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REGISTERED NUMBER: 03294540 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Exclusive Vehicle Contracts Ltd

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Exclusive Vehicle Contracts Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G M Evans
M Good
Mrs S C Evans





SECRETARY: Mrs S C Evans





REGISTERED OFFICE: Wren House
68 London Road
St Albans
Hertfordshire
AL1 1NG





REGISTERED NUMBER: 03294540 (England and Wales)





AUDITORS: Roy Pinnock & Co LLP
Statutory Auditors
Wren House
68 London Road
St Albans
Hertfordshire
AL1 1NG

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,885,714 3,143,755

CURRENT ASSETS
Debtors 5 330,029 318,418
Cash at bank 30,542 -
360,571 318,418
CREDITORS
Amounts falling due within one year 6 1,666,125 1,246,563
NET CURRENT LIABILITIES (1,305,554 ) (928,145 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,580,160

2,215,610

CREDITORS
Amounts falling due after more than one
year

7

(1,127,602

)

(956,305

)

PROVISIONS FOR LIABILITIES (125,909 ) (67,415 )
NET ASSETS 1,326,649 1,191,890

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 1,026,649 891,890
SHAREHOLDERS' FUNDS 1,326,649 1,191,890

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:





G M Evans - Director


Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

1. STATUTORY INFORMATION

Exclusive Vehicle Contracts Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised net of VAT ,Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.

Lease income is recognised in the year it relates to.

The majority of the turnover relates to corporate vehicle leases and the maintenance of these. Revenue is also included from temporary hire and the sale of second hand vehicles.

Tangible fixed assets
Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease over the term of the lease, whichever is shorter.

Motor Vehicles - Cost less estimated residual value spread over the term of the lease.
Fixtures & Fittings - 25% on cost
Office Equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Assets leased under operating leases are included in tangible fixed assets and are depreciated over the useful lives. Rental income from operating leases is included in profit & loss on a straight-line basis over the period of the lease.

Going concern
The financial statements have been prepared on a going concern basis, despite the current liabilities exceeding the current assets.

The large current liability is the hire purchase for the vehicles that are leased. The liability for the entire contract is recognised when the agreement is taken out. The income that funds the payments from the customers that have leased the vehicles is recognised only for the period of hire. Whilst in the profit and loss account the income does match the cost, on the balance sheet the result is a nett large liability.

The company has an overdraft facility of £250,000, and this is expected to be adequate, a cashflow has been prepared for 12 months from the date of signature to confirm that this is the case.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 84,673 7,525,295 99,453 7,709,421
Additions - 2,088,974 - 2,088,974
Disposals - (1,402,190 ) - (1,402,190 )
At 31 December 2023 84,673 8,212,079 99,453 8,396,205
DEPRECIATION
At 1 January 2023 80,951 4,387,103 97,612 4,565,666
Charge for year 2,146 1,112,454 1,841 1,116,441
Eliminated on disposal - (1,171,616 ) - (1,171,616 )
At 31 December 2023 83,097 4,327,941 99,453 4,510,491
NET BOOK VALUE
At 31 December 2023 1,576 3,884,138 - 3,885,714
At 31 December 2022 3,722 3,138,192 1,841 3,143,755

Included in the above analysis are assets leased to third parties under operating leases at a cost of £8,354,453 (2022 £7,493,211 ) less accumulated depreciation £4,325,504 (2022: £4,378,762).

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 3,701,082
Additions 1,943,537
Disposals (61,623 )
Transfer to ownership (909,986 )
At 31 December 2023 4,673,010
DEPRECIATION
At 1 January 2023 1,311,028
Charge for year 739,854
Eliminated on disposal (26,305 )
Transfer to ownership (679,676 )
At 31 December 2023 1,344,901
NET BOOK VALUE
At 31 December 2023 3,328,109
At 31 December 2022 2,390,054

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 195,011 278,961
Other debtors 135,018 39,457
330,029 318,418

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 18,819
Hire purchase contracts 1,354,836 904,476
Trade creditors 211,374 213,184
Taxation and social security 47,113 40,429
Other creditors 52,802 69,655
1,666,125 1,246,563

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 1,127,602 956,305

8. SECURED DEBTS

G Evans & S Evans have given personal guarantees to the bank for £500,000, in respect of the company overdraft.

Finance companies hold charges over the assets of the company in respect of the total amount owed to them.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Natalie Coleman FCCA (Senior Statutory Auditor)
for and on behalf of Roy Pinnock & Co LLP

10. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements - 158,899

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
G M Evans
Balance outstanding at start of year - -
Amounts advanced 93,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 93,000 -

No interest has been charged and has lead to a Benefit in Kind of £917.

Exclusive Vehicle Contracts Ltd (Registered number: 03294540)

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

12. RELATED PARTY DISCLOSURES

G Evans & S Evans are the ultimate controlling party virtue of their shareholdings. G Evans & S Evans are partners of Exclusive Cars. As at 31st December 2023 there was a trade debtor of £41,216 owing from Exclusive Cars. This was repaid after the year end .
At the 31st December 2023 the directors of the company owed the company £90,159 (2022: £-2,841).