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REGISTERED NUMBER: 03881684 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Auto Fleet Ltd
T/A
Fleetway Rentals

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Contents of the Financial Statements
for the Year Ended 30 November 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Auto Fleet Ltd
T/A Fleetway Rentals

Company Information
for the Year Ended 30 November 2024







DIRECTOR: A A Phillips



REGISTERED OFFICE: Unit 5, Whitworth Court
Baird Road, Waterwells Business Park
Quedgeley
Gloucester
Gloucestershire
GL2 2DG



REGISTERED NUMBER: 03881684 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
21 Eastgate Street
Gloucester
GL1 1NH

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Statement of Financial Position
30 November 2024

30/11/24 30/11/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 409,094 403,537
409,094 403,537

CURRENT ASSETS
Debtors 6 138,153 115,380
Cash at bank and in hand 66,000 28,518
204,153 143,898
CREDITORS
Amounts falling due within one year 7 404,968 310,621
NET CURRENT LIABILITIES (200,815 ) (166,723 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

208,279

236,814

CREDITORS
Amounts falling due after more than one
year

8

-

(30,620

)

PROVISIONS FOR LIABILITIES (68,326 ) (69,342 )
NET ASSETS 139,953 136,852

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 139,853 136,752
SHAREHOLDERS' FUNDS 139,953 136,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Statement of Financial Position - continued
30 November 2024


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

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

The financial statements were approved by the director and authorised for issue on 15 August 2025 and were signed by:





A A Phillips - Director


Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, has been amortised in full.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Despite net current liabilities of £200,815 at 30 November 2024 (2023 - £166,723) the financial statements have been prepared on a going concern basis. The director has reviewed future cash flows and expressed his willingness, together with that of the parent company Phillips Corporation (UK) Ltd, to financially support the company for the foreseeable future and therefore considers it appropriate to prepare the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 December 2023
and 30 November 2024 6,000
Amortisation
At 1 December 2023
and 30 November 2024 6,000
Net book value
At 30 November 2024 -
At 30 November 2023 -

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 December 2023 6,193 664,445 670,638
Additions 791 110,976 111,767
Disposals - (71,272 ) (71,272 )
At 30 November 2024 6,984 704,149 711,133
Depreciation
At 1 December 2023 3,022 264,079 267,101
Charge for year 792 83,847 84,639
Eliminated on disposal - (49,701 ) (49,701 )
At 30 November 2024 3,814 298,225 302,039
Net book value
At 30 November 2024 3,170 405,924 409,094
At 30 November 2023 3,171 400,366 403,537

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 December 2023 57,388
Transfer to ownership (26,066 )
At 30 November 2024 31,322
Depreciation
At 1 December 2023 15,649
Charge for year 5,012
Transfer to ownership (9,384 )
At 30 November 2024 11,277
Net book value
At 30 November 2024 20,045
At 30 November 2023 41,739

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade debtors 125,746 101,945
Other debtors 12,407 13,435
138,153 115,380

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Bank loans and overdrafts - 10,000
Hire purchase contracts (see note 9) 14,318 26,601
Trade creditors 31,382 5,047
Amounts owed to group undertakings 318,161 240,357
Taxation and social security 32,990 23,935
Other creditors 8,117 4,681
404,968 310,621

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/24 30/11/23
£    £   
Bank loans - 15,000
Hire purchase contracts (see note 9) - 15,620
- 30,620

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
30/11/24 30/11/23
£    £   
Net obligations repayable:
Within one year 14,318 26,601
Between one and five years - 15,620
14,318 42,221

Non-cancellable
operating leases
30/11/24 30/11/23
£    £   
Within one year 9,543 21,358

10. RELATED PARTY DISCLOSURES

Phillips Corporation (UK) Ltd
Parent company

A loan exists between the company and its parent company Phillips Corporation (UK) Ltd. At 30 November 2024, the company owed Phillips Corporation (UK) Ltd £318,161 (2023 - £240,357). This loan is interest free and has no fixed repayment terms.

The company rents a property from Phillips Corporation (UK) Ltd. Rent of £21,200 (2023 - £24,000) was charged during the year.

Auto Fleet Ltd (Registered number: 03881684)
T/A Fleetway Rentals

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


11. ULTIMATE CONTROLLING PARTY

The company is controlled by Phillips Corporation (UK) Ltd, a company controlled by the director A A Phillips and his spouse. Phillips Corporation (UK) Ltd, which shares the same registered office as Auto Fleet Ltd, has taken the option under Section 399(2A) of the Companies Act 2006 not to prepare consolidated financial statements.