Fleet and Vehicle Contracts Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08351785

Fleet and Vehicle Contracts Limited

Filleted Unaudited Financial Statements

30 November 2024

Fleet and Vehicle Contracts Limited

Financial Statements

Year Ended 30 November 2024

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Fleet and Vehicle Contracts Limited

Statement of Financial Position

30 November 2024

	2024		2023
Note	£	£	£

Fixed Assets

Tangible assets	4		7,923,891	2,933,291

Current Assets

Stocks		225,700	287,500
Debtors	5	2,289,551	962,506
Cash at bank and in hand		14,868	13,747
		------------	------------
		2,530,119	1,263,753

Creditors: amounts falling due within one year	6	2,905,377		1,858,402
		------------		------------
Net Current Liabilities			375,258	594,649
			------------	------------
Total Assets Less Current Liabilities			7,548,633	2,338,642

Creditors: amounts falling due after more than one year	7	4,241,285	2,085,675
		------------	------------
Net Assets		3,307,348	252,967
		------------	------------

Capital and Reserves

Called up share capital	9	1,000	1,000
Revaluation reserve		2,943,238	155,032
Profit and loss account		363,110	96,935
		------------	---------
Shareholders Funds		3,307,348	252,967
		------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fleet and Vehicle Contracts Limited

Statement of Financial Position (continued)

30 November 2024

These financial statements were approved by the board of directors and authorised for issue on 5 January 2026 , and are signed on behalf of the board by:

Mr G H Allen
Director

Company registration number: 08351785

Fleet and Vehicle Contracts Limited

Notes to the Financial Statements

Year Ended 30 November 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highfield House, Astwith Close, Holmewood, Chesterfield, S42 5UR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	5%/15%/25% reducing balance
Plant and Equipment	-	15% reducing balance

Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

An amount equal to the excess of the annual depreciation charge on revalued assets over the original cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.

Government grants

Government grants and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 December 2023	3,996,134	223,011	4,219,145
Additions	5,456,402	–	5,456,402
Disposals	( 54,257)	–	( 54,257)
	------------	---------	------------
At 30 November 2024	9,398,279	223,011	9,621,290
	------------	---------	------------
Depreciation
At 1 December 2023	1,180,170	105,684	1,285,854
Charge for the year	433,623	17,599	451,222
Disposals	( 39,677)	–	( 39,677)
	------------	---------	------------
At 30 November 2024	1,574,116	123,283	1,697,399
	------------	---------	------------
Carrying amount
At 30 November 2024	7,824,163	99,728	7,923,891
	------------	---------	------------
At 30 November 2023	2,815,964	117,327	2,933,291
	------------	---------	------------

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

5. Debtors

	2024	2023
	£	£
Trade debtors	557,003	347,267
Amounts owed by group undertakings and undertakings in which the company has a participating interest	236,455	91,150
Other debtors	1,496,093	524,089
	------------	---------
	2,289,551	962,506
	------------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	22,278	18,846
Trade creditors	7,898	2,393
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,411,920	866,183
Other creditors	1,463,281	970,980
	------------	------------
	2,905,377	1,858,402
	------------	------------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	104,648	21,957
Other creditors	4,136,637	2,063,718
	------------	------------
	4,241,285	2,085,675
	------------	------------

8. Secured liabilities

The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £5,340,514 (2023: £2,771,256).

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------