Eastwood Fleet Services Limited NI009153 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the maintenance and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true false true NI009153 2023-01-01 2023-12-31 NI009153 2023-12-31 NI009153 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI009153 core:RevaluationReserve 2023-12-31 NI009153 core:ShareCapital 2023-12-31 NI009153 core:CurrentFinancialInstruments 2023-12-31 NI009153 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI009153 core:FurnitureFittingsToolsEquipment 2023-12-31 NI009153 core:LandBuildings 2023-12-31 NI009153 core:MotorVehicles 2023-12-31 NI009153 core:OtherPropertyPlantEquipment 2023-12-31 NI009153 bus:SmallEntities 2023-01-01 2023-12-31 NI009153 bus:Audited 2023-01-01 2023-12-31 NI009153 bus:FullAccounts 2023-01-01 2023-12-31 NI009153 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI009153 bus:RegisteredOffice 2023-01-01 2023-12-31 NI009153 bus:Director1 2023-01-01 2023-12-31 NI009153 bus:Director2 2023-01-01 2023-12-31 NI009153 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI009153 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI009153 core:LandBuildings 2023-01-01 2023-12-31 NI009153 core:MotorVehicles 2023-01-01 2023-12-31 NI009153 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI009153 core:PlantMachinery 2023-01-01 2023-12-31 NI009153 core:Vehicles 2023-01-01 2023-12-31 NI009153 1 2023-01-01 2023-12-31 NI009153 countries:AllCountries 2023-01-01 2023-12-31 NI009153 2022-12-31 NI009153 core:FurnitureFittingsToolsEquipment 2022-12-31 NI009153 core:LandBuildings 2022-12-31 NI009153 core:MotorVehicles 2022-12-31 NI009153 core:OtherPropertyPlantEquipment 2022-12-31 NI009153 2022-01-01 2022-12-31 NI009153 2022-12-31 NI009153 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI009153 core:RevaluationReserve 2022-12-31 NI009153 core:ShareCapital 2022-12-31 NI009153 core:CurrentFinancialInstruments 2022-12-31 NI009153 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI009153 core:FurnitureFittingsToolsEquipment 2022-12-31 NI009153 core:LandBuildings 2022-12-31 NI009153 core:MotorVehicles 2022-12-31 NI009153 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: NI009153

Eastwood Fleet Services Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Eastwood Fleet Services Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Eastwood Fleet Services Limited

Company Information

Directors

Mrs Suzanne Eastwood

Mr John M Eastwood

Registered office

137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

Solicitors

McEvoy Sheridan Solicitors
344 Ormeau road
Belfast
BT7 2HL

Auditors

McKeague Morgan & Company
Chartered Accountants & Statutory Auditors
27 College Gardens
Belfast
BT9 6BS

 

Eastwood Fleet Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Eastwood Fleet Services Limited

(Registration number: NI009153)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

843,630

852,229

Current assets

 

Stocks

5

85,780

163,768

Debtors

6

331,930

99,611

Cash at bank and in hand

 

75,520

152,419

 

493,230

415,798

Creditors: Amounts falling due within one year

7

(517,560)

(566,287)

Net current liabilities

 

(24,330)

(150,489)

Total assets less current liabilities

 

819,300

701,740

Provisions for liabilities

(77,324)

(76,713)

Net assets

 

741,976

625,027

Capital and reserves

 

Called up share capital

500,000

500,000

Revaluation reserve

632,564

632,564

Profit and loss account

(390,588)

(507,537)

Total equity

 

741,976

625,027

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

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

Mrs Suzanne Eastwood
Director

 

Eastwood Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

These financial statements were authorised for issue by the Board on 27 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified and the auditor did not draw attention to any matters by way of emphasis. The name of the Senior Statutory Auditor who signed the audit report on 27 June 2024 was Mr Nicholas McKeague , who signed for and on behalf of McKeague Morgan & Company.

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.

 

Eastwood Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

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.

 

Eastwood Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 14).

 

Eastwood Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

663,000

157,880

54,930

385,242

1,261,052

Additions

-

3,338

-

33,785

37,123

At 31 December 2023

663,000

161,218

54,930

419,027

1,298,175

Depreciation

At 1 January 2023

-

128,741

25,448

254,634

408,823

Charge for the year

10,170

8,621

6,382

20,549

45,722

At 31 December 2023

10,170

137,362

31,830

275,183

454,545

Carrying amount

At 31 December 2023

652,830

23,856

23,100

143,844

843,630

At 31 December 2022

663,000

29,139

29,482

130,608

852,229

Revaluation

The fair value of the company's land and buildings were revalued on 21 September 2022 by professional independent valuers, Savills (UK) Limited, a subsidiary of Savills Plc.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors
. The name and qualification of the independent valuer are .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £452,595 (2022 - £452,595).

5

Stocks

2023
£

2022
£

Work in progress

62,619

144,010

Other inventories

23,161

19,758

85,780

163,768

 

Eastwood Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

248,218

44,282

Amounts owed by group undertakings and undertakings in which the company has a participating interest

61,976

36,415

Prepayments and accrued income

21,736

18,914

331,930

99,611

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

140,198

115,695

Amounts owed to group undertakings and undertakings in which the company has a participating interest

330,000

420,000

Taxation and social security

44,550

19,207

Other creditors

812

904

Accruals and deferred income

2,000

10,481

517,560

566,287

8

Related party transactions

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS102.

9

Parent and ultimate parent undertaking

Eastwood Fleet Services Limited is a 100% owned subsidiary of Eastwood Group Holdings Limited.

 The company's immediate parent is Eastwood Group Holdings Limited, incorporated in Northern Ireland.

 The ultimate controlling party is Mrs Suzanne Eastwood.