Registered number
08399725
Fleet Inc Ltd
Unaudited Filleted Accounts
29 February 2024
Fleet Inc Ltd
Registered number: 08399725
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 428,107 85,181
Current assets
Stocks 10,310 7,000
Debtors 5 141,756 173,828
Cash at bank and in hand 298,483 524,278
450,549 705,106
Creditors: amounts falling due within one year 6 (203,250) (190,352)
Net current assets 247,299 514,754
Total assets less current liabilities 675,406 599,935
Creditors: amounts falling due after more than one year 7 (31,470) (45,526)
Provisions for liabilities (21,013) (11,416)
Net assets 622,923 542,993
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 622,823 542,893
Shareholder's funds 622,923 542,993
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A J Ferguson
Director
Approved by the board on 20 June 2024
Fleet Inc Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment properties Not depreciated
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 125,493
At 29 February 2024 125,493
Amortisation
At 1 March 2023 125,493
At 29 February 2024 125,493
Net book value
At 29 February 2024 -
Goodwill has being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Investment properties Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 - 43,922 113,572 157,494
Additions 319,228 21,795 41,750 382,773
Disposals - - (4,000) (4,000)
At 29 February 2024 319,228 65,717 151,322 536,267
Depreciation
At 1 March 2023 - 24,459 47,854 72,313
Charge for the year - 10,800 26,141 36,941
On disposals - - (1,094) (1,094)
At 29 February 2024 - 35,259 72,901 108,160
Net book value
At 29 February 2024 319,228 30,458 78,421 428,107
At 28 February 2023 - 19,463 65,718 85,181
5 Debtors 2024 2023
£ £
Trade debtors 115,381 151,294
Other debtors 26,375 22,534
141,756 173,828
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,055 14,115
Trade creditors 64,651 43,073
Taxation and social security costs 112,173 116,899
Other creditors 12,371 16,265
203,250 190,352
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,470 45,526
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 34,256 43,391
Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets, together with a personal guarantee given by the director.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 253,214 286,746
10 Related party transactions
At 29 February 2024 the company owed the director £50 (2023 : £8,777). Dividends of £87,150 (2023 : £60,000) were paid to the director during the year.
11 Controlling party
The company is controlled by Mr A J Ferguson.
12 Other information
Fleet Inc Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Beecham Business Park
Aldridge
Walsall
West Midlands
WS9 8TZ
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