REGISTERED NUMBER: 12358247 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st December 2024

for

Myles J Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTOR:

J M Myles

REGISTERED OFFICE:

Hillcrest

Bromyard Road

Ridgeway Cross

Malvern

Worcestershire

WR13 5JN

REGISTERED NUMBER:

12358247 (England and Wales)

ACCOUNTANTS:

Wildin (Accountants & Auditors) Ltd

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Tangible assets

4

25,129

33,617

CURRENT ASSETS

Stocks

5

56,585

59,851

Debtors

6

67,777

80,064

Cash at bank

82,200

59,136

206,562

199,051

CREDITORS

Amounts falling due within one year

7

47,987

57,856

NET CURRENT ASSETS

158,575

141,195

TOTAL ASSETS LESS CURRENT LIABILITIES

183,704

174,812

CREDITORS

Amounts falling due after more than one year

8

(56,991

)

(79,917

)

PROVISIONS FOR LIABILITIES

11

(4,775

)

(6,387

)

NET ASSETS

121,938

88,508

CAPITAL AND RESERVES

Called up share capital

12

100

1

Retained earnings

13

121,838

88,507

SHAREHOLDERS' FUNDS

121,938

88,508

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 and authorised for issue by the director and authorised for issue on 23rd May 2025 and were signed by:

J M Myles - Director

1.	STATUTORY INFORMATION

Myles J 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2024

and 31st December 2024

88,301

1,930

90,231

DEPRECIATION

At 1st January 2024

55,706

908

56,614

Charge for year

8,148

340

8,488

At 31st December 2024

63,854

1,248

65,102

NET BOOK VALUE

At 31st December 2024

24,447

682

25,129

At 31st December 2023

32,595

1,022

33,617

5.

STOCKS

31.12.24

31.12.23

£

£

Stocks

56,585

59,851

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

65,397

75,230

SOT Reserve A/c's

2,380

4,834

67,777

80,064

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Tax

28,143

23,617

VAT

6,970

10,095

Snap On Tools

9,035

4,435

Directors' current accounts

68

17,513

Accrued expenses

3,771

2,196

47,987

57,856

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 9)

19,030

29,058

Hire purchase contracts

37,961

50,859

56,991

79,917

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

19,030

29,058

Hire purchase

37,961

50,859

56,991

79,917

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

19,030

29,058

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Snap On U K Holdings Limited

46,996

55,294

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

4,775

6,387

Deferred

tax

£

Balance at 1st January 2024

6,387

Credit to Income Statement during year

(1,612

)

Balance at 31st December 2024

4,775

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

1

100

1

(31.12.23 - 1 )

99 Ordinary shares of 1 were issued during the year for cash of £ 99 .

13.

RESERVES

Retained

earnings

£

At 1st January 2024

88,507

Profit for the year

85,331

Dividends

(52,000

)

At 31st December 2024

121,838

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £39,000 were paid to the director .

15.	ULTIMATE CONTROLLING PARTY

The controlling party is J M Myles.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Myles J Limited for the year ended 31st December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Myles J Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Myles J Limited and state those matters that we have agreed to state to the director of Myles J Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Myles J Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Myles J Limited. You consider that Myles J Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Myles J Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wildin (Accountants & Auditors) Ltd

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

Date: 23rd May 2025