Registered number
06509891
iFleet Ltd
Filleted Accounts
30 June 2024
iFleet Ltd
Registered number: 06509891
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 41,292 62,017
Current assets
Debtors 4 121,462 165,118
Cash at bank and in hand 890,357 840,584
1,011,819 1,005,702
Creditors: amounts falling due within one year 5 (530,100) (560,220)
Net current assets 481,719 445,482
Net assets 523,011 507,499
Capital and reserves
Called up share capital 12,000 12,000
Profit and loss account 511,011 495,499
Shareholders' funds 523,011 507,499
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K E Wazir
Director
Approved by the board on 11 March 2025
iFleet Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
1.1 Company information
Ifleet Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Moulsoe Business Centre Cranfield Road, Moulsoe, Milton Keynes, Buckinghamshire, England, MK16 0FJ.
1.2 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
1.3 Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
1.4 Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 33% straight line
Computer equipment & Software 33% straight line
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 profit or loss.
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.5 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and comprise of cash in hand and at bank.
1.6 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.
1.7 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9 Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss
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 leases asset are consumed.
1.10 Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
1.11 Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1.12 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1.13 Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
1.14 Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 272,764
Additions 21,900
At 30 June 2024 294,664
Depreciation and impairment
At 1 July 2023 210,747
Charge for the year 42,625
At 30 June 2024 253,372
Net book value
At 30 June 2024 41,292
At 30 June 2023 62,017
4 Debtors 2024 2023
£ £
Trade debtors 91,887 141,979
Other debtors 29,575 23,139
121,462 165,118
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 65,490 98,739
Taxation and social security costs 53,686 60,966
Other creditors 410,924 400,515
530,100 560,220
6 Called up share capital
2024 2023 2024 2023
Ordinary share capital Number Number £ £
Issued and fully paid
A' Ordinary shares of £ 1 each 6,000 6,000 6,000 6,000
B' Ordinary shares of £ 1 each 6,000 6,000 6,000 6,000
12,000 12,000 12,000 12,000
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