Registration number:
XLCR Vehicle Management Limited
for the Year Ended 31 May 2017
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG
XLCR Vehicle Management Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
XLCR Vehicle Management Limited
Company Information
Directors |
Mr L Duerden Mr S A O'Neill |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
XLCR Vehicle Management Limited
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of XLCR Vehicle Management Limited for the year ended 31 May 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of XLCR Vehicle Management Limited. Our work has been undertaken solely to prepare for your approval the accounts of XLCR Vehicle Management Limited and state those matters that we have agreed to state to the Board of Directors of XLCR Vehicle Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than XLCR Vehicle Management Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that XLCR Vehicle Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of XLCR Vehicle Management Limited. You consider that XLCR Vehicle Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of XLCR Vehicle Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Colne
Lancashire
BB8 9DG
Page 2 |
XLCR Vehicle Management Limited
(Registration number: 03923327)
Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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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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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Page 3 |
XLCR Vehicle Management Limited
(Registration number: 03923327)
Balance Sheet as at 31 May 2017
Approved and authorised by the
.........................................
Mr L Duerden
Director
Page 4 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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 |
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.
Page 5 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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.
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.
Page 6 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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.
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
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions internally developed |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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Amortisation charge |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Page 7 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Included within the net book value of land and buildings above is £288,021 (2016 - £304,899) in respect of freehold land and buildings.
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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Provision |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Page 8 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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 |
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2017 |
2016 |
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Subsidiary undertakings |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
Stocks |
2017 |
2016 |
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Other inventories |
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Page 9 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Net obligations under finance leases are secured by fixed charges on the assets concerned.
Page 10 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 June 2016 |
Advances to directors |
Repayments by director |
At 31 May 2017 |
Mr L Duerden |
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537,445 |
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( |
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Mr S A O'Neill |
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379,521 |
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( |
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2016 |
At 1 June 2015 |
Advances to directors |
Repayments by director |
At 31 May 2016 |
Mr L Duerden |
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324,721 |
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- |
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Mr S A O'Neill |
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257,248 |
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- |
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Interest was charged on the overdrawn balances at a rate of 3%.
Summary of transactions with subsidiaries
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 £104,998 (2016 - £215,925) up to a maximum of £500,000.
At the balance sheet date the amount due from Xfleet Vehicle Retail Ltd was £228,665 (2016 - £391,625).
Summary of transactions with other related parties
Duerden and O'Neill Estates
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 (2016 - £nil).
Page 11 |
XLCR Vehicle Management Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
(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 12 |