Clive Neely Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02786844

Clive Neely Limited

Filleted Unaudited Financial Statements

28 February 2025

Clive Neely Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		2,871,292	1,070,195

Current assets

Stocks		26,304	25,661
Debtors	6	1,152,378	1,812,480
Cash at bank and in hand		1,116,026	1,750,765
		------------	------------
		2,294,708	3,588,906

Creditors: amounts falling due within one year	7	640,597		520,814
		------------		------------
Net current assets			1,654,111	3,068,092
			------------	------------
Total assets less current liabilities			4,525,403	4,138,287

Creditors: amounts falling due after more than one year	8		372,607	110,197

Provisions

Taxation including deferred tax	9	198,489	192,022
		------------	------------
Net assets		3,954,307	3,836,068
		------------	------------

Capital and reserves

Called up share capital	12	100	100
Profit and loss account		3,954,207	3,835,968
		------------	------------
Shareholders funds		3,954,307	3,836,068
		------------	------------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Clive Neely Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

C.P.W. Neely
Director

Company registration number: 02786844

Clive Neely Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit H Flaxley Park, Flaxley Way Stechford, Birmingham, West Midlands, B33 9AN.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold property	-	Over the life of the asset
Plant & fixtures	-	25% and 20% straight line
Vehicles	-	25% straight line
Commercial vehicles	-	18% straight line for 5 years
Trailers & forklifts	-	12.5% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 31 (2024: 33 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 March 2024	12,712	177,290	804,219	2,322,949	3,317,170
Additions	1,779,213	1,082	34,102	364,021	2,178,418
Disposals	–	–	–	( 450,110)	( 450,110)
	------------	---------	---------	------------	------------
At 28 February 2025	1,791,925	178,372	838,321	2,236,860	5,045,478
	------------	---------	---------	------------	------------
Depreciation
At 1 March 2024	12,712	169,608	620,577	1,444,078	2,246,975
Charge for the year	–	4,342	51,769	315,557	371,668
Disposals	–	–	–	( 444,457)	( 444,457)
	------------	---------	---------	------------	------------
At 28 February 2025	12,712	173,950	672,346	1,315,178	2,174,186
	------------	---------	---------	------------	------------
Carrying amount
At 28 February 2025	1,779,213	4,422	165,975	921,682	2,871,292
	------------	---------	---------	------------	------------
At 29 February 2024	–	7,682	183,642	878,871	1,070,195
	------------	---------	---------	------------	------------

6. Debtors

	2025	2024
	£	£
Trade debtors	572,629	675,671
Other debtors	579,749	1,136,809
	------------	------------
	1,152,378	1,812,480
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	123,825	175,021
Corporation tax	39,576	–
Social security and other taxes	134,392	98,732
Clive Neely Limited Pension Fund loans	231,257	154,621
Mortgage due < 1 year	4,194	–
Other creditors	107,353	92,440
	---------	---------
	640,597	520,814
	---------	---------

The debts due to Clive Neely Limited Pension Fund, as shown above, are secured over the commercial vehicles to which the provision of funding relates.

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

	2025	2024
	£	£
Bank loans and overdrafts	175,722	–
Clive Neely Limited Pension Fund loans	128,775	110,197
Other creditors	68,110	–
	---------	---------
	372,607	110,197
	---------	---------

The debts due to Clive Neely Limited Pension Fund, as shown above, are secured over the commercial vehicles to which the provision of funding relates.

9. Provisions

	Deferred tax (note 10)
	£
At 1 March 2024	192,022
Additions	6,467
	---------
At 28 February 2025	198,489
	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 9)	198,489	192,022
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	198,489	192,022
	---------	---------

11. Financial instruments

Financial instruments such as trade debtors, cash and trade creditors arise from the company's operations.

12. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

13. Events after the end of the reporting period

After the reporting date, the company received a schedule of dilapidations from its landlord. The claim is under negotiation, and the final liability is uncertain. This is treated as a non-adjusting event. Disclosure of further details at this stage could prejudice the company's position. No provision has been recognised in these financial statements, however this note is provided to ensure the accounts give a true and fair view.

14. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2025	2024
	£	£
C.P.W. Neely	( 401)	( 401)
	----	----

15. Related party transactions

The company was under the control of C.P.W. Neely and C.A. Neely, who are husband and wife, directors of the company and between them own 100% of the issued share capital of the holding company Clive Neely Transport Limited. The company funds it's commercial vehicle fleet through loans from the Clive Neely Limited Pension Fund, on which interest is charged and repayments are made in accordance with normal commercial terms for such type of finance, as follows:

	2025	2024
	£	£
Balance owed to the fund	360,032	264,818
Interest paid	14,024	15,390

Included in other debtors are balances due from related parties as follows:

	2025	2024
	£	£
Flaxley Properties Limited, a company owned and controlled by the directors	158,467	758,467
Enhaul Limited, a company owned and controlled by the directors' son	326,655	315,887