1.
General Information
Exclusive Vehicle Contracts Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03294540
. The registered office is Wren House 68 London Road, St Albans, Hertfordshire, AL1 1NG.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis, despite the current liabilities exceeding the current assets.
The large current liability is the hire purchase for the vehicles that are leased. The liability for the entire contract is recognised when the agreement is taken out. The income that funds the payments from the customers that have leased the vehicles is recognised only for the period of hire. Whilst in the profit and loss account the income does match the cost, on the balance sheet the result is a nett large liability.
The company has an overdraft facility of £250,000, and this is expected to be adequate, a cashflow
has been prepared for 12 months from the date of signature to confirm that this is the case.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised net of VAT ,Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.
Lease income is recognised in the year it relates to.
The majority of the turnover relates to corporate vehicle leases and the maintenance of these. Revenue is also included from temporary hire and the sale of second hand vehicles.
2.4.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following rates in order to write off the cost less estimated residual
value of each asset over its estimated useful life or, if held under a finance lease over the term of the
lease, whichever is shorter.
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
Exclusive Vehicle Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8.
Operating Leases
Assets leased under operating leases are included in tangible fixed assets and are depreciated over the useful lives. Rental income from operating leases is included in profit & loss on a straight-line basis over the period of the lease.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
( |
|
|
( |
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
( |
|
|
( |
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
Exclusive Vehicle Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Included in the above analysis are assets leased to third parties under operating leases with a net book value as follows:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Cost
|
9,286,412
|
8,354,453
|
|
|
Accumulated depreciation
|
(4,600,535)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
(4,325,504)
|
|
|
Net book value
|
4,685,877
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
4,028,949
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
5.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 37,653 | 135,018 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Other creditors | 76,225 | 52,802 | |
| Taxation and social security |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
8.
Secured Creditors
G Evans & S Evans have given personal guarantees to the bank for £500,000, in respect of the company overdraft.
Finance companies hold charges over the assets of the company in respect of the total amount owed to them.
Exclusive Vehicle Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Obligations Under Finance Leases and Hire Purchase
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
| Less: Finance charges allocated to future periods |
|
|
|
|
|
|
||
11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 January 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Gary Evans |
|
|
|
- |
|
The above loan is unsecured, interest free and repayable on demand.
12.
Related Party Transactions
G Evans & S Evans are the ultimate controlling party virtue of their shareholdings. G Evans & S Evans are partners of Exclusive Cars. As at 31st December 2024 there was a trade debtor of £30,490.85 owing from Exclusive Cars.
At the 31st December 2024 the directors of the company owed the company £-881.79 (2023: £92,159).
13.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14.
Audit Information
The auditor's report on the accounts of
Exclusive Vehicle Contracts Limited
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Natalie Coleman FCCA
(Senior Statutory Auditor)
for and on behalf of
Roy Pinnock & Co LLP
, Statutory Auditor.