Company registration number 07202659 (England and Wales)
MANSFIELD FLEET MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MANSFIELD FLEET MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr N B Ferry
Mr M J Ferry
Company number
07202659
Registered office
Chartwell House
4 St. Paul's Square
Burton-on-Trent
Staffordshire
England
DE14 2EF
Accountants
The Chartwell Practice Ltd
Chartwell House
4 St. Paul's Square
Burton-on-Trent
Staffordshire
England
DE14 2EF
MANSFIELD FLEET MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MANSFIELD FLEET MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,540,994
2,031,392
Current assets
Debtors
5
118,626
91,451
Cash at bank and in hand
1,017,341
491,095
1,135,967
582,546
Creditors: amounts falling due within one year
6
(754,383)
(514,056)
Net current assets
381,584
68,490
Total assets less current liabilities
1,922,578
2,099,882
Creditors: amounts falling due after more than one year
7
(653,709)
Provisions for liabilities
8
(303,831)
(300,428)
Net assets
1,618,747
1,145,745
Capital and reserves
Called up share capital
2
2
Revaluation reserve
44,193
44,193
Profit and loss reserves
1,574,552
1,101,550
Total equity
1,618,747
1,145,745
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MANSFIELD FLEET MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Mr N B Ferry
Mr M J Ferry
Director
Director
Company registration number 07202659 (England and Wales)
MANSFIELD FLEET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Mansfield Fleet Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chartwell House, 4 St. Paul's Square, Burton-on-Trent, Staffordshire, England, DE14 2EF.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company ceased its main trading activity on 10th August 2023 and has since commenced the process of selling the assets used within this trade. The basis of preparation of the financial statements has been amended to reflect this fact.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
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:
Freehold land and buildings
2% straight line
Fixtures and fittings
25% on reducing balance
Computers
Straight line over 3 years
Motor vehicles
At varying rates on cost
Freehold land is not depreciated.
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.
MANSFIELD FLEET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
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.
1.7
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.
1.8
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
MANSFIELD FLEET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
MANSFIELD FLEET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2022
325,750
14,260
2,725,333
3,065,343
Disposals
(295,164)
(295,164)
At 31 March 2023
325,750
14,260
2,430,169
2,770,179
Depreciation and impairment
At 1 April 2022
9,831
1,024,120
1,033,951
Depreciation charged in the year
4,401
344,578
348,979
Eliminated in respect of disposals
(153,745)
(153,745)
At 31 March 2023
14,232
1,214,953
1,229,185
Carrying amount
At 31 March 2023
325,750
28
1,215,216
1,540,994
At 31 March 2022
325,750
4,429
1,701,213
2,031,392
Freehold land and buildings with a carrying amount of £325,750 (2022 - £325,750) have been pledged to secure borrowings of the company.
Tangible assets held under finance leases are provided as security for the finance lease liabilities.
Land and buildings with a carrying amount of £325,750 were revalued at 23rd February 2021 by SpencerBirch Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £271,191(2022 - £271,191).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,029
42,682
Other debtors
72,597
48,769
118,626
91,451
MANSFIELD FLEET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
22,167
Obligations under finance leases
291,548
421,230
Trade creditors
12,131
13,694
Corporation tax
211,000
Other taxation and social security
69,012
41,706
Other creditors
167,092
11,659
Accruals and deferred income
3,600
3,600
754,383
514,056
£Nil of the bank loan (2022: £22,167) is secured on the company's freehold land & buildings.
The obligations under finance leases are secured on the assets to which they relate and have also been personally guaranteed by the director, Mr N Ferry.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
121,212
Obligations under finance leases
381,042
Other creditors
151,455
653,709
£Nil of the bank loan (2022: £121,212) is secured on the company's freehold land & buildings.
The obligations under finance leases are secured on the assets to which they each relate and have also been personally guaranteed by the director, Mr N Ferry.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
42,546
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
303,831
300,428