Vicarage Truck Rentals Limited 07549930 false 2021-03-01 2022-02-28 2022-02-28 The principal activity of the company is rental of vehicles Digita Accounts Production Advanced 6.30.9574.0 true 07549930 2021-03-01 2022-02-28 07549930 2022-02-28 07549930 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 07549930 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 07549930 core:CurrentFinancialInstruments 2022-02-28 07549930 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07549930 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 07549930 core:MotorVehicles 2022-02-28 07549930 bus:SmallEntities 2021-03-01 2022-02-28 07549930 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 07549930 bus:FullAccounts 2021-03-01 2022-02-28 07549930 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 07549930 bus:RegisteredOffice 2021-03-01 2022-02-28 07549930 bus:Director1 2021-03-01 2022-02-28 07549930 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 07549930 core:MotorVehicles 2021-03-01 2022-02-28 07549930 countries:England 2021-03-01 2022-02-28 07549930 2021-02-28 07549930 core:MotorVehicles 2021-02-28 07549930 2020-03-01 2021-02-28 07549930 2021-02-28 07549930 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-02-28 07549930 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2021-02-28 07549930 core:CurrentFinancialInstruments 2021-02-28 07549930 core:CurrentFinancialInstruments core:WithinOneYear 2021-02-28 07549930 core:Non-currentFinancialInstruments core:AfterOneYear 2021-02-28 07549930 core:MotorVehicles 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 07549930

Vicarage Truck Rentals Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Vicarage Truck Rentals Limited

(Registration number: 07549930)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,557,606

1,698,644

Current assets

 

Debtors

5

62,571

391,036

Cash at bank and in hand

 

64,958

131,168

 

127,529

522,204

Creditors: Amounts falling due within one year

6

(861,311)

(1,270,326)

Net current liabilities

 

(733,782)

(748,122)

Total assets less current liabilities

 

823,824

950,522

Creditors: Amounts falling due after more than one year

6

(113,536)

(184,994)

Provisions for liabilities

(132,562)

(143,089)

Net assets

 

577,726

622,439

Capital and reserves

 

Called up share capital

2

2

Retained earnings

577,724

622,437

Shareholders' funds

 

577,726

622,439

 

Vicarage Truck Rentals Limited

(Registration number: 07549930)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 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 for issue on 15 August 2022 and signed on its behalf by:
 

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

G F Scrupps

Director

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

1

General information

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

The address of its registered office is:
The Old Vicarage
Sleaford Road
Wigtoft
Boston
Lincolnshire
PE20 2NJ

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 profit or loss, except that a change 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.

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Commercial motor vehicles

25% reducing balance

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.

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.

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.

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

4,357,463

4,357,463

Additions

375,059

375,059

Disposals

(309,904)

(309,904)

At 28 February 2022

4,422,618

4,422,618

Depreciation

At 1 March 2021

2,658,819

2,658,819

Charge for the year

448,897

448,897

Eliminated on disposal

(242,704)

(242,704)

At 28 February 2022

2,865,012

2,865,012

Carrying amount

At 28 February 2022

1,557,606

1,557,606

At 28 February 2021

1,698,644

1,698,644

5

Debtors

Current

2022
£

2021
£

Trade debtors

62,571

371,410

Other debtors

-

19,626

 

62,571

391,036

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

202,821

309,246

Trade creditors

 

2,041

-

Amounts owed to related parties

644,717

929,717

Taxation and social security

 

994

19,787

Other creditors

 

10,738

11,576

 

861,311

1,270,326

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

113,536

184,994

Obligations under finance lease and hire purchase contracts are secured on the assets financed.

 

Vicarage Truck Rentals Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

113,536

184,994

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

202,821

309,246