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COMPANY REGISTRATION NUMBER: 04158401
Independent Fleet Consultants Limited
Filleted Unaudited Financial Statements
31 December 2024
Independent Fleet Consultants Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
14,973
5,802
Investments
7
113,842
113,842
---------
---------
128,815
119,644
Current assets
Debtors
8
825,689
718,323
Cash at bank and in hand
228,747
398,600
------------
------------
1,054,436
1,116,923
Creditors: amounts falling due within one year
9
713,087
791,607
------------
------------
Net current assets
341,349
325,316
---------
---------
Total assets less current liabilities
470,164
444,960
Creditors: amounts falling due after more than one year
10
17,536
47,565
Provisions
Taxation including deferred tax
3,743
1,451
---------
---------
Net assets
448,885
395,944
---------
---------
Capital and reserves
Called up share capital
36,000
36,000
Share premium account
15,000
15,000
Capital redemption reserve
24,400
24,400
Profit and loss account
373,485
320,544
---------
---------
Shareholders funds
448,885
395,944
---------
---------
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 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Independent Fleet Consultants Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 1 April 2025 , and are signed on behalf of the board by:
Mr P A Talbot
Director
Company registration number: 04158401
Independent Fleet Consultants Limited
Notes to the Financial Statements
Year ended 31 December 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 2 Doolittle Yard, Ampthill, Bedfordshire, MK45 2NW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Taxation
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold property improvements
-
20% straight line
Plant and machinery
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
221,809
---------
Amortisation
At 1 January 2024 and 31 December 2024
221,809
---------
Carrying amount
At 31 December 2024
---------
At 31 December 2023
---------
6. Tangible assets
Leasehold property improvements
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024
5,900
5,900
Additions
11,208
11,208
--------
-------
--------
At 31 December 2024
11,208
5,900
17,108
--------
-------
--------
Depreciation
At 1 January 2024
98
98
Charge for the year
857
1,180
2,037
--------
-------
--------
At 31 December 2024
857
1,278
2,135
--------
-------
--------
Carrying amount
At 31 December 2024
10,351
4,622
14,973
--------
-------
--------
At 31 December 2023
5,802
5,802
--------
-------
--------
7. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
113,742
100
113,842
---------
----
---------
Impairment
At 1 January 2024 and 31 December 2024
---------
----
---------
Carrying amount
At 31 December 2024
113,742
100
113,842
---------
----
---------
At 31 December 2023
113,742
100
113,842
---------
----
---------
8. Debtors
2024
2023
£
£
Trade debtors
298,584
160,610
Amounts owed by group undertakings and undertakings in which the company has a participating interest
378,932
439,549
Other debtors
148,173
118,164
---------
---------
825,689
718,323
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
1,932
1,932
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,000
30,000
Trade creditors
446,870
448,154
Amounts owed to group undertakings and undertakings in which the company has a participating interest
20,056
Corporation tax
48,761
55,655
Social security and other taxes
114,793
82,382
Other creditors
52,607
175,416
---------
---------
713,087
791,607
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,536
47,565
--------
--------
11. Other financial commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £270,050 (2023: £262,587). Total financial commitments, guarantees and contingencies undertaken on behalf of associated undertakings which are not included in the balance sheet amount to £54,253 (2023: £147,258).
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P A Talbot
488
488
Mr P Chater
5,400
5,400
-------
----
-------
5,888
5,888
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P A Talbot
488
488
Mr P Chater
3,916
1,484
5,400
-------
-------
-------
4,404
1,484
5,888
-------
-------
-------
The advances are unsecured, interest free and repayable on demand.