Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

The principal place of business is:
CVR House
Broadshires Way
Ventura Business Park
Carterton
Oxon
OX18 1AA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss.

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

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold properties	Nil
Leasehold properties	Straight line over the life of the lease
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2024 - 57).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	18,117	18,117
At 31 March 2025	18,117	18,117
Amortisation
At 1 April 2024	18,117	18,117
At 31 March 2025	18,117	18,117
Carrying amount
At 31 March 2025	-	-
At 31 March 2024	-	-

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	1,390,855	178,227	3,365,515	4,934,597
Additions	-	9,040	452,560	461,600
Disposals	-	-	(128,258)	(128,258)
At 31 March 2025	1,390,855	187,267	3,689,817	5,267,939
Depreciation
At 1 April 2024	8,481	71,890	1,111,890	1,192,261
Charge for the year	-	16,619	363,061	379,680
Eliminated on disposal	-	-	(68,749)	(68,749)
At 31 March 2025	8,481	88,509	1,406,202	1,503,192
Carrying amount
At 31 March 2025	1,382,374	98,758	2,283,615	3,764,747
At 31 March 2024	1,382,374	106,337	2,253,625	3,742,336

Included within the net book value of land and buildings above is £1,382,372 (2024 - £1,382,372) in respect of freehold land and buildings and £2 (2024 - £2) in respect of short leasehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Merchandise	4,427	563
Finished goods and goods for resale	415	415
Other inventories	2,289	2,289
	7,131	3,267

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Debtors

	Note	2025 £	2024 £
Trade debtors		492,928	416,708
Amounts owed by group undertakings and undertakings in which the company has a participating interest		85,521	223,964
Other debtors		11,858	11,858
		590,307	652,530

Details of non-current trade and other debtors

£Nil (2024 -£Nil) of Loans to related parties is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	593,815	533,205
Trade creditors		85,418	205,159
Taxation and social security		197,142	129,801
Accruals and deferred income		16,420	16,420
Other creditors		31,072	131,886
		923,867	1,016,471

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	1,186,884	1,398,030

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100
Ordinary A of £1 each	1	1	1	1
Ordinary B of £1 each	1	1	1	1
	102	102	102	102

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	710,773	810,728
Hire purchase contracts	476,111	587,302
	1,186,884	1,398,030

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	110,824	118,282
Bank overdrafts	81,550	24,779
Hire purchase contracts	401,441	390,144
	593,815	533,205

Security has been given by the company on all loan and hire purchase liabilities.

Cotswold Vehicle Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11

Dividends

Interim dividends paid

		2025 £		2024 £
Interim dividend of £35,400.00 (2024 - £40,400.00) per each Ordinary A		35,400		40,400
Interim dividend of £60,000.00 per each Ordinary B		60,000		60,000
		95,400		100,400