Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31982024-01-01falseNo description of principal activity108falsefalsefalse 04455059 2024-01-01 2024-12-31 04455059 2023-01-01 2023-12-31 04455059 2024-12-31 04455059 2023-12-31 04455059 2023-01-01 04455059 1 2023-01-01 2023-12-31 04455059 5 2024-01-01 2024-12-31 04455059 5 2023-01-01 2023-12-31 04455059 d:CompanySecretary1 2024-01-01 2024-12-31 04455059 d:Director1 2024-01-01 2024-12-31 04455059 d:Director1 2024-12-31 04455059 d:Director2 2024-01-01 2024-12-31 04455059 d:Director3 2024-01-01 2024-12-31 04455059 d:Director4 2024-01-01 2024-12-31 04455059 d:Director4 2024-12-31 04455059 d:RegisteredOffice 2024-01-01 2024-12-31 04455059 e:Buildings 2024-01-01 2024-12-31 04455059 e:Buildings 2024-12-31 04455059 e:Buildings 2023-12-31 04455059 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04455059 e:LandBuildings 2024-12-31 04455059 e:LandBuildings 2023-12-31 04455059 e:MotorVehicles 2024-01-01 2024-12-31 04455059 e:MotorVehicles 2024-12-31 04455059 e:MotorVehicles 2023-12-31 04455059 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04455059 e:FurnitureFittings 2024-01-01 2024-12-31 04455059 e:FurnitureFittings 2024-12-31 04455059 e:FurnitureFittings 2023-12-31 04455059 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04455059 e:ComputerEquipment 2024-01-01 2024-12-31 04455059 e:ComputerEquipment 2024-12-31 04455059 e:ComputerEquipment 2023-12-31 04455059 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04455059 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04455059 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 04455059 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04455059 e:CurrentFinancialInstruments 2024-12-31 04455059 e:CurrentFinancialInstruments 2023-12-31 04455059 e:Non-currentFinancialInstruments 2024-12-31 04455059 e:Non-currentFinancialInstruments 2023-12-31 04455059 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04455059 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04455059 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 04455059 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04455059 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 04455059 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 04455059 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 04455059 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 04455059 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-12-31 04455059 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-12-31 04455059 f:UnitedKingdom 2024-01-01 2024-12-31 04455059 f:UnitedKingdom 2023-01-01 2023-12-31 04455059 e:UKTax 2024-01-01 2024-12-31 04455059 e:UKTax 2023-01-01 2023-12-31 04455059 e:ShareCapital 2024-01-01 2024-12-31 04455059 e:ShareCapital 2024-12-31 04455059 e:ShareCapital 2023-01-01 2023-12-31 04455059 e:ShareCapital 2023-12-31 04455059 e:ShareCapital 2023-01-01 04455059 e:RevaluationReserve 2024-01-01 2024-12-31 04455059 e:RevaluationReserve 2024-12-31 04455059 e:RevaluationReserve 2023-01-01 2023-12-31 04455059 e:RevaluationReserve 2023-12-31 04455059 e:RevaluationReserve 2023-01-01 04455059 e:RevaluationReserve 8 2023-01-01 2023-12-31 04455059 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04455059 e:RetainedEarningsAccumulatedLosses 2024-12-31 04455059 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04455059 e:RetainedEarningsAccumulatedLosses 2023-12-31 04455059 e:RetainedEarningsAccumulatedLosses 2023-01-01 04455059 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 04455059 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04455059 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04455059 e:OtherDeferredTax 2024-12-31 04455059 e:OtherDeferredTax 2023-12-31 04455059 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04455059 d:OrdinaryShareClass1 2024-12-31 04455059 d:OrdinaryShareClass1 2023-12-31 04455059 d:FRS102 2024-01-01 2024-12-31 04455059 d:Audited 2024-01-01 2024-12-31 04455059 d:FullAccounts 2024-01-01 2024-12-31 04455059 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04455059 e:WithinOneYear 2024-12-31 04455059 e:WithinOneYear 2023-12-31 04455059 e:BetweenOneFiveYears 2024-12-31 04455059 e:BetweenOneFiveYears 2023-12-31 04455059 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 04455059 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 04455059 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 04455059 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 04455059 2 2024-01-01 2024-12-31 04455059 5 2024-01-01 2024-12-31 04455059 6 2024-01-01 2024-12-31 04455059 e:Associate1 2024-01-01 2024-12-31 04455059 e:Associate1 1 2024-01-01 2024-12-31 04455059 e:ShareCapital 1 2023-01-01 2023-12-31 04455059 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04455059









FLEET OPERATIONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FLEET OPERATIONS LIMITED
 
 
COMPANY INFORMATION


Directors
Oliver Booth (appointed 1 March 2024)
Richard Hipkiss 
Ross Jackson 
Faubourg Mobility (appointed 29 October 2024)




Company secretary
Oliver John Booth



Registered number
04455059



Registered office
Fleet House
Maries Way

Silverdale Business Park

Newcastle-Under-Lyme

Staffordshire

ST5 6PA




Trading Address
Fleet House
Maries Way

Silverdale Business Park

Newcastle-Under-Lyme

Staffordshire

ST5 6PA






Independent auditors
WR Partners

Drake House

Gadbrook Park

Rudheath

Northwich

Cheshire

CW9 7RA





 
FLEET OPERATIONS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12 - 13
Statement of cash flows
14 - 15
Analysis of net debt
16
Notes to the financial statements
17 - 37


 
FLEET OPERATIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
Fleet Operations provides independent fleet management and fleet consultancy services to organisations in the United Kingdom, supporting operational fleet optimisation and cost reduction.  This is achieved through a complete service offering from driver and vehicle management, rental services, vehicle acquisitions and disposals, insurance management and data analysis & reporting.
Founded with a commitment to excellence, our mission is to optimise operational efficiency, enhance sustainability, and exceed customer expectations in the dynamic landscape of the UK fleet management industry.  Over the past year, we have achieved significant milestones, including notable revenue growth and advancements in technology adoption. This report serves to articulate our strategic vision for the future.

Business review
 
Industry overview
The UK fleet management industry is currently experiencing robust growth, driven by increasing demand for efficient transportation solutions and a growing emphasis on sustainability. Key trends include the integration of advanced technologies such as electric vehicles, and data analytics. Vehicle availability challenges have eased although barriers to EV adoption remain (infrastructure), cost of funds, and wider fiscal issues experience by many sectors. Fleet Operations Ltd is well-positioned to capitalise on opportunities by leveraging our cost-saving approach, technological advances, expertise and our commitment towards sustainable practices.
Strategic objectives
Our 3-5 year key objectives are to continue year on year revenue growth through market share expansion, technological improvements and service diversification whilst maintaining customer satisfaction through our personalised service and continuous improvement initiatives. 
We are also continuing to focus on potential complimentary acquisitions/mergers as we aim to broaden our reach, and internalise some services we currently outsource. 
Sustainability
As a UK-based company, we prioritise Environmental, Social, and Governance (ESG) principles to drive sustainable value creation. We are committed to minimising our environmental impact, ensuring the well-being of our employees and communities, and upholding transparent and ethical governance practices. Our dedication to ESG is validated by independent audits conducted by an external partner and our ISO accreditations (9001, 27001, 14001), affirming our compliance and progress in these areas. By integrating ESG into our business strategy, we aim to foster resilience, innovation, and positive impact for all stakeholders.

Page 1

 
FLEET OPERATIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The company operates monthly board meetings to review the financial performance of the company, monitor risks and minimise any adverse effects identified.
  
The principle risks and uncertainties are considered to relate to credit and liquidity risk.
Credit and liquidity risk
Fleet Operations encounters substantial cashflow fluctuations due to the inherent nature of the business processes and revenue streams. To manage this, senior management engage in vigilant daily monitoring and forecasting to ensure the timely fulfilment of financial obligations. This is facilitated by a significant portion of clients utilising direct debit arrangements and advantageous terms negotiated with suppliers. Throughout 2024, similarly to 2023, the company effectively maintained control over its liquidity, resulting in the determination that no provision for bad debts was necessary.
The potential loss of key clients poses a notable risk to the company's financial standing. To mitigate this risk the company actively fosters strong relationships with clients alongside satisfaction scoring, continually expands its client base, increases the number of vehicles under management, and strives to demonstrate strategic operational efficiencies. These measures are implemented to reduce reliance on key clients and fortify the overall resilience of the business.
Development and performance
In conclusion, Fleet Operations Ltd is poised for continued sustainable growth and success in the evolving fleet management landscape. Our strategic vision, driven by technological innovation, sustainability, and customer satisfaction, positions us to overcome challenges and capitalise on opportunities. With confidence in our dedicated team and commitment to excellence, we look forward to achieving our strategic objectives and shaping the future of the company.

Financial key performance indicators
 

ole5a05.png
 
Revenue growth in the year continues to come from both new client implementations and increased uptake in services with the existing client base.

Gross profit % is total gross profit divided by turnover and is a measure of the contribution from all income generating activities.  During the year the company experienced another increase in the number of vehicles under management and growth in strong margin product lines although continued wider client support in some lower profit generating areas saw the overall margin dip to just above 28%. 

Operating profit is profit before interest and taxation.  The year saw a reduction in operating profit through the onboarding of new personnel as part of the strategy to prepare for further growth in both new clients and product offerings.

Page 2

 
FLEET OPERATIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
 ole5aee.png
CSI is gained from a live satisfaction and event based surveys completed by clients and stakeholders during the year.
 
NPS scoring is gained from the event survey gaining information on the likelihood to recommend Fleet Operations services.
 
Both CSI and NPS have increased and remain above industry levels due to enhanced training measures implemented during the year, this remains a key focus for the business.


This report was approved by the board on 23 June 2025 and signed on its behalf.



Ross Jackson
Director

Page 3

 
FLEET OPERATIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £853,792 (2023 - £1,540,982).

Ordinary dividends were paid amounting to £343,974 (2023 - £415, 684). No decision has been made regarding a final dividend.

Directors

The directors who served during the year were:

Oliver Booth (appointed 1 March 2024)
Richard Hipkiss 
Ross Jackson 
Faubourg Mobility (appointed 29 October 2024)



Page 4

 
FLEET OPERATIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 June 2025 and signed on its behalf.
 





Ross Jackson
Director

Page 5

 
FLEET OPERATIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED
 

Opinion


We have audited the financial statements of Fleet Operations Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its 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.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
FLEET OPERATIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FLEET OPERATIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 8

 
FLEET OPERATIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)





Fran Johnson BSc BFP FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Drake House
Gadbrook Park
Rudheath
Northwich
Cheshire
CW9 7RA

25 June 2025
Page 9

 
FLEET OPERATIONS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

  

Turnover
 4 
27,541,561
22,512,661

Cost of sales
  
(19,750,897)
(15,336,612)

Gross profit
  
7,790,664
7,176,049

Administrative expenses
  
(5,876,813)
(5,057,209)

Operating profit
 5 
1,913,851
2,118,840

Amounts written off loans and investments
  
(444,511)
-

Interest receivable and similar income
 9 
31,167
29,913

Interest payable and similar expenses
 10 
(132,950)
(125,063)

Profit before tax
  
1,367,557
2,023,690

Tax on profit
 11 
(513,765)
(482,708)

Profit for the financial year
  
853,792
1,540,982

Other comprehensive income for the year
  

Total comprehensive income for the year
  
853,792
1,540,982

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 
FLEET OPERATIONS LIMITED
REGISTERED NUMBER: 04455059

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
5,000
5,000

Tangible assets
 14 
1,245,703
1,360,037

Investments
 15 
374,880
774,210

  
1,625,583
2,139,247

Current assets
  

Debtors: amounts falling due within one year
 16 
6,370,292
5,893,894

Cash at bank and in hand
 17 
588,865
150,230

  
6,959,157
6,044,124

Creditors: amounts falling due within one year
 18 
(5,025,362)
(5,046,706)

Net current assets
  
 
 
1,933,795
 
 
997,418

Total assets less current liabilities
  
3,559,378
3,136,665

Creditors: amounts falling due after more than one year
 19 
(369,334)
(436,552)

Provisions for liabilities
  

Deferred tax
 22 
(65,827)
(85,714)

  
 
 
(65,827)
 
 
(85,714)

Net assets
  
3,124,217
2,614,399


Capital and reserves
  

Called up share capital 
 23 
6,100
6,100

Revaluation reserve
 24 
106,054
106,054

Profit and loss account
 24 
3,012,063
2,502,245

  
3,124,217
2,614,399


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.




Ross Jackson
Director

The notes on pages 17 to 37 form part of these financial statements.

Page 11

 
FLEET OPERATIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
6,100
106,054
2,502,245
2,614,399


Comprehensive income for the year

Profit for the year
-
-
853,792
853,792
Total comprehensive income for the year
-
-
853,792
853,792


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(343,974)
(343,974)


At 31 December 2024
6,100
106,054
3,012,063
3,124,217


The notes on pages 17 to 37 form part of these financial statements.

Page 12

 
FLEET OPERATIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
6,100
98,612
1,376,947
1,481,659


Comprehensive income for the year

Profit for the year
-
-
1,540,982
1,540,982

Deferred tax
-
7,442
-
7,442
Total comprehensive income for the year
-
7,442
1,540,982
1,548,424


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(415,684)
(415,684)


At 31 December 2023
6,100
106,054
2,502,245
2,614,399


The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
FLEET OPERATIONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,367,557
2,023,690

Adjustments for:

Depreciation of tangible assets
67,578
76,917

Impairments of fixed assets
399,330
-

Loss on disposal of tangible assets
5,000
(52)

Interest paid
133,050
125,063

Interest received
(31,167)
(29,913)

(Increase) in debtors
(492,237)
(1,912,883)

Increase in creditors
289,586
1,026,604

Corporation tax (paid)
(748,051)
(148,266)

Net cash generated from operating activities

990,646
1,161,160


Cash flows from investing activities

Purchase of intangible fixed assets
-
(5,000)

Purchase of tangible fixed assets
(38,706)
(89,677)

Sale of tangible fixed assets
80,462
936

Purchase of share in joint ventures
-
(399,330)

Interest received
31,167
29,913

HP interest paid
(2,075)
(2,250)

Net cash from investing activities

70,848
(465,408)

Cash flows from financing activities

Repayment of loans
(47,570)
(39,962)

Repayment of/new finance leases
(100,340)
(38,576)

Dividends paid
(343,974)
(415,684)

Interest paid
(130,975)
(125,063)

Net cash used in financing activities
(622,859)
(619,285)

Net increase in cash and cash equivalents
438,635
76,467

Cash and cash equivalents at beginning of year
150,230
73,763

Cash and cash equivalents at the end of year
588,865
150,230


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
588,865
150,230
Page 14

 
FLEET OPERATIONS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


588,865
150,230


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
FLEET OPERATIONS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

150,230

438,635

588,865

Debt due after 1 year

(430,018)

60,684

(369,334)

Debt due within 1 year

(39,963)

(13,114)

(53,077)

Finance leases

(106,875)

100,340

(6,535)


(426,626)
586,545
159,919

The notes on pages 17 to 37 form part of these financial statements.

Page 16

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Fleet Operations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fleet House, Silverdale Business Park, Maries Road, Newcastle-Under-Lyme, England, ST5 6PA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
Fleet Operations Ltd was acquired by the French entity Faubourg Mobility on 31 October 2024. From this point, the financial statements of the compary are to be consolidated in the financial statements Fauborg Mobility. These consolidated financial statements will be available on www.infogreffe.fr.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 17

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Motor vehicles
-
3 years straight line
Fixtures and fittings
-
5-7 years straight line
Computer equipment
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

 
2.14

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term 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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
 

Page 21

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

 

Page 22

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, 
estimates and assumptions about the carrying amount of assets and liabilities that are not readily 
apparent from other sources. The estimates and associated assumptions are based on historical 
experience and other factors that are considered to be relevant. Actual results may differ from these 
estimates.
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 where the revision affects only 
that period, or in the period of the revision and future periods where the revision affects both current 
and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on 
amounts recognised in the financial statements.
Investments in associates
The company holds an investment in an associated company. The investment has been made with a view to generating revenues in the long term. The directors consider, that the associated company is on target to achieve its goal of long term profitability in the foreseeable future. For this reason, the directors consider that the value of the investment does not require an impairment provision.

Page 23

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the company's principal acivity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
27,541,561
22,512,661

27,541,561
22,512,661



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation on owned assets
55,988
46,680

Depreciation on assets held under HP
11,590
30,237

Exchange differences
3,379
437

Other operating lease rentals
272,033
218,515


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,325
16,046

Page 24

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,760,083
3,219,326

Social security costs
415,695
373,498

Cost of defined contribution scheme
174,299
160,737

4,350,077
3,753,561


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
3
3



Sales & marketing
51
47



Administration
54
48

108
98


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
437,905
416,184

Company contributions to defined contribution pension schemes
105,440
72,517

543,345
488,701


During the year retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £239,723 (2023 - £288,014).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £43,233 (2023 - £21,417).

Page 25

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
31,167
29,913

31,167
29,913


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
125,461
116,952

Finance leases and hire purchase contracts
2,075
7,841

Other interest
5,414
270

132,950
125,063


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
490,158
471,185

Adjustments in respect of previous periods
43,494
22,011


533,652
493,196


Total current tax
533,652
493,196

Deferred tax


Origination and reversal of timing differences
(19,887)
(10,488)

Total deferred tax
(19,887)
(10,488)


Tax on profit
513,765
482,708
Page 26

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,367,557
2,023,690


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
341,889
475,972

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
20,025
416

Capital allowances for year in excess of depreciation
8,524
2,803

Adjustments in respect of prior years
43,494
22,011

Reversal of deferred tax charge
-
(10,488)

EMI relief
-
(8,006)

Capital loss
99,833
-

Total tax charge for the year
513,765
482,708


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Interim dividends
343,974
415,684

343,974
415,684

Page 27

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
5,000



At 31 December 2024

5,000






Net book value



At 31 December 2024
5,000



At 31 December 2023
5,000



Page 28

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,105,000
158,881
304,520
290,188
1,858,589


Additions
-
-
10,546
28,160
38,706


Disposals
-
(158,881)
-
-
(158,881)



At 31 December 2024

1,105,000
-
315,066
318,348
1,738,414



Depreciation


At 1 January 2024
-
67,301
240,942
190,309
498,552


Charge for the year on owned assets
-
6,118
19,969
41,491
67,578


Disposals
-
(73,419)
-
-
(73,419)



At 31 December 2024

-
-
260,911
231,800
492,711



Net book value



At 31 December 2024
1,105,000
-
54,155
86,548
1,245,703



At 31 December 2023
1,105,000
91,580
63,578
99,879
1,360,037




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,105,000
1,105,000

1,105,000
1,105,000


The net book value of assets held under HP agreements at 31 December 2024 was £13,190 (2023: £110,602)

Page 29

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
963,594
At valuation:

19 April 2022 valued on an open market basis
141,406



1,105,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
963,594
963,594

Net book value
963,594
963,594


15.


Fixed asset investments





Investments in associates
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2024
374,880
399,330
774,210



At 31 December 2024

374,880
399,330
774,210



Impairment


Charge for the period
-
399,330
399,330



At 31 December 2024

-
399,330
399,330



Net book value



At 31 December 2024
374,880
-
374,880



At 31 December 2023
374,880
399,330
774,210

Page 30

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Combiine Limited
Fleet House, Silverdale Business Park, Maries Way, Newcastle-Under-Lyme, United Kingdom, ST5 6PA
Ordinary
22%




16.


Debtors

2024
2023
£
£


Trade debtors
3,760,249
3,338,237

Other debtors
1,328,278
1,325,163

Prepayments and accrued income
1,281,765
1,230,494

6,370,292
5,893,894



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
588,865
150,230

588,865
150,230


Page 31

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
53,077
39,963

Trade creditors
2,645,618
2,842,466

Corporation tax
240,947
471,185

Other taxation and social security
573,222
483,520

Obligations under finance lease and hire purchase contracts
6,535
100,341

Other creditors
225,699
83,582

Accruals and deferred income
1,280,264
1,025,649

5,025,362
5,046,706


Page 32

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
369,334
430,018

Net obligations under finance leases and hire purchase contracts
-
6,534

369,334
436,552


The following liabilities were secured:




Details of security provided:

The long-term loans are secured by legal charges in favour of Barclays Bank Plc over the company's freehold property and all other assets. The hire purchase creditors are secured on the assets financed.
The property & land mortgages are repayable over a 15 year period which commenced on 22 November 2016. Interest is payable at rate of 2% above base.
The property improvements loan is repayable over a 10 year period, which commenced on 25 April 2018. Interest is payable at a rate of 3% above base.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
189,458
210,922

189,458
210,922

Included within creditors are secured debts in the sum of £428,946 (2023 - £576,856).

Page 33

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
53,077
39,963


53,077
39,963

Amounts falling due 1-2 years

Bank loans
63,101
53,078


63,101
53,078

Amounts falling due 2-5 years

Bank loans
210,884
174,951


210,884
174,951

Amounts falling due after more than 5 years

Bank loans
95,349
201,989

95,349
201,989

422,411
469,981



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,535
100,341

Between 1-5 years
-
6,534

6,535
106,875


 

Page 34

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation




2024


£






At beginning of year
(85,714)


Charged to profit or loss
19,887



At end of year
(65,827)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(30,475)
(50,362)

Revaluations
(35,352)
(35,352)

(65,827)
(85,714)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,100 (2023 - 6,100) Ordinary of £1 each shares of £1.00 each
6,100
6,100



24.


Reserves

Revaluation reserve

The revalaution reserve represents the excess of the market value of the company's freehold property over the original cost less related deferred tax.

Profit and loss account

The profit and loss account represents the sum of accumulated profits after tax less dividends paid.

Page 35

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Pension commitments

Charge to profit or loss in respect of defined contribution schemes in the year was £113,001 (2023- £160,737).
The company operates a defined contribution pension scheme for all qualifying employees. The assets of
 the scheme are held separately from those of the company in an independently administered fund.
At 31 December 2024 contributions totalling £12,862 (2023: £36,352) were payable to the scheme.


26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
157,400
33,978

Later than 1 year and not later than 5 years
132,143
224,708

289,543
258,686


27.


Related party transactions

During the year the directors received total dividends of £260,838 and other shareholders recieved total dividends of £83,136 (2023: £315,922 and £99,762 respectively).
Company related by virtue of common control
The company purchased services amounting to £432,315 (2023: £347,182) and provided services amounting to £27,902 (2023: £29,831).
At 31 December 2024 the the amount owed to Fleet Operations Limited was £741,006 (2023: £689,650).

Page 36

 
FLEET OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Controlling party

On 31 October 2024 the company was acquired by the Faubourg Group, a group of companies registered in France. Following the acquisition, the directors consider that the ultimate controlling party is Mohamed Aouar and Emmanuelle Julvez by virtue of their shareholding in the ultimate parent company.
The immediate parent company is Faubourg Mobility, a company registered in France at 5 Rue Nollet, 75017 Paris, France. The ultimate parent company is Faubourg Holdings SAS, a company registered in France, at 5 Rue Nollet, 75017 Paris, France.
The smallest group in which the post-acquisition results of the company will be consolidated is Faubourg Mobility.
The largest group in which the post-acquisition results will be consolidated is Faubourg Holdings SAS.
The consolidated financial statements will be available to the public at the registered office of Faubourg Holdings SAS.

 
Page 37