Registered number
09631875
Vehicle Movement Exchange UK Ltd
Report and Financial Statements
31 December 2023
Vehicle Movement Exchange UK Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditors' report 5
Income statement 8
Statement of financial position 9
Statement of changes in equity 10
Statement of cash flows 11
Notes to the financial statements 12
Vehicle Movement Exchange UK Ltd
Company Information
Directors
C J Clibbery
M B Jannaway
S Coates
M Dunphy
Auditors
CK Audit
No4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Registered office
1st Floor Somerset House
37 Temple Street
Birmingham
B2 5DP
Registered number
09631875
Vehicle Movement Exchange UK Ltd
Registered number: 09631875
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity is the movement of vehicles utilising an online platform.
Future developments
The company continues to improve and develop its product offering through its leading end-to-end vehicle movement solution for its customers. The Company continues to underpin its offering with leading-edge technology with service delivered by its network of 600+ suppliers across the UK. The strategic Roadmap is led by technological development to improve its service offering and allow business growth with minimal addition of overheads  
Research and development
The Business continues to invest heavily in its Technological Roadmap with over half the development team dedicated to growing the business (building new and innovative technology) vs running the business
Financial instrument risk
The company does not use Financial Instruments as part of its risk management
Events since the balance sheet date
Since the year end the company has contained to grow its customer base and results are continuing to show improvements and the directors anticipate the results will continue to improve.
Directors
The following persons served as directors during the year:
C J Clibbery
M B Jannaway
S Coates
M Dunphy
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Auditor
CK Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 23 July 2024 and signed on its behalf.
C J Clibbery
Director
Vehicle Movement Exchange UK Ltd
Strategic Report
The directors present their strategic report for the year ending 31 December 2023.
Review of the business
The directors are satisfied with the performance of the company as reported in the financial statements.
Turnover has increased by £2 million YoY to circa £14.5 million. The business continues to acquire new customers from various industry verticals whilst proportionally growing the pool of available suppliers and drivers.
Principal risks and uncertainties
The continuing use of motorised vehicle and the requirement for re-location of these for sale or repair will continue. The movement to electric and other means of power should not impact on this in the foreseeable future and the use of self driving technology is closely monitored and its possible impacts on the industry for future movement services.
Economic climate
The business faced several headwinds during the year with vehicle shortages and the economic climate resulting in fewer vehicle movements across its existing customer base and the industry in general. In spite of the cost-of-living crisis, general inflation, customer liquidation and the ongoing disruption from Train strikes the business moved forward.
Liquidity Risk
The directors consider that the Company has sufficient current assets to enable it to continue to trade and to pay its liabilities as they become due.
Retention of key people
Attracting and retaining top talent is firmly on the Company’s strategic roadmap and classed as an enabler for future growth. The Directors take a collaborative, supportive, and nurturing approach to the recruitment development and retention of staff at all levels. This has resulted in low attrition rates across the business with the average tenure of circa 70 staff being 2.27 years.
Competitor activity
Although competition exists the Company does not believe that any independent movement only business is at the scale and size of the Company with a service offering that matches the complete service offered by the Company.
Key performance indicators
The Companies' business model is extensive and relies on the prompt execution of key tasks and a high level of service to clients. To ensure consistent performance the Company deploys a range of key performance indicators to maintain, measure and improve service delivery to its customer base. 2023 saw YoY improvements in key metrics including a 25% increase in the Customer base, 2% increase in on time delivery, 12% increase in core auto deployment and an 18% growth in the supplier network.
This report was approved by the board on 23 July 2024 and signed on its behalf.
C J Clibbery
Vehicle Movement Exchange UK Ltd
Independent auditors' report
to the members of Vehicle Movement Exchange UK Ltd
Opinion
We have audited the financial statements of Vehicle Movement Exchange UK Ltd (the 'company) for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this or other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The extent to which our procedures are capable of detecting Irregularities, including fraud, is detailed below.
We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the debt collection industry.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators
Audit responses to risks identified
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:
- Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Confirming our understanding of controls by performing a walk through test or observation and enquiry;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Challenging assumptions and judgements made by management in accounting for collections in progress at the year end, including estimation of success rate;
- Identifying and testing journal entries;
- Reviewing unusual or unexpected transactions; and
- Agreeing the financial statement disclosures to underlying supporting documentation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other Matters
For accounting periods up to 31 December 2022 the company was able to claim an exemption from the requirement to appoint auditors as a small company and consequently prepared and filed financial statements that were not subject to audit
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Frances Clapham
(Senior Statutory Auditor) No4 Castle Court 2
for and on behalf of Castlegate Way
CK Audit Dudley
Accountants and Statutory Auditors West Midlands
23 July 2024 DY1 4RH
Vehicle Movement Exchange UK Ltd
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 3 14,460,061 12,408,476
Cost of sales (10,615,981) (9,726,465)
Gross profit 3,844,080 2,682,011
Administrative expenses (4,101,739) (3,646,735)
Operating loss 4 (257,659) (964,724)
Interest payable 7 (70,274) (34,228)
Loss on ordinary activities before taxation (327,933) (998,952)
Tax on loss on ordinary activities 8 92,229 420,976
Loss for the financial year (235,704) (577,976)
The income statement has been prepared on the basis of all operations continuing.
The company has no recognised gains or losses other than above.
The notes form part of these financial statements
Vehicle Movement Exchange UK Ltd
Registered number: 09631875
Statement of Financial Position
as at 31 December 2023
As re-stated
Notes 2023 2022
£ £
Fixed assets
Tangible assets 9 20,512 21,507
Current assets
Debtors 10 2,713,432 2,457,610
Debtors:amounts due after one year 11 591,795 591,544
Cash at bank and in hand 368,901 611,239
3,674,128 3,660,393
Creditors: amounts falling due within one year 12 (1,599,762) (2,093,216)
Net current assets 2,074,366 1,567,177
Total assets less current liabilities 2,094,878 1,588,684
Creditors: amounts falling due after more than one year 13 (14,165) (24,165)
Net assets 2,080,713 1,564,519
Capital and reserves
Called up share capital 16 31,274 28,843
Share premium 17 5,866,428 5,116,961
Profit and loss account 18 (3,816,989) (3,581,285)
Total equity 2,080,713 1,564,519
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the medium companies regime.
C J Clibbery
Director
Approved by the board on 23 July 2024
The notes form part of these financial statements
Vehicle Movement Exchange UK Ltd
Statement of Changes in Equity
for the year ended 31 December 2023
Share Share Profit Total
capital premium and loss
account
£ £ £ £
At 1 January 2022 26,398 4,317,609 (3,003,309) 1,340,698
Loss for the financial year (577,976) (577,976)
Shares issued 2,445 799,352 801,797
At 31 December 2022 28,843 5,116,961 (3,581,285) 1,564,519
At 1 January 2023 28,843 5,116,961 (3,581,285) 1,564,519
Loss for the financial year (235,704) (235,704)
Shares issued 2,431 749,467 751,898
At 31 December 2023 31,274 5,866,428 (3,816,989) 2,080,713
Vehicle Movement Exchange UK Ltd
Statement of Cash Flows
for the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
Loss for the financial year (235,704) (577,976)
Adjustments for:
Interest payable 70,274 34,228
Tax on loss on ordinary activities (92,229) (420,976)
Depreciation 13,389 6,949
Increase in debtors (374,675) (331,234)
Increase in creditors 32,263 420,056
(586,682) (868,953)
Interest paid (70,274) (34,228)
Corporation tax received 210,831 168,931
Cash used in operating activities (446,125) (734,250)
Investing activities
Payments to acquire tangible fixed assets (12,394) (19,693)
Cash used in investing activities (12,394) (19,693)
Financing activities
Proceeds from the issue of shares 751,898 760,592
Repayment of loans (535,717) (105,337)
Cash generated by financing activities 216,181 655,255
Net cash used
Cash used in operating activities (446,125) (734,250)
Cash used in investing activities (12,394) (19,693)
Cash generated by financing activities 216,181 655,255
Net cash used (242,338) (98,688)
Cash and cash equivalents at 1 January 611,239 709,927
Cash and cash equivalents at 31 December 368,901 611,239
Cash and cash equivalents comprise:
Cash at bank 368,901 611,239
The notes form part of these financial statements
Vehicle Movement Exchange UK Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services and is recognised by reference to completed services provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and equipment over 3 Years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
The deferred tax asset included on the balance sheet has been included separately as a debtor falling due after more than one year on the face of the balance sheet in contrast to the prior year ended 31 December 2022 where it was included as a long term debtor but that description was made by note to the accounts
There is no adjustment to either profit or taxation and therefor the reserves remain unchanged
3 Analysis of turnover 2023 2022
£ £
Services rendered 14,460,061 12,408,476
By geographical market:
UK 14,460,061 12,408,476
The turnover and profit for the year has been derived from its principal activities.
4 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 13,389 6,959
Operating lease rentals - land and buildings 245,382 203,156
Research and development expenditure 568,576 400,800
Auditors' remuneration for audit services 12,000 -
5 Directors' emoluments 2023 2022
£ £
Remuneration for qualifying services 105,000 106,000
6 Staff costs 2023 2022
£ £
Wages and salaries 2,464,614 2,322,902
Social security costs 173,771 174,247
Other pension costs 31,903 27,515
2,670,288 2,524,664
Average number of employees during the year Number Number
Administration 69 56
7 Interest payable 2023 2022
£ £
Bank loans and overdrafts 70,274 34,228
8 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period (91,978) (210,831)
Deferred tax:
Origination and reversal of timing differences (251) (210,145)
Tax on loss on ordinary activities (92,229) (420,976)
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Loss on ordinary activities before tax (327,933) (998,952)
Standard rate of corporation tax in the UK 19.00% 19.00%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax (62,307) (189,801)
Effects of:
Expenses not deductible for tax purposes (1,429) 3,034
Enhanced research and development (28,307) (11,331)
Capital allowances for period in excess of depreciation 65 (12,733)
Current tax charge for period (91,978) (210,831)
Factors that may affect future tax charges
The provision for deferred tax is calculated based on tax rates enacted or substantially enacted at the balance sheet date. The rate of corporation tax at 1 April 2023 is 25%. It is expected that the deferred tax will unwind at the rate of 25%.
9 Tangible fixed assets
Computer Equipment
£ £
Cost
At 1 January 2023 37,916
Additions 12,394
At 31 December 2023 50,310
Depreciation
At 1 January 2023 16,409
Charge for the year 13,389
At 31 December 2023 29,798
Carrying amount
At 31 December 2023 20,512
At 31 December 2022 21,507
10 Debtors 2023 2022
£ £
Trade debtors 2,454,590 2,226,361
Corporation tax receivable 73,203 192,056
Prepayments and accrued income 185,639 39,193
2,713,432 2,457,610
11 Debtors: amounts falling due after one year 2023 2022
£ £
Deferred tax asset 591,795 591,544
12 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 129,829 655,546
Trade creditors 251,654 383,289
Other creditors - 20,000
Other taxes and social security costs 868,703 801,962
Accruals and deferred income 349,576 232,419
1,599,762 2,093,216
13 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,165 24,165
Of the bank loans £119,829 ( 2022 £645,546) is secured by a fixed and floating charge over the company's assets.
14 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 5,128 5,379
Tax losses carried forward (596,923) (596,923)
(591,795) (591,544)
2023 2022
£ £
At 1 January (591,544) (381,399)
Credited to the profit and loss account (251) (210,145)
At 31 December (591,795) (591,544)
15 Share based payments
On 20 March 2018 the company introduced an EMI Option agreement with a maximum pool of 2,500,000 ordinary £0.001p shares. The options are to be exercised over a period of not less than 4 years (with a 1 year cliff) from the commencement of the option holders date of employment. Options to be exercised no earlier than 1 year and no later than 10 years from the agreement date.
No of Share options
2023 2022
Outstanding at 1 January 1,169,904 2,200,573
Exercised 27,830 1,030,669
Outstanding 31 December 1,142,074 1,169,904
The exercise price paid in the year to 31 December 2023 was £0.06821( 2022: £0.06821 / £0.02441). The options outstanding at the year end are exercisable at either £0.06821 or £0.02441 and remaining contractual life of 4 years.
16 Share capital
Nominal 2023 2022
value Number £ £
Allotted, called up and fully paid
Ordinary shares £0.001 each 28,843,303 28,843 26,398
Shares issued for cash in year
Ordinary shares £0.001 each 2,431,439 2,431 2,445
17 Share premium 2023 2022
£ £
At 1 January 5,116,961 4,317,609
Shares issued 749,467 799,352
At 31 December 5,866,428 5,116,961
18 Profit and loss account 2023 2022
£ £
At 1 January (3,581,285) (3,003,309)
Loss for the financial year (235,704) (577,976)
At 31 December (3,816,989) (3,581,285)
19 Defined contribution pension plans
The company offers a defined contribution scheme for the benefit of certain 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 and amounted to £32,273 (2022 £27,515)
20 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2023 2022 2023 2022
£ £ £ £
Falling due:
within one year 37,650 - - -
within two to five years - 258,295 - -
37,650 258,295 - -
21 Analysis of changes in net debt
At 1 January Cash flows Other non cash changes At 31 December
2023 2023
£ £ £ £
Cash and cash equivalents
Cash 611,239 (242,338) 368,901
Borrowings
Debt due within one year (655,546) 525,717 (129,829)
Debt due after one year (24,165) 10,000 (14,165)
(679,711) 535,717 - (143,994)
Total (68,472) 293,379 - 224,907
22 Related party transactions
Vehicle Movement Exchange UK during the year traded on normal commercial terms with related companies as follows:-
C J Clibbery who is a director of the company is also the principal shareholder and director of CJC Automotive Business Solutions Ltd Turnover Year end creditor
2023 105,000 21,000
23 Presentation currency
The financial statements are presented in Sterling.
24 Legal form of entity and country of incorporation
Vehicle Movement Exchange UK Ltd is a private company limited by shares and incorporated in England.
25 Principal place of business
The address of the company's principal place of business and registered office is:
1st Floor Somerset House
37 Temple Street
Birmingham
B2 5DP
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