Registered number
03068719
Complete Vehicle Management Limited
Unaudited Filleted Accounts
30 December 2023
Complete Vehicle Management Limited
Registered number: 03068719
Balance Sheet
as at 30 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 33,878 43,334
Tangible assets 4 221,410 258,032
255,288 301,366
Current assets
Stocks & WIP 1,676,129 813,784
Debtors 5 507,259 1,900,319
Cash at bank and in hand 768 1,538
2,184,156 2,715,641
Creditors: amounts falling due within one year 6 (1,469,554) (2,127,689)
Net current assets 714,602 587,952
Total assets less current liabilities 969,890 889,318
Creditors: amounts falling due after more than one year 7 (950,086) (866,589)
Provisions for liabilities (9,802) (12,727)
Net assets 10,002 10,002
Capital and reserves
Called up share capital 2 2
Profit and loss account 10,000 10,000
Shareholders' funds 10,002 10,002
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Kevin Connor
Director
Approved by the board on 25 September 2024
Complete Vehicle Management Limited
Notes to the Accounts
for the year ended 30 December 2023
1 Accounting policies
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles straight line to residual value over the length of the lease hire
Leasehold improvements 25% reducing balance
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 14
3 Intangible fixed assets £
Goodwill:
Cost
At 31 December 2022 67,273
At 30 December 2023 67,273
Amortisation
At 31 December 2022 23,939
Provided during the year 9,456
At 30 December 2023 33,395
Net book value
At 30 December 2023 33,878
At 30 December 2022 43,334
Goodwill has been fully amortised. Software development was completed in July 2022 and will be amoritsed over its estimated useful life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 31 December 2022 141,577 131,571 228,147 501,295
Additions - 1,410 - 1,410
Disposals - (62) - (62)
At 30 December 2023 141,577 132,919 228,147 502,643
Depreciation
At 31 December 2022 110,724 123,258 9,281 243,263
Charge for the year 7,713 2,416 27,841 37,970
At 30 December 2023 118,437 125,674 37,122 281,233
Net book value
At 30 December 2023 23,140 7,245 191,025 221,410
At 30 December 2022 30,853 8,313 218,866 258,032
5 Debtors 2023 2022
£ £
Trade debtors 169,915 397,271
Amounts owed by group undertakings and undertakings in which the company has a participating interest 49,166 313,304
Other debtors 288,178 1,189,744
507,259 1,900,319
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 613,974 439,318
Obligations under finance lease and hire purchase contracts 60,619 44,487
Trade creditors 768,738 1,461,472
Taxation and social security costs 9,832 52,238
Other creditors 16,391 130,174
1,469,554 2,127,689
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 286,671
Obligations under finance lease and hire purchase contracts 113,468 174,588
Amounts owed to group undertakings and undertakings in which the company has a participating interest 386,368 38,754
Other creditors 450,250 366,576
950,086 866,589
8 Controlling party
The parent company of Complete Vehicle Management Ltd is CVM Holdings Ltd and its registered address is Spectrum Building 1600 Parkway, Solent Business Park, Whiteley, Fareham, PO15 7AH.
9 Other information
Complete Vehicle Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spectrum Building 1600 Parkway
Solent Business Park
Whiteley
Fareham
PO15 7AH
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