Company registration number SC158331 (Scotland)
VEHICLE CLEANING PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
VEHICLE CLEANING PARK LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 10
VEHICLE CLEANING PARK LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Vehicle Cleaning Park Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vehicle Cleaning Park Limited for the year ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Vehicle Cleaning Park Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Vehicle Cleaning Park Limited and state those matters that we have agreed to state to the Board of Directors of Vehicle Cleaning Park Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vehicle Cleaning Park Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Vehicle Cleaning Park Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vehicle Cleaning Park Limited. You consider that Vehicle Cleaning Park Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Vehicle Cleaning Park Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Condie & Co Limited
20 November 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
VEHICLE CLEANING PARK LIMITED
Statement Of Financial Position
As At 31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,062
22,637
Investments
5
1,530
1,595
20,592
24,232
Current assets
Stocks
500
500
Debtors
7
50,224
81,130
Cash at bank and in hand
272,722
206,581
323,446
288,211
Creditors: amounts falling due within one year
8
(155,920)
(130,480)
Net current assets
167,526
157,731
Total assets less current liabilities
188,118
181,963
Provisions for liabilities
9
(4,883)
(4,301)
Net assets
183,235
177,662
Capital and reserves
Called up share capital
10
502
502
Profit and loss reserves
182,733
177,160
Total equity
183,235
177,662
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VEHICLE CLEANING PARK LIMITED
Statement Of Financial Position (Continued)
As At 31 May 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
Mr A Simpson
Director
Company Registration No. SC158331
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements
For The Year Ended 31 May 2024
- 4 -
1
Accounting policies
Company information
Vehicle Cleaning Park Limited is a private company limited by shares incorporated in Scotland. The registered office is 30 Whytehouse Avenue, Kirkcaldy, Fife, KY1 1UW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Fixed Asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. UK quoted securities are valued at mid-market price quoted on the London Stock Exchange.
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2024
2023
Number
Number
Total
2
2
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
- 8 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
23,200
479
40,915
64,594
Additions
2,137
2,137
Disposals
(3,250)
(3,250)
At 31 May 2024
25,337
479
37,665
63,481
Depreciation and impairment
At 1 June 2023
11,893
479
29,585
41,957
Depreciation charged in the year
2,409
2,833
5,242
Eliminated in respect of disposals
(2,780)
(2,780)
At 31 May 2024
14,302
479
29,638
44,419
Carrying amount
At 31 May 2024
11,035
8,027
19,062
At 31 May 2023
11,307
11,330
22,637
Tangible fixed assets with a net book value of £19,062 (2023: £22,637) have been pledged as security in favour of Bank of Scotland.
5
Fixed asset investments
2024
2023
£
£
Listed investments
1,530
1,595
The listed investments consist of a portfolio of UK Equities, European Equities, Asian Pacific Equities and Global investments managed and valued by Brewin Dolphin. At 31 May 2024 the fair value adjustment was recognised in the statement of income totalling £65 (2023: £687). This investment is attributable to the changes in the relevant investment market conditions.
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments other than loans
£
Valuation
At 1 June 2023
1,595
Valuation changes
(65)
At 31 May 2024
1,530
Carrying amount
At 31 May 2024
1,530
At 31 May 2023
1,595
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,530
1,595
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,558
80,556
Other debtors
666
574
50,224
81,130
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
396
Corporation tax
43,951
18,499
Other taxation and social security
18,838
12,876
Other creditors
86,260
93,005
Accruals and deferred income
6,475
6,100
155,920
130,480
The Bank of Scotland hold a bond and floating charge dated 20 July 1995 and standard securities dated 15 September 2004, 1 May 2006 and 24 May 2006 over all the assets of the company.
VEHICLE CLEANING PARK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2024
- 10 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,883
4,301
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,260 A Ordinary shares of 10p each
502
226
2,260 B Ordinary shares of 10p each
226
226
25 C Ordinary shares of 10p each
25
25
25 D Ordinary shares of 10p each
25
25
502
502
All shares shall rank pari passu except that the directors may at any time resolve to declare a dividend on one or more classes of share.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr A Simpson
13.00
28,862
301,000
2,000
(326,834)
5,028
28,862
301,000
2,000
(326,834)
5,028
The balance due to the director, which is included in other creditors, is repayable on demand.
12
Related party transactions
The company has taken advantage of Section 1 AC35 of FRS 102 whereby only material transactions which are not under normal market conditions need to be disclosed.
13
Parent company
The parent company is VCP Holdings Ltd and its registered office is 30 Whytehouse Avenue, Kirkcaldy, United Kingdom, KY1 1UW.
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