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COMPANY REGISTRATION NUMBER: 08351785
Fleet and Vehicle Contracts Limited
Unaudited Financial Statements
30 November 2023
Fleet and Vehicle Contracts Limited
Financial Statements
Year Ended 30 November 2023
Contents
Pages
Officers and professional advisers
1
Director's report
2
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5 to 6
Notes to the financial statements
7 to 10
Fleet and Vehicle Contracts Limited
Officers and Professional Advisers
Director
Mr G H Allen
Registered office
HIghfield House
Astwith Close
Holmewood
Chesterfield
S42 5UR
Accountants
MCABA Limited t/a Mitchells
Chartered Accountants
91-97 Saltergate
Chesterfield
Derbyshire
S40 1LA
Bankers
NatWest
1 Chesterfield Road
Alfreton
Derbyshire
DE55 7ZR
Fleet and Vehicle Contracts Limited
Director's Report
Year Ended 30 November 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2023 .
Director
The director who served the company during the year was as follows:
Mr G H Allen
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 August 2024 and signed on behalf of the board by:
Mr G H Allen
Director
Fleet and Vehicle Contracts Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Fleet and Vehicle Contracts 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 Fleet and Vehicle Contracts Limited for the year ended 30 November 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Fleet and Vehicle Contracts Limited in accordance with the terms of our engagement letter dated 3 December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Fleet and Vehicle Contracts Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fleet and Vehicle Contracts Limited and its director for our work or for this report.
It is your duty to ensure that Fleet and Vehicle Contracts 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 loss of Fleet and Vehicle Contracts Limited. You consider that Fleet and Vehicle Contracts 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 Fleet and Vehicle Contracts 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.
MCABA Limited t/a Mitchells Chartered Accountants
91-97 Saltergate Chesterfield Derbyshire S40 1LA
30 August 2024
Fleet and Vehicle Contracts Limited
Statement of Income and Retained Earnings
Year Ended 30 November 2023
Period from
Year to
1 Aug 21 to
30 Nov 23
30 Nov 22
Note
£
£
Turnover
4
881,485
1,040,212
Cost of sales
274,270
506,755
---------
------------
Gross Profit
607,215
533,457
Administrative expenses
738,507
334,313
Other operating income
4,000
---------
---------
Operating (Loss)/Profit
( 127,292)
199,144
Other interest receivable and similar income
454
Interest payable and similar expenses
106,883
38,104
---------
---------
(Loss)/Profit Before Taxation
( 233,721)
161,040
Tax on (loss)/profit
( 90,073)
---------
---------
(Loss)/Profit for the Financial Year and Total Comprehensive Income
( 233,721)
251,113
---------
---------
Retained Earnings at the Start of the Year
330,656
79,543
---------
---------
Retained Earnings at the End of the Year
96,935
330,656
---------
---------
All the activities of the company are from continuing operations.
Fleet and Vehicle Contracts Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
2,933,291
2,045,597
Current Assets
Stocks
287,500
Debtors
6
962,506
804,725
Cash at bank and in hand
13,747
15,233
------------
---------
1,263,753
819,958
Creditors: amounts falling due within one year
7
1,858,402
1,068,900
------------
------------
Net Current Liabilities
594,649
248,942
------------
------------
Total Assets Less Current Liabilities
2,338,642
1,796,655
Creditors: amounts falling due after more than one year
8
2,085,675
1,309,967
------------
------------
Net Assets
252,967
486,688
------------
------------
Capital and Reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
155,032
155,032
Profit and loss account
96,935
330,656
---------
---------
Shareholders Funds
252,967
486,688
---------
---------
These financial statements have been prepared 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'.
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 members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fleet and Vehicle Contracts Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr G H Allen
Director
Company registration number: 08351785
Fleet and Vehicle Contracts 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 Tapton Park Innovation Centre, Brimington Road, Chesterfield, S41 0TZ. The company's place of business is Occupation Lane, North Wingfield, Chesterfield, S42 5JS .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 the investment property measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Plant and Equipment
-
25% reducing balance
Impairment of fixed assets 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.
Government grants
Government grants and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Turnover
Turnover amounted to £736,485 (2022: £1,040,212) for the period.
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2022
2,420,703
223,176
2,643,879
Additions
1,609,260
1,609,260
Disposals
( 33,829)
( 165)
( 33,994)
------------
---------
------------
At 30 November 2023
3,996,134
223,011
4,219,145
------------
---------
------------
Depreciation
At 1 December 2022
551,251
47,032
598,283
Charge for the year
650,823
58,662
709,485
Disposals
( 21,904)
( 10)
( 21,914)
------------
---------
------------
At 30 November 2023
1,180,170
105,684
1,285,854
------------
---------
------------
Carrying amount
At 30 November 2023
2,815,964
117,327
2,933,291
------------
---------
------------
At 30 November 2022
1,869,452
176,144
2,045,596
------------
---------
------------
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
6. Debtors
2023
2022
£
£
Trade debtors
347,267
63,951
Amounts owed by group undertakings and undertakings in which the company has a participating interest
91,150
420,600
Other debtors
524,089
320,174
---------
---------
962,506
804,725
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,846
18,496
Trade creditors
2,393
280,178
Amounts owed to group undertakings and undertakings in which the company has a participating interest
866,183
205,919
Other creditors
970,980
564,307
------------
------------
1,858,402
1,068,900
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,957
41,341
Other creditors
2,063,718
1,268,626
------------
------------
2,085,675
1,309,967
------------
------------
9. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £2,771,256 (2022: £1,624,952).
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
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