IRIS Accounts Production v24.3.2.46 11280312 Board of Directors 1.1.24 31.12.24 31.12.24 10.4.25 false true false false false true false Auditors Opinion Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112803122023-12-31112803122024-12-31112803122024-01-012024-12-31112803122022-12-31112803122023-01-012023-12-31112803122023-12-3111280312ns15:EnglandWales2024-01-012024-12-3111280312ns14:PoundSterling2024-01-012024-12-3111280312ns10:Director12024-01-012024-12-3111280312ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3111280312ns10:SmallEntities2024-01-012024-12-3111280312ns10:Audited2024-01-012024-12-3111280312ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3111280312ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3111280312ns10:FullAccounts2024-01-012024-12-311128031212024-01-012024-12-3111280312ns10:OrdinaryShareClass12024-01-012024-12-3111280312ns10:Director22024-01-012024-12-3111280312ns10:RegisteredOffice2024-01-012024-12-3111280312ns5:CurrentFinancialInstruments2024-12-3111280312ns5:CurrentFinancialInstruments2023-12-3111280312ns5:Non-currentFinancialInstruments2024-12-3111280312ns5:Non-currentFinancialInstruments2023-12-3111280312ns5:RetainedEarningsAccumulatedLosses2024-12-3111280312ns5:RetainedEarningsAccumulatedLosses2023-12-3111280312ns5:NetGoodwill2024-01-012024-12-3111280312ns5:ComputerSoftware2024-01-012024-12-3111280312ns5:PlantMachinery2024-01-012024-12-3111280312ns5:FurnitureFittings2024-01-012024-12-3111280312ns5:ComputerEquipment2024-01-012024-12-3111280312ns5:NetGoodwill2023-12-3111280312ns5:ComputerSoftware2023-12-3111280312ns5:NetGoodwill2024-12-3111280312ns5:ComputerSoftware2024-12-3111280312ns5:NetGoodwill2023-12-3111280312ns5:ComputerSoftware2023-12-3111280312ns5:PlantMachinery2023-12-3111280312ns5:FurnitureFittings2023-12-3111280312ns5:ComputerEquipment2023-12-3111280312ns5:PlantMachinery2024-12-3111280312ns5:FurnitureFittings2024-12-3111280312ns5:ComputerEquipment2024-12-3111280312ns5:PlantMachinery2023-12-3111280312ns5:FurnitureFittings2023-12-3111280312ns5:ComputerEquipment2023-12-3111280312ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3111280312ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111280312ns10:OrdinaryShareClass12024-12-31
REGISTERED NUMBER: 11280312 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Vehicle & Asset Solutions Limited

Vehicle & Asset Solutions Limited (Registered number: 11280312)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Vehicle & Asset Solutions Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A Bora
P P Neal



REGISTERED OFFICE: River House
1 Maidstone Road
Sidcup
DA14 5RH



REGISTERED NUMBER: 11280312 (England and Wales)



SENIOR STATUTORY AUDITOR: Raza Effendi MBA FCA



AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Vehicle & Asset Solutions Limited (Registered number: 11280312)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 789,010 852,645
Tangible assets 5 26,172 37,461
815,182 890,106

CURRENT ASSETS
Debtors 6 493,720 545,148
Cash at bank 759,131 845,188
1,252,851 1,390,336
CREDITORS
Amounts falling due within one year 7 1,107,045 1,127,741
NET CURRENT ASSETS 145,806 262,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

960,988

1,152,701

CREDITORS
Amounts falling due after more than one year 8 (630,073 ) (908,028 )

PROVISIONS FOR LIABILITIES (93,000 ) (82,039 )
NET ASSETS 237,915 162,634

RESERVES
Retained earnings 237,915 162,634
SHAREHOLDERS' FUNDS 237,915 162,634

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2025 and were signed on its behalf by:





P P Neal - Director


Vehicle & Asset Solutions Limited (Registered number: 11280312)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Vehicle & Asset Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. For services turnover this is based on the date the services are performed. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

Turnover is recognised in relation to separately identifiable components of a single transaction when necessary to reflect the substance of the arrangement and in relation to two or more linked transactions when necessary to understand the commercial effect.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Computer software
Computer software relates to App Software Development for internal use. The software is amortised over it's estimated, economic useful life of between three and eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% straight line
Fixtures and fittings - 33% straight line and 20% straight line
Computer equipment - 33% straight line, 25% straight line and 20% straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Vehicle & Asset Solutions Limited (Registered number: 11280312)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments. Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs. A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Bank overdrafts are presented within creditors: amounts falling due within one year.

Borrowings are initially recognised at the transaction price, including transaction costs (unless the arrangement constitutes, in effect, a financing transaction, in which case it is initially recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument) and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar expenses.

Accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key judgments formed include the useful life of acquired and developed software as well as the useful life of Goodwill and the value of intangible assets acquired through business combinations which have valued on a replacement cost basis having consulted the original developers of such assets acquired.

Vehicle & Asset Solutions Limited (Registered number: 11280312)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 142 (2023 - 131 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024 1,138,444 1,548,076 2,686,520
Additions - 196,718 196,718
At 31 December 2024 1,138,444 1,744,794 2,883,238
AMORTISATION
At 1 January 2024 635,631 1,198,244 1,833,875
Amortisation for year 113,844 146,509 260,353
At 31 December 2024 749,475 1,344,753 2,094,228
NET BOOK VALUE
At 31 December 2024 388,969 400,041 789,010
At 31 December 2023 502,813 349,832 852,645

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 1,342 5,053 64,727 71,122
Additions - - 8,861 8,861
At 31 December 2024 1,342 5,053 73,588 79,983
DEPRECIATION
At 1 January 2024 815 790 32,056 33,661
Charge for year 391 977 18,782 20,150
At 31 December 2024 1,206 1,767 50,838 53,811
NET BOOK VALUE
At 31 December 2024 136 3,286 22,750 26,172
At 31 December 2023 527 4,263 32,671 37,461

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 426,567 473,483
Other debtors 9,500 9,500
Directors' current accounts - 12,452
Prepayments 57,653 49,713
493,720 545,148

Vehicle & Asset Solutions Limited (Registered number: 11280312)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 98,642 119,780
Amounts owed to group undertakings 422,449 414,956
Tax 50,428 81,452
Social security and other taxes 65,045 63,070
Pension 11,237 10,750
VAT 175,999 166,206
Other creditors 159,776 148,089
Accrued expenses 123,469 123,438
1,107,045 1,127,741

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 630,073 908,028

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 0.01 - -

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Auxi International (a company incorporated in France).