11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-29 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SC211499 2023-03-29 2024-03-28 SC211499 2024-03-28 SC211499 2023-03-28 SC211499 2022-03-29 2023-03-28 SC211499 2023-03-28 SC211499 2022-03-28 SC211499 core:PlantMachinery 2023-03-29 2024-03-28 SC211499 core:FurnitureFittings 2023-03-29 2024-03-28 SC211499 bus:Director1 2023-03-29 2024-03-28 SC211499 core:PlantMachinery 2023-03-28 SC211499 core:FurnitureFittings 2023-03-28 SC211499 core:LandBuildings 2024-03-28 SC211499 core:PlantMachinery 2024-03-28 SC211499 core:FurnitureFittings 2024-03-28 SC211499 core:WithinOneYear 2024-03-28 SC211499 core:WithinOneYear 2023-03-28 SC211499 core:AfterOneYear 2024-03-28 SC211499 core:AfterOneYear 2023-03-28 SC211499 core:ShareCapital 2024-03-28 SC211499 core:ShareCapital 2023-03-28 SC211499 core:RetainedEarningsAccumulatedLosses 2024-03-28 SC211499 core:RetainedEarningsAccumulatedLosses 2023-03-28 SC211499 core:LandBuildings 2023-03-28 SC211499 core:PlantMachinery 2023-03-28 SC211499 core:FurnitureFittings 2023-03-28 SC211499 bus:Director1 2023-03-28 SC211499 bus:Director1 2024-03-28 SC211499 bus:Director1 2022-03-28 SC211499 bus:Director1 2023-03-28 SC211499 bus:Director1 2022-03-29 2023-03-28 SC211499 bus:SmallEntities 2023-03-29 2024-03-28 SC211499 bus:AuditExemptWithAccountantsReport 2023-03-29 2024-03-28 SC211499 bus:SmallCompaniesRegimeForAccounts 2023-03-29 2024-03-28 SC211499 bus:PrivateLimitedCompanyLtd 2023-03-29 2024-03-28 SC211499 bus:FullAccounts 2023-03-29 2024-03-28 SC211499 core:OfficeEquipment 2023-03-29 2024-03-28 SC211499 core:OfficeEquipment 2024-03-28 SC211499 core:OfficeEquipment 2023-03-28
COMPANY REGISTRATION NUMBER: SC211499
Fleet Management Services (UK) Limited
Filleted Unaudited Financial Statements
28 March 2024
Fleet Management Services (UK) Limited
Statement of Financial Position
28 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
325,152
326,309
Current assets
Stocks
213,350
124,904
Debtors
6
74,236
69,776
Cash at bank and in hand
15,079
---------
---------
302,665
194,680
Creditors: amounts falling due within one year
7
501,257
526,326
---------
---------
Net current liabilities
198,592
331,646
---------
---------
Total assets less current liabilities
126,560
( 5,337)
Creditors: amounts falling due after more than one year
8
269,618
166,867
---------
---------
Net liabilities
( 143,058)
( 172,204)
---------
---------
Fleet Management Services (UK) Limited
Statement of Financial Position (continued)
28 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 143,059)
( 172,205)
---------
---------
Shareholder deficit
( 143,058)
( 172,204)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 28 March 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 member has not required the company to obtain an audit of its financial statements for the year 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 .
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
A Howie
Director
Company registration number: SC211499
Fleet Management Services (UK) Limited
Notes to the Financial Statements
Year ended 28 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Morelan, Station Road, Burghead, Moray, IV30 5UN.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Included within their going concern review the directors have considered the impact of the COVID-19 pandemic and its impact on the operations of the company. The directors have concluded that there has not been a significant impact on the operations of the company and it is not anticipated that there will be an adverse impact on the company results. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognise in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 13 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 29 March 2023 and 28 March 2024
318,601
19,329
5,549
13,879
357,358
---------
--------
-------
--------
---------
Depreciation
At 29 March 2023
14,158
4,404
12,487
31,049
Charge for the year
776
172
209
1,157
---------
--------
-------
--------
---------
At 28 March 2024
14,934
4,576
12,696
32,206
---------
--------
-------
--------
---------
Carrying amount
At 28 March 2024
318,601
4,395
973
1,183
325,152
---------
--------
-------
--------
---------
At 28 March 2023
318,601
5,171
1,145
1,392
326,309
---------
--------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
31,722
30,052
Other debtors
42,514
39,724
--------
--------
74,236
69,776
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,252
95,638
Trade creditors
164,825
88,880
Corporation tax
2
Social security and other taxes
68,223
70,661
Credit card
3,994
3,992
Wages and pension creditor
22,251
1,658
Other creditors
222,710
265,497
---------
---------
501,257
526,326
---------
---------
The Bank of Scotland PLC holds a bond and floating charge over all the assets of the company and security over land at Linkwood.
Obligations under hire purchase and finance leases of £79,765 (2023: £14,175) included within other creditors are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
125,170
144,423
Other creditors
144,448
22,444
---------
---------
269,618
166,867
---------
---------
The Bank of Scotland PLC holds a bond and floating charge over all the assets of the company and security over land at Linkwood.
Obligations under hire purchase and finance leases of £144,448 (2023: £22,444) shown as other creditors are secured on the assets concerned.
Included within creditors: amounts falling due after more than one year is an amount of £82,834 (2023: £93,543) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A Howie
36,914
36,914
--------
----
----
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A Howie
8,646
72,868
( 44,600)
36,914
-------
--------
--------
--------
10. Related party transactions
No transactions with related parties were undertaken such as require to be disclosed.