The_Miles_Consultancy_Lim

The Miles Consultancy Limited

Company Registration No. 04679336 (England And Wales)

Financial Statements

Year Ended 30 April 2021

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 2021

- 1 -

2021

2020

Notes

Fixed assets

Intangible assets

1,203,487

1,149,907

Tangible assets

161,966

184,802

Investments

1,394,059

2,759,512

1,334,709

Current assets

Debtors

508,477

1,148,777

Cash at bank and in hand

317,153

676,541

825,630

1,825,318

Creditors: amounts falling due within one year

(927,035)

(595,865)

Net current (liabilities)/assets

(101,405)

1,229,453

Total assets less current liabilities

2,658,107

2,564,162

Provisions for liabilities

(157,000)

(96,000)

Net assets

2,501,107

2,468,162

Capital and reserves

Called up share capital

60,000

Profit and loss reserves

2,441,107

2,408,162

Total equity

2,501,107

2,468,162

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 2021

- 2 -

The financial statements were approved by the board of directors and authorised for issue on 27 October 2021 and are signed on its behalf by:

M Sinclair

Director

Company Registration No. 04679336

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

- 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

A true t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he 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 2021

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).

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

Accounting policies

(Continued)

- 5 -

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.

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 2021

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, 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. 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 using the effective interest method.

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 2021

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.

Employees

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

2021

2020

Number

Total

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

- 8 -

Intangible fixed assets

Software

Cost

At 1 May 2020

1,903,092

Additions

254,954

At 30 April 2021

2,158,046

Amortisation and impairment

At 1 May 2020

753,185

Amortisation charged for the year

201,374

At 30 April 2021

954,559

Carrying amount

At 30 April 2021

1,203,487

At 30 April 2020

1,149,907

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

- 9 -

Tangible fixed assets

Fixtures and fittings

Computers

Motor vehicles

Total

Cost

At 1 May 2020

335,703

104,219

53,656

493,578

Additions

1,083

6,288

7,371

Disposals

(27,445)

At 30 April 2021

336,786

110,507

26,211

473,504

Depreciation and impairment

At 1 May 2020

239,308

37,658

31,810

308,776

Depreciation charged in the year

14,498

10,464

5,245

30,207

Eliminated in respect of disposals

(27,445)

At 30 April 2021

253,806

48,122

9,610

311,538

Carrying amount

At 30 April 2021

82,980

62,385

16,601

161,966

At 30 April 2020

96,395

66,561

21,846

184,802

Fixed asset investments

2021

2020

Shares in group undertakings and participating interests

1,394,059

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

Fixed asset investments

(Continued)

- 10 -

Movements in fixed asset investments

Shares in subsidiaries

Cost or valuation

At 1 May 2020

Additions

1,394,059

At 30 April 2021

1,394,059

Carrying amount

At 30 April 2021

1,394,059

At 30 April 2020

Debtors

2021

2020

Amounts falling due within one year:

Trade debtors

245,747

740,569

Corporation tax recoverable

141,780

83,980

Other debtors

120,950

324,228

508,477

1,148,777

Creditors: amounts falling due within one year

2021

2020

Trade creditors

142,004

304,379

Taxation and social security

144,366

266,468

Other creditors

640,665

25,018

927,035

595,865

THE MILES CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

- 11 -

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.

The senior statutory auditor was Fran Johnson BSc BFP FCA and the auditor was 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:

2021

2020

Within one year

67,135

74,911

Between two and five years

10,833

66,601

77,968

141,512