All Fleet Services Limited - Period Ending 2018-12-31

Registration number: 04831078

Prepared for the registrar

All Fleet Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

All Fleet Services Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

All Fleet Services Limited

Company Information

Directors

D J Scobie D M Stevens C R Hart J R Burdekin D J Mallier

Company secretary

Mrs M A Scobie

Registered office

Beechdene Building 8, Floor 3 Vantage Point Business Village Mitcheldean Gloucestershire GL17 0DD

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

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All Fleet Services Limited

(Registration number: 04831078)
Balance Sheet as at 31 December 2018

	Note	2018  £	2017  £
Fixed assets
Intangible assets	4	485,970	354,728
Tangible assets	5	144,702	100,631
Investments	6	1	1
		630,673	455,360
Current assets
Debtors	7	1,631,590	1,441,878
Cash at bank and in hand		83	35,553
		1,631,673	1,477,431
Creditors: Amounts falling due within one year	8	(1,621,792)	(1,198,954)
Net current assets		9,881	278,477
Total assets less current liabilities		640,554	733,837
Deferred tax liabilities	10	-	(12,956)
Net assets		640,554	720,881
Capital and reserves
Called up share capital		929	929
Share premium reserve		11,000	11,000
Profit and loss account		628,625	708,952
Total equity		640,554	720,881

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the Board on 7 May 2020 and signed on its behalf by:
 

.........................................

D J Scobie
Director

The notes on pages 3 to 9 form an integral part of these financial statements.
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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and the principal place of business is:
Beechdene Building 8, Floor 3
Vantage Point Business Village
Mitcheldean
Gloucestershire
GL17 0DD

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements
No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

With relation to the COVID-19 outbreak, the directors have prepared forecasts on its potential impact. Although the company is experiencing reduced activity levels as a result, the directors have taken appropriate action to reduce direct costs and overheads in line with the reduced activity levels. Assuming the government support continues for the duration of the lockdown the directors have prepared the financial statements on a going concern basis but acknowledge that it is inherently difficult to accurately forecast the effect COVID-19 will have on the company in the next 12 months.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Development costs

Development costs are expensed in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Development costs which have met the criteria of internally generated intangible assets have been capitalised and are amortised to the profit and loss account. Amortisation starts when the assets are available for use and is applied over their estimated useful life.

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
Computer software	50% of cost
Development costs	33.3% of cost

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	over the period of the lease
Plant and machinery	20 - 50% of cost
Fixtures and fittings	20% of cost
Office equipment	25% of cost

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2018  No.	2017  No.
Average number of employees	153	164

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Intangible assets

	Development costs  £	Computer software  £	Total £
Cost
At 1 January 2018	221,965	626,411	848,376
Additions	361,145	37,553	398,698
At 31 December 2018	583,110	663,964	1,247,074
Amortisation
At 1 January 2018	-	493,648	493,648
Amortisation charge	174,771	92,685	267,456
At 31 December 2018	174,771	586,333	761,104
Carrying amount
At 31 December 2018	408,339	77,631	485,970
At 31 December 2017	221,965	132,763	354,728

5

Tangible assets

	Leasehold improvements £	Plant and machinery  £	Fixtures and fittings  £	Office equipment  £	Total £
Cost
At 1 January 2018	57,281	148,275	112,668	292,364	610,588
Additions	-	1,903	30,816	45,466	78,185
At 31 December 2018	57,281	150,178	143,484	337,830	688,773
Depreciation
At 1 January 2018	57,281	135,480	74,832	242,364	509,957
Charge for the year	-	7,098	11,000	16,016	34,114
At 31 December 2018	57,281	142,578	85,832	258,380	544,071
Carrying amount
At 31 December 2018	-	7,600	57,652	79,450	144,702
At 31 December 2017	-	12,795	37,836	50,000	100,631

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Investments

	2018 £	2017 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost
At 1 January 2018	1
At 31 December 2018	1
Carrying amount
At 31 December 2018	1
At 31 December 2017	1

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	Country of incorporation	Holding	Proportion of voting rights and shares held
			2018	2017
Subsidiary undertakings
Service Booking Limited		Ordinary	100%	100%
	England and Wales

Service Booking Limited is a dormant company.

7

Debtors

	2018  £	2017  £
Trade debtors	433,165	310,689
Amounts owed by related parties	633,398	646,338
Other debtors	427,127	304,949
Prepayments	111,152	179,902
Corporation tax asset	26,748	-
	1,631,590	1,441,878

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All Fleet Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

8

Creditors

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	9	88,958	-
Trade creditors		693,373	605,843
Amounts due to related parties		1	1
Social security and other taxes		523,339	352,549
Outstanding defined contribution pension costs		1,967	6,554
Other creditors		183,047	189,656
Accrued expenses		131,107	4,120
Corporation tax liability		-	40,231
		1,621,792	1,198,954

9

Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	88,958	-

10

Deferred tax

Deferred tax assets and liabilities

2018	Liability £
Fixed asset timing differences	24,743
Short term timing differences	(201)
Tax losses carried forward	(24,542)
	-

2017	Liability £
Fixed asset timing differences	13,401
Short term timing differences	(445)
Tax losses carried forward	-
	12,956

11

Financial commitments, guarantees and contingencies

The total amount not included in the balance sheet is £88,538 (2017 - £57,778) of which £62,965 (2017 - £48,033) is due within one year and £25,573 (2017 - £9,745) is due in 2-5 years.

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