| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Red Kite Vehicle Consultants Limited |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Red Kite Vehicle Consultants Limited |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Financial Position | 4 |
| Notes to the Financial Statements | 5 |
| Red Kite Vehicle Consultants Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 4 Cedar Park |
| Ferndown Industrial Estate |
| Wimborne |
| Dorset |
| BH21 7SF |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of buying, converting, repairing and selling motor vehicles. The company also receives rental income from fixed term operating leases relating to these motor vehicles. |
| REVIEW OF BUSINESS |
| Red Kite Vehicle Consultants Limited have successfully worked, grown and serviced its core market for over 42 years and continues to grow alongside our enviable reputation. |
| In a business world that is impacted by many different challenges each year, Red Kite's reputation for fairness, understanding of the many different needs and scenarios that their own clients face, and, of course, the financial restraints that govern the whole world, have allowed the company to continue to grow and be ever-present. |
| Whilst our products and services are monitored and audited by the Vehicle Certification Agency (VCA), Bureau Veritas, on behalf of Stellantis Motor Group, the directors of Red Kite remain focused on updating and improving their product ranges to meet today's demands and legislations. |
| With a potential order book that stretches for up to five years ahead at any one time, the Red Kite rise remains greatly admired and envied, whilst it has been built from the history of words and the following actions taken to ensure the company's credibility. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company 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; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, Ward Goodman Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Red Kite Vehicle Consultants Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Red Kite Vehicle Consultants Limited is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on the Company Information page. The nature of the company's operations and it's principal activities are set out in the Directors Report. |
| The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover for non-leasing activities represents the value of vehicles, parts and maintenance services sold to customers, excluding value added tax. |
| Where minibuses are leased to customers for a fixed term, the income is recognised from the agreement amount stated, less the cost of financing buyback. This is recognised evenly over the period stated in the agreement. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Vehicles owned by the company on lease are stated at cost less accumulated depreciation, calculated mainly on a straight line basis in order to reduce the cost of the assets to their estimated market value on disposal at the end of their respective rental periods. The residual value is assessed on an annual basis. |
| When minibuses lease terms are extended, the cost and accumulated depreciation of the vehicle is carried forward and depreciated over the new lease term to its estimated residual value at the end of the new lease term. |
| Individual freehold properties are revalued to fair value every year with the surplus or deficit on book value being transferred to the revaluation reserve. |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stock and work in progress |
| Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes material and direct labour and is calculated on the first-in, first-out method. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Expenditure undertaken by the company on research activities is recognised in the profit and loss as incurred. |
| Expenditure on development costs which relates to the application of research to the development of new products or processes is capitalised provided that specific projects are identifiable, technically and commercially feasible and the company has sufficient resources to complete development. |
| The expenditure capitalised includes bought in goods and services, direct labour and attributable overheads. |
| These development costs have now been fully amortised in the year ended 31 December 2019. |
| Debtors |
| Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, which are described above, 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 most significant estimate required is ascertaining the residual value of leased vehicles. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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. |
| There are no areas of critical accounting judgements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor | Mini |
| property | machinery | vehicles | buses | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| Reclassification | - | - | 104,046 | - | 104,046 |
| Transfer to/from stock | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| Transfer to ownership | - | - | 104,046 | - | 104,046 |
| Transfer to/from stock | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 356,965 (2023 - £ 356,965 ) which is not depreciated. |
| All assets included in mini buses are held for use in operating leases. |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold | Plant and | Motor | Mini |
| property | machinery | vehicles | buses | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2004 | 65,249 | - | - | - | 65,249 |
| Valuation in 2010 | 8,298 | - | - | - | 8,298 |
| Valuation in 2013 | 105,710 | - | - | - | 105,710 |
| Valuation in 2015 | 108,290 | - | - | - | 108,290 |
| Cost | 424,673 | 210,656 | 313,697 | 10,638,597 | 11,587,623 |
| 712,220 | 210,656 | 313,697 | 10,638,597 | 11,875,170 |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 424,673 | 424,673 |
| Aggregate depreciation | 32,500 | 31,146 |
| Value of land in freehold land and buildings | 356,965 | 356,965 |
| Freehold land and buildings were valued on an open market basis on 31 December 2017 by the Directors . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | - | 50,865 |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| VAT | 82,705 | 178,595 |
| Other creditors |
| Directors' current accounts | 45 | - |
| Accrued expenses |
| Deferred lease rental | 1,597,839 | 1,886,120 |
| Deferred buy back obligation | 1,639,250 | 2,026,150 |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Hire purchase contracts |
| Deferred lease rental | 2,303,140 | 1,954,699 |
| Deferred buy back obligation | 2,378,250 | 2,961,000 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The Bank loan represents loans obtained with the bank in accordance with the Government Coronavirus Business Interruptions Loans Scheme (CBILS) and are secured over all assets of the company. |
| The overdraft facility of £150,000 is repayable on demand and is secured on all assets of the company. |
| The bank overdraft is secured by way of a mortgage over the freehold property. |
| Deferred lease and deferred buy back obligations are secured on the underlying assets. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| Ordinary A | £1 | 54 | 54 |
| Ordinary B | £1 | 46 | 46 |
| 300 | 300 |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| Reserves transfer | (4,368 | ) |
| At 31 December 2024 |
| Revaluation reserve |
| The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Interest on advances is charged at 2.25% per annum. |
| 14. | RELATED PARTY DISCLOSURES |
| Included in debtors is £23 (2023 - £25,428 debtor) owed to the director D Maskell and £22 (2023 - £25,437 debtor) owed to the director J Maskell. No interest is accruing on these balances. |
| Red Kite Vehicle Consultants Limited (Registered number: 01681281) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The company is ultimately controlled by J Maskell by virtue of his holding of 54% of the company's issued ordinary shares with voting rights. |