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REGISTERED NUMBER: 05845689 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

VARTEG MOTORS LIMITED
T/A
PHIL ANSLOW COACHES

VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

BALANCE SHEET
31 AUGUST 2024

31/8/24 31/8/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,392,794 1,830,901
Investments 5 10 10
2,392,804 1,830,911

CURRENT ASSETS
Stocks 25,855 29,500
Debtors 6 2,041,589 1,311,732
Cash at bank and in hand 139,858 610,020
2,207,302 1,951,252
CREDITORS
Amounts falling due within one year 7 560,957 851,917
NET CURRENT ASSETS 1,646,345 1,099,335
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,039,149

2,930,246

CREDITORS
Amounts falling due after more than one year 8 (606,323 ) (151,057 )

PROVISIONS FOR LIABILITIES (592,892 ) (457,725 )
NET ASSETS 2,839,934 2,321,464

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 2,839,834 2,321,364
SHAREHOLDERS' FUNDS 2,839,934 2,321,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

BALANCE SHEET - continued
31 AUGUST 2024


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 26 March 2025 and were signed on its behalf by:





Mr P Anslow - Director


VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Varteg Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05845689

Registered office: 13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW

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.

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

Therefore the financial statements have been prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 20% on cost and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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.


VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 61 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 3,943,699
Additions 1,476,383
Disposals (661,167 )
At 31 August 2024 4,758,915
DEPRECIATION
At 1 September 2023 2,112,798
Charge for year 638,117
Eliminated on disposal (384,794 )
At 31 August 2024 2,366,121
NET BOOK VALUE
At 31 August 2024 2,392,794
At 31 August 2023 1,830,901

VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2023 3,010,006
Additions 1,078,000
Disposals (619,000 )
Transfer to ownership (2,391,006 )
At 31 August 2024 1,078,000
DEPRECIATION
At 1 September 2023 1,563,545
Charge for year 207,667
Eliminated on disposal (336,016 )
Transfer to ownership (1,227,529 )
At 31 August 2024 207,667
NET BOOK VALUE
At 31 August 2024 870,333
At 31 August 2023 1,446,461

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 10
NET BOOK VALUE
At 31 August 2024 10
At 31 August 2023 10

VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. DEBTORS
31/8/24 31/8/23
£    £   
Amounts falling due within one year:
Trade debtors 205,823 88,179
Amounts owed by group undertakings 667,225 274,436
Other debtors 268,541 249,117
1,141,589 611,732

Amounts falling due after more than one year:
Other debtors 900,000 700,000

Aggregate amounts 2,041,589 1,311,732

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 103,036 195,514
Trade creditors 92,013 144,321
Taxation and social security 132,451 264,421
Other creditors 183,457 197,661
560,957 851,917

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans 66,667 116,667
Hire purchase contracts 539,656 34,390
606,323 151,057

9. SECURED DEBTS

The following secured debts are included within creditors:

31/8/24 31/8/23
£    £   
Hire purchase contracts 642,692 229,904

Hire purchase liabilities are secured against the assets to which they relate.

VARTEG MOTORS LIMITED (REGISTERED NUMBER: 05845689)
T/A PHIL ANSLOW COACHES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/8/24 31/8/23
value: £ £
70 Ordinary shares £1 70 90
15 Ordinary A Shares £1 15 5
15 Ordinary B Shares £1 15 5