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COMPANY REGISTRATION NUMBER: 04707273
ACH SPECIAL VEHICLES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
ACH SPECIAL VEHICLES LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
363,554
307,930
CURRENT ASSETS
Debtors
6
500,122
488,132
Cash at bank and in hand
39,661
18,958
---------
---------
539,783
507,090
CREDITORS: amounts falling due within one year
7
215,064
219,130
---------
---------
NET CURRENT ASSETS
324,719
287,960
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
688,273
595,890
CREDITORS: amounts falling due after more than one year
8
227,284
174,896
PROVISIONS
63,192
51,332
---------
---------
NET ASSETS
397,797
369,662
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
397,697
369,562
---------
---------
SHAREHOLDERS FUNDS
397,797
369,662
---------
---------
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 .
ACH SPECIAL VEHICLES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr P McCallum
Director
Company registration number: 04707273
ACH SPECIAL VEHICLES 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 United Kingdom. The address of the registered office is Orchard House, Chelveston Road, Raunds, Northamptonshire, NN9 6DA.
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 and represents amounts 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.
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 improvements
-
20% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
33% straight line
Office equipment
-
Straight line over 3 years
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.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2023: 8 ).
5. TANGIBLE ASSETS
Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
13,204
985,755
11,719
1,530
1,012,208
Additions
176,813
1,262
178,075
Disposals
( 21,000)
( 21,000)
--------
------------
--------
-------
------------
At 31 May 2024
13,204
1,141,568
11,719
2,792
1,169,283
--------
------------
--------
-------
------------
Depreciation
At 1 June 2023
13,204
680,788
8,756
1,530
704,278
Charge for the year
112,952
2,433
421
115,806
Disposals
( 14,355)
( 14,355)
--------
------------
--------
-------
------------
At 31 May 2024
13,204
779,385
11,189
1,951
805,729
--------
------------
--------
-------
------------
Carrying amount
At 31 May 2024
362,183
530
841
363,554
--------
------------
--------
-------
------------
At 31 May 2023
304,967
2,963
307,930
--------
------------
--------
-------
------------
6. DEBTORS
2024
2023
£
£
Trade debtors
195,848
198,936
Amounts owed by group undertakings and undertakings in which the company has a participating interest
290,310
280,310
Other debtors
13,964
8,886
---------
---------
500,122
488,132
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,000
20,000
Trade creditors
62,294
59,762
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,417
1,417
Corporation tax
15,011
Social security and other taxes
53,191
49,429
Other creditors
78,162
73,511
---------
---------
215,064
219,130
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,000
40,000
Other creditors
207,284
134,896
---------
---------
227,284
174,896
---------
---------
9. RELATED PARTY TRANSACTIONS
Advantage has been taken of the exemption conferred by FRS 102 1A to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.
10. CONTROLLING PARTY
The directors consider that the parent undertaking of this company and its controlling party by virtue of its 100% ownership of the share capital of this company, is Peter McCallum Transport Limited. The ultimate controlling party of the company is Mr Peter McCallum.