Company registration number 06853328 (England and Wales)
LOW CARBON VEHICLE PARTNERSHIP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LOW CARBON VEHICLE PARTNERSHIP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LOW CARBON VEHICLE PARTNERSHIP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
505,924
391,378
Cash at bank and in hand
383,904
281,079
889,828
672,457
Creditors: amounts falling due within one year
6
(508,725)
(378,762)
Net current assets
381,103
293,695
Reserves
Strategic reserve
8
370,500
255,000
Income and expenditure account
9
10,603
38,695
Members' funds
381,103
293,695
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
Mr P H G Sellwood
Director
Company Registration No. 06853328
LOW CARBON VEHICLE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Low Carbon Vehicle Partnership is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Birdcage Walk, Westminster, London, United Kingdom, SW1H 9JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In light of an expected reduction in DfT Grant funding for 2023/24 the directors have reviewed the strategic reserve (note 8) to reflect changes in executive staff notice periods and anticipated close down costs. The decision was taken after the end of the financial year not to pay discretionary staff bonuses for 2022/23 to deliver a surplus for the financial year and ensure reserve funds are in place to support the going concern assessment.
1.3
Income and expenditure
Income comprises of membership and project contributions, government grants, and conference and award fees. When applied, these items are shown net of VAT and discounts. Expenditure measures the costs arising during the year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
100% on cost
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
LOW CARBON VEHICLE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The company's principal activity is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LOW CARBON VEHICLE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,500
4,500
For other services
Taxation compliance services
250
All other non-audit services
750
1,000
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
11
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
20,003
Additions
8,710
At 31 March 2023
28,713
Depreciation and impairment
At 1 April 2022
20,003
Depreciation charged in the year
8,710
At 31 March 2023
28,713
Carrying amount
At 31 March 2023
At 31 March 2022
LOW CARBON VEHICLE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
485,088
370,072
Other debtors
20,836
21,306
505,924
391,378
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
97,158
68,507
Taxation and social security
83,129
62,970
Other creditors
328,438
247,285
508,725
378,762
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Strategic reserve
2023
2022
£
£
At the beginning of the year
255,000
240,650
Transfer from income and expenditure account
115,500
14,350
At the end of the year
370,500
255,000
The strategic reserve represents retained surpluses ring-fenced by the Board for the purposes of providing for the orderly wind down of the organisation in the event of a major loss of funding.
9
Income and expenditure account
2023
2022
£
£
At the beginning of the year
38,695
68,766
Surplus/(deficit) for the year
87,408
(15,721)
Transfer to strategic reserve
(115,500)
(14,350)
At the end of the year
10,603
38,695
LOW CARBON VEHICLE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
27,615
26,012
11
Related party transactions
The company purchased services amounting to £10,000 (2022: £nil) during the year from Tabula Solutions Limited, a company related by virtue of Ms C L Haigh, a director of Low Carbon Vehicle Partnerhip, also being a director of Tabula Solutions Limited. The company purchased the services on a commercial basis. The balance outstanding at the balance sheet date was £10,000 (2022: £nil).
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Nisbet BA(Hons) FCA and the auditor was Azets Audit Services.