Foley & Miles Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

Registered number: 03936111

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,130,616		1,252,736

			1,130,616		1,252,736
CURRENT ASSETS
Stocks	5	53,090		53,090
Debtors	6	440,259		342,808
Cash at bank and in hand		98,749		35,207

		592,098		431,105
Creditors: Amounts Falling Due Within One Year	7	(1,289,098 )		(1,227,932 )

NET CURRENT ASSETS (LIABILITIES)			(697,000 )		(796,827 )

TOTAL ASSETS LESS CURRENT LIABILITIES			433,616		455,909

Creditors: Amounts Falling Due After More Than One Year	8		(1,103,931 )		(1,262,455 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(103,673 )		(103,673 )

NET LIABILITIES			(773,988 )		(910,219 )

CAPITAL AND RESERVES
Called up share capital	10		100,000		100,000
Income Statement			(873,988 )		(1,010,219 )

SHAREHOLDERS' FUNDS			(773,988)		(910,219)

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Foley & Miles Ltd

Statement of Financial Position (continued)

As At 29 September 2024

For the year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mrs Nicola Miles

Director

26/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Foley & Miles Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03936111 . The registered office is Unit 3 Readmans Industrial Estate Station Road, East Tilbury, Tilbury, RM18 8QR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% Reducing Balance
Motor Vehicles	25% Reducing Balance
Fixtures & Fittings	15% Reducing Balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 30 (2023: 32)

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Foley & Miles Ltd

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 October 2023	3,405,216	35,583	77,991	3,518,790
Additions	103,380	-	5,183	108,563
Disposals	(76,500 )	-	-	(76,500 )

As at 29 September 2024	3,432,096	35,583	83,174	3,550,853

Depreciation
As at 1 October 2023	2,194,764	12,924	58,366	2,266,054
Provided during the period	192,747	5,665	3,419	201,831
Disposals	(47,648 )	-	-	(47,648 )

As at 29 September 2024	2,339,863	18,589	61,785	2,420,237

Net Book Value
As at 29 September 2024	1,092,233	16,994	21,389	1,130,616

As at 1 October 2023	1,210,452	22,659	19,625	1,252,736

5. Stocks

	2024	2023
	£	£
Stock - Materials	53,090	53,090

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	390,019	341,783
Prepayments and accrued income	1,240	1,025
Other debtors - Mr S. Brittle	49,000	-

	440,259	342,808

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	303,441	337,370
Trade creditors	582,433	267,211
Bank loans and overdrafts	36,802	55,556
Corporation tax	43,604	43,604
Other taxes and social security	17,332	166,261
VAT	141,664	140,860
Other creditors	14,624	-
Pension	2,858	4,151
Accruals and deferred income	-	9,094
Directors' loan accounts	146,340	203,825

	1,289,098	1,227,932

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Foley & Miles Ltd

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	188,616	430,103
Bank loans	-	37,037
Inter-co Loan Account - Milestone Reclaim and Landscaping Ltd	915,315	795,315

	1,103,931	1,262,455

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	303,441	337,370
Later than one year and not later than five years	188,616	430,103

	492,057	767,473

	492,057	767,473

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100,000	100,000

11. Related Party Transactions

The following related party transactions have taken place during the year:

An Inter-Company Loan amount of £915,315 was owed to Milestone Reclaim & Landscaping Ltd..

The company has assessed the significance of these related party transactions and has concluded that they do not have a material impact on the financial statements.

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