Commercial Vehicle Leasing Limited - Accounts to registrar (filleted) - small 18.2
Commercial Vehicle Leasing Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
| FOR |
| COMMERCIAL VEHICLE LEASING LIMITED |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4 |
| COMMERCIAL VEHICLE LEASING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor |
| Templeton House |
| 62 Templeton Street |
| Glasgow |
| G40 1DA |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| BALANCE SHEET |
| 31 MARCH 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2019 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2020 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2021 |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 1. | STATUTORY INFORMATION |
| Commercial Vehicle Leasing Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received, net of VAT and represents the supply of services under contracts. |
| Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the customer, the amount of revenue can be reliably measured and it is probable that the economic benefit associated with the sale will flow to the Company. |
| Tangible fixed assets |
| Assets held for use in operati ng leases | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies. |
| Future instalments payable under such agreements, net of finance charges are included within creditors. Rentals payable are apportioned between the capital element which reduces the outstanding obligation included within creditors, and its finance element, which is charged to the profit and loss account. |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument. |
| Debtors and creditors that fall due within one year |
| Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Assets |
| held for |
| use in |
| operati | Computer |
| ng leases | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts (see note 7) |
| Corporation tax |
| VAT | 3,423 | 1,533 |
| Directors' current accounts | 250 | 461 |
| Accruals and deferred income |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans (see note 7) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 15,556 | - |
| 7. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 15,556 | - |
| 8. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 7,315 | 9,794 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2021 |
| COMMERCIAL VEHICLE LEASING LIMITED (REGISTERED NUMBER: SC173401) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 10. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £47,000 (2020 - £44,500) were paid to the director . |