Registration number:
XLCR Vehicle Management Limited
for the Year Ended 31 May 2016
Hargreaves Brown & Benson
Chartered Accountants and Registered Auditor
1 Bond Street
Colne
Lancashire
BB8 9DG
XLCR Vehicle Management Limited
Contents
Company Information |
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Independent Auditor's Report |
|
Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
XLCR Vehicle Management Limited
Company Information
Directors |
Mr L Duerden Mr S A O'Neill |
Registered office |
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Auditors |
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Page 1 |
XLCR Vehicle Management Limited
Independent Auditor's Report to the Members of XLCR Vehicle Management Limited
We have audited the abridged financial statements of XLCR Vehicle Management Limited for the year ended 31 May 2016, set out on pages 4 to 16. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 auditor’s 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.
Respective responsibilities of directors and auditor
As explained more fully in the (set out on page ), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors to the financial statements, including "APB Ethical Standard - Provisions Available for Small Entities (Revised)".
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 May 2016 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Page 2 |
XLCR Vehicle Management Limited
Independent Auditor's Report to the Members of XLCR Vehicle Management Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the has been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit; or |
• |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the . |
......................................
For and on behalf of
1 Bond Street
Lancashire
BB8 9DG
Page 3 |
XLCR Vehicle Management Limited
Statement of Comprehensive Income for the Year Ended 31 May 2016
Note |
2016 |
2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 4 |
XLCR Vehicle Management Limited
(Registration number: 03923327)
Abridged Balance Sheet as at 31 May 2016
Note |
2016 |
2015 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
|||
Called up share capital |
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Profit and loss account |
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Total equity |
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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 and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 5 |
XLCR Vehicle Management Limited
(Registration number: 03923327)
Abridged Balance Sheet as at 31 May 2016
Approved and authorised by the Board on
.........................................
Mr L Duerden
Director
Page 6 |
XLCR Vehicle Management Limited
Statement of Changes in Equity for the Year Ended 31 May 2016
Share capital |
Profit and loss account |
Total |
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At 1 June 2015 |
|
|
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Profit for the year |
- |
|
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 31 May 2016 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 June 2014 |
|
|
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Profit for the year |
- |
|
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 31 May 2015 |
|
|
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Page 7 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This is the first year in which the financial statements have been prepared under FRS 102. Details of the transition to FRS 102 are disclosed in note 10.
Basis of preparation
These abridged 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Plant and machinery |
25% Reducing balance |
Fixtures and fittings |
10% Reducing balance |
Motor vehicles |
25% Reducing balance |
Equipment |
15% Reducing balance |
Leasehold improvements |
5% on cost |
Page 8 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
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 |
Development costs |
Over 4 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stock is stated as the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Page 9 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
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.
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
Page 10 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Intangible assets |
Total |
|
Cost or valuation |
|
Additions internally developed |
|
At 31 May 2016 |
|
Amortisation |
|
Amortisation charge |
|
At 31 May 2016 |
|
Carrying amount |
|
At 31 May 2016 |
|
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 June 2015 |
|
Additions |
|
Disposals |
( |
At 31 May 2016 |
|
Depreciation |
|
At 1 June 2015 |
|
Charge for the year |
|
Eliminated on disposal |
( |
At 31 May 2016 |
|
Carrying amount |
|
At 31 May 2016 |
|
At 31 May 2015 |
|
Included within the net book value of land and buildings above is £304,899 (2015 - £277,840) in respect of freehold land and buildings.
Page 11 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Investments |
Total |
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Cost or valuation |
|
At 1 June 2015 |
|
Provision |
|
Carrying amount |
|
At 31 May 2016 |
|
At 31 May 2015 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2016 |
2015 |
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Subsidiary undertakings |
||||
|
Ordinary |
|
|
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England and Wales |
The principal activity of Xfleet Vehicle Retail Ltd is |
The loss for the financial period of Xfleet Vehicle Retail Ltd was £14,412 and the aggregate amount of capital and reserves at the end of the period was £3,661. |
Stocks |
2016 |
2015 |
|
Other inventories |
|
|
Dividends |
Interim dividends paid
2016 |
2015 |
|
Interim dividend of £ |
|
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Page 12 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Related party transactions |
Transactions with directors |
2016 |
At 1 June 2015 |
Advances to directors |
Repayments by director |
At 31 May 2016 |
Mr L Duerden |
||||
|
324,721 |
|
- |
|
Mr S A O'Neill |
||||
|
257,248 |
|
- |
|
2015 |
At 1 June 2014 |
Advances to directors |
Repayments by director |
At 31 May 2015 |
Mr L Duerden |
||||
|
413,244 |
|
( |
|
Mr S A O'Neill |
||||
|
331,597 |
|
( |
|
Interest was charged on the overdrawn balances at a rate of 3%.
Directors' remuneration
The directors' remuneration for the year was as follows:
2016 |
2015 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
14,868 |
14,868 |
Dividends paid to directors |
2016 |
2015 |
|||
Mr L Duerden |
||||
60,000 |
50,000 |
|||
Mr S A O'Neill |
||||
60,000 |
50,000 |
|||
Page 13 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Summary of transactions with subsidiaries
The company advanced loan facilities of £517,208 (2015 - £153,300) to Xfleet Vehicle Retail Ltd.
There are no fixed terms for repayment.
XLCR Vehicle Management Limited has provided a cross company guarantee to Xfleet Vehicle Retail Ltd for its Stock Finance liability of £215,925 (2015 - £0) up to a maximum of £500,000.
At the balance sheet date the amount due from Xfleet Vehicle Retail Ltd was £391,625 (2015 - £287,869).
Summary of transactions with other related parties
(A partnership between the Directors)
There is a charge over XLCR Vehicle Management Limited to secure borrowings made by the partners of Duerden & O'Neill Estates.
At the balance sheet date the amount due to Duerden & O'Neill Estates was £nil (2015 - £nil).
(A company of which Mr L Duerden is the majority shareholder)
(The company changed its name from the The Alma Inn Laneshawbridge Limited on 8 August 2016)
Page 14 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Transition to FRS 102 |
Balance Sheet at 1 June 2014
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
817,314 |
- |
- |
817,314 |
|
Current assets |
|||||
Stocks |
113,441 |
- |
- |
113,441 |
|
Debtors |
3,102,182 |
- |
- |
3,102,182 |
|
Cash at bank and in hand |
481,317 |
- |
- |
481,317 |
|
3,696,940 |
- |
- |
3,696,940 |
||
Creditors: Amounts falling due within one year |
(1,244,731) |
- |
- |
(1,244,731) |
|
Net current assets |
2,452,209 |
- |
- |
2,452,209 |
|
Total assets less current liabilities |
3,269,523 |
- |
- |
3,269,523 |
|
Creditors: Amounts falling due after more than one year |
(157,208) |
- |
- |
(157,208) |
|
Provisions for liabilities |
(37,041) |
- |
- |
(37,041) |
|
Net assets |
3,075,274 |
- |
- |
3,075,274 |
|
Capital and reserves |
|||||
Called up share capital |
(100) |
- |
- |
(100) |
|
Profit and loss account |
(3,075,174) |
- |
- |
(3,075,174) |
|
Total equity |
(3,075,274) |
- |
- |
(3,075,274) |
Page 15 |
XLCR Vehicle Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2016
Balance Sheet at 31 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
1,545,577 |
- |
- |
1,545,577 |
|
Investments |
2 |
- |
- |
2 |
|
1,545,579 |
- |
- |
1,545,579 |
||
Current assets |
|||||
Stocks |
234,159 |
- |
- |
234,159 |
|
Debtors |
2,361,587 |
- |
- |
2,361,587 |
|
Cash at bank and in hand |
351,324 |
- |
- |
351,324 |
|
2,947,070 |
- |
- |
2,947,070 |
||
Creditors: Amounts falling due within one year |
(636,266) |
- |
- |
(636,266) |
|
Net current assets |
2,310,804 |
- |
- |
2,310,804 |
|
Total assets less current liabilities |
3,856,383 |
- |
- |
3,856,383 |
|
Creditors: Amounts falling due after more than one year |
(336,767) |
- |
- |
(336,767) |
|
Provisions for liabilities |
(96,200) |
- |
- |
(96,200) |
|
Net assets |
3,423,416 |
- |
- |
3,423,416 |
|
Capital and reserves |
|||||
Called up share capital |
(100) |
- |
- |
(100) |
|
Profit and loss account |
(3,423,316) |
- |
- |
(3,423,316) |
|
Total equity |
(3,423,416) |
- |
- |
(3,423,416) |
Page 16 |