Company registration number 11885571 (England and Wales)
MILES AWAY (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MILES AWAY (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MILES AWAY (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,405
37,451
Investment properties
4
2,635,825
1,835,618
Investments
5
90
100
2,676,320
1,873,169
Current assets
Debtors
7
2,150,922
2,977,682
Cash at bank and in hand
14,229,581
18,188
16,380,503
2,995,870
Creditors: amounts falling due within one year
8
(41,874)
(890,574)
Net current assets
16,338,629
2,105,296
Total assets less current liabilities
19,014,949
3,978,465
Provisions for liabilities
41,488
(9,363)
Net assets
19,056,437
3,969,102
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
19,056,237
3,968,902
Total equity
19,056,437
3,969,102

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 25 June 2025 and are signed on its behalf by:
Mr M H F Morgan
Director
Company Registration No. 11885571
MILES AWAY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Miles Away (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 High Street, Chepstow, Gwent, Wales, NP16 5LQ.

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 is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the rental of properties is recognised when the significant risks and rewards of ownership of the rental property have passed to the tenant, the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
10% straight line
Computers
20% reducing balance
Motor vehicles
20% reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

MILES AWAY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MILES AWAY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
16,589
-
0
-
0
28,157
44,746
Additions
17,146
3,368
4,265
-
0
24,779
Disposals
-
0
-
0
-
0
(28,157)
(28,157)
At 30 September 2024
33,735
3,368
4,265
-
0
41,368
Depreciation and impairment
At 1 October 2023
162
-
0
-
0
7,133
7,295
Depreciation charged in the year
555
150
96
4,205
5,006
Eliminated in respect of disposals
-
0
-
0
-
0
(11,338)
(11,338)
At 30 September 2024
717
150
96
-
0
963
Carrying amount
At 30 September 2024
33,018
3,218
4,169
-
0
40,405
At 30 September 2023
16,427
-
0
-
0
21,024
37,451
4
Investment property
2024
£
Fair value
At 1 October 2023
1,835,618
Additions
1,288,372
Disposals
(488,165)
At 30 September 2024
2,635,825

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
90
100
MILES AWAY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
100
Additions
90
Disposals
(100)
At 30 September 2024
90
Carrying amount
At 30 September 2024
90
At 30 September 2023
100

The company sold an investment in subsidiary during the year.

6
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Indirect
Usk Valley Farm Limited
Ordinary
90.00
0

The registered office is 23 Nevill Street, Abergavenny, Monmouthshire, United Kingdom, NP7 5AA

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,782
-
0
Other debtors
2,121,140
2,977,682
2,150,922
2,977,682
MILES AWAY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,255
-
0
Amounts owed to group undertakings
-
0
888,574
Taxation and social security
1,454
-
0
Other creditors
31,165
2,000
41,874
890,574
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
10
Related party transactions

At the year end, an amount of £nil (2023: £888,574), was due to its subsidiary Miles Away Limited and is included in creditors: amounts falling due within one year.

 

At the year end, an amount of £1,788,866 (2023: £1,250,798), was due from Usk Valley Farm Limited and is included in debtors: amounts falling due within one year. The above transaction is related, as the directors of Miles Away (Holdings) Limited are also directors of Usk Valley Farm Limited and Miles Away Limited.

11
Directors' transactions

Dividends totalling £1,201,000 (2023 - £2,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's Loan
-
1,480,111
1,630,911
16,651
(3,134,364)
(6,691)
1,480,111
1,630,911
16,651
(3,134,364)
(6,691)
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