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REGISTERED NUMBER: 14317868 (England and Wales)















Fin Mile Logistics Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024






Fin Mile Logistics Limited (Registered number: 14317868)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Fin Mile Logistics Limited

Company Information
for the year ended 31 December 2024







Director: R Pleeth





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 14317868 (England and Wales)






Fin Mile Logistics Limited (Registered number: 14317868)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 1,389,903 851,762

Current assets
Debtors 5 1,374,916 460,095
Cash at bank and in hand 47,899 1,213,576
1,422,815 1,673,671
Creditors
Amounts falling due within one year 6 5,622,404 2,727,502
Net current liabilities (4,199,589 ) (1,053,831 )
Total assets less current liabilities (2,809,686 ) (202,069 )

Creditors
Amounts falling due after more than one
year

7

501,513

637,187
Net liabilities (3,311,199 ) (839,256 )

Capital and reserves
Called up share capital 9 137 137
Share premium 10 990,156 1,012,710
Retained earnings 10 (4,301,492 ) (1,852,103 )
Shareholders' funds (3,311,199 ) (839,256 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 June 2025 and were signed by:





R Pleeth - Director


Fin Mile Logistics Limited (Registered number: 14317868)

Notes to the Financial Statements
for the year ended 31 December 2024


1. Statutory information

Fin Mile Logistics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Going concern
The financial statements have been prepared on a going concern basis. The Director has reviewed and
considered relevant information, including the annual budget and future cash flows in making their assessment. The Director has tested their cash flow analysis to take into account the impact on their business of possible scenarios, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Director has concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Electric vehicles - 25 - 50% on cost

Fin Mile Logistics Limited (Registered number: 14317868)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised,the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from other group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 48 ) .

Fin Mile Logistics Limited (Registered number: 14317868)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


4. Tangible fixed assets
Plant and Electric
machinery vehicles Totals
£ £ £
Cost
At 1 January 2024 10,811 946,974 957,785
Additions 11,300 910,123 921,423
Disposals - (86,705 ) (86,705 )
At 31 December 2024 22,111 1,770,392 1,792,503
Depreciation
At 1 January 2024 2,155 103,868 106,023
Charge for year 5,318 302,098 307,416
Eliminated on disposal - (10,839 ) (10,839 )
At 31 December 2024 7,473 395,127 402,600
Net book value
At 31 December 2024 14,638 1,375,265 1,389,903
At 31 December 2023 8,656 843,106 851,762

5. Debtors
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 705,711 84,627
Other debtors 52,632 68,213
Tax 161,121 -
VAT 167,127 20,061
Prepayments and accrued income 127,291 86,563
1,213,882 259,464

Amounts falling due after more than one year:
Prepayments and accrued income 161,034 200,631

Aggregate amounts 1,374,916 460,095

6. Creditors: amounts falling due within one year
2024 2023
£ £
Hire purchase contracts (see note 8) 207,764 228,931
Trade creditors 463,548 38,499
Social security and other taxes 9,970 17,895
Other creditors 34,390 28,094
Amounts owed to related
parties 4,900,732 2,336,837
Accrued expenses 6,000 77,246
5,622,404 2,727,502

Fin Mile Logistics Limited (Registered number: 14317868)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts (see note 8) 497,000 631,714
Other creditors 4,513 5,473
501,513 637,187

8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 207,764 228,931
Between one and five years 497,000 631,714
704,764 860,645

Non-cancellable
operating leases
2024 2023
£ £
Within one year 112,174 145,209
Between one and five years - 112,174
112,174 257,383

9. Called up share capital

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
136,413 Ordinary 136.41 137 137

10. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 January 2024 (1,852,144 ) 1,012,710 (839,434 )
Deficit for the year (2,449,348 ) (2,449,348 )
Cash share issue - (22,554 ) (22,554 )
At 31 December 2024 (4,301,492 ) 990,156 (3,311,336 )

11. Ultimate controlling party

The ultimate controlling party is R Pleeth.