European Vehicle Sales Ltd 13396820 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Buying and selling investment property Digita Accounts Production Advanced 6.30.9574.0 true 13396820 2023-06-01 2024-05-31 13396820 2024-05-31 13396820 core:RetainedEarningsAccumulatedLosses 2024-05-31 13396820 core:ShareCapital 2024-05-31 13396820 core:CurrentFinancialInstruments 2024-05-31 13396820 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 13396820 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 13396820 core:FurnitureFittingsToolsEquipment 2024-05-31 13396820 core:MotorVehicles 2024-05-31 13396820 bus:SmallEntities 2023-06-01 2024-05-31 13396820 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13396820 bus:FilletedAccounts 2023-06-01 2024-05-31 13396820 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13396820 bus:RegisteredOffice 2023-06-01 2024-05-31 13396820 bus:Director1 2023-06-01 2024-05-31 13396820 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13396820 core:FurnitureFittings 2023-06-01 2024-05-31 13396820 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 13396820 core:MotorVehicles 2023-06-01 2024-05-31 13396820 core:PlantMachinery 2023-06-01 2024-05-31 13396820 countries:EnglandWales 2023-06-01 2024-05-31 13396820 2023-05-31 13396820 core:FurnitureFittingsToolsEquipment 2023-05-31 13396820 core:MotorVehicles 2023-05-31 13396820 2022-06-01 2023-05-31 13396820 2023-05-31 13396820 core:RetainedEarningsAccumulatedLosses 2023-05-31 13396820 core:ShareCapital 2023-05-31 13396820 core:CurrentFinancialInstruments 2023-05-31 13396820 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13396820 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 13396820 core:FurnitureFittingsToolsEquipment 2023-05-31 13396820 core:MotorVehicles 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 13396820

European Vehicle Sales Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

European Vehicle Sales Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

European Vehicle Sales Ltd

Company Information

Director

Mr R Mills

Registered office

Sandtoft Industrial Estate
Sandtoft Road
Belton
Doncaster
South Yorkshire
DN9 1PN

 

European Vehicle Sales Ltd

(Registration number: 13396820)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,098,948

12,404,137

Investment property

5

2,395,282

2,395,282

 

17,494,230

14,799,419

Current assets

 

Stocks

10,602,635

3,755,830

Debtors

6

2,590,280

2,149,603

Cash at bank and in hand

 

630,860

963,556

 

13,823,775

6,868,989

Creditors: Amounts falling due within one year

7

(18,802,996)

(12,218,631)

Net current liabilities

 

(4,979,221)

(5,349,642)

Total assets less current liabilities

 

12,515,009

9,449,777

Creditors: Amounts falling due after more than one year

7

(2,846,824)

(3,803,282)

Provisions for liabilities

(622,806)

(434,450)

Net assets

 

9,045,379

5,212,045

Capital and reserves

 

Called up share capital

2

2

Retained earnings

9,045,377

5,212,043

Shareholders' funds

 

9,045,379

5,212,045

For the financial 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.

Director's 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 Director acknowledges his 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 director on 10 February 2025
 

 

European Vehicle Sales Ltd

(Registration number: 13396820)
Balance Sheet as at 31 May 2024

.........................................
Mr R Mills
Director

 

European Vehicle Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Sandtoft Industrial Estate
Sandtoft Road
Belton
Doncaster
South Yorkshire
DN9 1PN

These financial statements were authorised for issue by the director on 10 February 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 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, European Vehicle Sales Ltd.

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.

 

European Vehicle Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% on reducing balance

Plant and machinery

25% on reducing balance

Fixtures and fittings

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

European Vehicle Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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 the Director) during the year, was 8 (2023 - 1).

 

European Vehicle Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

3,705,918

11,579,169

15,285,087

Additions

2,545,767

6,360,008

8,905,775

Disposals

(530,150)

(1,680,957)

(2,211,107)

At 31 May 2024

5,721,535

16,258,220

21,979,755

Depreciation

At 1 June 2023

791,671

2,089,279

2,880,950

Charge for the year

1,079,228

3,263,596

4,342,824

Eliminated on disposal

(149,797)

(193,170)

(342,967)

At 31 May 2024

1,721,102

5,159,705

6,880,807

Carrying amount

At 31 May 2024

4,000,433

11,098,515

15,098,948

At 31 May 2023

2,914,247

9,489,890

12,404,137

5

Investment properties

2024
£

At 1 June

2,395,282

At 31 May

2,395,282

Investment properties have been valued by the director as at 31 May 2024.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,294,738

3,920

Amounts owed by related parties

1,294,142

515,395

Other debtors

 

1,400

1,630,288

   

2,590,280

2,149,603

 

European Vehicle Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Hire purchase

2,532,887

2,162,914

Trade creditors

 

317,411

1,235,497

Amounts owed to related parties

14,838,447

8,400,867

Taxation and social security

 

1,035,538

414,153

Accruals and deferred income

 

3,150

3,000

Other creditors

 

75,563

2,200

 

18,802,996

12,218,631

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Hire purchase

2,846,824

3,803,282


Creditors include hire purchase contracts which are secured against the assets purchased under the hire purchase asgreements totalling £4,773,321 (2023 £5112,638).