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Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
COMPANY INFORMATION
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ABRIDGE VEHICLE MANAGEMENT LIMITED
CONTENTS
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ABRIDGE VEHICLE MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Abridge Vehicle Management Limited is a medium-sized company operating in the competitive car rental industry within the UK market. This strategic report outlines our vision, objectives, and key initiatives aimed at sustaining growth, enhancing customer satisfaction, and fortifying our market position.
In the fiscal year ending 30 June 2024, the company recorded a decrease in revenue. Revenue for 2024 was £16,146,793 (2023 - £18,708,499). This was driven by supply and timing issues aggravated by challenging market conditions. Our focus on operational efficiency and cost containment measures helped mitigate the impact of rising expenses, including fuel and maintenance costs. However, net profit margins remained stable reflecting the focus from the team on competitive pricing and ongoing streamlining initiatives.
On the balance sheet front, net assets experienced an increase to £5,401,149 (2023 - £4,550,892). This was primarily due to a small reduction in the fleet. Meanwhile, liabilities remained stable, reflecting prudent financial management and adherence to debt repayment schedules. Cash flow from operating activities improved marginally, supported by disciplined cash management practices and efficient working capital utilisation. Looking ahead, we remain optimistic about the prospects for revenue growth and profitability in the coming year. However, we recognise the importance of addressing key challenges such as market competition, regulatory compliance, and technological disruption to sustain our momentum and achieve long-term success in the dynamic car rental industry.
Market Competition: Intensified competition from both traditional car rental companies and emerging transportation alternatives poses a risk to our market share and pricing strategies.
Regulatory Compliance: Changing regulatory frameworks, particularly in areas related to environmental sustainability and data protection, could impact our operations, and necessitate costly compliance measures. Economic Uncertainty: Economic downturns or fluctuations in consumer spending patterns may affect demand for car rental services, leading to revenue volatility. Technological Disruption: Rapid advancements in technology, including the rise of autonomous vehicles and shared mobility platforms, could disrupt traditional car rental models and necessitate significant investments in innovation. Operational Challenges: Issues related to fleet management, vehicle maintenance, and customer service quality could undermine our reputation and customer loyalty. World Supply Chain: In a “Global Market” we have seen continued supply chain disruption, linked to pressures on Vehicle Manufacturers to achieve reducing carbon levels and transfer to EV products will undoubtedly bring its own level of challenges.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Revenue Growth: Monitor year-over-year revenue growth to assess the effectiveness of marketing initiatives, pricing strategies, and customer acquisition efforts.
Customer Satisfaction Scores: Track customer satisfaction scores through feedback meetings to gauge service quality and identify areas for improvement. Fleet Utilisation Rates: Measure the utilisation rates of our vehicle fleet to optimise inventory management and maximise revenue generation. Environmental Impact Metrics: Monitor key environmental impact metrics, such as carbon emissions and fuel consumption, to evaluate the effectiveness of sustainability initiatives. Market Share: Assess changes in market share relative to competitors to gauge our competitive position and inform strategic decision-making.
2023 - 2024 showed the benefits of remaining competitive and focusing on margin. We knew that 2023 - 2024 would be a tougher year due to cycle times of the fleet, the focus during the year has been on shortening cycle times and reverting the fleet back to 12 and 24 month contracts. 2024 – 2025 shows this work has been achieved and we expect to be back to our normal levels of profitability.
This report was approved by the board on 26 September 2025 and signed on its behalf.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The profit for the year, after taxation, amounted to £910,257 (2023 - £2,946,213).
The directors have declared a dividend of £60,000 for the year (2023: £1,040,189).
The directors who served during the year were:
The directors do not anticipate any significant changes to the Company’s core activities in the near future.
A full review of the activities of the business is included in the Strategic Report.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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ABRIDGE VEHICLE MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
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 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.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRIDGE VEHICLE MANAGEMENT LIMITED
We have audited the financial statements of Abridge Vehicle Management Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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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ABRIDGE VEHICLE MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRIDGE VEHICLE MANAGEMENT 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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ABRIDGE VEHICLE MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRIDGE VEHICLE MANAGEMENT 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.Procedures performed to address these were as follows: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Challenging assumptions and judgements made by management in its significant accounting estimates; and • Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted without a description.
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.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRIDGE VEHICLE MANAGEMENT LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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ABRIDGE VEHICLE MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
REGISTERED NUMBER: 04910384
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 25 form part of these financial statements.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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ABRIDGE VEHICLE MANAGEMENT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Abridge Vehicle Management Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 04910384. The address of the registered office is 9 Blenhein Court, Brook Way, Leatherhead, Surrey, KT22 7NA. The nature of the company's operations and principal activities are the provision of vehicle leasing facilities.
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.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest pound Sterling.
The following principal accounting policies have been applied:
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
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.
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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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,853 (2023: £6,666). The balance outstanding at the balance sheet date was £Nil (2023: £Nil).
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ABRIDGE VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
During the year the company made loans to J B Thorne. The maximum outstanding balance during the year was £1,991,033 (2023: £1,294,877). Interest amounting to £46,582 (2023: £20,579) has been charged on the outstanding balance. The amount due from J B Thorne as at the year end was £1,991,033 (2023: £940,079).
During the year the company made loans to R Pearson. The maximum outstanding during the year was £2,303,416 (2023: £1,768,575). Interest amounting to £56,074 (2023: £30,859) has been charged on the outstanding balance. The amount due from R Pearson as at the year end was £2,303,416 (2023: £1,321,182). During the year, were dividends paid to R Pearson of £40,000 (2023: £488,391) and J B Thorne of £20,000 (2023: £551,798).
The ultimate controlling party is
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