Company registration number 04996958 (England and Wales)
Corporate Fleet Care Finance Limited
Unaudited financial statements
For the year ended 28 February 2024
Corporate Fleet Care Finance Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Corporate Fleet Care Finance Limited
Statement of financial position
As at 28 February 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
77,015
60,870
Debtors
3
10,101
12,382
Cash at bank and in hand
17,902
16,597
105,018
89,849
Creditors: amounts falling due within one year
4
(78,467)
(53,614)
Net current assets
26,551
36,235
Creditors: amounts falling due after more than one year
5
(12,500)
(22,500)
Net assets
14,051
13,735
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
13,851
13,535
Total equity
14,051
13,735
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr M A Whiting
Director
Company registration number 04996958 (England and Wales)
Corporate Fleet Care Finance Limited
Notes to the financial statements
For the year ended 28 February 2024
- 2 -
1
Accounting policies
Company information
Corporate Fleet Care Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster House, 78 Blackburn Street, Radcliffe, Manchester, United Kingdom, M26 2JW.
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 freehold properties and to include 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 goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
1.3
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
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.
Corporate Fleet Care Finance Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.5
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
Corporate Fleet Care Finance Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,652
11,932
Prepayments and accrued income
449
450
10,101
12,382
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Taxation and social security
1,120
698
Other creditors
67,347
36,918
Accruals and deferred income
5,998
78,467
53,614
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,500
22,500
6
Related party disclosure
The directors of Corporate Fleet Care Finance Limited have control, joint control or significant influence over other companies. At the year end, an amount of £67,347 (2023:£32,212) are due to those companies and an amount of £9,652 (2023:£10,650) are due from those companies. Sales amounting to £10,650 (2023:£10,650) were made to those companies.