Registration number: 02059916

Milestones Garage Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

Milestones Garage Limited

Company Information

Directors

Mr Gersham Frederic Boulton Mrs Catherine Rachel White

Company secretary

Mrs Anne Kathleen Boulton

Registered office

96-98 Felpham Road Felpham Bognor Regis West Sussex United Kingdom PO22 7PG

Accountants

Matthews Hanton Limited Chartered Certified Accountants93 Aldwick Road Bognor Regis West Sussex PO21 2NW

Milestones Garage Limited

(Registration number: 02059916)
Balance Sheet as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	66,651	61,068
Other financial assets	6	500	500
		67,151	61,568
Current assets
Stocks	7	117,125	139,808
Debtors	8	32,805	50,342
Cash at bank and in hand		137,622	78,386
		287,552	268,536
Creditors: Amounts falling due within one year	9	(161,442)	(178,233)
Net current assets		126,110	90,303
Total assets less current liabilities		193,261	151,871
Creditors: Amounts falling due after more than one year	9	(11,750)	-
Provisions for liabilities		(5,585)	(7,319)
Net assets		175,926	144,552
Capital and reserves
Called up share capital	10	10,000	10,000
Retained earnings		165,926	134,552
Shareholders' funds		175,926	144,552

For the financial year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 April 2026 and signed on its behalf by:
 

Milestones Garage Limited

(Registration number: 02059916)
Balance Sheet as at 31 January 2026

......................................... Mr Gersham Frederic Boulton Director

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
96-98 Felpham Road
Felpham
Bognor Regis
West Sussex
PO22 7PG
United Kingdom

The principal place of business is:
96-98 Felpham Road
Felpham
Bognor Regis
West Sussex
PO22 7PG
United Kingdom

These financial statements were authorised for issue by the Board on 21 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	Over the term of the lease
Plant & Machinery	25% straight line
Motor Vehicles	25% straight line
Office Equipment	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
	Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2025 - 18).

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2025	290,000	290,000
At 31 January 2026	290,000	290,000
Amortisation
At 1 February 2025	290,000	290,000
At 31 January 2026	290,000	290,000
Carrying amount
At 31 January 2026	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £
Cost or valuation
At 1 February 2025	9,358	7,474	117,376	257,619
Additions	-	-	15,200	3,199
At 31 January 2026	9,358	7,474	132,576	260,818
Depreciation
At 1 February 2025	2,868	3,892	91,955	232,044
Charge for the year	104	876	8,780	3,056
At 31 January 2026	2,972	4,768	100,735	235,100
Carrying amount
At 31 January 2026	6,386	2,706	31,841	25,718
At 31 January 2025	6,490	3,582	25,421	25,575

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

	Total £
Cost or valuation
At 1 February 2025	391,827
Additions	18,399
At 31 January 2026	410,226
Depreciation
At 1 February 2025	330,759
Charge for the year	12,816
At 31 January 2026	343,575
Carrying amount
At 31 January 2026	66,651
At 31 January 2025	61,068

Included within the net book value of land and buildings above is £6,386 (2025 - £6,490) in respect of long leasehold land and buildings.
 

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 February 2025	500	500
At 31 January 2026	500	500
Impairment
Carrying amount
At 31 January 2026	500	500

7

Stocks

	2026 £	2025 £
Other inventories	117,125	139,808

8

Debtors

Current	2026 £	2025 £
Trade debtors	26,172	42,884
Prepayments	2,252	2,478
Other debtors	4,381	4,980
	32,805	50,342

9

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	11	-	2,401
Trade creditors		80,713	113,675
Taxation and social security		71,100	55,430
Accruals and deferred income		7,000	4,000
Other creditors		2,629	2,727
		161,442	178,233

Milestones Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

10	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary of £1 each	10,000	10,000	10,000	10,000

11	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Other borrowings	11,750	-

12

Dividends

Interim dividends paid

		2026 £		2025 £
Interim dividend of £6.15 per each Ordinary		61,500		61,500

Final dividends paid

		2026 £		2025 £
Final dividend of Nil per each		-		-