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COMPANY REGISTRATION NUMBER: 15015789
Smooth Vehicle Logistics Limited
Filleted Unaudited Financial Statements
30 April 2024
Smooth Vehicle Logistics Limited
Statement of Financial Position
30 April 2024
30 Apr 24
Note
£
£
Fixed assets
Tangible assets
5
499,762
Current assets
Debtors
6
100,806
Cash at bank and in hand
45,743
---------
146,549
Creditors: amounts falling due within one year
7
384,823
---------
Net current liabilities
238,274
---------
Total assets less current liabilities
261,488
Creditors: amounts falling due after more than one year
8
242,414
Provisions
4,845
---------
Net assets
14,229
---------
Capital and reserves
Called up share capital
9
100
Profit and loss account
14,129
--------
Shareholders funds
14,229
--------
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 comprehensive income has not been delivered.
For the period ending 30 April 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Smooth Vehicle Logistics Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
J D Smithyes
Director
Company registration number: 15015789
Smooth Vehicle Logistics Limited
Notes to the Financial Statements
Period from 20 July 2023 to 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eastways, Eastways Industrial Estate, Witham, Essex, CM8 3YQ, England.
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.
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 and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Plant and machinery
-
14% reducing balance
Motor vehicles
-
10% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 .
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 20 July 2023
Additions
4,906
516,311
3,000
524,217
-------
---------
-------
---------
At 30 April 2024
4,906
516,311
3,000
524,217
-------
---------
-------
---------
Depreciation
At 20 July 2023
Charge for the period
117
23,944
394
24,455
-------
---------
-------
---------
At 30 April 2024
117
23,944
394
24,455
-------
---------
-------
---------
Carrying amount
At 30 April 2024
4,789
492,367
2,606
499,762
-------
---------
-------
---------
6. Debtors
30 Apr 24
£
Trade debtors
64,623
Amounts owed by group undertakings
14,812
Other debtors
21,371
---------
100,806
---------
7. Creditors: amounts falling due within one year
30 Apr 24
£
Trade creditors
38,852
Amounts owed to group undertakings
7,890
Accruals and deferred income
53,575
Social security and other taxes
11,896
Obligations under finance leases and hire purchase contracts
90,654
Director loan accounts
169,396
Other creditors
12,560
---------
384,823
---------
8. Creditors: amounts falling due after more than one year
30 Apr 24
£
Obligations under finance leases and hire purchase contracts
242,414
---------
9. Called up share capital
Issued, called up and fully paid
30 Apr 24
No.
£
Ordinary shares of £ 1 each
100
100
----
----
10. Related party transactions
At the year end, the company owed the director £ 169,396 by way of a directors' loan account. This is included within creditors.