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REGISTERED NUMBER: 01705393 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

GALLAGHER CAR & VAN RENTALS LIMITED

GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GALLAGHER CAR & VAN RENTALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2022







DIRECTORS: Mrs A E Gallagher
T A Gallagher





SECRETARY: Mrs A E Gallagher





REGISTERED OFFICE: Boss Hall House
Sproughton Road
Ipswich
Suffolk
IP1 5BN





REGISTERED NUMBER: 01705393 (England and Wales)





ACCOUNTANTS: Richard Sexton & Co LLP
3 Manor Road
Colchester
Essex
CO3 3LU

GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)

BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 583,764 616,661

CURRENT ASSETS
Stocks 6,311 4,673
Debtors 5 97,597 194,224
Cash at bank and in hand 163,877 71,095
267,785 269,992
CREDITORS
Amounts falling due within one year 6 164,385 258,141
NET CURRENT ASSETS 103,400 11,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

687,164

628,512

CREDITORS
Amounts falling due after more than one
year

7

(40,000

)

(70,000

)

PROVISIONS FOR LIABILITIES (82,000 ) (63,340 )
NET ASSETS 565,164 495,172

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 8 555,164 485,172
SHAREHOLDERS' FUNDS 565,164 495,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)

BALANCE SHEET - continued
28 FEBRUARY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2022 and were signed on its behalf by:




Mrs A E Gallagher - Director



T A Gallagher - Director


GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1. STATUTORY INFORMATION

Gallagher Car & Van Rentals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the period of the lease
Plant & machinery (hire vehicles) - 24% per annum straight line
Fixtures, fittings & equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant &
machinery Fixtures,
Short (hire fittings
leasehold vehicles) & equipment Totals
£    £    £    £   
COST
At 1 March 2021 37,808 1,745,577 60,969 1,844,354
Additions - 266,728 - 266,728
Disposals - (259,161 ) - (259,161 )
At 28 February 2022 37,808 1,753,144 60,969 1,851,921
DEPRECIATION
At 1 March 2021 37,808 1,130,076 59,809 1,227,693
Charge for year - 298,613 282 298,895
Eliminated on disposal - (258,431 ) - (258,431 )
At 28 February 2022 37,808 1,170,258 60,091 1,268,157
NET BOOK VALUE
At 28 February 2022 - 582,886 878 583,764
At 28 February 2021 - 615,501 1,160 616,661

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 73,200 109,549
Other debtors - 60,278
Prepayments 24,397 24,397
97,597 194,224

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 28,259 86,012
Social security and other taxes 29,096 34,850
Directors current account 68,667 124,089
Accruals & payments in advance 38,363 13,190
164,385 258,141

GALLAGHER CAR & VAN RENTALS LIMITED (REGISTERED NUMBER: 01705393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Loan from Tip 'N' Lift (UK)
Limited 40,000 70,000
40,000 70,000

8. RESERVES
Retained
earnings
£   

At 1 March 2021 485,172
Profit for the year 71,992
Dividends (2,000 )
At 28 February 2022 555,164

9. RELATED PARTY DISCLOSURES

During the year the company paid dividends of £2,000 to directors.

10. ULTIMATE CONTROLLING PARTY

The company is under the control of Mrs A E Gallagher who owns the majority of the issued share capital.