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Registration number: 13536038

Frontline Vehicle Services Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 July 2023

 

Frontline Vehicle Services Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Frontline Vehicle Services Ltd

(Registration number: 13536038)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,594

1,097

Current assets

 

Stocks

5

201,194

128,000

Debtors

6

17,929

23,625

Cash at bank and in hand

 

1,353

665

 

220,476

152,290

Creditors: Amounts falling due within one year

7

(201,643)

(188,824)

Net current assets/(liabilities)

 

18,833

(36,534)

Total assets less current liabilities

 

20,427

(35,437)

Provisions for liabilities

(400)

-

Net assets/(liabilities)

 

20,027

(35,437)

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

20,024

(35,440)

Shareholders' funds/(deficit)

 

20,027

(35,437)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

 

Frontline Vehicle Services Ltd

(Registration number: 13536038)
Statement of Financial Position as at 31 July 2023

.........................................
Mr S Cathie
Director

   
     
 

Frontline Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Frontline Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

 

Frontline Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Frontline Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

-

963

500

1,463

Additions

620

142

200

962

At 31 July 2023

620

1,105

700

2,425

Depreciation

At 1 August 2022

-

241

125

366

Charge for the year

105

216

144

465

At 31 July 2023

105

457

269

831

Carrying amount

At 31 July 2023

515

648

431

1,594

At 31 July 2022

-

722

375

1,097

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

201,194

128,000

6

Debtors

2023
£

2022
£

Other debtors

17,929

23,625

17,929

23,625

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

2,010

864

Taxation and social security

5,872

839

Accruals and deferred income

1,885

1,250

Other creditors

191,876

185,871

201,643

188,824

 

Frontline Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Related party transactions

At the year-end there were amounts owed to directors totalling £186,765 (2022: £184,345). These are shown within other creditors in note 7.