33 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 137,381 54,641 192,022 xbrli:pure xbrli:shares iso4217:GBP 02786844 2023-03-01 2024-02-29 02786844 2024-02-29 02786844 2023-02-28 02786844 2022-03-01 2023-02-28 02786844 2023-02-28 02786844 2022-02-28 02786844 core:FurnitureFittings 2023-03-01 2024-02-29 02786844 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 02786844 bus:Director1 2023-03-01 2024-02-29 02786844 core:LandBuildings 2023-02-28 02786844 core:PlantMachinery 2023-02-28 02786844 core:FurnitureFittings 2023-02-28 02786844 core:MotorVehicles 2023-02-28 02786844 core:LandBuildings 2024-02-29 02786844 core:PlantMachinery 2024-02-29 02786844 core:FurnitureFittings 2024-02-29 02786844 core:MotorVehicles 2024-02-29 02786844 core:DeferredTaxation 2023-03-01 2024-02-29 02786844 core:PlantMachinery 2023-03-01 2024-02-29 02786844 core:MotorVehicles 2023-03-01 2024-02-29 02786844 core:WithinOneYear 2024-02-29 02786844 core:WithinOneYear 2023-02-28 02786844 core:AfterOneYear 2024-02-29 02786844 core:AfterOneYear 2023-02-28 02786844 core:ShareCapital 2024-02-29 02786844 core:ShareCapital 2023-02-28 02786844 core:RetainedEarningsAccumulatedLosses 2024-02-29 02786844 core:RetainedEarningsAccumulatedLosses 2023-02-28 02786844 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 02786844 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 02786844 core:PlantMachinery 2023-02-28 02786844 core:MotorVehicles 2023-02-28 02786844 core:DeferredTaxation 2023-02-28 02786844 core:DeferredTaxation 2024-02-29 02786844 bus:Director1 2023-02-28 02786844 bus:Director1 2022-02-28 02786844 bus:SmallEntities 2023-03-01 2024-02-29 02786844 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02786844 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02786844 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02786844 bus:FullAccounts 2023-03-01 2024-02-29 02786844 bus:OrdinaryShareClass1 2024-02-29 02786844 bus:OrdinaryShareClass1 2023-02-28 02786844 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-29 02786844 core:VehiclesPlantMachinery 2023-02-28 02786844 core:VehiclesPlantMachinery 2023-03-01 2024-02-29 02786844 core:VehiclesPlantMachinery 2024-02-29
COMPANY REGISTRATION NUMBER: 02786844
Clive Neely Limited
Filleted Unaudited Financial Statements
29 February 2024
Clive Neely Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,070,195
843,572
Current assets
Stocks
25,661
18,015
Debtors
6
1,812,480
1,750,015
Cash at bank and in hand
1,750,765
1,816,746
------------
------------
3,588,906
3,584,776
Creditors: amounts falling due within one year
7
520,814
539,953
------------
------------
Net current assets
3,068,092
3,044,823
------------
------------
Total assets less current liabilities
4,138,287
3,888,395
Creditors: amounts falling due after more than one year
8
110,197
53,000
Provisions
Taxation including deferred tax
9
192,022
137,381
------------
------------
Net assets
3,836,068
3,698,014
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
3,835,968
3,697,914
------------
------------
Shareholders funds
3,836,068
3,698,014
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Clive Neely Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
C.P.W. Neely
Director
Company registration number: 02786844
Clive Neely Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit H Flaxley Park, Flaxley Way Stechford, Birmingham, West Midlands, B33 9AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the life of the asset
Plant & fixtures
-
25% and 20% straight line
Vehicles
-
25% straight line
Commercial vehicles
-
18% straight line for 5 years
Trailers & forklifts
-
12.5% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 31 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
12,712
176,328
29,735
2,161,574
700,579
3,080,928
Additions
962
38,830
512,385
35,075
587,252
Disposals
( 351,010)
( 351,010)
--------
---------
--------
------------
---------
------------
At 29 Feb 2024
12,712
177,290
68,565
2,322,949
735,654
3,317,170
--------
---------
--------
------------
---------
------------
Depreciation
At 1 Mar 2023
12,712
164,740
29,735
1,493,450
536,719
2,237,356
Charge for the year
4,868
8,090
272,966
46,033
331,957
Disposals
( 322,338)
( 322,338)
--------
---------
--------
------------
---------
------------
At 29 Feb 2024
12,712
169,608
37,825
1,444,078
582,752
2,246,975
--------
---------
--------
------------
---------
------------
Carrying amount
At 29 Feb 2024
7,682
30,740
878,871
152,902
1,070,195
--------
---------
--------
------------
---------
------------
At 28 Feb 2023
11,588
668,124
163,860
843,572
--------
---------
--------
------------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
675,671
653,822
Other debtors
1,136,809
1,096,193
------------
------------
1,812,480
1,750,015
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
175,021
125,564
Corporation tax
113,540
Social security and other taxes
98,732
115,505
Clive Neely Limited Pension Fund loans
154,621
102,917
Other creditors
92,440
82,427
---------
---------
520,814
539,953
---------
---------
The debts due to Clive Neely Limited Pension Fund, as shown above, are secured over the commercial vehicles to which the provision of funding relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Clive Neely Limited Pension Fund loans
110,197
53,000
---------
--------
The debts due to Clive Neely Limited Pension Fund, as shown above, are secured over the commercial vehicles to which the provision of funding relates.
9. Provisions
Deferred tax (note 10)
£
At 1 March 2023
137,381
Additions
54,641
---------
At 29 February 2024
192,022
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
192,022
137,381
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
192,022
137,381
---------
---------
11. Financial instruments
Financial instruments such as trade debtors, cash and trade creditors arise from the company's operations.
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
C.P.W. Neely
( 401)
( 401)
----
----
14. Related party transactions
The company was under the control of C.P.W. Neely and C.A. Neely, who are husband and wife, directors of the company and between them own 100% of the issued share capital of the holding company Clive Neely Transport Limited. The company funds it's commercial vehicle fleet through loans from the Clive Neely Limited Pension Fund, on which interest is charged and repayments are made in accordance with normal commercial terms for such type of finance, as follows:
2024 2023
£ £
Balance owed to the fund 155,917 174,250
Interest paid 15,390 11,361
Included in other debtors are balances due from related parties as follows:
2024 2023
£ £
Flaxley Properties Limited, a company owned and controlled by the directors 758,467 758,467
Enhaul Limited, a company owned and controlled by the directors' son 315,887 299,843