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COMPANY REGISTRATION NUMBER: 10028591
Fleet Imports Limited
Filleted Unaudited Financial Statements
31 July 2023
Fleet Imports Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
195
Current assets
Stocks
109,459
532,308
Debtors
5
201,615
260,457
Cash at bank and in hand
1,085,929
680,221
------------
------------
1,397,003
1,472,986
Creditors: amounts falling due within one year
6
1,848,989
1,759,894
------------
------------
Net current liabilities
451,986
286,908
---------
---------
Total assets less current liabilities
( 451,986)
( 286,713)
---------
---------
Net liabilities
( 451,986)
( 286,713)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 451,987)
( 286,714)
---------
---------
Shareholders deficit
( 451,986)
( 286,713)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fleet Imports Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr S Bonham
Director
Company registration number: 10028591
Fleet Imports Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Allerton Road, Central Park, Rugby, Warwickshire, CV23 0PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Equipment
£
Cost
At 1 August 2022 and 31 July 2023
6,985
-------
Depreciation
At 1 August 2022
6,790
Charge for the year
195
-------
At 31 July 2023
6,985
-------
Carrying amount
At 31 July 2023
-------
At 31 July 2022
195
-------
5. Debtors
2023
2022
£
£
Trade debtors
54,728
207,085
Other debtors
146,887
53,372
---------
---------
201,615
260,457
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,846,976
1,730,938
Social security and other taxes
22,693
Other creditors
2,013
6,263
------------
------------
1,848,989
1,759,894
------------
------------
7. Going concern
At 31 July 2023 the company's liabilities exceed its assets by £286,713 (2022: £156,156). The company's main creditors are Flexiload (Asia) Limited and the directors who have stated that they will continue to financially support the company to enable it to continue trading for the foreseeable future.