Company registration number 00588668 (England and Wales)
FLEET (LINE MARKERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FLEET (LINE MARKERS) LIMITED
COMPANY INFORMATION
Directors
Mr I P McGuffie
Mr I M Courage
Company number
00588668
Registered office
Fleet House
Spring Lane
Malvern
Worcestershire
WR14 1AT
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Bankers
Natwest Bank plc
30 Church Street
Malvern
Worcestershire
WR14 2ZF
FLEET (LINE MARKERS) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
FLEET (LINE MARKERS) 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 principal activity of the company continued is the manufacture and sale of marking machines, components and compounds.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr I P McGuffie
Mr I M Courage
Auditor

The auditor, Edwards, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

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
Mr I P McGuffie
Director
23 August 2024
FLEET (LINE MARKERS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,461,441
1,085,553
Current assets
Stocks
5
1,729,798
1,814,466
Debtors
6
1,146,775
2,192,550
Cash at bank and in hand
791,937
317,455
3,668,510
4,324,471
Creditors: amounts falling due within one year
7
(868,555)
(1,212,311)
Net current assets
2,799,955
3,112,160
Total assets less current liabilities
4,261,396
4,197,713
Creditors: amounts falling due after more than one year
8
(176,175)
(50,000)
Net assets
4,085,221
4,147,713
Capital and reserves
Called up share capital
6,064
6,064
Revaluation reserve
811,864
598,613
Profit and loss reserves
3,267,293
3,543,036
Total equity
4,085,221
4,147,713

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr I P McGuffie
Director
Company registration number 00588668 (England and Wales)
FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Fleet (Line Markers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fleet House, Spring Lane, Malvern, Worcestershire, WR14 1AT.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover derives from the manufacture and sale of marking machines, components and compounds.

 

Turnover represents the fair value of consideration received or receivable for goods supplied to customers, after deducting value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, the revenue and costs incurred in respect of the transaction can be measured reliably and collectability is assured.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation and net of depreciation.

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:

Land and buildings freehold
2% straight line
Plant and machinery
20% - 50% straight line
Motor vehicles
33% straight line

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.

FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

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

FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

As stock is carried at the lower of cost and net realisable value this requires the estimation of the eventual sales price of goods to customers in the future. A high degree of judgement is applied when estimating the impact on the carrying value of stock of factors such as slow moving items, shrinkage, damage and obsolescence. The quantity, age and condition of inventories are regularly measured and assessed as part of inventory counts undertaken throughout the year.

3
Employees

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

2023
2022
Number
Number
Total
34
35
FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2023
1,000,000
2,337,998
3,337,998
Additions
14,038
260,073
274,111
Disposals
-
0
(31,705)
(31,705)
Revaluation
110,962
-
0
110,962
At 31 December 2023
1,125,000
2,566,366
3,691,366
Depreciation and impairment
At 1 January 2023
85,047
2,167,398
2,252,445
Depreciation charged in the year
17,242
94,009
111,251
Eliminated in respect of disposals
-
0
(31,482)
(31,482)
Revaluation
(102,289)
-
0
(102,289)
At 31 December 2023
-
0
2,229,925
2,229,925
Carrying amount
At 31 December 2023
1,125,000
336,441
1,461,441
At 31 December 2022
914,953
170,600
1,085,553

The land and buildings were revalued at £1,125,000 on an open market basis at 15 December 2023 by John Goodwin, Chartered Surveyor. Freehold land has a valuation of £150,000, which is not depreciated. At year end, the directors reassessed the value of Land and Buildings and believe the value in the accounts to be accurate.

FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 7 -

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023
2022
£
£
Cost
632,381
618,343
Accumulated depreciation
(298,327)
(285,669)
Carrying value
334,054
332,674
5
Stocks
2023
2022
£
£
Raw materials and consumables
478,414
515,331
Finished goods
1,251,384
1,299,135
1,729,798
1,814,466
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,088,584
1,493,895
Other debtors
532
646,123
Prepayments and accrued income
57,659
52,532
1,146,775
2,192,550
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
58,980
20,000
Trade creditors
281,226
386,989
Other taxation and social security
51,294
100,372
Director's loan account
428,494
619,639
Other creditors
12,761
15,646
Accruals and deferred income
35,800
69,665
868,555
1,212,311

Included within other borrowings falling due within one year is a loan from a related party of £58,980 (2022 - £20,000).

During the year the company has satisfied the fixed and floating charges held over all of the company's assets.

FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
176,175
50,000

Included within other borrowings falling due after more than one year is a loan from a related related party of £176,175 (2022 - £50,000).

9
Operating lease commitments

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

2023
2022
£
£
226,458
310,969
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Robert Kempson ACA
Statutory Auditor:
Edwards
Date of audit report:
5 September 2024
11
Related party transactions

Mr I P McGuffie is a shareholder and director of a related company that Fleet (Line Markers) Limited has traded with. During the year, the company advanced loans of £10,000 (2022: £Nil) to this related party and subsequently waived amounts owed of £655,000 (2022: £Nil) from this related party. As at 31 December 2023, included within other debtors is a loan of £Nil (2022: £645,000) due from this related party. This loan was interest free and had no set repayment date.

 

Mr I P McGuffie is a beneficiary and trustee of a related party that Fleet (Line Markers) Limited has traded with during the year. The company were advanced a further loan of £194,900 (2022: £Nil) during the year. Included in creditors at 31 December 2023 are balances due within one year of £58,980 (2022: £20,000) and due beyond one year of £176,175 (2022: £50,000). These loans are unsecured, are being repaid in monthly instalments and attract interest at rates between 1.5% and 3.98%. The company was also charged rent of £91,000 (2022: £91,833) from this related party.

 

Mr I P McGuffie is a partner of several related parties that Fleet (Line Markers) Limited has traded with. During the year the company paid management fees of £1,648 and received management fees of £12,000 (2022: £20,000 received) to/from these related parties.

FLEET (LINE MARKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Directors' loans

Included within creditors due within one year is a director's loan account of £428,494 (2022 - £619,639). The loan is interest free and repayable on demand.

13
Parent company

The immediate and ultimate parent company is Loch Sport Limited, a company registered in England and Wales.

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