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COMPANY REGISTRATION NUMBER: 06368257
Auto Leasing UK Limited
Filleted Unaudited Financial Statements
31 October 2024
Auto Leasing UK Limited
Financial Statements
Year ended 31st October 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Auto Leasing UK Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
9,191,738
7,268,948
Current assets
Debtors
6
1,433,374
1,357,644
Cash at bank and in hand
3
499
------------
------------
1,433,377
1,358,143
Creditors: amounts falling due within one year
7
3,531,329
3,396,144
------------
------------
Net current liabilities
2,097,952
2,038,001
------------
------------
Total assets less current liabilities
7,093,786
5,230,947
Creditors: amounts falling due after more than one year
8
5,058,637
3,671,198
Provisions
Taxation including deferred tax
529,509
336,407
------------
------------
Net assets
1,505,640
1,223,342
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,505,540
1,223,242
------------
------------
Shareholders funds
1,505,640
1,223,342
------------
------------
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 31st October 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 year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Auto Leasing UK Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
E Carter
Director
Company registration number: 06368257
Auto Leasing UK Limited
Notes to the Financial Statements
Year ended 31st October 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 17-19 Manchester Road, Northwich, Cheshire, CW9 5LY.
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.
Changes in accounting estimates
Due to sustained profit on disposal of motor vehicles, the directors have reassessed the expected residual value of its assets resulting in a reduction in the depreciation charge for the year by £515,739.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Motorhomes
-
10% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
10% reducing balance
Motor vehicle storage
-
15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 23 ).
5. Tangible assets
Motorhomes
Plant and machinery
Fixtures and fittings
Motor vehicles
Motor vehicle storage
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
3,116,742
435,307
137,324
6,901,945
252,883
10,844,201
Additions
1,300,140
235,325
560
1,969,908
3,505,933
Disposals
( 95,118)
( 1,116,625)
( 1,211,743)
------------
---------
---------
------------
---------
-------------
At 31 Oct 2024
4,321,764
670,632
137,884
7,755,228
252,883
13,138,391
------------
---------
---------
------------
---------
-------------
Depreciation
At 1 Nov 2023
857,427
159,529
82,607
2,364,542
111,148
3,575,253
Charge for the year
304,677
53,162
8,215
551,927
21,260
939,241
Disposals
( 43,350)
( 524,491)
( 567,841)
------------
---------
---------
------------
---------
-------------
At 31 Oct 2024
1,118,754
212,691
90,822
2,391,978
132,408
3,946,653
------------
---------
---------
------------
---------
-------------
Carrying amount
At 31 Oct 2024
3,203,010
457,941
47,062
5,363,250
120,475
9,191,738
------------
---------
---------
------------
---------
-------------
At 31 Oct 2023
2,259,315
275,778
54,717
4,537,403
141,735
7,268,948
------------
---------
---------
------------
---------
-------------
6. Debtors
2024
2023
£
£
Trade debtors
436,144
440,288
Other debtors
997,230
917,356
------------
------------
1,433,374
1,357,644
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
154,602
261,318
Trade creditors
316,468
388,302
Social security and other taxes
260,734
350,932
Other creditors
2,799,525
2,395,592
------------
------------
3,531,329
3,396,144
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,058,637
3,671,198
------------
------------
Finance lease and hire purchase liabilities are secured by the assets for which the finance was provided.
9. Director's advances, credits and guarantees
2024 2023
£ £
Director loan accounts 16 106
---- ----
No interest has been charged to or from the company in respect of the loans which are repayable on demand and are classified under creditors falling due within one year.