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2023-11-30
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No description of principal activities is disclosed
2022-12-01
Sage Accounts Production 23.0 - FRS102_2023
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11707109
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11707109
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11707109
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Company registration number:
11707109
Alto Fleet Services Limited
Unaudited filleted financial statements
30 November 2023
Alto Fleet Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Alto Fleet Services Limited
Directors and other information
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Director |
A J Grayston |
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Secretary |
A J Grayston |
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Company number |
11707109 |
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Registered office |
620 Warrington Road |
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Risley |
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Warrington |
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Cheshire |
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WA3 6BE |
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Accountants |
Turner and Brown Limited |
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105 Garstang Road |
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Preston |
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Lancs |
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PR1 1LD |
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Alto Fleet Services Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Alto Fleet Services Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alto Fleet Services Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Alto Fleet Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Alto Fleet Services Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alto Fleet Services Limited and its director as a body for our work or for this report.
It is your duty to ensure that Alto Fleet Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Alto Fleet Services Limited. You consider that Alto Fleet Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Alto Fleet Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
Alto Fleet Services Limited
Statement of financial position
30 November 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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|
|
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Intangible assets |
|
5 |
233,542 |
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|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
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233,542 |
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|
- |
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|
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Current assets |
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Debtors |
|
6 |
156,490 |
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16,167 |
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Cash at bank and in hand |
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12,145 |
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|
160 |
|
|
|
|
|
_______ |
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|
_______ |
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168,635 |
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|
|
16,327 |
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Creditors: amounts falling due |
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|
|
|
|
|
|
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within one year |
|
7 |
(
404,045) |
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|
|
(
28,665) |
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|
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|
_______ |
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|
|
_______ |
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Net current liabilities |
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|
(
235,410) |
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(
12,338) |
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|
_______ |
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_______ |
Total assets less current liabilities |
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(
1,868) |
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(
12,338) |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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|
(
30,555) |
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(
36,111) |
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|
|
|
_______ |
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|
_______ |
Net liabilities |
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(
32,423) |
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(
48,449) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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|
100 |
Profit and loss account |
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(
32,523) |
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(
48,549) |
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_______ |
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_______ |
Shareholder deficit |
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(
32,423) |
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(
48,449) |
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_______ |
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_______ |
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 August 2024
, and are signed on behalf of the board by:
A J Grayston
Director
Company registration number:
11707109
Alto Fleet Services Limited
Notes to the financial statements
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 620 Warrington Road, Risley, Warrington, Cheshire, WA3 6BE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the reporting date the accounts showed net liabilities of £32,423 which could call in to question the businesses' viability. However, this position was due to historic losses seen within the company and the current figures showed profits with the company expecting to remain profitable in the future. The company also expects to receive any required financial support from it's parent company, Alto Automotive Ltd, if required. For this reason the director deemed it appropriate that these accounts be prepared on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover is recognised net of any Value Added Tax and any applicable discounts. Revenue is recognised when goods are supplied to a customer and when services have been completed. This is predominantly upon the completion of the agreed maintenance of the vehicle. There are not any services provided over the longer term which would require the calculation and work in progress at the reporting date as any such ongoing works are immaterial to the overall performance reported. However at the reporting date the company had received a significant amount in advance for 3 large repairs for a single customer. This amount of £31,000 is recognised as deferred income at the reporting date and is shown in Other creditors.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill has arisen as a capital cost of acquiring the workshop business contained within the company. This is the amount due over and above the market value of the assets acquired.Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is to be amortised on a straight line basis over its useful life. This has been taken to be 5 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
- |
20 % |
straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2022:
1
).
5.
Intangible assets
|
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Goodwill |
Total |
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£ |
£ |
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Cost |
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At 1 December 2022 |
- |
- |
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Additions |
237,500 |
237,500 |
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_______ |
_______ |
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At 30 November 2023 |
237,500 |
237,500 |
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_______ |
_______ |
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Amortisation |
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At 1 December 2022 |
- |
- |
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Charge for the year |
3,958 |
3,958 |
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_______ |
_______ |
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At 30 November 2023 |
3,958 |
3,958 |
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_______ |
_______ |
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Carrying amount |
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|
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At 30 November 2023 |
233,542 |
233,542 |
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|
|
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|
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_______ |
_______ |
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At 30 November 2022 |
- |
- |
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_______ |
_______ |
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6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
146,984 |
- |
|
Other debtors |
|
9,506 |
16,167 |
|
|
|
_______ |
_______ |
|
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|
156,490 |
16,167 |
|
|
|
_______ |
_______ |
|
|
|
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7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
5,556 |
5,556 |
|
Trade creditors |
|
27,321 |
- |
|
Amounts owed to group undertakings |
|
55,410 |
22,559 |
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Social security and other taxes |
|
39,832 |
- |
|
Other creditors |
|
275,926 |
550 |
|
|
|
_______ |
_______ |
|
|
|
404,045 |
28,665 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
30,555 |
36,111 |
|
|
|
_______ |
_______ |
|
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|
9.
Related party transactions
All trading transactions between the company and its parent, Alto Automotive Ltd, have been carried out as though these has been at an arms length basis.
10.
Controlling party
The company is the wholly owned subsidiary of Alto Automotive Limited, a company registered in England with registration number 06785848.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2021.
Reconciliation of equity
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At 1 December 2021 |
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At 30 November 2022 |
|
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|
|
Previously stated |
Effect of transition |
FRS 102 (restated) |
Previously stated |
Effect of transition |
FRS 102 (restated) |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Current assets |
13,910 |
12,052 |
25,962 |
160 |
16,167 |
16,327 |
|
Creditors amounts falling due within 1 year |
(
34,819) |
- |
(
34,819) |
(
28,665) |
- |
(
28,665) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Net current liabilities |
(
20,909) |
12,052 |
(
8,857) |
(
28,505) |
16,167 |
(
12,338) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Total assets less current liabilities |
(
20,909) |
12,052 |
(
8,857) |
(
28,505) |
16,167 |
(
12,338) |
|
Creditors amounts falling due after more than 1 year |
(
42,427) |
- |
(
42,427) |
(
36,111) |
- |
(
36,111) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Net liabilities |
(
63,336) |
12,052 |
(
51,284) |
(
64,616) |
16,167 |
(
48,449) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
Equity |
(
63,337) |
12,052 |
(
51,285) |
(
64,616) |
16,167 |
(
48,449) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
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|
This is the first period in which the accounts have been prepared under FRS 105 having previously been completed under the micro entity regime (FRS 105). The only adjustment required on adoption of FRS 102 has been the recognition of deferred tax. The comparative figures have been adjusted in order to recognise the results as though FRS 102 had been adopted throughout.