REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Exclusive Vehicle Contracts Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (909,986 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (679,676 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
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. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
At the 31st December 2023 the directors of the company owed the company £90,159 (2022: £-2,841). |