Company Registration No. SC235634 (Scotland)
FLEET ALLIANCE LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FLEET ALLIANCE LIMITED
COMPANY INFORMATION
Directors
M Brown
A Robertson
G M Boardman
D Blackmore
N McMinn
A Bruce
Secretary
A Robertson
Company number
SC235634
Registered office
Skypark 1
Unit 9/1
8 Elliot Place
Glasgow
United Kingdom
G3 8EP
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
FLEET ALLIANCE LIMITED
CONTENTS
Page
Directors' report
1 - 5
Profit and loss account
6
Group statement of comprehensive income
7
Group balance sheet
8 - 9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Notes to the financial statements
14 - 21
FLEET ALLIANCE 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 group made a profit before tax of £1,743,517 in the year ended 31st December 2023 (£993,701 in the year ended 31st December 2022). The group EBITDA was £2,003,930 in the year ended 31st December 2023 (£1,242,993 in the year ended 31st December 2022). 

 

Fleet Alliance Limited is a multi-award winning business and trades under two brand names - Fleet Alliance and Intelligent Car Leasing. It currently manages a vehicle fleet in excess of 30,000 vehicles with a market value of more than £1 billion.

 

Fleet Alliance is one of the UK’s leading providers of fleet funding and fleet management to the SME and Corporate markets. It has developed class leading, proprietary software that drives its award-winning e-Fleet platform, which provides an end-to-end fleet management solution to customers that also includes the award-winning e-Fleet Mobile app to support their drivers. 

 

This is supported by a team of dedicated account managers to ensure that customers receive bespoke and personalised solutions to their fleet requirements. 

 

Intelligent Car Leasing is the consumer brand of the business where customers are offered an end to end digital leasing experience across all makes and models of cars and vans to suit their monthly budgets. 

Market and trading commentary

 

2023 saw a steady improvement in new vehicle supply as car manufacturers were able to increase production following the disruption to supply chains from Covid 19 and the ongoing war in Ukraine. 

 

Lead times on new orders have considerably shortened and there was an improvement in deliveries from the extended pipeline of unfulfilled orders that had built up. 

 

This led to an increase in the turnover of the business and a significant improvement in EBITDA from the previous year where the profits of the business had been adversely affected by the reduced ability to deliver sold vehicles. 

 

The fleet and corporate channels in the UK new vehicle market grew by over 35% year on year with Battery Electric Vehicles (BEVs) and Plug In Hybrid Vehicles (PHEVs) being especially strong as tax incentives encouraged fleets and company car drivers to opt for these models whilst playing their part in the road to net zero. 

 

Within the corporate sector there has been an exponential rise in companies and employees adopting salary sacrifice schemes, which make driving BEVs significantly more affordable and the company expects this to be another key driver of business growth in the coming years. 

 

It is anticipated that the new car and van markets will continue to improve as manufacturing levels increase with the fleet and corporate channels continuing to drive the growth. The company’s core strength lies in this sector of the wider market so this is considered to be a helpful sector tailwind. 

 

FLEET ALLIANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
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
G M Boardman
D Blackmore
N McMinn
A Bruce

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FLEET ALLIANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
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:

 

 

 

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. 

FLEET ALLIANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Environmental, Social and Governance (ESG)
FLEET ALLIANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The business has also taken a range of Energy Efficiency Actions:

 

 

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
FLEET ALLIANCE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Gross Value of the business written/income earned
200,892,430
167,617,275
Less Value of the business assigned to third parties
189,922,143
158,178,803
Turnover
10,970,287
9,438,472
Cost of sales
(2,899,637)
(2,394,044)
Gross profit
8,070,650
7,044,428
Selling and distribution costs
(392,736)
(304,025)
Administrative expenses
(5,927,405)
(5,733,502)
Operating profit
1,750,509
1,006,901
Interest receivable and similar income
11,312
415
Interest payable and similar expenses
(18,304)
(13,615)
Profit before taxation
1,743,517
993,701
Tax on profit
(486,572)
(231,567)
Profit for the financial year
1,256,945
762,134
EBITDA
2,003,930
1,242,993
Total comprehensive income for the year is all attributable to the owners of the parent company.
FLEET ALLIANCE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
£
£
Profit for the year
1,256,945
762,134
Other comprehensive income
-
-
Total comprehensive income for the year
1,256,945
762,134
Total comprehensive income for the year is all attributable to the owners of the parent company.
FLEET ALLIANCE LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
783,049
945,926
Tangible assets
4
40,078
103,200
Investments
5
323,024
323,024
1,146,151
1,372,150
Current assets
Debtors
7
2,336,231
2,078,194
Cash at bank and in hand
1,633,208
1,122,058
3,969,439
3,200,252
Creditors: amounts falling due within one year
8
(1,853,184)
(1,300,284)
Net current assets
2,116,255
1,899,968
Total assets less current liabilities
3,262,406
3,272,118
Creditors: amounts falling due after more than one year
(77,273)
(131,819)
Provisions for liabilities
(23,998)
(19,129)
Net assets
3,161,135
3,121,170
Capital and reserves
Called up share capital
9
1,004
1,004
Share premium account
5,496
5,496
Profit and loss reserves
3,154,635
3,114,670
Total equity
3,161,135
3,121,170

For the financial year ended 31 December 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

FLEET ALLIANCE LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
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:
02 July 2024
A Robertson
Director
Company registration number SC235634 (Scotland)
FLEET ALLIANCE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,223,630
1,398,434
Tangible assets
4
39,988
99,091
Investments
5
56,839
56,839
1,320,457
1,554,364
Current assets
Debtors
7
2,273,927
1,983,677
Cash at bank and in hand
1,505,235
823,570
3,779,162
2,807,247
Creditors: amounts falling due within one year
8
(1,927,241)
(1,208,664)
Net current assets
1,851,921
1,598,583
Total assets less current liabilities
3,172,378
3,152,947
Creditors: amounts falling due after more than one year
(77,273)
(131,819)
Provisions for liabilities
(5,215)
(2,214)
Net assets
3,089,890
3,018,914
Capital and reserves
Called up share capital
9
1,004
1,004
Share premium account
5,496
5,496
Profit and loss reserves
3,083,390
3,012,414
Total equity
3,089,890
3,018,914

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,287,956 (2022 - £784,799 profit).

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 in accordance with the provisions applicable to companies subject to the small companies regime.

FLEET ALLIANCE LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
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:
02 July 2024
A Robertson
Director
Company registration number SC235634 (Scotland)
FLEET ALLIANCE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,004
5,496
3,239,516
3,246,016
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
762,134
762,134
Dividends
-
-
(886,980)
(886,980)
Balance at 31 December 2022
1,004
5,496
3,114,670
3,121,170
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,256,945
1,256,945
Dividends
-
-
(1,216,980)
(1,216,980)
Balance at 31 December 2023
1,004
5,496
3,154,635
3,161,135
FLEET ALLIANCE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,004
5,496
3,114,595
3,121,095
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
784,799
784,799
Dividends
-
-
(886,980)
(886,980)
Balance at 31 December 2022
1,004
5,496
3,012,414
3,018,914
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,287,956
1,287,956
Dividends
-
-
(1,216,980)
(1,216,980)
Balance at 31 December 2023
1,004
5,496
3,083,390
3,089,890
FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Fleet Alliance Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Skypark 1, Unit 9/1, 8 Elliot Place, Glasgow, United Kingdom, G3 8EP.

 

The group consists of Fleet Alliance Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Fleet Alliance Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates, apart from the subsidiary Concilium Limited which is not consolidated on the basis the figuresare immaterial to the group (see note 5).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Turnover

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

FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.5
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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% Straight Line
1.6
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 and 10% on cost
Plant and equipment
100% on cost, 25% on reducing balance and 15% on reducing balance
Fixtures and fittings
25% on reducing balance and 15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Cash at bank and in hand

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.

1.10
Equity instruments

Equity instruments issued by the group 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 group.

1.11
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 group’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 if, and only if, there is 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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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 leased asset are consumed.

FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
84
96
72
78
3
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
2,063,207
108,372
2,171,579
Additions - internally developed
-
0
24,016
24,016
At 31 December 2023
2,063,207
132,388
2,195,595
Amortisation and impairment
At 1 January 2023
1,188,857
36,796
1,225,653
Amortisation charged for the year
174,804
12,089
186,893
At 31 December 2023
1,363,661
48,885
1,412,546
Carrying amount
At 31 December 2023
699,546
83,503
783,049
At 31 December 2022
874,350
71,576
945,926
Company
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,748,042
Amortisation and impairment
At 1 January 2023
349,608
Amortisation charged for the year
174,804
At 31 December 2023
524,412
Carrying amount
At 31 December 2023
1,223,630
At 31 December 2022
1,398,434
FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
388,458
14,601
168,393
162,667
7,322
741,441
Additions
-
0
-
0
-
0
4,655
-
0
4,655
Disposals
(131,547)
(1,624)
(43,744)
(8,112)
-
0
(185,027)
At 31 December 2023
256,911
12,977
124,649
159,210
7,322
561,069
Depreciation and impairment
At 1 January 2023
346,178
12,924
111,935
159,882
7,322
638,241
Depreciation charged in the year
20,245
419
11,240
3,100
-
0
35,004
Eliminated in respect of disposals
(112,358)
(1,624)
(30,160)
(8,112)
-
0
(152,254)
At 31 December 2023
254,065
11,719
93,015
154,870
7,322
520,991
Carrying amount
At 31 December 2023
2,846
1,258
31,634
4,340
-
0
40,078
At 31 December 2022
42,280
1,677
56,458
2,785
-
0
103,200
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
373,676
12,638
151,253
156,785
7,322
701,674
Additions
-
0
-
0
-
0
4,655
-
0
4,655
Disposals
(116,765)
-
0
(39,447)
(4,702)
-
0
(160,914)
At 31 December 2023
256,911
12,638
111,806
156,738
7,322
545,415
Depreciation and impairment
At 1 January 2023
331,395
10,961
98,589
154,316
7,322
602,583
Depreciation charged in the year
20,245
419
7,536
2,785
-
0
30,985
Eliminated in respect of disposals
(97,576)
-
0
(25,863)
(4,702)
-
0
(128,141)
At 31 December 2023
254,064
11,380
80,262
152,399
7,322
505,427
Carrying amount
At 31 December 2023
2,847
1,258
31,544
4,339
-
0
39,988
At 31 December 2022
42,281
1,677
52,664
2,469
-
0
99,091
FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
323,024
323,024
56,839
56,839
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
323,024
Carrying amount
At 31 December 2023
323,024
At 31 December 2022
323,024
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
56,839
Carrying amount
At 31 December 2023
56,839
At 31 December 2022
56,839
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Concilium Limited
England & Wales
Ordinary A, B C, Deferred A &B
100.00
Intelligent Car Leasing Limited
Scotland
Ordinary
100.00
Neva Consultants Holdings Limited
England & Wales
Ordinary
100.00
Neva-Consultants.com Limited
Engaland & Wales
Ordinary
100.00
Neva.Direct Limited
England & Wales
Ordinary
100.00

The consolidated figures do not include the financial statements for the subsidiary Concilium Limited on the basis that the figures are immaterial to the group position. The subsidiary reported a loss for the year of £134,401, EBITDA of £87,160 and net liabilities of £3,251.

FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
719,462
1,104,841
678,125
1,060,513
Amounts owed by group undertakings
628,187
617,333
627,737
617,333
Other debtors
385,024
139,285
385,024
139,285
Prepayments and accrued income
603,558
216,735
583,041
166,546
2,336,231
2,078,194
2,273,927
1,983,677
8
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
54,545
54,545
54,545
54,545
Trade creditors
438,526
244,198
425,339
235,751
Amounts owed to group undertakings
-
0
-
0
158,084
5,251
Corporation tax payable
90,396
39,581
90,396
39,581
Other taxation and social security
554,791
533,228
535,740
513,721
Other creditors
224,760
7,920
224,760
7,920
Accruals and deferred income
490,166
420,812
438,377
351,895
1,853,184
1,300,284
1,927,241
1,208,664
9
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
380
380
380
380
Ordinary B of £1 each
380
380
380
380
Ordinary C of £1 each
240
240
240
240
Ordinary D of £1 each
3
3
3
3
Ordinary E of £1 each
1
1
1
1
1,004
1,004
1,004
1,004

Ordinary A,B and C shares are entitled to fixed monthly and annual dividends upon the achievement of certain milestones relating to the financial performance of the Company.

 

D and E shares are entitled to capital distribution on the disposal of the shares only and are not entitled to dividends.

FLEET ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
1,229,208
693,364
1,211,884
624,879
11
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
51,035
-
Other related parties
154,805
-
Company
363,923
5,251

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
631,187
634,574
Company
630,737
634,575
Other information

Loans to / from related parties are unsecured, interest free and have no fixed terms of repayment.

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