Fleetwood Grab Services Limited 06338971 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of tipping and haulage Digita Accounts Production Advanced 6.30.9574.0 true 06338971 2023-07-01 2024-06-30 06338971 2024-06-30 06338971 bus:Director1 1 2024-06-30 06338971 2 2024-06-30 06338971 core:FinanceLeases core:CurrentFinancialInstruments 2024-06-30 06338971 core:FinanceLeases core:Non-currentFinancialInstruments 2024-06-30 06338971 core:CurrentFinancialInstruments 2024-06-30 06338971 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 06338971 core:Non-currentFinancialInstruments 2024-06-30 06338971 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 06338971 core:Goodwill 2024-06-30 06338971 core:MoreThanFiveYears 1 2024-06-30 06338971 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 06338971 core:MotorVehicles 2024-06-30 06338971 core:OfficeEquipment 2024-06-30 06338971 core:PlantMachinery 2024-06-30 06338971 core:OtherRelatedParties 2024-06-30 06338971 bus:SmallEntities 2023-07-01 2024-06-30 06338971 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 06338971 bus:FilletedAccounts 2023-07-01 2024-06-30 06338971 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06338971 bus:RegisteredOffice 2023-07-01 2024-06-30 06338971 bus:Director1 2023-07-01 2024-06-30 06338971 bus:Director1 1 2023-07-01 2024-06-30 06338971 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06338971 core:Goodwill 2023-07-01 2024-06-30 06338971 core:Buildings 2023-07-01 2024-06-30 06338971 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 06338971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06338971 core:MotorCars 2023-07-01 2024-06-30 06338971 core:MotorVehicles 2023-07-01 2024-06-30 06338971 core:OfficeEquipment 2023-07-01 2024-06-30 06338971 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 06338971 core:PlantMachinery 2023-07-01 2024-06-30 06338971 core:OtherRelatedParties 2023-07-01 2024-06-30 06338971 countries:EnglandWales 2023-07-01 2024-06-30 06338971 2023-06-30 06338971 bus:Director1 1 2023-06-30 06338971 core:Goodwill 2023-06-30 06338971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 06338971 core:MotorVehicles 2023-06-30 06338971 core:OfficeEquipment 2023-06-30 06338971 core:PlantMachinery 2023-06-30 06338971 core:OtherRelatedParties 2023-06-30 06338971 2022-07-01 2023-06-30 06338971 2023-06-30 06338971 bus:Director1 1 2023-06-30 06338971 2 2023-06-30 06338971 core:FinanceLeases core:CurrentFinancialInstruments 2023-06-30 06338971 core:FinanceLeases core:Non-currentFinancialInstruments 2023-06-30 06338971 core:CurrentFinancialInstruments 2023-06-30 06338971 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 06338971 core:Non-currentFinancialInstruments 2023-06-30 06338971 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 06338971 core:Goodwill 2023-06-30 06338971 core:MoreThanFiveYears 1 2023-06-30 06338971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 06338971 core:MotorVehicles 2023-06-30 06338971 core:OfficeEquipment 2023-06-30 06338971 core:PlantMachinery 2023-06-30 06338971 core:OtherRelatedParties 2023-06-30 06338971 bus:Director1 1 2022-07-01 2023-06-30 06338971 core:OtherRelatedParties 2022-07-01 2023-06-30 06338971 2022-06-30 06338971 bus:Director1 1 2022-06-30 06338971 core:OtherRelatedParties 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 06338971

Fleetwood Grab Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Fleetwood Grab Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Fleetwood Grab Services Limited

(Registration number: 06338971)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,393

15,935

Tangible assets

5

541,478

726,720

 

553,871

742,655

Current assets

 

Stocks

6

1,620

2,160

Debtors

7

154,998

192,709

Cash at bank and in hand

 

134,139

94,791

 

290,757

289,660

Creditors: Amounts falling due within one year

8

(373,406)

(308,533)

Net current liabilities

 

(82,649)

(18,873)

Total assets less current liabilities

 

471,222

723,782

Creditors: Amounts falling due after more than one year

8

(203,746)

(295,461)

Provisions for liabilities

(125,999)

(130,052)

Net assets

 

141,477

298,269

Capital and reserves

 

Called up share capital

100

100

Retained earnings

141,377

298,169

Shareholders' funds

 

141,477

298,269

 

Fleetwood Grab Services Limited

(Registration number: 06338971)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

D P Fleetwood
Director

   
     
 

Fleetwood Grab Services Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG

These financial statements were authorised for issue by the Board on 29 January 2025.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

 

Fleetwood Grab Services Limited

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

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.

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

Property improvements

10% straight line

Plant and equipment

25% reducing balance

Motor vehicles

10% reducing balance

Furniture, fittings and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fleetwood Grab Services Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Fleetwood Grab Services Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2023 - 5).

 

Fleetwood Grab Services Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

70,835

70,835

At 30 June 2024

70,835

70,835

Amortisation

At 1 July 2023

54,900

54,900

Amortisation charge

3,542

3,542

At 30 June 2024

58,442

58,442

Carrying amount

At 30 June 2024

12,393

12,393

At 30 June 2023

15,935

15,935

 

Fleetwood Grab Services Limited

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

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

43,033

1,105,329

11,389

117,713

1,277,464

Additions

-

172,885

-

-

172,885

Disposals

-

(325,225)

-

-

(325,225)

At 30 June 2024

43,033

952,989

11,389

117,713

1,125,124

Depreciation

At 1 July 2023

18,760

467,212

10,162

54,610

550,744

Charge for the year

3,952

153,521

306

6,310

164,089

Eliminated on disposal

-

(131,187)

-

-

(131,187)

At 30 June 2024

22,712

489,546

10,468

60,920

583,646

Carrying amount

At 30 June 2024

20,321

463,443

921

56,793

541,478

At 30 June 2023

24,273

638,117

1,227

63,103

726,720

Included within the net book value of land and buildings above is £20,321 (2023 - £24,273) in respect of freehold land and buildings.
 

 

Fleetwood Grab Services Limited

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

1,620

2,160

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

147,249

127,641

Other debtors

 

5,026

52,116

Prepayments

 

2,723

4,965

Income tax asset

-

7,987

 

154,998

192,709

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

130,825

151,223

Trade creditors

 

68,130

31,069

Amounts due to related parties

10

66,702

93,960

Social security and other taxes

 

36,168

14,947

Other creditors

 

14,911

5,659

Accruals

 

33,017

11,675

Corporation tax liability

23,653

-

 

373,406

308,533

Due after one year

 

Loans and borrowings

9

203,746

295,461

2024
£

2023
£

Due after more than five years

After more than five years by instalments

6,630

12,593

-

-

 

Fleetwood Grab Services Limited

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

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,612

35,010

Hire purchase contracts

174,134

260,451

203,746

295,461

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,397

5,263

Hire purchase contracts

125,428

145,960

130,825

151,223

Within bank borrowings is a balance of £35,009 (2023 - £40,273) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.

The hire purchase contracts are secured on the underlying assets which are included within plant and machinery. The net book value of the relevant assets at the balance sheet date is £257,577 (2023 - £479,559).

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of bank borrowings due by instalments after five years is £6,630 (2023 - £12,593)

 

Fleetwood Grab Services Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

D P Fleetwood

47,341

50,838

(108,038)

(9,859)

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

D P Fleetwood

9,849

74,785

(37,293)

47,341

Interest is charged on the above loan at a rate of 2.25% per annum and the loan is repayable on demand.

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

(93,960)

(93,960)

Advanced

27,258

27,258

At end of period

(66,702)

(66,702)

2023

Other related parties
£

Total
£

At start of period

6,640

6,640

Repaid

(100,600)

(100,600)

At end of period

(93,960)

(93,960)