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Company No: 05332854 (England and Wales)

BLAKES SELF LOADING VEHICLES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BLAKES SELF LOADING VEHICLES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BLAKES SELF LOADING VEHICLES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
BLAKES SELF LOADING VEHICLES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 504,933 236,529
504,933 236,529
Current assets
Stocks 0 21,800
Debtors 5 637,527 ( 12,757)
Cash at bank and in hand 190,234 395,170
827,761 404,213
Creditors: amounts falling due within one year 6 ( 205,619) ( 159,994)
Net current assets 622,142 244,219
Total assets less current liabilities 1,127,075 480,748
Provision for liabilities 7 ( 121,667) ( 54,565)
Net assets 1,005,408 426,183
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,005,308 426,083
Total shareholder's funds 1,005,408 426,183

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Blakes Self Loading Vehicles Limited (registered number: 05332854) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J D Blake
Director
S J Blake
Director

03 September 2024

BLAKES SELF LOADING VEHICLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BLAKES SELF LOADING VEHICLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blakes Self Loading Vehicles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wensum Lodge, Taverham Lane Old Costessey, Norwich, NR8 5BE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 166,000 166,000
At 31 March 2024 166,000 166,000
Accumulated amortisation
At 01 April 2023 166,000 166,000
At 31 March 2024 166,000 166,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 30,451 112,258 877,548 1,020,257
Additions 0 5,288 472,169 477,457
Disposals 0 ( 2,800) ( 332,049) ( 334,849)
At 31 March 2024 30,451 114,746 1,017,668 1,162,865
Accumulated depreciation
At 01 April 2023 15,230 76,154 692,344 783,728
Charge for the financial year 1,523 10,182 153,550 165,255
Adjustments on revaluations 0 ( 2,135) ( 288,916) ( 291,051)
At 31 March 2024 16,753 84,201 556,978 657,932
Net book value
At 31 March 2024 13,698 30,545 460,690 504,933
At 31 March 2023 15,221 36,104 185,204 236,529

5. Debtors

2024 2023
£ £
Trade debtors 167,568 140,341
Amounts owed by Group undertakings 415,335 0
Amounts owed by directors 20,580 0
Prepayments 34,044 24,728
Corporation tax 0 ( 184,826)
Other debtors 0 7,000
637,527 ( 12,757)

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 12,263 15,305
Amounts owed to Group undertakings 0 23,888
Accruals 1,398 0
Taxation and social security 189,743 112,089
Other creditors 2,215 8,712
205,619 159,994

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 54,565) ( 93,988)
(Charged)/credited to the Income Statement ( 67,102) 39,423
At the end of financial year ( 121,667) ( 54,565)

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund by the company to the fund and amounted to £33,047 (2023: £32,914).

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 506 1,018

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Blakes Self Loading Vehicles Limited is a wholly owned subsidiary of Blakeleigh (Holdings) Limited, in line with the exemption contained within the Financial Reporting Standard 8.

No transactions have been disclosed in relation to Blakeleigh (Holdings) Limited.