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REGISTERED NUMBER: 02763738 (England and Wales)















VEHICLE TECHNICAL SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 137,832 66,996

CURRENT ASSETS
Stocks 3,600 3,600
Debtors 5 239,941 585,788
Cash at bank and in hand 558,081 500,558
801,622 1,089,946
CREDITORS
Amounts falling due within one year 6 (475,760 ) (246,674 )
NET CURRENT ASSETS 325,862 843,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,694

910,268

PROVISIONS FOR LIABILITIES (27,752 ) (7,308 )
NET ASSETS 435,942 902,960

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 435,842 902,860
435,942 902,960

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 June 2024 and were signed by:





K Wilson - Director


VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Vehicle Technical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02763738

Registered office: Unit 6 Lowfield Drive
Centre 500
Wolstanton
Newcastle under Lyme
Staffordshire
ST5 0UU

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.

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

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% straight line
Motor vehicles - 20% straight line

VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment 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.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 18 (2022 - 17 ) .

VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 275,894 126,911 402,805
Additions 105,616 - 105,616
Disposals - (16,426 ) (16,426 )
At 31 December 2023 381,510 110,485 491,995
DEPRECIATION
At 1 January 2023 244,287 91,522 335,809
Charge for year 14,715 17,289 32,004
Eliminated on disposal - (13,650 ) (13,650 )
At 31 December 2023 259,002 95,161 354,163
NET BOOK VALUE
At 31 December 2023 122,508 15,324 137,832
At 31 December 2022 31,607 35,389 66,996

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 190,322 212,054
Amounts owed by group undertakings 1,416 343,347
Amounts owed by participating interests 3,750 -
Other debtors 426 4,217
Directors' loan accounts 27,539 13,398
Prepayments and accrued income 16,488 12,772
239,941 585,788

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 67,413 83,804
Customer overpayments 10,088 9,360
Amounts owed to group undertakings 241,429 -
Tax 54,745 70,793
Social security and other taxes 16,235 12,013
VAT 56,238 49,858
Other creditors 8,360 5,464
Accruals and deferred income 21,252 15,382
475,760 246,674

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

VEHICLE TECHNICAL SERVICES LIMITED (REGISTERED NUMBER: 02763738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
K Wilson
Balance outstanding at start of year 14,814 (580 )
Amounts advanced 116,198 15,602
Amounts repaid (103,473 ) (208 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,539 14,814

By virtue of the loan accounts, a liability to taxation exists under section 455 of CTA 2010 in the sum of £9,295 which will be repaid or discharged when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and as such, no taxation has been provided for.

8. RELATED PARTY DISCLOSURES

Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS102.

9. POST BALANCE SHEET EVENTS

There were no significant events up to the date of approval of the financial statements by the Board.

10. ULTIMATE CONTROLLING PARTY

The parent company is Atlantic Development Projects Limited, a company incorporated in England.