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Registered number: 04069318










GB FLEETCARE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
GB FLEETCARE LIMITED
 

COMPANY INFORMATION


Directors
Mr P Grimes 
Mr P Banwell 
Mrs J Patel-Banwell 




Registered number
04069318



Registered office
10 Thorpe Way

Banbury

Oxfordshire

OX16 4SP




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
GB FLEETCARE LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25


 
GB FLEETCARE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
The directors present the strategic report for the year ended 30 September 2023.

Fair review of the business
 
The directors are pleased to provide a review of the company during the period, the position as the end of the period and the main objectives for the immediate future.
The principal activity of the group during the year remained the servicing and maintenance of heavy commercial vehicles. In addition, we have a MOT facility at our Witney site.
GB Fleetcare has grown the business in 2023 ensuring service was delivered consistently to high levels, with the ongoing challenges of parts shortages and a shortage of skilled resources in the labour market. GB Fleetcare opened an additional DAF franchise workshop in DIRFT in the summer of 2023, secured a major contract renewal in August 2023 and was awarded UK DAF Service Dealer of the Year at its depot in Gatwick for the second year in a row. 
Turnover has increased by 15%, driven by growth in sold hours in all our retail workshops, the addition of one major retail fleet customer and a higher level of activity at the contract sites. Gross profit levels have increased due to the higher level of activity across all our depots, whilst general business overheads have not increased exponentially.
Due to the shortage of skilled technicians in our industry, wage growth will be a constant risk in future financial years. Unless we have a compelling wage and benefits package, it is difficult to retain and attract technicians. During the last quarter of the year, the labor market showed signs of stabilizing with more candidates applying for advertised positions. The ability to pass on increases in labour costs to our end customers will be limited, due to the current state of the UK economy. The company are focused on offering new apprenticeships every year, fast tracking semi-skilled resources on manufacturer approved training schemes and ensuring technicians are progressed and trained to high levels to retain their skills within GB Fleetcare to mitigate this risk.
GB Fleetcare continues to invest in its own sites to ensure its workshops are surpassed manufacturer's standards, leading to a high level of customer satisfaction and an excellent working environment for its employees. In 2023, GB Fleetcare opened a new purpose built DAF franchise in DIRFT, which has been equipped to the highest standards and with leading edge technology. In 2024, we will continue our refurbishment program of our Banbury and Witney depots.
The company remain focused on strengthening the business through expansion with the securing of new retail and contract depots in key geographical locations. GB Fleetcare began operations at its new DAF franchise in DIRFT in the summer of 2023. The financial results of this new depot will flow through in the next financial year. We have secured three major fleet customers in the last quarter of 2023, and this will grow our hours sold in 2024. We will also continue to look at acquiring an existing business in 2024 to further grow our retail business.
The directors remain confident that within GB Fleetcare we have the skills and resources to manage effectively the ongoing risks that are evident in the marketplace and to ensure the ongoing success of the business.

Page 1

 
GB FLEETCARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
The volatility of the UK economy with high inflation and a cost-of-living crisis. GB Fleetcare have a diverse customer base with customers from all industries, with several depots across a large geographical base and offer both a contract maintenance service and retail offering. GB Fleetcare will seek to maintain a wide customer base and maintain its two distinct business offerings going forward to protect from fluctuations in the UK economy.
Price volatility and availability of parts across the global supply chain. GB Fleetcare have agreed long term parts arrangements with key part suppliers with agreed prices for a set period. GB Fleetcare have increased their holding of fast-moving parts through impressed stock agreements. The company will review their sourcing arrangements every next six months, to establish best price for parts supply.
Ensuring successful delivery of a new franchise in a challenging economic environment. GB Fleetcare have recruited an experienced depot manager to ensure successful delivery of the new franchise and have key performance indicators in place to ensure we can measure our success.
The recruitment and retention of skilled technicians in a highly competitive labour market coupled with a cost-of-living crisis. GB Fleetcare have a comprehensive training program in place to ensure technicians can progress within the organization and recruit new apprentices actively each year. Semi-skilled technicians are being recruited and retrained on a fast-track training scheme accredited by truck manufacturer.
The potential loss of any of our more significant clients. GB Fleetcare monitor customer satisfaction through regular meetings between key customer contacts and our top management team. GB Fleetcare deliver a quality service to ensure customer satisfaction is maintained at high level. All major issues are escalated to top management to ensure we have the appropriate resources in place to remedy quickly any problems experienced.
Customers in certain sectors such as construction struggling and experiencing poor financial performance. GB Fleetcare have a wide customer base from all sectors of the economy. GB Fleetcare actively monitor credit ratings of customers and review account limits regularly to ensure that they are appropriate given past payment performance. Our account team actively identify new customers monthly.

Key performance indicators
 
The board recognises the value of high-quality management information to help them manage the business efficiently and effectively. The directors consider the following KPI's to be the most important, and monitor them on a regular basis:
Sales £21,909,087 (2022: £19,048,667) 
Gross margin £5,422,475 (2022: £4,612,008) 
Gross margin 24.7% (2022: 24.2%) 
Staff costs £6,971,026 (2022: £6,413,412)
Cash balances £5,417,856 (2022: £5,112,157)
Trade debtor £3,858,980 (2022: £2,403,642)


This report was approved by the board and signed on its behalf.





Mrs J Patel-Banwell
Director
Date: 8 March 2024

Page 2

 
GB FLEETCARE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors

The directors who served during the year were:

Mr P Grimes 
Mr P Banwell 
Mrs J Patel-Banwell 

Results and dividends

The profit for the year, after taxation, amounted to £2,656,840 (2022 - £2,170,839).

Ordinary dividends were not declared in the year (2022: Nil).

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

 
GB FLEETCARE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mrs J Patel-Banwell
Director
Date: 8 March 2024

Page 4

 
GB FLEETCARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GB FLEETCARE LIMITED
 

Opinion


We have audited the financial statements of GB Fleetcare limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
GB FLEETCARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GB FLEETCARE LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GB FLEETCARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GB FLEETCARE LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential   litigation and claims;
 
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
 
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 7

 
GB FLEETCARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GB FLEETCARE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pitt BA BFP FCA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

27 March 2024
Page 8

 
GB FLEETCARE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,909,087
19,048,667

Cost of sales
  
(16,486,612)
(14,436,659)

Gross profit
  
5,422,475
4,612,008

Administrative expenses
  
(2,072,735)
(1,978,533)

Other operating income
 5 
38,900
27,379

Operating profit
 6 
3,388,640
2,660,854

Interest receivable and similar income
 10 
30,143
1,938

Profit before tax
  
3,418,783
2,662,792

Tax on profit
 11 
(761,943)
(491,953)

Profit for the financial year
  
2,656,840
2,170,839

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
GB FLEETCARE LIMITED
REGISTERED NUMBER: 04069318

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
511,517
436,277

Investment property
 13 
223,805
223,805

  
735,322
660,082

Current assets
  

Debtors: amounts falling due within one year
 14 
6,754,517
3,712,177

Cash at bank and in hand
 15 
5,417,856
5,112,157

  
12,172,373
8,824,334

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(4,144,403)
(3,400,983)

Net current assets
  
 
 
8,027,970
 
 
5,423,351

Total assets less current liabilities
  
8,763,292
6,083,433

Provisions for liabilities
  

Deferred tax
 17 
(52,123)
(29,104)

Net assets
  
 
 
8,711,169
 
 
6,054,329


Capital and reserves
  

Called up share capital 
 18 
40,000
40,000

Capital redemption reserve
  
20,000
20,000

Profit and loss account
  
8,651,169
5,994,329

  
8,711,169
6,054,329


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J Patel-Banwell
Director
Date: 8 March 2024

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
GB FLEETCARE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
40,000
20,000
5,994,329
6,054,329



Profit for the year
-
-
2,656,840
2,656,840


At 30 September 2023
40,000
20,000
8,651,169
8,711,169



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
40,000
20,000
3,823,490
3,883,490



Profit for the year
-
-
2,170,839
2,170,839


At 30 September 2022
40,000
20,000
5,994,329
6,054,329


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

GB Fleetcare Ltd is a private company limited by share capital, incorporated in England and Wales. The registered office is 10 Thorpe Way, Banbury, Oxfordshire, OX16 4SP.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Perpetual Group Limited as at 30 September 2023 and these financial statements may be obtained from their registered office.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 October 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

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.

Page 14

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15% - 50% straight line

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.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 15

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. 

 
2.18

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. 

Page 16

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgements in applying accounting policies 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.
Tangible fixed assets 
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. 
Investment property valuation 
The Company carries its investment property asset at fair value being recognised in the statement of comprehensive income. The Company director assessed the fair value of building, and has not revalued the investment property at 30 September 2023. This is based on reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the property.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Maintenance and repair
21,909,087
19,048,667


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
21,909,087
19,048,667


All turnover arose within the United Kingdom.

Page 17

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
38,900
25,152

Government grants receivable
-
2,227

38,900
27,379



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
109,604
120,430

Other operating lease rentals
120,488
139,567

Pension costs
253,951
197,293


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
13,500
13,850


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.




Page 18

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,048,083
5,568,082

Social security costs
668,992
648,037

Cost of defined contribution scheme
253,951
197,293

6,971,026
6,413,412


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
110
109



Administration
29
30



Directors
3
3

142
142


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
235,769
274,433

Company contributions to defined contribution pension schemes
70,000
40,000

305,769
314,433


During the year retirement benefits were accruing to 2 directors (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,374 (2022 - £159,808).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 (2022 - £40,000).

The total accrued pension provision of the highest paid director at 30 September 2023 amounted to £NIL (2022 - £NIL).

Page 19

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
30,143
1,938


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
734,873
531,294

Adjustments in respect of previous periods
4,051
(11,277)


Total current tax
738,924
520,017

Deferred tax


Origination and reversal of timing differences
23,019
(28,064)

Total deferred tax
23,019
(28,064)


Taxation on profit on ordinary activities
761,943
491,953
Page 20

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,418,783
2,662,792


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
752,474
505,930

Effects of:


Expenses not deductible for tax purposes
5,083
4,440

Capital allowances for year in excess of depreciation
(2,420)
(405)

Adjustments to tax charge in respect of previous periods
4,051
(11,277)

Remeasurement of deferred tax for changes in tax rates
2,755
(6,735)

Total tax charge for the year
761,943
491,953


Factors that may affect future tax charges

The main rate of corporation tax increased from 19% to 25% from 1 April 2023. On this basis deferred tax is provided at the future rate of 25%. 

Page 21

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
20,975
1,534,262
1,555,237


Additions
-
184,844
184,844



At 30 September 2023

20,975
1,719,106
1,740,081



Depreciation


At 1 October 2022
854
1,118,106
1,118,960


Charge for the year
119
109,485
109,604



At 30 September 2023

973
1,227,591
1,228,564



Net book value



At 30 September 2023
20,002
491,515
511,517



At 30 September 2022
20,121
416,156
436,277


13.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
223,805



At 30 September 2023
223,805

Investment property comprises of two properties. The fair value of the investment properties has been arrived at on the basis of the directors’ opinion based on the movement within the market place since acquisition. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 



At 30 September 2023




Page 22

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
3,858,980
2,403,642

Amounts owed by group undertakings
2,217,753
680,753

Other debtors
527,162
502,299

Prepayments and accrued income
150,622
125,483

6,754,517
3,712,177


Amounts owed by group undertakings are non-interest bearing and repayable on demand.


15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,417,856
5,112,157



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,939,890
1,484,855

Corporation tax
464,495
238,281

Other taxation and social security
728,736
690,142

Other creditors
346,570
376,572

Accruals and deferred income
664,712
611,133

4,144,403
3,400,983


Page 23

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Deferred taxation




2023


£






At beginning of year
(29,104)


Charged to profit or loss
(23,019)



At end of year
(52,123)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(52,123)
(29,104)


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40,000 (2022 - 40,000) Ordinary shares of £1.00 each
40,000
40,000



19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £253,951 (2022: £227,293). There were no contributions payable to the fund at the balance sheet date (2022: Nil). 


20.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
232,000
191,473

Later than 1 year and not later than 5 years
624,500
256,667

856,500
448,140

Page 24

 
GB FLEETCARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Related party transactions

During the year, the Company made charitable donations of £30,000 (2022: £30,000) to a charity of which a director of the Company was a trustee.
At the year end, the Directors owed the Company a total of £8,624 (2022: £13,652). The Company issued the loans to the Directors on an interest free basis over a 60 month term.
During the year, the Company made purchases of £11,000 (2022: £6,000) from Alex James Independent Financial Advisors Ltd, a Company related to a director of the Company.
During the year, the Company paid pension costs of £30,000 (2022: £20,000) to the spouse of a director of the Company. 
The Company has taken the exemption under Section 33 of FRS 102 not to disclose transactions with wholly owned group companies.


22.


Controlling party

The parent company of GB Fleetcare Limited is Perpetual Group Limited. The registered office of Perpetual Group Limited is 10 Thorpe Way, Banbury, Oxfordshire, OX16 4SP.Group accounts will be prepared for the period ending 30 September 2023.


Page 25