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Registered number: 14435039









VEHICLE TECHNICAL SOLUTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
COMPANY INFORMATION


Directors
N G Orr 
T K Howard 




Registered number
14435039



Registered office
Eden Lodge
Park Drive

Hale

Altrincham

WA15 9DJ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Royal Liver Building

Liverpool

L3 1PS




Bankers
Barclays

Leicester

Leicestershire

LE87 2BB





 
VEHICLE TECHNICAL SOLUTIONS LTD
 

CONTENTS



Page
Accountants' Report
1
Statement of Financial Position
2 - 3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 10


  
  img48ab.png
Report to the directors on the preparation of the unaudited statutory financial statements of Vehicle Technical Solutions Ltd for the year ended 31 December 2024 

We have compiled the accompanying financial statements of Vehicle Technical Solutions Ltd (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Vehicle Technical Solutions Ltd as at 31 December 2024, the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 15 January 2025Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 15 January 2025. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Liverpool

25 March 2025
Page 1

 
VEHICLE TECHNICAL SOLUTIONS LTD
REGISTERED NUMBER: 14435039

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,769
17,710

Current assets
  

Debtors: amounts falling due within one year
 5 
49,391
100

Cash at bank and in hand
  
154,136
56,235

  
203,527
56,335

Creditors: amounts falling due within one year
 6 
(94,176)
(33,378)

Net current assets
  
 
 
109,351
 
 
22,957

Total assets less current liabilities
  
143,120
40,667

Provisions for liabilities
  

Deferred tax
 7 
(8,442)
-

  
 
 
(8,442)
 
 
-

Net assets
  
134,678
40,667


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
134,578
40,567

  
134,678
40,667


Page 2

 
VEHICLE TECHNICAL SOLUTIONS LTD
REGISTERED NUMBER: 14435039
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




N G Orr
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
VEHICLE TECHNICAL SOLUTIONS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
40,567
40,567


Contributions by and distributions to owners

Shares issued during the period
100
-
100



At 1 January 2024
100
40,567
40,667


Comprehensive income for the year

Profit for the year
-
156,811
156,811


Contributions by and distributions to owners

Dividends: Equity capital
-
(62,800)
(62,800)


At 31 December 2024
100
134,578
134,678


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares and is registered in England and Wales.
Registered number: 14435039.
Registered office: Eden Lodge, Park Drive, Hale, Altrincham, WA15 9DJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax. Turnover is generated by repairing damaged motor vehicles, through contracts with insurance companies. Turnover is recognised when the obligation to repair a vehicle has been fulfilled.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Workshop equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 

Financial liabilities
Page 7

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (Period from 21 October 2022 to 31 December 2023: 4).

Page 8

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4.


Tangible fixed assets





Workshop equipment

£



Cost or valuation


At 1 January 2024
22,358


Additions
20,941



At 31 December 2024

43,299



Depreciation


At 1 January 2024
4,648


Charge for the year on owned assets
4,882



At 31 December 2024

9,530



Net book value



At 31 December 2024
33,769



At 31 December 2023
17,710


5.


Debtors

2024
Restated 2023
£
£


Amounts owed by related parties
49,391
-

Prepayments and accrued income
-
100

49,391
100


Page 9

 
VEHICLE TECHNICAL SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Trade creditors
4,462
4,379

Amounts owed to related parties
-
11,614

Corporation tax
49,924
4,377

Other taxation and social security
24,724
7,195

Accruals and deferred income
15,066
5,813

94,176
33,378



7.


Deferred taxation




2024


£






Charged to profit or loss
(8,442)



At end of year
(8,442)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(8,442)
-


8.


Prior period adjustment

In the previous period, amounts owed to and by related parties were presented separately in financial statements. During the current year, this has been reviewed and it has been identified that these balances should have been offset, leading to debtors being overstated by £30,794 and creditors due within one year being overstated by £30,794. As such, a prior period adjustment has been processed to reduce debtors by £30,794 and reduce creditors due within one year by £30,794.
The prior period adjustment has had no impact on profit for the period.


9.


First time adoption of FRS 102

The company transitioned to FRS 102 from FRS 105 as at 1 January 2024. The last financial statements prepared in accordance with FRS 105 were for the period ended 31 December 2023. The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 10

 
VEHICLE TECHNICAL SOLUTIONS LTD