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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
COMPANY INFORMATION
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FLEET OPERATIONS LIMITED
CONTENTS
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FLEET OPERATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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FLEET OPERATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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FLEET OPERATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The directors who served during the year were:
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FLEET OPERATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED
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 policies. The 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).
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.
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.
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)
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.
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 2006. Our 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.
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)
for and on behalf of
Drake House
Gadbrook Park
Rudheath
Cheshire
CW9 7RA
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FLEET OPERATIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
REGISTERED NUMBER: 04455059
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 37 form part of these financial statements.
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FLEET OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FLEET OPERATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
Functional and presentation currency
Transactions and balances
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the company's principal acivity.
Analysis of turnover by country of destination:
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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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:
Page 30
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Included within creditors are secured debts in the sum of £428,946 (2023 - £576,856).
Page 33
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Profit and loss account
Page 35
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Page 36
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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