Caseware UK (AP4) 2022.0.179 2022.0.179 2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-10-01falseNo description of principal activity2falsetrue 05469493 2022-10-01 2023-09-30 05469493 2021-10-01 2022-09-30 05469493 2023-09-30 05469493 2022-09-30 05469493 c:Director1 2022-10-01 2023-09-30 05469493 d:PlantMachinery 2022-10-01 2023-09-30 05469493 d:PlantMachinery 2023-09-30 05469493 d:PlantMachinery 2022-09-30 05469493 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05469493 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05469493 d:MotorVehicles 2022-10-01 2023-09-30 05469493 d:MotorVehicles 2023-09-30 05469493 d:MotorVehicles 2022-09-30 05469493 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05469493 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05469493 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05469493 d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05469493 d:CurrentFinancialInstruments 2023-09-30 05469493 d:CurrentFinancialInstruments 2022-09-30 05469493 d:Non-currentFinancialInstruments 2023-09-30 05469493 d:Non-currentFinancialInstruments 2022-09-30 05469493 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05469493 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 05469493 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05469493 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 05469493 d:ShareCapital 2023-09-30 05469493 d:ShareCapital 2022-09-30 05469493 d:RetainedEarningsAccumulatedLosses 2023-09-30 05469493 d:RetainedEarningsAccumulatedLosses 2022-09-30 05469493 c:OrdinaryShareClass1 2022-10-01 2023-09-30 05469493 c:OrdinaryShareClass1 2023-09-30 05469493 c:OrdinaryShareClass1 2022-09-30 05469493 c:FRS102 2022-10-01 2023-09-30 05469493 c:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 05469493 c:FullAccounts 2022-10-01 2023-09-30 05469493 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05469493 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05469493 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 05469493 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-30 05469493 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-30 05469493 d:LeasedAssetsHeldAsLessee 2023-09-30 05469493 d:LeasedAssetsHeldAsLessee 2022-09-30 05469493 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05469493










C V M E Truck Services Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 September 2023





 
C V M E Truck Services Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of C V M E Truck Services Limited for the year ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C V M E Truck Services Limited for the year ended 30 September 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of C V M E Truck Services Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2020Our work has been undertaken solely to prepare for your approval the financial statements of C V M E Truck Services Limited  and state those matters that we have agreed to state to the Board of directors of C V M E Truck Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C V M E Truck Services Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that C V M E Truck Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of C V M E Truck Services Limited. You consider that C V M E Truck Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of C V M E Truck Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
1 December 2023
Page 1

 
C V M E Truck Services Limited
Registered number: 05469493

Balance sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,171,226
10,208,724

  
13,171,226
10,208,724

Current assets
  

Debtors: amounts falling due within one year
 5 
133,036
73,395

Cash at bank and in hand
  
47,380
348,511

  
180,416
421,906

Creditors: amounts falling due within one year
 6 
(3,290,508)
(2,829,241)

Net current liabilities
  
 
 
(3,110,092)
 
 
(2,407,335)

Total assets less current liabilities
  
10,061,134
7,801,389

Creditors: amounts falling due after more than one year
 7 
(7,435,556)
(6,166,531)

Provisions for liabilities
  

Deferred tax
 8 
(560,258)
(312,374)

  
 
 
(560,258)
 
 
(312,374)

Net assets
  
2,065,320
1,322,484


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
2,065,220
1,322,384

  
2,065,320
1,322,484


Page 2

 
C V M E Truck Services Limited
Registered number: 05469493

Balance sheet (continued)
As at 30 September 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 December 2023.

Mr Philip Browning
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

1.


General information

C V M E Truck Services Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is C V M E Truck Services Limited, Wilcox Close, Aylesham Industrial Estate, Aylesham, Kent CT3 3EP.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Page 5

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 

Page 6

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

4.


Tangible fixed assets





Motor vehicles held under hire purchase
Motor vehicles owned
Total

£
£
£



Cost or valuation


At 1 October 2022
12,047,745
859,243
12,906,988


Additions
5,423,737
590,600
6,014,337


Disposals
(1,461,602)
(94,641)
(1,556,243)


Transfers between classes
(18,995)
18,995
-



At 30 September 2023

15,990,885
1,374,197
17,365,082



Depreciation


At 1 October 2022
2,508,818
189,446
2,698,264


Charge for the year on owned assets
-
143,689
143,689


Charge for the year on financed assets
1,986,915
-
1,986,915


Disposals
(588,079)
(46,933)
(635,012)


Transfers between classes
(6,788)
6,788
-



At 30 September 2023

3,900,866
292,990
4,193,856



Net book value



At 30 September 2023
12,090,019
1,081,207
13,171,226



At 30 September 2022
9,538,927
669,797
10,208,724

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
12,090,019
9,538,927

12,090,019
9,538,927

Page 8

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

5.


Debtors

2023
2022
£
£


Trade debtors
28,287
-

Other debtors
-
32,140

Prepayments and accrued income
104,749
41,255

133,036
73,395



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
223,603
707,119

Other taxation and social security
242,255
-

Obligations under finance lease and hire purchase contracts
2,824,650
2,122,122

3,290,508
2,829,241



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
7,435,556
6,166,531

7,435,556
6,166,531


Page 9

 
C V M E Truck Services Limited
 

 
Notes to the financial statements
For the year ended 30 September 2023

8.


Deferred taxation




2023


£






At beginning of year
(312,374)


Charged to profit or loss
(247,884)



At end of year
(560,258)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances net of tax losses
(560,258)
(312,374)

(560,258)
(312,374)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

Included within creditors is an amount in the sum of £223,603 (2022: £707,119) owing to CVME Truck Rental Limited a company owned and controlled by Mr P Browning. 
During the year the company was charged management fees in the sum of £2,216,377 (2022: £1,286,287) from CVME Truck Rental Limited.
All other related party transactions were conducted under normal market conditions.


11.


Controlling party

The controlling party is Mr P Browning.


Page 10