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COMPANY REGISTRATION NUMBER: 05350133
Vehicle Resources Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Vehicle Resources Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,511
Current assets
Debtors
6
4,615
2,328
Cash at bank and in hand
3,964
5,140
-------
-------
8,579
7,468
Creditors: amounts falling due within one year
7
4,725
3,621
-------
-------
Net current assets
3,854
3,847
-------
-------
Total assets less current liabilities
3,854
6,358
Provisions
Deferred taxation
477
-------
-------
Net assets
3,854
5,881
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,754
5,781
-------
-------
Shareholders funds
3,854
5,881
-------
-------
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 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 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 .
Vehicle Resources Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
J M Rowson
Director
Company registration number: 05350133
Vehicle Resources Limited
Notes to the Financial Statements
Year ended 31 May 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 1 Sarah Court, Piperell Way, Haverhill, Suffolk, CB9 8PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods and services rendered, stated net of discounts and of value added tax. In respect of contracts for on-going services, turnover is recognised by reference to the stage of completion and to the extent that the company obtains the right to receive consideration from third parties.
Taxation
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 that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Operating leases
Lease income is recognised on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Motor vehicles
-
25% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2023: 2).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
16,480
6,500
22,980
Disposals
( 6,500)
( 6,500)
--------
-------
--------
At 31 May 2024
16,480
16,480
--------
-------
--------
Depreciation
At 1 June 2023
16,480
3,989
20,469
Charge for the year
576
576
Disposals
( 4,565)
( 4,565)
--------
-------
--------
At 31 May 2024
16,480
16,480
--------
-------
--------
Carrying amount
At 31 May 2024
--------
-------
--------
At 31 May 2023
2,511
2,511
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
4,428
2,328
Other debtors
187
-------
-------
4,615
2,328
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
3,482
2,863
Other creditors
1,243
758
-------
-------
4,725
3,621
-------
-------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
477
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
477
----
----