Company registration number SC235634 (Scotland)
FLEET ALLIANCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FLEET ALLIANCE LIMITED
COMPANY INFORMATION
Directors
M Brown
A Robertson
G M Boardman
D Blackmore
A Bruce
Secretary
A Robertson
Company number
SC235634
Registered office
Skypark 1
Unit 9/1
8 Elliot Place
Glasgow
United Kingdom
G3 8EP
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
FLEET ALLIANCE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 32
FLEET ALLIANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The group made a profit before tax of £1,903,789 in the year ended 31 December 2024 (£1,558,860 in the year ended 31 December 2023). The group EBITDA was £2,460,460 in the year ended 31 December 2024 (£2,091,091 in the year ended 31 December 2023).
These results include the results of Concilium Limited a wholly owned subsidiary who’s trade is separate from the main trade of the group. Concilium made a loss before tax of £122,475 in the year ended 31 December 2024 (£134,401 in the year ended 31 December 2023).
Fleet Alliance Limited is a multi-award winning business and trades under two brand names - Fleet Alliance and Intelligent Car Leasing. It currently manages a vehicle fleet in excess of 30,000 vehicles with a market value of more than £1 billion.
Fleet Alliance is one of the UK’s leading providers of fleet funding and fleet management to the SME and Corporate markets. It has developed class leading, proprietary software that drives its award-winning e-Fleet platform, which provides an end-to-end fleet management solution to customers that also includes the award-winning e-Fleet Mobile app to support their drivers.
This is supported by a team of dedicated account managers to ensure that customers receive bespoke and personalised solutions to their fleet requirements.
The business took the decision at the end of 2024 to close the Intelligent Car Leasing division. The market for personal leasing has become ultra competitive and the company took the view that it would be better to focus entirely on its core SME and Corporate sales channels, which is where its expertise lies. As such the trade and assets of Intelligent Car Leasing Limited were hived up to Fleet Alliance Limited on 31 December 2024.
The company’s personal leasing customers will continue to be supported under the Fleet Alliance brand.
Marketing and Trading commentary
2024 saw further improvements to vehicle supply following the disruptions due to Covid 19 and the war in Ukraine.
Lead times on new vehicles steadily reduced during the year and at 3 months or so are now at what would be regarded as normal. This level of predictability helps the business in a number of ways including advising customers on vehicle availability and in financial planning.
The UK new car market continued to recover following the market reductions during Covid and the war in Ukraine and it grew by 2.6% to just under two million registrations.
Whilst sales to private individuals fell, the market for corporate and fleet vehicles grew by 11% to take a 60% share of the overall market.
Battery electric vehicles and hybrid electric vehicles also continued to grow and this, along with the increase in fleet sales, are very positive trends for the business as this is its core market.
The company expects these trends to continue in 2025.
FLEET ALLIANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Customer Experience
Delivering excellent standards of customer experience remains at the heart of the company’s strategy and ethos and great emphasis is placed on gaining and acting upon customer feedback.
A rigorous process is in place to address any areas of concern using root cause analysis and this drives a culture of continuous improvement.
This has led to the company being recognised for excellent customer satisfaction in the following ways:
Multiple winner of the Leasing Broker Federation Awards including:
Best Large Leasing Broker Award 2023, 2022, 2021, 2018, 2017, 2016, 2015*, 2014*
Best Large Leasing Broker Customer Service Award 2022, 2021, 2019, 2018, 2017, 2016, 2015*, 2014*
Best Green Leasing Broker Award 2019, 2018
Best Electric Vehicle Leasing Broker Award 2022, 2021
Best Fleet Management Service 2022
Leasing Broker of the Year 2023, 2022, 2017
Winner of the Broker News Best SME Broker Award 2023, 2025
Winner of the Experteye Fleeteye Customer Satisfaction Award for fleets of up to 250 vehicles 2019, 2018, 2017, 2015
BusinessCar Customer Service Award 2018
Three-time winner of the Green Apple Award for Environmental Best Practice, 2024, 2022, 2021, 2015
Awarded Laureate Status by the Great Place to Work Institute and voted one of the UK’s Best Workplaces for the 13th year in a row in the Best Place to Work Awards medium-sized company category
Recognised as one of the Best Workplaces for Women 2023, 2022 and 2020 by the Great Place to Work Institute
Best Companies star accredited 2018, 2017, 2016
Winner of the Best Appointed Representative 2024
Employee Focus
Developing an engaged and expert team is one of the company’s strategic pillars as it is recognised that this underpins outstanding customer experience and strong business results.
There was a great deal of focus on employee engagement as well as further improvements to policies and people processes.
All of this culminated in the business being recognised as a Great Place to Work for the 13th consecutive year, with the staff awarding the company excellent scores across the many metrics in the survey.
The business takes all of the feedback very seriously and work is already underway to try to improve the scores for the next survey based on the feedback from the team.
The Great Place to Work Institute created a new category for 2025 of Great Place to Work Financial Services and the company was also recognised in this category.
FLEET ALLIANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Environmental, Social and Governance (ESG)
FLEET ALLIANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Environmental, Social and Governance (ESG) Continued
The business has also taken a range of Energy Efficiency Actions:
Consolidated its operational sites into one efficient location at the Head Office in Glasgow and this is reflected in the summary data tables that clearly show the reduction in energy and GHG emissions.
Continued support for a hybrid working environment to reduce commuting.
All staff vehicles taken as part of our salary sacrifice offer are fully electric.
Minimising business travel and utilise online video conferencing for meetings where possible.
The group has continued to work on its ESG metrics in partnership with Omnevue, a recognised ESG audit firm.
Suppliers and Partners
The group has excellent and long-standing relationships with a wide range of suppliers and partners, and these are a vital part of its ongoing success. This includes its relationships with its leasing company partners, its network of Appointed Representatives and Partners, vehicle manufacturers and dealer networks as well as other business relationships.
The group greatly values these relationships and the directors would like to thank them for their valued support and look forward to working with them in the future.
A Robertson
Director
30 May 2025
FLEET ALLIANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 10.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Brown
A Robertson
G M Boardman
D Blackmore
N McMinn
(Resigned 12 December 2024)
A Bruce
Auditor
Azets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
FLEET ALLIANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
On behalf of the board
A Robertson
Director
30 May 2025
FLEET ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEET ALLIANCE LIMITED
- 7 -
Opinion
We have audited the financial statements of Fleet Alliance Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
FLEET ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEET ALLIANCE LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
FLEET ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEET ALLIANCE LIMITED
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the group and the parent company, their activities, their control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group and the parent company are complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group and the parent company that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the group and the parent company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
James McBride (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
30 May 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
FLEET ALLIANCE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Gross Value of the business written/income earned
202,661,785
200,892,430
Less Value of the business assigned to third parties
191,291,337
189,922,143
Add Software sales
384,005
406,886
Turnover
2
11,754,453
11,377,173
Cost of sales
(2,367,246)
(2,899,637)
Gross profit
9,387,207
8,477,536
Selling and distribution costs
(442,045)
(392,736)
Administrative expenses
(7,035,743)
(6,518,948)
Operating profit
4
1,909,419
1,565,852
Interest receivable and similar income
8
9,013
11,312
Interest payable and similar expenses
9
(14,643)
(18,304)
Profit before taxation
1,903,789
1,558,860
Tax on profit
10
(541,985)
(468,517)
Profit for the financial year
24
1,361,804
1,090,343
EBITDA
2,460,760
2,059,567
Total comprehensive income for the year is all attributable to the owners of the parent company.
FLEET ALLIANCE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
1,361,804
1,090,343
Other comprehensive income
-
-
Total comprehensive income for the year
1,361,804
1,090,343
Total comprehensive income for the year is all attributable to the owners of the parent company.
FLEET ALLIANCE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
653,552
860,558
Other intangible assets
12
640,654
736,279
Total intangible assets
1,294,206
1,596,837
Tangible assets
13
98,480
40,079
1,392,686
1,636,916
Current assets
Debtors
16
1,421,805
1,786,351
Cash at bank and in hand
2,532,540
1,724,722
3,954,345
3,511,073
Creditors: amounts falling due within one year
17
(2,148,522)
(1,887,651)
Net current assets
1,805,823
1,623,422
Total assets less current liabilities
3,198,509
3,260,338
Creditors: amounts falling due after more than one year
19
(22,728)
(77,273)
Provisions for liabilities
Deferred tax liability
20
165,084
187,192
(165,084)
(187,192)
Net assets
3,010,697
2,995,873
Capital and reserves
Called up share capital
22
1,004
1,004
Share premium account
23
5,496
5,496
Profit and loss reserves
24
3,004,197
2,989,373
Total equity
3,010,697
2,995,873
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
A Robertson
Director
Company registration number SC235634 (Scotland)
FLEET ALLIANCE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,048,826
1,223,630
Tangible assets
13
98,480
39,988
Investments
14
56,839
56,839
1,204,145
1,320,457
Current assets
Debtors
16
2,286,380
2,273,927
Cash at bank and in hand
2,236,744
1,505,235
4,523,124
3,779,162
Creditors: amounts falling due within one year
17
(2,111,184)
(1,927,241)
Net current assets
2,411,940
1,851,921
Total assets less current liabilities
3,616,085
3,172,378
Creditors: amounts falling due after more than one year
19
(22,728)
(77,273)
Provisions for liabilities
Deferred tax liability
20
4,920
5,215
(4,920)
(5,215)
Net assets
3,588,437
3,089,890
Capital and reserves
Called up share capital
22
1,004
1,004
Share premium account
23
5,496
5,496
Profit and loss reserves
24
3,581,937
3,083,390
Total equity
3,588,437
3,089,890
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,845,527 (2023 - £1,287,956 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
A Robertson
Director
Company registration number SC235634 (Scotland)
FLEET ALLIANCE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,004
5,496
3,116,010
3,122,510
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,090,343
1,090,343
Dividends
11
-
-
(1,216,980)
(1,216,980)
Balance at 31 December 2023
1,004
5,496
2,989,373
2,995,873
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,361,804
1,361,804
Dividends
11
-
-
(1,346,980)
(1,346,980)
Balance at 31 December 2024
1,004
5,496
3,004,197
3,010,697
FLEET ALLIANCE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,004
5,496
3,012,414
3,018,914
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,287,956
1,287,956
Dividends
11
-
-
(1,216,980)
(1,216,980)
Balance at 31 December 2023
1,004
5,496
3,083,390
3,089,890
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,845,527
1,845,527
Dividends
11
-
-
(1,346,980)
(1,346,980)
Balance at 31 December 2024
1,004
5,496
3,581,937
3,588,437
FLEET ALLIANCE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,891,581
2,343,767
Interest paid
(14,643)
(18,069)
Income taxes paid
(369,797)
(340,126)
Net cash inflow from operating activities
2,507,141
1,985,572
Investing activities
Purchase of intangible assets
(231,610)
(233,934)
Purchase of tangible fixed assets
(75,501)
(4,655)
Proceeds from disposal of tangible fixed assets
300
1,249
Repayment of loans
-
14,242
Interest received
9,013
11,312
Net cash used in investing activities
(297,798)
(211,786)
Financing activities
Repayment of bank loans
(54,545)
(54,546)
Dividends paid to equity shareholders
(1,346,980)
(1,216,980)
Net cash used in financing activities
(1,401,525)
(1,271,526)
Net increase in cash and cash equivalents
807,818
502,260
Cash and cash equivalents at beginning of year
1,724,722
1,222,462
Cash and cash equivalents at end of year
2,532,540
1,724,722
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information
Fleet Alliance Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Skypark 1, Unit 9/1, 8 Elliot Place, Glasgow, United Kingdom, G3 8EP.
The group consists of Fleet Alliance Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Fleet Alliance Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group and the parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
10% Straight Line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
20% on cost
Office Equipment
25% on reducing balance and 15% on reducing balance
Fixtures and fittings
33% on cost, 25% on reducing balance and 15% on reducing balance
Computers
33% on cost
Motor vehicles
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fleet sales
11,370,448
10,970,287
Software sales
384,005
406,886
11,754,453
11,377,173
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
UK
11,754,453
11,377,173
2024
2023
£
£
Other revenue
Interest income
9,013
11,312
3
Individual income statement
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
17,100
35,004
(Profit)/loss on disposal of tangible fixed assets
(300)
31,524
Amortisation of intangible assets
534,241
458,711
Operating lease charges
3,129
24,598
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
40,000
-
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
95
84
79
72
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 22 -
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,146,114
3,678,162
3,859,422
3,458,340
Social security costs
456,218
402,176
410,032
364,370
Pension costs
251,522
219,744
233,216
202,152
4,853,854
4,300,082
4,502,670
4,024,862
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
877,903
685,809
Company pension contributions to defined contribution schemes
48,395
33,860
926,298
719,669
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
233,250
136,543
Company pension contributions to defined contribution schemes
6,825
5,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,549
6,186
Other interest income
464
5,126
Total income
9,013
11,312
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
5,089
10,759
Other interest on financial liabilities
9,554
7,310
Net interest on the net defined benefit liability
235
Total finance costs
14,643
18,304
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
564,093
451,841
Adjustments in respect of prior periods
(60,900)
Total current tax
564,093
390,941
Deferred tax
Origination and reversal of timing differences
(22,108)
77,576
Total tax charge
541,985
468,517
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,903,789
1,558,860
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
475,947
366,644
Tax effect of expenses that are not deductible in determining taxable profit
22,385
27,633
Tax effect of income not taxable in determining taxable profit
(116)
Adjustments in respect of prior years
(1,062)
19,232
Effect of change in corporation tax rate
-
(141)
Deferred tax adjustments in respect of prior years
1,130
Fixed asset differences
43,701
55,149
Taxation charge
541,985
468,517
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,346,980
1,216,980
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
2,385,231
2,283,301
4,668,532
Additions - internally developed
231,610
231,610
At 31 December 2024
2,385,231
2,514,911
4,900,142
Amortisation and impairment
At 1 January 2024
1,524,673
1,547,022
3,071,695
Amortisation charged for the year
207,006
327,235
534,241
At 31 December 2024
1,731,679
1,874,257
3,605,936
Carrying amount
At 31 December 2024
653,552
640,654
1,294,206
At 31 December 2023
860,558
736,279
1,596,837
Company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
1,748,042
1,748,042
Transfers
157,106
157,106
At 31 December 2024
1,748,042
157,106
1,905,148
Amortisation and impairment
At 1 January 2024
524,412
524,412
Amortisation charged for the year
174,804
174,804
Transfers
157,106
157,106
At 31 December 2024
699,216
157,106
856,322
Carrying amount
At 31 December 2024
1,048,826
1,048,826
At 31 December 2023
1,223,630
1,223,630
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Tangible fixed assets
Group
Improvements to property
Office Equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
256,911
12,638
124,987
170,457
7,322
572,315
Additions
55,982
704
4,319
14,496
75,501
Disposals
(1,556)
(2,092)
(54,733)
(58,381)
At 31 December 2024
311,337
11,250
129,306
130,220
7,322
589,435
Depreciation and impairment
At 1 January 2024
254,064
11,380
93,352
166,118
7,322
532,236
Depreciation charged in the year
7,150
843
5,092
4,015
17,100
Eliminated in respect of disposals
(1,556)
(2,092)
(54,733)
(58,381)
At 31 December 2024
259,658
10,131
98,444
115,400
7,322
490,955
Carrying amount
At 31 December 2024
51,679
1,119
30,862
14,820
98,480
At 31 December 2023
2,847
1,258
31,635
4,339
40,079
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 26 -
Company
Improvements to property
Office Equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
256,911
12,638
111,806
156,738
7,322
545,415
Additions
55,982
704
4,319
14,496
75,501
Disposals
(1,556)
(2,092)
(54,733)
(58,381)
Transfers
13,181
2,469
15,650
At 31 December 2024
311,337
11,250
129,306
118,970
7,322
578,185
Depreciation and impairment
At 1 January 2024
254,064
11,380
80,262
152,399
7,322
505,427
Depreciation charged in the year
7,150
843
5,001
4,015
17,009
Eliminated in respect of disposals
(1,556)
(2,092)
(54,733)
(58,381)
Transfers
13,181
2,469
15,650
At 31 December 2024
259,658
10,131
98,444
104,150
7,322
479,705
Carrying amount
At 31 December 2024
51,679
1,119
30,862
14,820
98,480
At 31 December 2023
2,847
1,258
31,544
4,339
39,988
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
56,839
56,839
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
56,839
Carrying amount
At 31 December 2024
56,839
At 31 December 2023
56,839
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Concilium Limited
England & Wales
IT
Ordinary A, B C, Deferred A &B
100.00
Intelligent Car Leasing Limited
Scotland
Car Leasing
Ordinary
100.00
Neva Consultants Holdings Limited
England & Wales
Dormant
Ordinary
100.00
Neva-Consultants.com Limited
Engaland & Wales
Dormant
Ordinary
100.00
Neva.Direct Limited
England & Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
740,551
774,530
680,347
678,125
Amounts owed by group undertakings
-
-
945,866
627,737
Other debtors
291,694
395,657
284,108
385,024
Prepayments and accrued income
389,560
616,164
376,059
583,041
1,421,805
1,786,351
2,286,380
2,273,927
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
54,545
54,545
54,545
54,545
Trade creditors
399,009
455,502
384,912
425,339
Amounts owed to group undertakings
158,084
Corporation tax payable
284,692
90,396
284,692
90,396
Other taxation and social security
632,394
554,791
632,394
535,740
Other creditors
445,759
224,760
445,759
224,760
Accruals and deferred income
332,123
507,657
308,882
438,377
2,148,522
1,887,651
2,111,184
1,927,241
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
77,273
131,818
77,273
131,818
Payable within one year
54,545
54,545
54,545
54,545
Payable after one year
22,728
77,273
22,728
77,273
Bank loans relate to the company's loan facilities obtained under the Coronavirus Business Interruption Loan Scheme. These are subject to interest at base rate plus 2.16% margin, and are repayable on a monthly basis, with the final payments due in 2026.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
22,728
77,273
22,728
77,273
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
165,084
187,192
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
4,920
5,215
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
187,192
5,215
Credit to profit or loss
(22,108)
(295)
Liability at 31 December 2024
165,084
4,920
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 29 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
251,522
219,744
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
380
380
380
380
Ordinary B of £1 each
380
380
380
380
Ordinary C of £1 each
240
240
240
240
Ordinary D of £1 each
3
3
3
3
Ordinary E of £1 each
1
1
1
1
1,004
1,004
1,004
1,004
Ordinary A,B and C shares are entitled to fixed monthly and annual dividends upon the achievement of certain milestones relating to the financial performance of the Company.
D and E shares are entitled to capital distribution on the disposal of the shares only and are not entitled to dividends.
23
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
5,496
5,496
5,496
5,496
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
2,989,373
3,116,010
3,083,390
3,012,414
Profit for the year
1,361,804
1,090,343
1,845,527
1,287,956
Dividends
(1,346,980)
(1,216,980)
(1,346,980)
(1,216,980)
At the end of the year
3,004,197
2,989,373
3,581,937
3,083,390
25
Operating lease commitments
Lessee
At the reporting end date the group and company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
383,668
288,432
383,668
277,687
Between two and five years
771,833
842,321
771,833
835,741
In over five years
-
98,456
-
98,456
1,155,501
1,229,209
1,155,501
1,211,884
26
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
142,245
51,035
Other related parties
219,805
154,805
Company
Key management personnel
142,245
51,035
Other related parties
219,805
312,888
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Related party transactions
(Continued)
- 31 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
3,000
3,000
Company
Key management personnel
3,000
3,000
Other related parties
733,146
627,737
Other information
Loans to / from related parties are unsecured, interest free and have no fixed terms of repayment.
27
Controlling party
The group's ultimate controlling parties are A Flynn and M Flynn.
28
Prior Year Adjustment
The prior year group financial statements did not consolidate the results of Concilium Limited, a fully owned subsidary which was incorrect. The compartaive figures in these financial statements consolidates the results of Concilium Limited.
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,361,804
1,090,343
Adjustments for:
Taxation charged
541,985
468,517
Finance costs
14,643
18,304
Investment income
(9,013)
(11,312)
(Gain)/loss on disposal of tangible fixed assets
(300)
31,524
Amortisation and impairment of intangible assets
534,241
458,711
Depreciation and impairment of tangible fixed assets
17,100
35,004
Pension scheme non-cash movement
-
(235)
Movements in working capital:
Decrease in debtors
364,546
360,897
Increase/(decrease) in creditors
66,575
(107,986)
Cash generated from operations
2,891,581
2,343,767
FLEET ALLIANCE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,724,722
807,818
2,532,540
Borrowings excluding overdrafts
(131,818)
54,545
(77,273)
1,592,904
862,363
2,455,267
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