Company registration number 05191342 (England and Wales)
AGILITY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AGILITY UK LIMITED
COMPANY INFORMATION
Directors
Mr K N Townsend
Mr R Matthews
Ms J Stevenson
Company number
05191342
Registered office
Meridian House
Saxon Business Park
Stoke Prior
Bromsgrove
Worcestershire
B60 4AD
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AGILITY UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
AGILITY UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
47,140
53,169
Tangible assets
5
10,101,987
10,884,201
Investments
6
1
1
10,149,128
10,937,371
Current assets
Stocks
3,132,960
3,676,565
Debtors
7
3,331,057
3,327,056
Cash at bank and in hand
969,372
741,017
7,433,389
7,744,638
Creditors: amounts falling due within one year
8
(7,551,845)
(6,654,124)
Net current (liabilities)/assets
(118,456)
1,090,514
Total assets less current liabilities
10,030,672
12,027,885
Creditors: amounts falling due after more than one year
9
(6,360,664)
(8,471,212)
Provisions for liabilities
11
(412,875)
(505,586)
Net assets
3,257,133
3,051,087
Capital and reserves
Called up share capital
12
125
125
Profit and loss reserves
3,257,008
3,050,962
Total equity
3,257,133
3,051,087
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 financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr K N Townsend
Director
Company registration number 05191342 (England and Wales)
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Agility UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meridian House, Saxon Business Park, Stoke Prior, Bromsgrove, Worcestershire, United Kingdom, B60 4AD.
1.1
Reporting period
The financial statements cover the 12 month period to 31 December 2022. The comparatives cover the 17 month period to 31 December 2021 therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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. The principal accounting policies adopted are set out below.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover for undisclosed agency vehicles is recognised on a commission basis.
Turnover for the year is derived from ordinary activities and represents the following income streams:
a) Rentals receivable under operating lease contracts income is recognised on a consistent basis over the lease term of the contracts, excluding value added tax.
b) Maintenance income - Income is recognised on a consistent basis over the term of the contracts, excluding value added tax.
c) Vehicle disposal income - Income is accounted for at the point in time when the vehicle is sold.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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
33% on cost
Development costs
33% on cost
1.6
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:
Plant and equipment
The lower of 25% straight line or the lease term
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.
1.7
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.
The company's share of the net assets of LLPs in which it is a member is shown as fixed asset investments. Any income arising from such investments is recognised in income at the date the income is receivable.
1.8
Stocks
Stocks of vehicles held for resale represent the value of the final lease payment due at the end of the contract, after making due allowance for any impairment in the vehicles value. A corresponding provision is included in creditors to represent the liability of the company to make the final lease payment to secure ownership of the asset. Where the vehicles are purchased on a finance lease the vehicle is capitalised, in full, in the financial statements and a creditor set up for the finance.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.14
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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimate useful economic lives and residual values of the assets. The useful lives and residual values are reassessed annually. They are amended when necessary, to reflect current estimates.
Deferred tax
Deferred tax assets are only recognised to the extent to which it can be regarded as more likely than not that the company will generate sufficient future taxable profits from which the reversal of the underlying timing difference can be deducted.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
14
15
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
25,000
67,705
92,705
Amortisation and impairment
At 1 January 2022
25,000
14,536
39,536
Amortisation charged for the year
6,029
6,029
At 31 December 2022
25,000
20,565
45,565
Carrying amount
At 31 December 2022
47,140
47,140
At 31 December 2021
53,169
53,169
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2022
15,417,865
Additions
3,948,875
Disposals
(3,586,678)
At 31 December 2022
15,780,062
Depreciation and impairment
At 1 January 2022
4,533,664
Depreciation charged in the year
2,904,770
Eliminated in respect of disposals
(1,760,359)
At 31 December 2022
5,678,075
Carrying amount
At 31 December 2022
10,101,987
At 31 December 2021
10,884,201
6
Fixed asset investments
2022
2021
£
£
Investments
1
1
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 & 31 December 2022
1
Carrying amount
At 31 December 2022
1
At 31 December 2021
1
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
504,413
186,155
Amounts owed by group undertakings
2,685,872
2,938,431
Other debtors
67,771
47,909
Prepayments and accrued income
73,001
154,561
3,331,057
3,327,056
8
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under finance leases
10
3,613,119
2,215,038
Other borrowings
922,158
1,370,491
Trade creditors
184,892
308,890
Amounts owed to group undertakings
1,500
Corporation tax
275,845
117,262
Other taxation and social security
224,341
156,231
Other creditors
810,089
841,886
Accruals and deferred income
1,521,401
1,642,826
7,551,845
6,654,124
Amounts included within other borrowings are secured against the assets to which they relate, as well as any monies due on lease agreements.
Amounts included with obligations under finance leases are secured against the assets to which they relate.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
10
4,780,262
6,606,161
Other borrowings
1,580,402
1,865,051
6,360,664
8,471,212
Amounts included within other borrowings are secured against the assets to which they relate, as well as any monies due on lease agreements.
Amounts included with obligations under finance leases are secured against the assets to which they relate.
10
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
3,613,119
2,215,038
In two to five years
4,780,262
6,606,161
8,393,381
8,821,199
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
11
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
412,875
505,586
12
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
94
94
91
91
Ordinary B of £1 each
31
31
34
34
125
125
125
125
Ordinary B shares have the same rights and rank pari passu in all respects to the Ordinary A shares.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
13
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:
Peter Ormerod FCA
Statutory Auditor:
Ormerod Rutter Limited
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2022
2021
2022
2021
£
£
£
£
Other related parties
8,349
(89,068)
-
62,178
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Other related parties
64,120
250
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Other related parties
5,085
12,100
Other information
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
AGILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
15
Parent company
The immediate parent company of Agility UK Limited is Agility Fleet Holdings Limited.
The ultimate parent company of Agility UK Limited is KNT Fleet Holdings Limited (formerly KNT Investments Limited).
The registered office of both Agility Fleet Holdings Limited and KNT Fleet Holdings Limited is Meridian House Saxon Business Park, Stoke Prior, Bromsgrove, Worcestershire, B60 4AD.
The ultimate controlling party is Mr K N Townsend by virtue of his majority shareholding in KNT Fleet Holdings Limited.
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