Registered number
08846577
Russells Vehicle Management Limited
Filleted Accounts
31 March 2023
Russells Vehicle Management Limited
Registered number: 08846577
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,007,559 937,382
Current assets
Debtors 4 317,118 287,295
Cash at bank and in hand 298,805 125,291
615,923 412,586
Creditors: amounts falling due within one year 5 (431,383) (324,169)
Net current assets 184,540 88,417
Total assets less current liabilities 1,192,099 1,025,799
Creditors: amounts falling due after more than one year 6 (475,622) (480,406)
Provisions for liabilities (157,501) (116,104)
Net assets 558,976 429,289
Capital and reserves
Called up share capital 3 3
Profit and loss account 558,973 429,286
Shareholders' funds 558,976 429,289
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen Russell
Director
Approved by the board on 27 September 2023
Russells Vehicle Management Limited
Notes to the Accounts
for the period ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans for the Directors are expensed in the period to which they relate. A Stakeholder pension plan has been in place since August 2017 and is charged through the profit and loss account.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 12
3 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 29,339 648,796 1,141,691 1,819,826
Additions 1,978 1,858 307,079 310,915
Disposals - - (32,464) (32,464)
At 31 March 2023 31,317 650,654 1,416,306 2,098,277
Depreciation
At 1 April 2022 20,479 482,587 379,378 882,444
Charge for the year 1,847 33,461 191,537 226,845
On disposals - - (18,571) (18,571)
At 31 March 2023 22,326 516,048 552,344 1,090,718
Net book value
At 31 March 2023 8,991 134,606 863,962 1,007,559
At 31 March 2022 8,860 166,209 762,313 937,382
Fixed assets, included in the above, which are held under hire purchase contracts
are as follows: Motor Vehicles
£
Cost
At 1 April 2022 1,009,428
Additions 264,075
Completed Contracts (115,729)
At 31 March 2023 1,157,774
Depreciation
At 1 April 2022 346,421
Charge for the year 162,501
On Completed Contracts (80,104)
At 31 March 2023 428,818
Net Book Value
At 31 March 2023 728,956
At 31 March 2022 663,007
4 Debtors 2023 2022
£ £
Trade debtors 303,279 272,058
Prepayments 12,632 14,290
Other debtors 1,207 947
317,118 287,295
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 180,560 153,062
Trade creditors 153,056 63,114
Taxation and social security costs 55,264 56,601
Directors Loan Accounts 28,965 38,409
Other creditors 3,538 2,983
431,383 324,169
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
Obligations under finance lease and hire purchase contracts 453,955 448,739
475,622 480,406
7 Finances Leases 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 30,057 62,636
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 63,333 63,333
9 Controlling party
The company is controlled by the directors by virtue of their 100% share holding
10 Other information
Russells Vehicle Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Longmeadow Farm
Wappenham Road
Syresham
Northamptonshire
NN13 5HQ
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