The_Miles_Consultancy_Lim

The Miles Consultancy Limited

Company Registration No. 04679336 (England And Wales)

Financial Statements

Year Ended 30 April 2022

THE MILES CONSULTANCY LIMITED

CONTENTS

Page

Balance sheet

1 - 2

Notes to the financial statements

3 - 11

THE MILES CONSULTANCY LIMITED

BALANCE SHEET

AS AT

30 APRIL 2022

- 1 -

2022

2021

Notes

Fixed assets

Intangible assets

1,326,123

1,203,487

Tangible assets

229,575

161,966

Investments

1,394,059

2,949,757

2,759,512

Current assets

Debtors

659,239

508,477

Cash at bank and in hand

159,239

317,153

818,478

825,630

Creditors: amounts falling due within one year

(1,022,547)

(927,035)

Net current liabilities

(204,069)

(101,405)

Total assets less current liabilities

2,745,688

2,658,107

Provisions for liabilities

(157,000)

Net assets

2,588,688

2,501,107

Capital and reserves

Called up share capital

60,000

Profit and loss reserves

2,528,688

2,441,107

Total equity

2,588,688

2,501,107

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

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

THE MILES CONSULTANCY LIMITED

BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2022

- 2 -

The financial statements were approved by the board of directors and authorised for issue on 27 January 2023 and are signed on its behalf by:

J Leeman

Director

Company Registration No. 04679336

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

- 3 -

Accounting policies

Company information

The Miles Consultancy Limited is a private company limited by shares incorporated in England and Wales . The registered office is TMC House, Spring Farm Business Park, Moss Lane, Minshull Vernon, Cheshire, CW1 4RJ.

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 a mounts 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .

1.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to support being provided by a related party, The Miles Consultancy Europe Limited which is controlled by a common shareholder. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed .

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

Accounting policies

(Continued)

- 4 -

1.4

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software

10 years straight line

1.5

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:

Fixtures and fittings

15% reducing balance

Computers

15% reducing balance

Motor vehicles

20% on cost

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 .

1.6

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.

1.7

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

Accounting policies

(Continued)

- 5 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.8

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

Accounting policies

(Continued)

- 6 -

Basic financial liabilities

Basic financial liabilities, including creditors , bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost .

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable 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 .

1.10

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11

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.

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.

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

Accounting policies

(Continued)

- 7 -

1.12

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13

Retirement benefits

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

1.14

Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical.

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

- 8 -

Employees

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

2022

2021

Number

Total

Intangible fixed assets

Software

Cost

At 1 May 2021

2,158,046

Additions

340,080

At 30 April 2022

2,498,126

Amortisation and impairment

At 1 May 2021

954,559

Amortisation charged for the year

217,444

At 30 April 2022

1,172,003

Carrying amount

At 30 April 2022

1,326,123

At 30 April 2021

1,203,487

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

- 9 -

Tangible fixed assets

Fixtures and fittings

Computers

Motor vehicles

Total

Cost

At 1 May 2021

336,786

110,507

26,211

473,504

Additions

81,532

21,339

6,333

109,204

Disposals

(1,528)

(26,211)

(27,739)

At 30 April 2022

418,318

130,318

6,333

554,969

Depreciation and impairment

At 1 May 2021

253,806

48,122

9,610

311,538

Depreciation charged in the year

13,402

10,079

3,302

26,783

Eliminated in respect of disposals

(258)

(12,669)

(12,927)

At 30 April 2022

267,208

57,943

243

325,394

Carrying amount

At 30 April 2022

151,110

72,375

6,090

229,575

At 30 April 2021

82,980

62,385

16,601

161,966

Fixed asset investments

2022

2021

Shares in group undertakings and participating interests

1,394,059

Debtors

2022

2021

Amounts falling due within one year:

Trade debtors

287,853

245,747

Corporation tax recoverable

136,884

141,780

Amounts owed by group undertakings

116,400

Other debtors

118,102

120,950

659,239

508,477

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

- 10 -

Creditors: amounts falling due within one year

2022

2021

Trade creditors

182,379

142,004

Taxation and social security

170,773

144,366

Other creditors

669,395

640,665

1,022,547

927,035

Audit report information

As the income statement has been omitted from the filing copy of the financial statements , the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

Senior Statutory Auditor:

Fran Johnson BSc BFP FCA

Statutory Auditor:

WR Partners

Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022

2021

Within one year

19,849

67,135

Between two and five years

9,232

10,833

29,081

77,968

Related party transactions

2022

2021

Amounts due to related parties

Other related parties

112,939

Other related parties constitutes the ultimate controlling party.

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2022

- 11 -

Directors' transactions

Dividends totalling £0 (2021 - £0) were paid in the year in respect of shares held by the company's directors.

Description

% Rate

Opening balance

Amounts advanced

Amounts repaid

Closing balance

Loan repayable on demand

265,061

(378,000)

(112,939)

265,061

(378,000)

(112,939)