Silverfin false false 30/09/2024 01/10/2023 30/09/2024 M Miles 31/03/1992 S Miles 06/04/2011 T Miles 06/04/2011 26 June 2025 The principal activity of the Company during the financial year was the operation on an online and retail tool and machinery centre. 01871026 2024-09-30 01871026 bus:Director1 2024-09-30 01871026 bus:Director2 2024-09-30 01871026 bus:Director3 2024-09-30 01871026 2023-09-30 01871026 core:CurrentFinancialInstruments 2024-09-30 01871026 core:CurrentFinancialInstruments 2023-09-30 01871026 core:Non-currentFinancialInstruments 2024-09-30 01871026 core:Non-currentFinancialInstruments 2023-09-30 01871026 core:ShareCapital 2024-09-30 01871026 core:ShareCapital 2023-09-30 01871026 core:RevaluationReserve 2024-09-30 01871026 core:RevaluationReserve 2023-09-30 01871026 core:RetainedEarningsAccumulatedLosses 2024-09-30 01871026 core:RetainedEarningsAccumulatedLosses 2023-09-30 01871026 core:LandBuildings 2023-09-30 01871026 core:PlantMachinery 2023-09-30 01871026 core:Vehicles 2023-09-30 01871026 core:FurnitureFittings 2023-09-30 01871026 core:OfficeEquipment 2023-09-30 01871026 core:LandBuildings 2024-09-30 01871026 core:PlantMachinery 2024-09-30 01871026 core:Vehicles 2024-09-30 01871026 core:FurnitureFittings 2024-09-30 01871026 core:OfficeEquipment 2024-09-30 01871026 core:CurrentFinancialInstruments core:Secured 2024-09-30 01871026 core:Non-currentFinancialInstruments core:Secured 2024-09-30 01871026 core:MoreThanFiveYears 2024-09-30 01871026 core:MoreThanFiveYears 2023-09-30 01871026 core:WithinOneYear 2024-09-30 01871026 core:WithinOneYear 2023-09-30 01871026 core:BetweenOneFiveYears 2024-09-30 01871026 core:BetweenOneFiveYears 2023-09-30 01871026 2023-10-01 2024-09-30 01871026 bus:FilletedAccounts 2023-10-01 2024-09-30 01871026 bus:SmallEntities 2023-10-01 2024-09-30 01871026 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01871026 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01871026 bus:Director1 2023-10-01 2024-09-30 01871026 bus:Director2 2023-10-01 2024-09-30 01871026 bus:Director3 2023-10-01 2024-09-30 01871026 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 01871026 core:PlantMachinery core:TopRangeValue 2023-10-01 2024-09-30 01871026 core:Vehicles core:TopRangeValue 2023-10-01 2024-09-30 01871026 core:FurnitureFittings core:TopRangeValue 2023-10-01 2024-09-30 01871026 core:OfficeEquipment core:TopRangeValue 2023-10-01 2024-09-30 01871026 2022-10-01 2023-09-30 01871026 core:LandBuildings 2023-10-01 2024-09-30 01871026 core:PlantMachinery 2023-10-01 2024-09-30 01871026 core:Vehicles 2023-10-01 2024-09-30 01871026 core:FurnitureFittings 2023-10-01 2024-09-30 01871026 core:OfficeEquipment 2023-10-01 2024-09-30 01871026 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 01871026 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 01871026 core:MoreThanFiveYears 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 01871026 (England and Wales)

MILES TOOL & MACHINERY CENTRE LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

MILES TOOL & MACHINERY CENTRE LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

MILES TOOL & MACHINERY CENTRE LTD

BALANCE SHEET

As at 30 September 2024
MILES TOOL & MACHINERY CENTRE LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 498,198 465,055
498,198 465,055
Current assets
Stocks 4 865,117 890,000
Debtors 5 116,815 181,767
Cash at bank and in hand ( 83,402) ( 11,474)
898,530 1,060,293
Creditors: amounts falling due within one year 6 ( 1,059,801) ( 1,140,989)
Net current liabilities (161,271) (80,696)
Total assets less current liabilities 336,927 384,359
Creditors: amounts falling due after more than one year 7 ( 196,174) ( 248,482)
Provision for liabilities ( 25,329) ( 6,106)
Net assets 115,424 129,771
Capital and reserves
Called-up share capital 2,000 2,000
Revaluation reserve 158,620 122,530
Profit and loss account ( 45,196 ) 5,241
Total shareholders' funds 115,424 129,771

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Miles Tool & Machinery Centre Ltd (registered number: 01871026) were approved and authorised for issue by the Board of Directors on 26 June 2025. They were signed on its behalf by:

M Miles
Director
T Miles
Director
MILES TOOL & MACHINERY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
MILES TOOL & MACHINERY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 Tool & Machinery Centre Ltd (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 Unit 18 Oxford Road, Pen Mill Trading Estate, Yeovil, BA21 5HR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received for the sale of tools and machinery and provision of tool repair services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
not depreciated
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost/Valuation
At 01 October 2023 440,000 6,687 5,995 53,181 19,395 525,258
Revaluations 47,680 0 0 0 0 47,680
At 30 September 2024 487,680 6,687 5,995 53,181 19,395 572,938
Accumulated depreciation
At 01 October 2023 0 6,687 5,995 28,126 19,395 60,203
Charge for the financial year 7,680 0 0 6,857 0 14,537
At 30 September 2024 7,680 6,687 5,995 34,983 19,395 74,740
Net book value
At 30 September 2024 480,000 0 0 18,198 0 498,198
At 30 September 2023 440,000 0 0 25,055 0 465,055

Revaluation of tangible assets

The value of land and buildings is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £480,000 (2023 - £440,000) and a carrying historic cost of £380,644 (2023 - £380,644).

4. Stocks

2024 2023
£ £
Stocks 865,117 890,000

5. Debtors

2024 2023
£ £
Trade debtors 37,364 90,709
Other debtors 79,451 91,058
116,815 181,767

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 17,559) 47,929 27,656
Trade creditors 340,352 514,083
Taxation and social security 154,700 6,825
Other creditors 516,820 592,425
1,059,801 1,140,989

The bank loan due in less than a year totalling £17,559 (2023: £14,929) is secured over the freehold property.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 166,756) 175,241 208,157
Other creditors 20,933 40,325
196,174 248,482

The bank loan due in over 1 years totalling £166,756 (2023: £186,945) is secured over the freehold property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 96,521 127,229

The bank loan due in more than 5 years totalling £96,521 (2023: £127,229) is secured over the freehold property.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 40,200 40,200
between one and five years 160,800 160,800
after five years 16,750 56,950
217,750 257,950

9. Related party transactions

Transactions with the entity's directors

Advances

_M & S Miles_

The Directors' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2023, the balance owed by the directors was £56,997. During the year, £90,877 was advanced to the directors, and £89,413 was repaid by the directors. At 30 September 2024, the balance owed by the directors was £58,461.

At 1 October 2022, the balance owed by the directors was £43,828. During the year, £111,041 was advanced to the directors, and £97,872 was repaid by the directors. At 30 September 2023, the balance owed by the directors was £56,997.

_T Miles_

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2023, the balance owed by the directors was £Nil. During the year, £24,399 was advanced to the directors, and £24,399 was repaid by the directors. At 30 September 2024, the balance owed by the directors was £Nil.