Company registration number SC445572 (Scotland)
INTELLIGENT CAR LEASING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTELLIGENT CAR LEASING LIMITED
CONTENTS
Page
Directors' report
1 - 4
Balance sheet
5 - 6
Notes to the financial statements
7 - 11
INTELLIGENT CAR LEASING 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
Intelligent Car Leasing (ICL) is a leading provider of vehicle leasing to personal and small business customers throughout the UK. We connect customers with a finance provider to get them a competitive lease for their vehicle, offered through an end-to-end digital leasing experience across all makes and models of cars and vans to suit their monthly budgets.
The company is part of the multi-award winning Fleet Alliance business, which combined with ICL manage a vehicle fleet in excess of 30,000 vehicles with a market value of more than £1 billion.
The service provided is supported by a team of dedicated leasing specialists who ensure that customers receive bespoke and personalised solutions to their individual vehicle needs.
Market and trading commentary
Whilst the overall new car market in the UK improved in 2023 vs 2022, the gains were entirely driven by the fleet and corporate sales channels.
Private demand remained subdued due to cost of living pressures and lower level of discounts available to private customers.
This was reflected in the results in Intelligent Car Leasing where unit sales reduced on a year-on-year basis.
The company remains confident that the longer term trend towards paying for usership as opposed ownership will continue and that discounts on car leasing agreements will increase and make the market more attractive for private individuals.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Brown
A Robertson
A Bruce
N McMinn
INTELLIGENT CAR LEASING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Customer experience
Delivering excellent standards of customer experience remains at the heart of the company’s strategy and ethos and great emphasis is placed on gaining and acting upon customer feedback.
A rigorous process is in place to address any areas of concern using root cause analysis and this drives a culture of continuous improvement.
This has led to the company being recognised for excellent customer satisfaction in the following ways:
Multiple winner of the Leasing Broker Federation Awards including:
Best Large Leasing Broker Award 2023, 2022, 2021, 2018, 2017, 2016, 2015*, 2014*
Best Large Leasing Broker Customer Service Award 2022, 2021, 2019, 2018, 2017, 2016, 2015*, 2014*
Best Green Leasing Broker Award 2019, 2018
Best Electric Vehicle Leasing Broker Award 2022, 2021
Best Fleet Management Service 2022
Leasing Broker of the Year 2023, 2022, 2017
Winner of the Broker News Best SME Broker Award 2023
Winner of the Experteye Fleeteye Customer Satisfaction Award for fleets of up to 250 vehicles 2019, 2018, 2017, 2015
BusinessCar Customer Service Award 2018
Intelligent Car Leasing currently hold a Five Star Trustpilot rating (4.9)
Three-time winner of the Green Apple Award for Environmental Best Practice, 2022, 2021, 2015
Awarded Laureate Status by the Great Place to Work Institute and voted one of the UK’s Best Workplaces for the 12th year in a row in the Best Place to Work Awards medium-sized company category
Recognised as one of the Best Workplaces for Women 2023, 2022 and 2020 by the Great Place to Work Institute
Best Companies star accredited 2018, 2017, 2016
Winner of the Best Appointed Representative 2024
Employee focus
The company believes that having a team of expert and motivated people lies at the heart of its ongoing success.
Creating a positive and psychologically safe culture is crucial to this and the company continuously strives to work on all aspects of culture. Equality, diversity and inclusion along with mental health and overall wellbeing have received particular attention via supportive policies and training and awareness courses.
The company was especially proud to be recognised as a Great Place to Work for the 12th consecutive year and to do so with an improved score was particularly gratifying.
This is in addition to being recognised as one of the Best Workplaces for Women 2020, 2022 and 2023 by the Great Place to Work Institute. To qualify for this award, you must have a minimum of 25% women in the workplace – the Fleet Alliance score here is 55%; there must be a minimum of 20% women in mid-management roles – the Fleet Alliance score is 40%; and at least one woman on the board of directors or in senior executive positions – Fleet Alliance has 33%.
In order to strengthen the senior management team the business appointed a Head of Technology and a new Head of People and Culture to lead these key areas in pursuit of the growth ambitions of the company.
INTELLIGENT CAR LEASING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
INTELLIGENT CAR LEASING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
For FY23, the primary intensity ratio metric is full-time equivalent staff (FTE), with a reference value of 92 FTE in period, compared to 96 FTE last year. An overall reduction in energy consumption, coupled with a slight decrease in the number of staff in the period, resulted in a primary intensity ratio decrease from 0.78 in the baseline year to 0.06 tonnes CO2e/FTE this year. This is an increase compared to last year.
The business has also taken a range of Energy Efficiency Actions:
Consolidated its operational sites into one efficient location at the Head Office in Glasgow and this is reflected in the summary data tables that clearly show the reduction in energy and GHG emissions.
Continued support for a hybrid working environment to reduce commuting.
All staff vehicles taken as part of our salary sacrifice offer are fully electric.
Minimising business travel and utilising online video conferencing for meetings where possible.
A roadmap towards net zero with clear targets and milestones is currently under development.
We will extend our environmental assessment with ECO3 to assess the impact of our value chain and intend to disclose our scope 3 emissions after completion of a materiality assessment.
Methodology for our environmental and GHG assessment
The methodology used for our voluntary energy and emissions reporting is the Greenhouse Gas Protocol, using UK Government conversion factors produced by the Departments for ‘Business, Energy & Industrial Strategy’ & ‘Energy Security and Net Zero’ for the relevant year.
Our report has been prepared in line with the UK Government’s ‘Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting guidance’ (dated March 2019).
We have adjusted our 2020 baseline following an in-depth review of our business and employee commuting mileages.
Suppliers and Partners
The company has excellent and long-standing relationships with a wide range of suppliers and partners, and these are a vital part of its ongoing success. This includes its relationships with its leasing company partners, its network of Appointed Representatives and Partners, vehicle manufacturers and dealer networks as well as other business relationships.
The company greatly values these relationships and the Directors would like to thank them for their valued support and look forward to working with them in the future.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A Robertson
Director
2 July 2024
INTELLIGENT CAR LEASING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
83,503
71,576
Tangible assets
4
91
4,110
83,594
75,686
Current assets
Debtors
5
220,388
99,768
Cash at bank and in hand
127,973
298,488
348,361
398,256
Creditors: amounts falling due within one year
6
(84,027)
(96,871)
Net current assets
264,334
301,385
Total assets less current liabilities
347,928
377,071
Provisions for liabilities
(18,783)
(16,915)
Net assets
329,145
360,156
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
329,045
360,056
Total equity
329,145
360,156
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTELLIGENT CAR LEASING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
A Robertson
Director
Company Registration No. SC445572
INTELLIGENT CAR LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Company information
Intelligent Car Leasing Limited is a private company limited by shares incorporated in Scotland. The registered office is Skypark 1, Unit 9/1, 8 Elliot Place, Glasgow, United Kingdom, G3 8EP.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The financial statements of the company are consolidated in the financial statements of Fleet Alliance Limited.
1.2
Turnover
Turnover represents the value of services provided, excluding value added tax.
1.3
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.
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:
Development costs
10 years
1.4
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:
Leasehold improvements
20% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
33% on cost and 25% on reducing balance
Computers
33% on cost
1.5
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).
INTELLIGENT CAR LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 profit and loss account 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 profit and loss account, 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.
1.8
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.
1.9
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.
1.10
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
18
INTELLIGENT CAR LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
108,372
Additions - internally developed
24,016
At 31 December 2023
132,388
Amortisation and impairment
At 1 January 2023
36,796
Amortisation charged for the year
12,089
At 31 December 2023
48,885
Carrying amount
At 31 December 2023
83,503
At 31 December 2022
71,576
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
14,782
1,624
17,478
5,879
39,763
Disposals
(14,782)
(1,624)
(4,297)
(3,410)
(24,113)
At 31 December 2023
13,181
2,469
15,650
Depreciation and impairment
At 1 January 2023
14,782
1,624
13,683
5,564
35,653
Depreciation charged in the year
3,704
315
4,019
Eliminated in respect of disposals
(14,782)
(1,624)
(4,297)
(3,410)
(24,113)
At 31 December 2023
13,090
2,469
15,559
Carrying amount
At 31 December 2023
91
91
At 31 December 2022
3,795
315
4,110
INTELLIGENT CAR LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,337
44,328
Amounts owed by group undertakings
158,534
5,251
Other debtors
20,517
50,189
220,388
99,768
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,187
8,447
Taxation and social security
19,051
19,507
Other creditors
51,789
68,917
84,027
96,871
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
17,324
68,485
INTELLIGENT CAR LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Loans due to related parties are unsecured, interest free and have no fixed terms of repayment.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Amounts due from related parties
158,534
5,251
10
Parent company
The company is under the control of its ultimate parent company, Fleet Alliance Limited, a company registered in the UK.
2023-12-312023-01-01false02 July 2024CCH SoftwareCCH Accounts Production 2024.100M BrownA RobertsonA BruceN McMinnfalsefalseSC4455722023-01-012023-12-31SC445572bus:Director12023-01-012023-12-31SC445572bus:Director22023-01-012023-12-31SC445572bus:Director32023-01-012023-12-31SC445572bus:Director42023-01-012023-12-31SC4455722023-12-31SC4455722022-12-31SC445572core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-31SC445572core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-31SC445572core:LeaseholdImprovements2023-12-31SC445572core:PlantMachinery2023-12-31SC445572core:FurnitureFittings2023-12-31SC445572core:ComputerEquipment2023-12-31SC445572core:LeaseholdImprovements2022-12-31SC445572core:PlantMachinery2022-12-31SC445572core:FurnitureFittings2022-12-31SC445572core:ComputerEquipment2022-12-31SC445572core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC445572core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC445572core:CurrentFinancialInstruments2023-12-31SC445572core:CurrentFinancialInstruments2022-12-31SC445572core:ShareCapital2023-12-31SC445572core:ShareCapital2022-12-31SC445572core:RetainedEarningsAccumulatedLosses2023-12-31SC445572core:RetainedEarningsAccumulatedLosses2022-12-31SC445572core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC445572core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-31SC445572core:LeaseholdImprovements2023-01-012023-12-31SC445572core:PlantMachinery2023-01-012023-12-31SC445572core:FurnitureFittings2023-01-012023-12-31SC445572core:ComputerEquipment2023-01-012023-12-31SC4455722022-01-012022-12-31SC445572core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-31SC445572core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2023-01-012023-12-31SC445572core:LeaseholdImprovements2022-12-31SC445572core:PlantMachinery2022-12-31SC445572core:FurnitureFittings2022-12-31SC445572core:ComputerEquipment2022-12-31SC4455722022-12-31SC445572core:WithinOneYear2023-12-31SC445572core:WithinOneYear2022-12-31SC445572bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC445572bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC445572bus:FRS1022023-01-012023-12-31SC445572bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC445572bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP