Limited Liability Partnership registration number OC423427 (England and Wales)
Flexible Vehicle Logistics LLP
Annual report and unaudited financial statements
For the period ended 31 December 2024
Flexible Vehicle Logistics LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Flexible Vehicle Logistics LLP
Statement of financial position
As at 31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
2,108,003
Current assets
Stocks
-
14,501
Debtors
4
2,327,059
1,948,214
Cash at bank and in hand
325,651
593,169
2,652,710
2,555,884
Creditors: amounts falling due within one year
5
(448,304)
(1,513,677)
Net current assets
2,204,406
1,042,207
Total assets less current liabilities
2,204,406
3,150,210
Creditors: amounts falling due after more than one year
6
(5,553)
(1,180,801)
Net assets attributable to members
2,198,853
1,969,409
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,368,853
1,139,409
Members' other interests
Other reserves classified as equity
830,000
830,000
2,198,853
1,969,409
Flexible Vehicle Logistics LLP
Statement of financial position (continued)
As at 31 December 2024
- 2 -

For the financial period ended 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 16 June 2025 and are signed on their behalf by:
16 June 2025
Mr J M V Young
Designated member
Limited Liability Partnership registration number OC423427 (England and Wales)
Flexible Vehicle Logistics LLP
Notes to the financial statements
For the period ended 31 December 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Flexible Vehicle Logistics LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

1.1
Reporting period

The financial statements cover an 9 month period, as the reporting date was shortened from 31 March 2025 to 31 December 2024, as the company has ceased to trade.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. 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.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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.

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
25% on cost
Plant and equipment
3-5 years on a straight line basis
Fixtures and fittings
33.33% on cost and 20% on cost
Computer equipment
50% on cost and 3 years straight line
Motor vehicles
15% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Flexible Vehicle Logistics LLP
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Flexible Vehicle Logistics LLP
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and hire purchase liabilities that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Flexible Vehicle Logistics LLP
Notes to the financial statements (continued)
For the period ended 31 December 2024
- 6 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2024
Number
Number
Total
51
52
3
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
57,236
156,232
716
28,258
3,183,830
3,426,272
Additions
1,335
-
-
75
-
1,410
Disposals
(58,571)
(156,232)
(716)
(28,333)
(3,183,830)
(3,427,682)
At 31 December 2024
-
-
-
-
-
-
Depreciation and impairment
At 1 April 2024
30,602
133,638
668
20,034
1,133,327
1,318,269
Depreciation charged in the period
2,412
3,414
12
1,167
57,450
64,455
Eliminated in respect of disposals
(33,014)
(137,052)
(680)
(21,201)
(1,190,777)
(1,382,724)
At 31 December 2024
-
-
-
-
-
-
Carrying amount
At 31 December 2024
-
-
-
-
-
-
At 31 March 2024
26,634
22,594
48
8,224
2,050,503
2,108,003
4
Debtors
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
382,632
1,453,655
Other debtors
1,944,427
494,559
2,327,059
1,948,214
Flexible Vehicle Logistics LLP
Notes to the financial statements (continued)
For the period ended 31 December 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2024
£
£
Bank loans
9,577
9,445
Trade creditors
434,228
961,956
Taxation and social security
770
334,915
Other creditors
3,729
207,361
448,304
1,513,677
6
Creditors: amounts falling due after more than one year
2024
2024
Notes
£
£
Bank loans and overdrafts
5,553
13,401
Other creditors
-
1,167,400
5,553
1,180,801

 

 

7
Loans and other debts due to members

Loans and other debts due to members' (other than members' capital classified as debt) would rank below other creditors.

2024-12-312024-04-01falsefalse16 June 2025CCH SoftwareCCH Accounts Production 2025.100falseOC4234272024-04-012024-12-31OC4234272024-12-31OC423427bus:PartnerLLP22024-04-012024-12-31OC4234272023-04-012024-03-31OC423427bus:LimitedLiabilityPartnershipLLP2024-04-012024-12-31OC423427bus:SmallCompaniesRegimeForAccounts2024-04-012024-12-31OC423427bus:FRS1022024-04-012024-12-31OC423427bus:AuditExemptWithAccountantsReport2024-04-012024-12-31OC423427bus:FullAccounts2024-04-012024-12-31xbrli:purexbrli:shares