REGISTERED NUMBER: 07417414 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MILES & MILES PROPERTY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P A Grime

S D Grime

P N Wildey

SECRETARY:

P N Wildey

REGISTERED OFFICE:

18 Petersham Mews

London

SW7 5NR

REGISTERED NUMBER:

07417414 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Investment property

4

7,850,000

7,650,000

CURRENT ASSETS

Debtors

5

22,047

25,183

Cash at bank

25,861

36,159

47,908

61,342

CREDITORS

Amounts falling due within one year

6

(1,550,030

)

(1,430,079

)

NET CURRENT LIABILITIES

(1,502,122

)

(1,368,737

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,347,878

6,281,263

PROVISIONS FOR LIABILITIES

7

(1,003,671

)

(1,005,329

)

NET ASSETS

5,344,207

5,275,934

CAPITAL AND RESERVES

Called up share capital

8

493,792

493,792

Share premium

1,187,487

1,187,487

Capital redemption reserve

64,882

64,882

Investment property fair value

reserve

2,339,261

2,262,734

Retained earnings

1,258,785

1,267,039

SHAREHOLDERS' FUNDS

5,344,207

5,275,934

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

P N Wildey - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares and is incorporated in England. The address of the registered office is 18 Petersham Mews, London, SW7 5NR.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£). The financial statements have been rounded to the nearest £1.

Going concern

At the year end the company had net current liabilities of £1,502,122 (2024: £1,368,737). The directors have prepared the financial statements on a going concern basis, supported by confirmation from connected companies, Miles & Miles Limited and Miles & Miles Self Drive Limited, that the outstanding loans of £1,532,880 (2024: £1,198,560) will not be demanded for repayment until the company is in a financial position to repay.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes.

Revenue relates to rental income from investment properties and is recognised on a straight line basis over the period of the lease.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Investment property

The Company classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost, which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the Statement of Comprehensive Income. Fair value gains are transferred to the Investment Property Fair Value Reserve with its associated provision for deferred taxation.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Property valuations

The company carries its investment properties at fair value. The directors determine the market value based on market conditions,taking into account the nature and location of the respective properties.

Property valuations are amended when necessary to reflect market movements, future investments and the physical condition of the properties.

The carrying value of investment properties at the year end is £7,850,000 (2024: £7,655,000). A positive or negative variation of 1% in this value would result in an increase or decrease of £78,500 (2024: £76,500) in the current year pre tax profits and net assets of the company, excluding any deferred tax impact.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

7,650,000

Additions

97,964

Revaluations

102,036

At 31 December 2025

7,850,000

NET BOOK VALUE

At 31 December 2025

7,850,000

At 31 December 2024

7,650,000

The directors have considered the valuation as at 31 December 2025, on an open market basis, and have determined that no change to the carrying value is required based on their assessment of market conditions. The comparable historic cost is £4,479,950 (2024: £4,381,936).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,151

1,475

Other debtors

19,896

23,708

22,047

25,183

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

360

2,284

Taxation and social security

721

212,664

Other creditors

1,548,949

1,215,131

1,550,030

1,430,079

7.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Tax losses carried forward

(27,167

)

-

Investment property gains

1,030,838

1,005,329

1,003,671

1,005,329

Deferred

tax

£

Balance at 1 January 2025

1,005,329

Provided during year

25,509

Credit to Statement of Comprehensive Income during year

(27,167

)

Balance at 31 December 2025

1,003,671

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

493,792

Ordinary

£1

493,792

493,792

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

10.	CONTINGENT LIABILITIES

The bank overdraft for a company with common control was secured by two cross guarantee and debenture between the company, other related party companies and legal charges over property owned by other related party companies.

The company is part of a group VAT registration with other related party companies under common control. The company is jointly and severally liable for the liabilities of the VAT group to which it belongs. At 31 December 2025, the group VAT liability amounted to £441,076 (2024: 597,510) of which £1,042 (2024: £910) is owed by Miles & Miles Property Limited.

11.	RELATED PARTY DISCLOSURES

Miles & Miles Limited is a related party company by virtue of common ultimate ownership. At 31 December 2025 the company owed £635,840 (2024: £484,035) to Miles & Miles Limited. The loan is unsecured, interest free and is repayable on demand.

Miles & Miles Self Drive Limited is a related party by virtue of common ultimate ownership. During the year, rental income of £29,572 (2024: £24,477) was receivable from the company. At 31 December 2025 the company owed £897,040 (2024: £714,525) to Miles & Miles Self Drive Limited. The loan is unsecured, interest free and is repayable on demand.

During the year rental income of £26,000 (2024: £26,000) was receivable from P Grime, a director of the company.