Registration number:
Interworld Vehicles Plant & Marine (U.K.) Limited
for the Year Ended 31 March 2025
Interworld Vehicles Plant & Marine (U.K.) Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Interworld Vehicles Plant & Marine (U.K.) Limited
Company Information
|
Directors |
June Taylor Les Taylor Sharon Gullen |
|
Company secretary |
June Taylor |
|
Registered office |
|
|
Accountants |
|
Interworld Vehicles Plant & Marine (U.K.) Limited
(Registration number: 01035575)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Other financial assets |
1,196 |
1,196 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,000 |
2,000 |
|
|
Retained earnings |
135,225 |
98,457 |
|
|
Shareholders' funds |
137,225 |
100,457 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Interworld Vehicles Plant & Marine (U.K.) Limited
(Registration number: 01035575)
Balance Sheet as at 31 March 2025
Approved and authorised by the
|
......................................... |
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
Aislaby House
Thorpe Thewles
Stockton on Tees
TS21 3JU
These financial statements were authorised for issue by the
|
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
|
Fixtures & fittings |
25% reducing balane |
|
Plant & machinery |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Office equipment |
25% reducing balance |
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Interworld Vehicles Plant & Marine (U.K.) 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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Other financial assets (current and non-current) |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 April 2024 |
1,196 |
1,196 |
|
At 31 March 2025 |
1,196 |
1,196 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 March 2025 |
|
1,196 |
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
- |
|
|
Other debtors |
|
|
|
|
|
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
( |
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,000 |
|
1,000 |
|
|
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The company acquired a motor vehicle by way of a Hire Purchase Agreement not regulated by the Consumer Credit Act 1974. The company settled its hire purchase obligation during the course of the year to 31 March 2025 and duly exercised its option to acquire the vehicle at that time.
The total of future minimum lease payments is as follows:
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Not later than one year |
- |
|
|
Later than one year and not later than five years |
- |
|
|
- |
|
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
40,000 |
14,000 |
||
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
|
Les Taylor |
||||
|
Directors current account |
|
|
( |
|
|
June Taylor |
||||
|
Director's current account |
|
|
( |
|
|
Sharon Gullen |
||||
|
|
|
|
( |
|
|
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
|
Les Taylor |
||||
|
Directors current account |
|
|
( |
|
|
June Taylor |
||||
|
Director's current account |
|
|
( |
|
|
Sharon Gullen |
||||
|
|
- |
|
- |
|
Interworld Vehicles Plant & Marine (U.K.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Directors' remuneration
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
34,962 |
31,004 |
Dividends paid to directors
|
2025 |
2024 |
|||
|
Les Taylor |
||||
|
Interim ordinary dividend |
16,000 |
8,000 |
||
|
June Taylor |
||||
|
Interim ordinary dividend |
12,000 |
6,000 |
||
|
Sharon Gullen |
||||
|
Sharon Gullen |
12,000 |
- |
||