Craven Vehicle Services Ltd 10066181 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the hire of commercial vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 10066181 2023-06-01 2024-05-31 10066181 2024-05-31 10066181 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-05-31 10066181 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 10066181 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 10066181 core:CurrentFinancialInstruments 2024-05-31 10066181 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10066181 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10066181 core:Goodwill 2024-05-31 10066181 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 10066181 core:FurnitureFittingsToolsEquipment 2024-05-31 10066181 core:MotorVehicles 2024-05-31 10066181 bus:SmallEntities 2023-06-01 2024-05-31 10066181 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10066181 bus:FullAccounts 2023-06-01 2024-05-31 10066181 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10066181 bus:RegisteredOffice 2023-06-01 2024-05-31 10066181 bus:Director1 2023-06-01 2024-05-31 10066181 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-01 2024-05-31 10066181 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10066181 core:Goodwill 2023-06-01 2024-05-31 10066181 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 10066181 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10066181 core:MotorCars 2023-06-01 2024-05-31 10066181 core:MotorVehicles 2023-06-01 2024-05-31 10066181 core:OfficeEquipment 2023-06-01 2024-05-31 10066181 countries:EnglandWales 2023-06-01 2024-05-31 10066181 2023-05-31 10066181 core:Goodwill 2023-05-31 10066181 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 10066181 core:FurnitureFittingsToolsEquipment 2023-05-31 10066181 core:MotorVehicles 2023-05-31 10066181 2022-06-01 2023-05-31 10066181 2023-05-31 10066181 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 10066181 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 10066181 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 10066181 core:CurrentFinancialInstruments 2023-05-31 10066181 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10066181 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10066181 core:Goodwill 2023-05-31 10066181 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 10066181 core:FurnitureFittingsToolsEquipment 2023-05-31 10066181 core:MotorVehicles 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10066181

Craven Vehicle Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Craven Vehicle Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Craven Vehicle Services Ltd

(Registration number: 10066181)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,000

4,000

Tangible assets

5

3,299,296

2,213,676

 

3,301,296

2,217,676

Current assets

 

Debtors

6

256,808

218,917

Cash at bank and in hand

 

63,934

188,390

 

320,742

407,307

Creditors: Amounts falling due within one year

7

(989,392)

(689,635)

Net current liabilities

 

(668,650)

(282,328)

Total assets less current liabilities

 

2,632,646

1,935,348

Creditors: Amounts falling due after more than one year

7

(1,929,823)

(1,456,023)

Provisions for liabilities

(221,382)

(155,627)

Net assets

 

481,441

323,698

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

481,141

323,398

Shareholders' funds

 

481,441

323,698

 

Craven Vehicle Services Ltd

(Registration number: 10066181)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small company regime.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mr WP Ousby
Director

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gannow Lane
Burnley
Lancashire
BB12 6JJ
England

These financial statements were authorised for issue by the Board on 17 October 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.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The directors, having made reasonable enquiries, consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

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.

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.

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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

Office Equipment

20% Reducing balance basis

Motor Vehicles

25% Reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Trademarks, patents and licences

5 years straight line

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 June 2023

20,000

10,000

30,000

At 31 May 2024

20,000

10,000

30,000

Amortisation

At 1 June 2023

20,000

6,000

26,000

Amortisation charge

-

2,000

2,000

At 31 May 2024

20,000

8,000

28,000

Carrying amount

At 31 May 2024

-

2,000

2,000

At 31 May 2023

-

4,000

4,000

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

40,420

2,625,368

2,665,788

Additions

23,395

1,547,526

1,570,921

Disposals

-

(71,440)

(71,440)

At 31 May 2024

63,815

4,101,454

4,165,269

Depreciation

At 1 June 2023

9,317

442,795

452,112

Charge for the year

7,087

425,267

432,354

Eliminated on disposal

-

(18,493)

(18,493)

At 31 May 2024

16,404

849,569

865,973

Carrying amount

At 31 May 2024

47,411

3,251,885

3,299,296

At 31 May 2023

31,103

2,182,573

2,213,676

Assets held under finance lease and hire purchase contracts
Included within the net book value of motor vehicles is £3,167,620 (2023 - £2,141,608) in respect of assets held under finance lease and hire purchase contracts. During the year depreciation of £406,670 (2023 - £232,160) was charged in respect of these assets.

6

Debtors

Current

2024
£

2023
£

Trade debtors

232,368

182,916

Prepayments

18,152

-

Other debtors

6,288

36,001

 

256,808

218,917

 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

712,419

493,735

Trade creditors

 

142,426

55,104

Accruals and deferred income

 

100

100

Other creditors

 

134,447

140,696

 

989,392

689,635

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £712,419 (2023 - £493,735).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,929,823

1,456,023

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £1,929,823 (2023 - £1,456,023).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

300

300

300

300

         
 

Craven Vehicle Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Finance leases and hire purchase contracts

1,929,823

1,456,023

2024
£

2023
£

Current loans and borrowings

Finance leases and hire purchase contracts

712,419

493,735