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Registration number: 02059916

Milestones Garage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Milestones Garage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Milestones Garage Limited

Company Information

Directors

Mr Gersham Frederic Boulton

Mrs Catherine Rachel White

Company secretary

Mrs Anne Kathleen Boulton

Registered office

96-98 Felpham Road
Felpham
Bognor Regis
West Sussex
PO22 7PG

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Milestones Garage Limited

(Registration number: 02059916)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

61,068

54,485

Other financial assets

6

500

500

 

61,568

54,985

Current assets

 

Stocks

7

139,808

133,772

Debtors

8

50,342

59,994

Cash at bank and in hand

 

78,386

97,383

 

268,536

291,149

Creditors: Amounts falling due within one year

9

(178,233)

(191,828)

Net current assets

 

90,303

99,321

Total assets less current liabilities

 

151,871

154,306

Provisions for liabilities

(7,319)

-

Net assets

 

144,552

154,306

Capital and reserves

 

Called up share capital

10

10,000

10,000

Retained earnings

134,552

144,306

Shareholders' funds

 

144,552

154,306

For the financial year ending 31 January 2025 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 and 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 29 April 2025 and signed on its behalf by:
 

.........................................
Mr Gersham Frederic Boulton
Director

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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:
96-98 Felpham Road
Felpham
Bognor Regis
West Sussex
PO22 7PG
United Kingdom

The principal place of business is:
96-98 Felpham Road
Felpham
Bognor Regis
West Sussex
PO22 7PG
United Kingdom

These financial statements were authorised for issue by the Board on 29 April 2025.

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.

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.

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

Leasehold Property

Over the term of the lease

Plant & Machinery

25% straight line

Motor Vehicles

25% straight line

Office Equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Fully amortised

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.

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2024 - 17).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2024

290,000

290,000

At 31 January 2025

290,000

290,000

Amortisation

At 1 February 2024

290,000

290,000

At 31 January 2025

290,000

290,000

Carrying amount

At 31 January 2025

-

-

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2024

9,358

7,474

98,481

257,619

372,932

Additions

-

-

18,895

-

18,895

At 31 January 2025

9,358

7,474

117,376

257,619

391,827

Depreciation

At 1 February 2024

2,766

2,997

83,481

229,203

318,447

Charge for the year

102

895

8,474

2,841

12,312

At 31 January 2025

2,868

3,892

91,955

232,044

330,759

Carrying amount

At 31 January 2025

6,490

3,582

25,421

25,575

61,068

At 31 January 2024

6,592

4,477

15,000

28,416

54,485

Included within the net book value of land and buildings above is £6,490 (2024 - £6,592) in respect of long leasehold land and buildings.
 

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2024

500

500

At 31 January 2025

500

500

Impairment

Carrying amount

At 31 January 2025

500

500

7

Stocks

2025
£

2024
£

Other inventories

139,808

133,772

8

Debtors

Current

2025
£

2024
£

Trade debtors

42,884

50,628

Prepayments

2,478

3,541

Other debtors

4,980

5,825

 

50,342

59,994

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

11

2,401

2,749

Trade creditors

 

113,675

112,175

Taxation and social security

 

55,430

70,631

Accruals and deferred income

 

4,000

4,000

Other creditors

 

2,727

2,273

 

178,233

191,828

 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       

11

Loans and borrowings

12

Dividends

Interim dividends paid

   

2025
£

 

2024
£

Interim dividend of £6.15 per each Ordinary

 

61,500

 

61,500