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COMPANY REGISTRATION NUMBER: 03888109
Vehicle Telematics Limited
Filleted Unaudited Financial Statements
30 September 2024
Vehicle Telematics Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Vehicle Telematics Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,373
1,716
Current assets
Stocks
2,878
7,098
Debtors
6
20,564
2,699
Cash at bank and in hand
1,715
7,714
--------
--------
25,157
17,511
Creditors: amounts falling due within one year
7
41,514
27,592
--------
--------
Net current liabilities
16,357
10,081
--------
--------
Total assets less current liabilities
( 14,984)
( 8,365)
Creditors: amounts falling due after more than one year
8
1,160
2,625
--------
--------
Net liabilities
( 16,144)
( 10,990)
--------
--------
Capital and reserves
Called up share capital
9
99
99
Profit and loss account
( 16,243)
( 11,089)
--------
--------
Shareholders deficit
( 16,144)
( 10,990)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Vehicle Telematics Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr K Roberts
Director
Company registration number: 03888109
Vehicle Telematics Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 OAW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's director. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of its director. This support is to continue for at least the next 12 months.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 October 2023 and 30 September 2024
4,836
4,836
-------
-------
Depreciation
At 1 October 2023
3,120
3,120
Charge for the year
343
343
-------
-------
At 30 September 2024
3,463
3,463
-------
-------
Carrying amount
At 30 September 2024
1,373
1,373
-------
-------
At 30 September 2023
1,716
1,716
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
20,258
2,699
Other debtors
306
--------
-------
20,564
2,699
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,500
1,500
Trade creditors
25,951
8,186
Accruals and deferred income
2,200
2,095
Corporation tax
109
8,804
Social security and other taxes
1,841
Director loan accounts
11,754
5,166
--------
--------
41,514
27,592
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,160
2,625
-------
-------
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
250
250
250
250
Ordinary B shares of £ 1 each
250
250
250
250
Ordinary C shares of £ 1 each
250
250
250
250
Ordinary D shares of £ 1 each
250
250
250
250
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
47
47
47
47
Ordinary B shares of £ 1 each
5
5
5
5
Ordinary C shares of £ 1 each
47
47
47
47
----
----
----
----
99
99
99
99
----
----
----
----
10. Related party transactions
At the year end the company owed its director £11,754 (2023 - £5,166) in the form of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.