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Registration number: 12854240

Independent Vehicle Inspection Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Independent Vehicle Inspection Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Independent Vehicle Inspection Services Ltd

Company Information

Directors

Mr R J Standish

Mr J D White

Registered office

Unit 27 Oakwell View
Oakwell Business Centre
Barnsley
S71 1HX

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Independent Vehicle Inspection Services Ltd

(Registration number: 12854240)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

4,680

-

Tangible assets

4

93,027

62,040

 

97,707

62,040

Current assets

 

Debtors

5

96,868

15,776

Cash at bank and in hand

 

3,792

11,478

 

100,660

27,254

Creditors: Amounts falling due within one year

6

(135,419)

(44,947)

Net current liabilities

 

(34,759)

(17,693)

Total assets less current liabilities

 

62,948

44,347

Creditors: Amounts falling due after more than one year

6

(55,619)

(34,057)

Provisions for liabilities

(7,231)

(4,772)

Net assets

 

98

5,518

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

96

5,516

Shareholders' funds

 

98

5,518

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

 

Independent Vehicle Inspection Services Ltd

(Registration number: 12854240)
Balance Sheet as at 30 September 2024

.........................................
Mr R J Standish
Director

.........................................
Mr J D White
Director

 

Independent Vehicle Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Independent Vehicle Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office Equipment

25% reducing balance

Plant and Machinery

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

Over 5 Years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Independent Vehicle Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 6).

3

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

Additions internally developed

5,200

5,200

At 30 September 2024

5,200

5,200

Amortisation

Amortisation charge

520

520

At 30 September 2024

520

520

Carrying amount

At 30 September 2024

4,680

4,680

 

Independent Vehicle Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

3,120

72,798

840

76,758

Additions

2,152

79,496

547

82,195

Disposals

-

(30,990)

-

(30,990)

At 30 September 2024

5,272

121,304

1,387

127,963

Depreciation

At 1 October 2023

955

13,617

146

14,718

Charge for the year

837

20,484

241

21,562

Eliminated on disposal

-

(1,344)

-

(1,344)

At 30 September 2024

1,792

32,757

387

34,936

Carrying amount

At 30 September 2024

3,480

88,547

1,000

93,027

At 30 September 2023

2,165

59,181

694

62,040

5

Debtors

Current

2024
£

2023
£

Trade debtors

49,190

15,276

Other debtors

47,678

500

 

96,868

15,776

 

Independent Vehicle Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

66,576

9,212

Trade creditors

 

384

165

Taxation and social security

 

31,071

8,298

Other creditors

 

15,317

16,917

HP and finance lease liabilities

 

22,071

10,355

 

135,419

44,947

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

55,619

34,057

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Mr J D White

Interest is charged on the loan at 2.25% and is due to be repaid by 30 June 2024.

8,270

(23,875)

(15,605)

Mr R J Standish

Interest is charged on the loan at 2.25% and is due to be repaid by 30 June 2024.

3,203

(22,871)

(19,668)