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Registration number: 04550063

L & H Vehicle Services Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 November 2023

 

L & H Vehicle Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

L & H Vehicle Services Limited

Company Information

Director

Mr M Heron

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
L & H Vehicle Services Limited
for the 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 accounts of L & H Vehicle Services Limited for the year ended 30 November 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of L & H Vehicle Services Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of L & H Vehicle Services Limited and state those matters that we have agreed to state to the Board of Directors of L & H Vehicle Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L & H Vehicle Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that L & H Vehicle Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of L & H Vehicle Services Limited. You consider that L & H Vehicle 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 accounts of L & H Vehicle 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 accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

29 July 2024

 

L & H Vehicle Services Limited

(Registration number: 04550063)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

3,193

4,161

 

3,194

4,162

Current assets

 

Stocks

6

1,850

1,750

Debtors

7

12,482

22,798

Cash at bank and in hand

 

31,448

64,029

 

45,780

88,577

Creditors: Amounts falling due within one year

8

(34,104)

(56,969)

Net current assets

 

11,676

31,608

Total assets less current liabilities

 

14,870

35,770

Provisions for liabilities (deferred taxation)

(605)

(791)

Net assets

 

14,265

34,979

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

14,165

34,879

Shareholders' funds

 

14,265

34,979

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

L & H Vehicle Services Limited

(Registration number: 04550063)
Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 July 2024
 

.........................................
Mr M Heron
Director

 

L & H Vehicle Services Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 December 2022

100

34,879

34,979

Loss for the year

-

(714)

(714)

Total comprehensive income

-

(714)

(714)

Dividends

-

(20,000)

(20,000)

At 30 November 2023

100

14,165

14,265

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 December 2021

100

35,357

35,457

Profit for the year

-

25,522

25,522

Total comprehensive income

-

25,522

25,522

Dividends

-

(26,000)

(26,000)

At 30 November 2022

100

34,879

34,979

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
Unit 10, Gipping House
7 Whittle Road,
Hadleigh Road Industrial Estate
Ipswich
Suffolk
IP2 OUH

These financial statements were authorised for issue by the director on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on a reducing balance basis

Computer equipment

write off costs over a 5 year period

Plant and machinery

15% on a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. The directors are of the opinion that the goodwill of the business had a life exceeding 10 years when it was acquired and hence adopted a policy which amortises the goodwill from the date of acquisition over a period of 15 years. In addition at the transitional date of 1st December 2015 for the switch to FRS 102 there were 2 years of unamortised goodwill remaining which is within the suggested period of amortisation set out in the accounting standards.

The goodwill had been fully amortised by the year end.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised over a period of 15 years

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Stocks relate to the value of parts held at the year end.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 December 2022

60,000

60,000

At 30 November 2023

60,000

60,000

Amortisation

At 1 December 2022

59,999

59,999

At 30 November 2023

59,999

59,999

Carrying amount

At 30 November 2023

1

1

At 30 November 2022

1

1

5

Tangible assets

Computer equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 December 2022

2,988

20,100

5,218

28,306

Disposals

-

(2,700)

-

(2,700)

At 30 November 2023

2,988

17,400

5,218

25,606

Depreciation

At 1 December 2022

2,987

16,789

4,369

24,145

Charge for the year

1

826

128

955

Eliminated on disposal

-

(2,687)

-

(2,687)

At 30 November 2023

2,988

14,928

4,497

22,413

Carrying amount

At 30 November 2023

-

2,472

721

3,193

At 30 November 2022

1

3,311

849

4,161

6

Stocks

2023
£

2022
£

Other inventories

1,850

1,750

 

L & H Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Trade debtors

9,273

19,898

Prepayments

3,209

2,900

12,482

22,798

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,540

10,610

Taxation and social security

2,217

12,035

Accruals and deferred income

2,940

3,415

Other creditors

23,407

30,909

34,104

56,969

9

Reserves

The profit and loss reserves of the company are fully distributable.

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £200.00 (2022 - £260.00) per each ordinary share

20,000

26,000

 

 

11

Related party transactions

Other transactions with the director

Included in creditors due to be repaid within one year are the following amounts owed to the directors:

Mr P Harrison £14,499 (2022 £20,153)
Mr M Heron £ 8,839 (2022 £10,686)

These balances represent the residue of funds injected in to the company by the directors when the company was incorporated. The loans are repayable on demand and no interest is charged to the company in respect of the loan balances.