| iFleet Ltd |
| Notes to the Accounts |
| for the year ended 30 June 2023 |
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| 1 |
Accounting policies |
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| 1.1 |
Company information |
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Ifleet Limited is a private company limited by shares incorporated in England and Wales. The registered office is 96 Bristol Road, Edgbaston, Birmingham, B5 7XJ. The principal place of business is Moulsoe Business Centre, Cranfield Road, Moulsoe, Milton Keynes, MK16 OFJ.
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| 1.2 |
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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| 1.3 |
Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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| 1.4 |
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
33% straight line |
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Computer equipment & Software |
33% straight line |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
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| 1.6 |
Cash and cash equivalents |
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Cash and cash equivalents are basic financial assets and comprise of cash in hand and at bank. |
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| 1.8 |
Equity instruments |
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Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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| 1.9 |
Employee benefits |
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The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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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.
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| 1.10 |
Retirement benefits |
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Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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| 1.11 |
Leases |
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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. |
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| 1.13 |
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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| 1.14 |
Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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| 1.15 |
Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 1.16 |
Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 1.17 |
Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
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Average number of persons employed by the company |
5 |
|
7 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 July 2022 |
228,964 |
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Additions |
43,800 |
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At 30 June 2023 |
272,764 |
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Depreciation and impairment |
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At 1 July 2022 |
167,991 |
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Charge for the year |
42,756 |
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At 30 June 2023 |
210,747 |
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Net book value |
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At 30 June 2023 |
62,017 |
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At 30 June 2022 |
60,973 |
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| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
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Trade debtors |
141,979 |
|
80,037 |
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Other debtors |
23,139 |
|
32,791 |
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|
165,118 |
|
112,828 |
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| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
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Trade creditors |
98,739 |
|
93,979 |
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Taxation and social security costs |
60,966 |
|
41,094 |
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Other creditors |
400,515 |
|
208,307 |
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|
560,220 |
|
343,380 |
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| 6 |
Called up share capital |
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2023 |
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2022 |
|
2023 |
|
2022 |
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Ordinary share capital |
Number |
Number |
£ |
£ |
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Issued and fully paid |
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A' Ordinary shares of £ 1 each |
6,000 |
|
6,000 |
|
6,000 |
|
6,000 |
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B' Ordinary shares of £ 1 each |
6,000 |
|
6,000 |
|
6,000 |
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6,000 |
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12,000 |
|
12,000 |
|
12,000 |
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12,000 |
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| 7 |
Operating Lease commitments |
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Lessee |
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At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
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2023 |
|
2,022 |
| £ |
£ |
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|
- |
|
23,583 |
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