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REGISTERED NUMBER: 05556519 (England and Wales)















CONTRACT VEHICLE SERVICES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CONTRACT VEHICLE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S D Gent
P J Houston





REGISTERED OFFICE: Depot 2
Unit 5 Finlan Road
Stakehill Industrial Estate
Middleton
Greater Manchester
M24 2RW





REGISTERED NUMBER: 05556519 (England and Wales)





AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 - 3,669,630

CURRENT ASSETS
Debtors 5 117,039 768,976
Cash at bank and in hand 552,134 90,551
669,173 859,527
CREDITORS
Amounts falling due within one year 6 (619,901 ) (1,471,120 )
NET CURRENT ASSETS/(LIABILITIES) 49,272 (611,593 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,272

3,058,037

CREDITORS
Amounts falling due after more than one
year

7

-

(1,664,576

)

PROVISIONS FOR LIABILITIES - (431,985 )
NET ASSETS 49,272 961,476

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 49,172 961,376
49,272 961,476

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





S D Gent - Director


CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Contract Vehicle Services Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 05556519 and the registered office address is Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the statement of financial position date the company had net current assets of £49,272 (2023: £611,593 net current liabilities). The company has reported profit after tax of £2,164 in the current year, and has year-end reserves of £49,272 (2023: £961,476). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, due to the existence of group company support.

Revenue
Revenue is recognised at the fair value of the consideration receivable for provision of commercial vehicles under the lease provided in the normal course of business by the statement of financial position date, and is shown net of VAT and other sales related taxes.

Revenue is recognised when the service has been provided to the customer.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 18% on cost

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 the income statement.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Impairment of property, plant and equipment
At each reporting period end date, the company reviews the carrying amounts of its property, plant and equipment 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.

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
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.

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.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Determining the useful economic life and residual value of an asset is considered the key judgement in calculating an appropriate depreciation charge.

Estimating the element of hire purchase interest to record in the current accounting period is considered a critical accounting estimate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2023 9,359,498
Additions 180,628
Disposals (9,535,026 )
At 31 July 2024 5,100
DEPRECIATION
At 1 August 2023 5,689,868
Charge for year 1,221,430
Eliminated on disposal (6,906,198 )
At 31 July 2024 5,100
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 3,669,630

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023 3,377,565
Disposals (3,377,565 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 875,306
Charge for year 548,685
Eliminated on disposal (1,423,991 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 2,502,259

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors (84,176 ) -
Amounts owed by group undertakings 160,000 613,355
Other debtors 41,215 155,621
117,039 768,976

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) - 887,298
Trade creditors 930 29,406
Amounts owed to group undertakings - 519,472
Taxation and social security 487,819 -
Other creditors 131,152 34,944
619,901 1,471,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) - 1,664,576

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 887,298
Between one and five years - 1,664,576
- 2,551,874

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 2,551,874

Obligations under hire purchase contracts were secured upon the assets to which they relate.

CONTRACT VEHICLE SERVICES LIMITED (REGISTERED NUMBER: 05556519)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Millfield Holdings Limited, a company incorporated in England & Wales with registered number 10045486 and registered office at Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, England, M24 2RW.

Millfield Holdings Limited prepares consolidated financial statements including the financial statements of this company and these are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.