriver Holdings Limited is controlled by Mr D C Mattey.