IRIS Accounts Production v24.1.9.2 SC590076 director 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5900762022-03-31SC5900762023-03-31SC5900762022-04-012023-03-31SC5900762021-03-31SC5900762021-04-012022-03-31SC5900762022-03-31SC590076ns15:Scotland2022-04-012023-03-31SC590076ns14:PoundSterling2022-04-012023-03-31SC590076ns10:Director12022-04-012023-03-31SC590076ns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC590076ns10:SmallEntities2022-04-012023-03-31SC590076ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC590076ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC590076ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC590076ns10:FullAccounts2022-04-012023-03-31SC590076ns10:Director22022-04-012023-03-31SC590076ns10:RegisteredOffice2022-04-012023-03-31SC590076ns5:CurrentFinancialInstruments2023-03-31SC590076ns5:CurrentFinancialInstruments2022-03-31SC590076ns5:Non-currentFinancialInstruments2023-03-31SC590076ns5:Non-currentFinancialInstruments2022-03-31SC590076ns5:ShareCapital2023-03-31SC590076ns5:ShareCapital2022-03-31SC590076ns5:RetainedEarningsAccumulatedLosses2023-03-31SC590076ns5:RetainedEarningsAccumulatedLosses2022-03-31SC590076ns5:PlantMachinery2022-04-012023-03-31SC590076ns5:PlantMachinery2022-03-31SC590076ns5:PlantMachinery2023-03-31SC590076ns5:PlantMachinery2022-03-31SC590076ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-31SC590076ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-31SC590076ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-31SC590076ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-31SC590076ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC590076ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31SC590076ns5:Secured2023-03-31SC590076ns5:Secured2022-03-31
REGISTERED NUMBER: SC590076 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

IDEAL VEHICLE LEASING LIMITED

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IDEAL VEHICLE LEASING LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTOR: M R McNamee





REGISTERED OFFICE: Sinclair Building
18-20 Eagle Street
Glasgow
G4 9XA





REGISTERED NUMBER: SC590076 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 (1,843 ) 12,125

CURRENT ASSETS
Debtors 5 104,322 112,575
Cash in hand 64 64
104,386 112,639
CREDITORS
Amounts falling due within one year 6 84,862 83,711
NET CURRENT ASSETS 19,524 28,928
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,681

41,053

CREDITORS
Amounts falling due after more than one
year

7

32,982

50,277
NET LIABILITIES (15,301 ) (9,224 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (15,401 ) (9,324 )
SHAREHOLDERS' FUNDS (15,301 ) (9,224 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 August 2024 and were signed by:





M McNamee - Director


IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ideal Vehicle Leasing Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 56,365
DEPRECIATION
At 1 April 2022 44,240
Charge for year 13,968
At 31 March 2023 58,208
NET BOOK VALUE
At 31 March 2023 (1,843 )
At 31 March 2022 12,125

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 47,965
DEPRECIATION
At 1 April 2022 35,973
Charge for year 11,992
At 31 March 2023 47,965
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 11,992

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,195 2,013
Other debtors 103,127 110,562
104,322 112,575

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,333 15,058
Hire purchase contracts 9,583 9,583
Trade creditors 10,384 13,797
Taxation and social security 40,658 32,652
Other creditors 11,904 12,621
84,862 83,711

IDEAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC590076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,653 25,112
Hire purchase contracts 6,389 15,972
Other creditors 3,940 9,193
32,982 50,277

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 9,193 14,446
Hire purchase contracts 15,972 25,555
25,165 40,001

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R McNamee.