Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312023-09-01falseProvision of passenger transport services116102falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12087470 2023-09-01 2024-03-31 12087470 2022-09-01 2023-08-31 12087470 2024-03-31 12087470 2023-08-31 12087470 c:Director1 2023-09-01 2024-03-31 12087470 d:Buildings d:LongLeaseholdAssets 2023-09-01 2024-03-31 12087470 d:Buildings d:LongLeaseholdAssets 2024-03-31 12087470 d:Buildings d:LongLeaseholdAssets 2023-08-31 12087470 d:FurnitureFittings 2023-09-01 2024-03-31 12087470 d:FurnitureFittings 2024-03-31 12087470 d:FurnitureFittings 2023-08-31 12087470 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-03-31 12087470 d:OwnedOrFreeholdAssets 2023-09-01 2024-03-31 12087470 d:CurrentFinancialInstruments 2024-03-31 12087470 d:CurrentFinancialInstruments 2023-08-31 12087470 d:Non-currentFinancialInstruments 2024-03-31 12087470 d:Non-currentFinancialInstruments 2023-08-31 12087470 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12087470 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 12087470 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12087470 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 12087470 d:UKTax 2023-09-01 2024-03-31 12087470 d:UKTax 2022-09-01 2023-08-31 12087470 d:ShareCapital 2024-03-31 12087470 d:ShareCapital 2023-08-31 12087470 d:RetainedEarningsAccumulatedLosses 2024-03-31 12087470 d:RetainedEarningsAccumulatedLosses 2023-08-31 12087470 c:OrdinaryShareClass1 2023-09-01 2024-03-31 12087470 c:OrdinaryShareClass1 2024-03-31 12087470 c:OrdinaryShareClass1 2023-08-31 12087470 c:FRS102 2023-09-01 2024-03-31 12087470 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-03-31 12087470 c:FullAccounts 2023-09-01 2024-03-31 12087470 c:PrivateLimitedCompanyLtd 2023-09-01 2024-03-31 12087470 2 2023-09-01 2024-03-31 12087470 e:PoundSterling 2023-09-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12087470









VECTEO LIMITED (FORMERLY LHCS AND SOUTHEND TRAVEL PARTNERSHIP LIMITED)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
VECTEO LIMITED
REGISTERED NUMBER: 12087470

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 August
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,326
3,948

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,415
1,212

Debtors: amounts falling due within one year
 6 
2,030,604
1,286,611

Cash at bank and in hand
 7 
153,482
185,054

  
2,185,501
1,472,877

Creditors: amounts falling due within one year
 8 
(2,370,725)
(1,722,413)

Net current liabilities
  
 
 
(185,224)
 
 
(249,536)

Total assets less current liabilities
  
(182,898)
(245,588)

Creditors: amounts falling due after more than one year
 9 
-
(790)

  

Net liabilities
  
(182,898)
(246,378)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(182,998)
(246,478)

  
(182,898)
(246,378)


Page 1

 
VECTEO LIMITED
REGISTERED NUMBER: 12087470
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 period 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 by  




P J Bates
Director

Date: 26 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Vecteo Limited (Formerly LHCS and Southend Travel Partnership Limited), is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Princess Caroline House, High Street, Southend-On-Sea, SS1 1JE. The principal activity of the company during the year has been that of the provision of passenger transport services.

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.

 
2.2

Going concern

The company finances its working capital requirements predominately through funding from its shareholders. The directors have no reason to believe that these facilities or support will be withdrawn unless the trading results do not improve. It has been considered that in the current economic climate the routes that the company run will likely be closed down as they are not economically viable which will likely lead to the cessation of the company.
The directors of the company have prepared the accounts on the going concern basis as they consider that the going concern basis and the break up basis will show similar results. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

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 balance sheet date in the countries where the company operates and generates income.


Page 4

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:


Short-term leasehold property
-
33%
straight line
Fixtures and fittings
-
20%
straight line

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 116 (2023 - 102).

Page 5

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Taxation


Period ended
31 March
Year ended
31 August
2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
3,344


-
3,344


Total current tax
-
3,344

Factors affecting tax charge for the period/year

There were no factors that affected the tax charge for the period/year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19/25%).



Factors that may affect future tax charges

At the year end the company has tax losses amounting to £591,516 (2023 - £656,557) that can be utilised to offset against future taxable profits.

Page 6

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2023
3,990
7,314
11,304



At 31 March 2024

3,990
7,314
11,304



Depreciation


At 1 September 2023
2,743
4,613
7,356


Charge for the period on owned assets
768
854
1,622



At 31 March 2024

3,511
5,467
8,978



Net book value



At 31 March 2024
479
1,847
2,326



At 31 August 2023
1,247
2,701
3,948

Page 7

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors

31 March
31 August
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
-
1,212

Other debtors
1,415
-

1,415
1,212


31 March
31 August
2024
2023
£
£

Due within one year

Trade debtors
1,083,399
11,083

Other debtors
706
29,358

Prepayments and accrued income
946,499
1,246,170

2,030,604
1,286,611



7.


Cash and cash equivalents

31 March
31 August
2024
2023
£
£

Cash at bank and in hand
153,482
185,054


Page 8

 
VECTEO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

31 March
31 August
2024
2023
£
£

Other loans
392,000
392,000

Trade creditors
407,906
121,929

Other taxation and social security
242,101
118,149

Accruals and deferred income
1,328,718
1,090,335

2,370,725
1,722,413


The Other loans of £392,000 (2023: £392,000) are secured via a debenture over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

31 March
31 August
2024
2023
£
£

Amounts owed to group undertakings
-
790



10.


Share capital

31 March
31 August
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) ordinary shares of £1.00 each
100
100



11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,747 (2023 - £7,359). Contributions totalling £864 (2023 - £873) were due from the fund at the balance sheet date and are included in debtors.

 
Page 9