Company registration number 03087934 (England and Wales)
CAREY ENGLAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAREY ENGLAND LIMITED
COMPANY INFORMATION
Directors
Mr G H Mendoza
Mr M J Lahr
Secretary
Mr G H Mendoza
Company number
03087934
Registered office
280 Bishopsgate
London
EC2M 4RB
United Kingdom
Auditor
Ward Williams Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
Bankers
Barclays Bank plc
Fleet Street Business Centre
Strand Corporate Banking Group
99 Hatton Garden
London
EC1N 8DN
Solicitors
Baker & McKenzie LLP
280 Bishopsgate
London
EC2M 4RB
United Kingdom
CAREY ENGLAND LIMITED
CONTENTS
Page
Directors' report
1
Independent auditor's report
2 - 4
Statement of comprehensive income
5
Statement of financial position
6
Statement of changes in equity
7
Notes to the financial statements
8 - 20
CAREY ENGLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the provision of chauffeur driven car hire.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G H Mendoza
Mr M J Lahr
Auditor

The auditor, Ward Williams Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr G H Mendoza
Director
8 July 2024
CAREY ENGLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAREY ENGLAND LIMITED
- 2 -
Opinion

We have audited the financial statements of Carey England Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 UK, including the FRC’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.

Emphasis of matter

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1.4 to the financial statements, concerning the company’s ability to continue as a going concern. The company is reliant on the support of its parent undertaking.

 

In consequence of this parent support the company remains a going concern and therefore the accounts have been prepared on this basis.

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 report. Our 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.

CAREY ENGLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAREY ENGLAND LIMITED
- 3 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

 

CAREY ENGLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAREY ENGLAND LIMITED
- 4 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:

 

 

 

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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.

Frank Harling (Senior Statutory Auditor)
For and on behalf of Ward Williams Limited
7 August 2024
Chartered Accountants
Statutory Auditor
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
CAREY ENGLAND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2023
2022
Notes
£
£
Turnover
3
6,585,950
6,041,484
Cost of sales
(5,195,581)
(4,916,900)
Gross profit
1,390,369
1,124,584
Administrative expenses
(839,704)
(1,074,188)
Operating profit
4
550,665
50,396
Interest payable and similar expenses
7
(123,286)
(16,544)
Profit before taxation
427,379
33,852
Tax on profit
8
1,690,654
-
0
Profit for the financial year
2,118,033
33,852

The income statement has been prepared on the basis that all operations are continuing operations.

CAREY ENGLAND LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
-
0
15,051
Tangible assets
10
1,107,727
645,673
1,107,727
660,724
Current assets
Debtors
11
2,307,326
756,475
Cash at bank and in hand
215,815
265,982
2,523,141
1,022,457
Creditors: amounts falling due within one year
12
(4,906,254)
(5,307,014)
Net current liabilities
(2,383,113)
(4,284,557)
Total assets less current liabilities
(1,275,386)
(3,623,833)
Creditors: amounts falling due after more than one year
13
(418,705)
(188,291)
Net liabilities
(1,694,091)
(3,812,124)
Capital and reserves
Called up share capital
17
92,000
92,000
Share premium account
18
819,000
819,000
Capital redemption reserve
18
765,247
765,247
Profit and loss reserves
18
(3,370,338)
(5,488,371)
Total equity
(1,694,091)
(3,812,124)

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

The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
Mr G H Mendoza
Director
Company Registration No. 03087934
CAREY ENGLAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
92,000
819,000
765,247
(5,522,223)
(3,845,976)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
33,852
33,852
Balance at 31 December 2022
92,000
819,000
765,247
(5,488,371)
(3,812,124)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
2,118,033
2,118,033
Balance at 31 December 2023
92,000
819,000
765,247
(3,370,338)
(1,694,091)
CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information

Carey England Limited is a private company limited by shares incorporated in England and Wales. The registered office is 280 Bishopsgate London EC2M 4RB.

 

The company's principal activities are disclosed in the Directors' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In accordance with FRS102, the company has taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Carey UK Limited. These consolidated financial statements of Carey UK Limited are available from its registered office 280 Bishopsgate London EC2M 4RB.

1.2
Going concern

The company made a trueprofit before taxation of £427,379 (2022: 33,852) in the year ending 31 December 2023 and at that date has net current liabilities (excluding the deferred tax asset) of £4,073,767 (2022: £4,284,557). The company is expected to remain dependent on the parent company support both financially and operationally due to the nature of the business and the use of the worldwide Carey brand. The directors have received a letter of support from Carey International Incorporated in this regard and confirming that inter-group balances will not be recalled.

 

The financial statements have therefore been prepared on a going concern basis which assumes that the company will be able to continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of services provided during the year and represents the invoiced value of such services, exclusive of Value Added Tax and trade discounts. turnover is recognised at the point of service is delivered to the customers.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
over 3 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
20% - 50% straight line
Motor vehicles
20% - 33%  straight line
Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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 debtors and amounts owed by group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

 

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables''. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognized by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one of more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected/ The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations expire or are discharged, cancelled, or they expire.

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

 

All translations differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income.

2
Judgements 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.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Chaffeur driven cars
6,585,950
6,041,484
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,221,963
4,491,735
Europe
977,462
1,191,914
Rest of the World
386,525
357,835
6,585,950
6,041,484

 

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(43,092)
(17,033)
Depreciation of owned tangible fixed assets
11,699
8,143
Depreciation of tangible fixed assets held under finance leases
167,926
144,359
Profit on disposal of tangible fixed assets
(111,329)
-
Amortisation of intangible assets
15,051
14,433
Operating lease charges
91,493
38,172
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Chauffeurs and support staff
48
46
Administration
15
12
Total
63
58

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,290,895
2,020,871
Social security costs
270,074
239,373
Pension costs
75,605
67,106
2,636,574
2,327,350
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
176,207
152,612
Company pension contributions to defined contribution schemes
10,159
9,827
186,366
162,439

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
78,334
16,544
Other interest
44,952
-
0
123,286
16,544
CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(1,690,654)
-
0

The effective tax rate for the year has increased from 19% to 23.52% due to the rate of UK corporation tax increasing from 19% to 25% with effect from 1 April 2023.

2023
2022
£
£
Profit before taxation
427,379
33,852
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
100,520
6,432
Tax effect of expenses that are not deductible in determining taxable profit
(14,505)
253
Tax effect of utilisation of tax losses not previously recognised
(19,229)
-
0
Unutilised tax losses carried forward and deferred tax not recognised
-
0
90,755
Permanent capital allowances in excess of depreciation
(66,786)
(126,415)
Depreciation on assets not qualifying for tax allowances
-
0
28,975
Movement in deferred tax
(1,690,654)
-
0
Taxation credit for the year
(1,690,654)
-

The company have estimated tax losses of £5,045,402 (2022: £5,127,155) available to carry forward against future trading profits. A deferred tax asset has now been recognised this year, due to the taxable profits now being made by the company, which are expected to continue for the foreseeable future.

9
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
161,926
Amortisation and impairment
At 1 January 2023
146,875
Amortisation charged for the year
15,051
At 31 December 2023
161,926
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
15,051
CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
25,649
1,366,923
1,392,572
Additions
1,395
791,190
792,585
Disposals
-
0
(503,200)
(503,200)
At 31 December 2023
27,044
1,654,913
1,681,957
Depreciation and impairment
At 1 January 2023
25,649
721,250
746,899
Depreciation charged in the year
1,395
178,230
179,625
Eliminated in respect of disposals
-
0
(352,294)
(352,294)
At 31 December 2023
27,044
547,186
574,230
Carrying amount
At 31 December 2023
-
0
1,107,727
1,107,727
At 31 December 2022
-
0
645,673
645,673

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases:

2023
2022
£
£
Motor vehicles
1,053,980
645,673
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
316,685
588,454
Amounts owed by group undertakings
72,326
117,722
Other debtors
13,344
12,678
Prepayments and accrued income
214,317
37,621
616,672
756,475
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
1,690,654
-
0
Total debtors
2,307,326
756,475
CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
14
296,015
125,785
Trade creditors
467,744
801,371
Amounts owed to group undertakings
3,754,013
3,382,788
Taxation and social security
240,269
794,130
Other creditors
32,784
30,631
Accruals and deferred income
115,429
172,309
4,906,254
5,307,014

Net obligations under hire purchase contracts are secured against specific fixed assets to which they relate.

13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
14
418,705
188,291

Net obligations under hire purchase contracts are secured against specific fixed assets to which they relate.

14
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
380,151
149,931
In two to five years
462,213
203,092
842,364
353,023
Less: future finance charges
(127,644)
(38,947)
714,720
314,076

 

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
429,303
-
Tax losses
1,261,351
-
1,690,654
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Credit to profit or loss
(1,690,654)
Asset at 31 December 2023
(1,690,654)
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,605
67,106

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totaling £14,163 (2022 £13,362) were payable to the fund at the year end and are included in creditors.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
92,000
92,000
92,000
92,000

The company has one class of ordinary shares which carry no right to fixed income.

CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
18
Reserves
Profit and loss reserves
The profit and loss reserve represents the cumulative profit and loss net of distribution to owners.
Share premium

The share premium reserve represents the consideration received for shares issues above their nominal value net of transaction costs.

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares repurchased and still held at the end of the reporting period.

19
Financial commitments, guarantees and contingent liabilities

The company is contingently liable in respect of a group VAT agreement with Carey Europe Limited and Embarque London Limited. At 31 December 2023 the group VAT liability was £174,110 (2022: £178,542).

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
56,856
54,192
Between two and five years
1,740
6,960
58,596
61,152
CAREY ENGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
21
Related party transactions

Transactions with related parties who are also wholly owned subsidiaries of the ultimate controlling party have not been disclosed under Section 33.1a of FRS 102.

22
Ultimate controlling party

The immediate parent undertaking and controlling party is Carey UK Limited, a company incorporated in the United Kingdom, and a subsidiary of Carey International Inc, a company incorporated in the United States of America. Carey UK Limited is the smallest group for which consolidated accounts including the company are prepared. These consolidated accounts are available from the registered office which is 280 Bishopsgate London EC2M 4RB. Carey International Inc is the largest group for which consolidated accounts including the company are prepared. These consolidated accounts are available from the registered office which is 4530 Wisconsin Avenue, NW Washington, DC 20016, USA.

 

The ultimate parent undertaking and controlling party is Highland Capital Management LLP, a company incorporated in the United States of America.

CAREY ENGLAND LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
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