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REGISTERED NUMBER: 01681281 (England and Wales)














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: Mr J R E Maskell
Mr D Maskell





SECRETARY: Mrs S Charman





REGISTERED OFFICE: 3 Haddons Drive
Three Legged Cross
Wimborne
Dorset
BH21 6QU





REGISTERED NUMBER: 01681281 (England and Wales)





AUDITORS: Ward Goodman Audit Services Ltd
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.

Mr J R E Maskell
Mr D Maskell

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:





Mr J R E Maskell - Director


9 July 2025

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 9,416,080 10,058,907
9,416,080 10,058,907

CURRENT ASSETS
Stocks 1,168,009 283,410
Debtors 6 127,132 272,169
Cash at bank and in hand 306,344 549,824
1,601,485 1,105,403
CREDITORS
Amounts falling due within one year 7 3,683,796 4,395,353
NET CURRENT LIABILITIES (2,082,311 ) (3,289,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,333,769

6,768,957

CREDITORS
Amounts falling due after more than one year 8 (4,788,486 ) (4,936,533 )

PROVISIONS FOR LIABILITIES (1,973,127 ) (1,708,895 )
NET ASSETS 572,156 123,529

CAPITAL AND RESERVES
Called up share capital 10 300 300
Revaluation reserve 11 233,943 238,311
Retained earnings 337,913 (115,082 )
SHAREHOLDERS' FUNDS 572,156 123,529

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:




Mr J R E Maskell - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 26 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2024
and 31 December 2024 142,689
AMORTISATION
At 1 January 2024
and 31 December 2024 142,689
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 712,220 255,829 139,286 12,180,218 13,287,553
Additions - 85,873 280,297 2,054,046 2,420,216
Disposals - (131,046 ) (209,932 ) (2,261,696 ) (2,602,674 )
Reclassification - - 104,046 - 104,046
Transfer to/from stock - - - (1,333,971 ) (1,333,971 )
At 31 December 2024 712,220 210,656 313,697 10,638,597 11,875,170
DEPRECIATION
At 1 January 2024 56,841 215,899 118,050 2,837,856 3,228,646
Charge for year 7,104 18,501 38,944 608,429 672,978
Eliminated on disposal - (131,047 ) (191,925 ) (790,437 ) (1,113,409 )
Transfer to ownership - - 104,046 - 104,046
Transfer to/from stock - - - (433,171 ) (433,171 )
At 31 December 2024 63,945 103,353 69,115 2,222,677 2,459,090
NET BOOK VALUE
At 31 December 2024 648,275 107,303 244,582 8,415,920 9,416,080
At 31 December 2023 655,379 39,930 21,236 9,342,362 10,058,907

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 65,840 129,215
Other debtors 1,400 -
Directors' current accounts - 50,865
Prepayments and accrued income 59,892 92,089
127,132 272,169

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,834 50,000
Hire purchase contracts 35,591 -
Trade creditors 159,605 151,732
Social security and other taxes 48,706 48,729
VAT 82,705 178,595
Other creditors 4,086 3,410
Directors' current accounts 45 -
Accrued expenses 105,135 50,617
Deferred lease rental 1,597,839 1,886,120
Deferred buy back obligation 1,639,250 2,026,150
3,683,796 4,395,353

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 - 20,834
Hire purchase contracts 107,096 -
Deferred lease rental 2,303,140 1,954,699
Deferred buy back obligation 2,378,250 2,961,000
4,788,486 4,936,533

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 10,834 70,834

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: £    £   
200 Ordinary £1 200 200
54 Ordinary A £1 54 54
46 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 238,311
Reserves transfer (4,368 )

At 31 December 2024 233,943

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.

I M Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Ltd

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
£    £   
Mr D Maskell
Balance outstanding at start of year 25,428 (843 )
Amounts advanced 49,570 26,271
Amounts repaid (75,021 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (23 ) 25,428

Mr J R E Maskell
Balance outstanding at start of year 25,437 (835 )
Amounts advanced 49,570 26,272
Amounts repaid (75,029 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (22 ) 25,437

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.