BS Truck Rental Limited
Unaudited Financial Statements
For the year ended 30 June 2022
For Filing with Registrar
Company Registration No. 05845570 (England and Wales)
BS Truck Rental Limited
Company Information
Directors
A P Ireton
O Moore
D Ireton
Secretary
D Ireton
Company number
05845570
Registered office
Kings Farm Estate
Stanbridge Road
Billington
Leighton Buzzard
Bedfordshire
LU7 9JH
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
BS Truck Rental Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BS Truck Rental Limited
Balance Sheet
As at 30 June 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,226,543
2,688,520
Current assets
Debtors
5
150,423
120,869
Cash at bank and in hand
420,631
378,626
571,054
499,495
Creditors: amounts falling due within one year
7
(1,262,921)
(942,577)
Net current liabilities
(691,867)
(443,082)
Total assets less current liabilities
2,534,676
2,245,438
Creditors: amounts falling due after more than one year
8
(1,387,547)
(1,263,826)
Provisions for liabilities
(389,043)
(250,103)
Net assets
758,086
731,509
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
757,886
731,309
Total equity
758,086
731,509

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BS Truck Rental Limited
Balance Sheet (Continued)
As at 30 June 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
A P Ireton
Director
Company Registration No. 05845570
BS Truck Rental Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 3
1
Accounting policies
Company information

BS Truck Rental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Farm Estate, Stanbridge Road, Billington, Leighton Buzzard, Bedfordshire, LU7 9JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company operates profitably but due to the nature of its hire purchase financing has a net current liabilities position of £691,817 at the balance sheet date. This excludes the contracted future revenue of £1,377,450. The working capital structure of the company is such that the net current liabilities position is normal and sustainable and the company has cash reserves that enables the company to pay its debts as they fall due. In addition, having prepared cash flow forecasts, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

At present there are no indicators that the demand for hire trucks will decrease sufficiently to impact the performance of the company as a result of COVID-19. Accordingly, these financial statements are prepared on the going concern basis.

1.3
Turnover

Turnover represents the invoiced value for hire services provided net of VAT and trade discounts, recognised over the term of the hire.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Motor vehicles
25% reducing balance

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.

1.5
Cash at bank and in hand

Cash and cash equivalents include cash in hand and deposits held at call with banks.

BS Truck Rental Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.7
Equity instruments

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

BS Truck Rental Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 5
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

There were no employees (excluding directors) employed by the company during the year.

BS Truck Rental Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
4,258,783
Additions
1,525,771
Disposals
(389,125)
At 30 June 2022
5,395,429
Depreciation and impairment
At 1 July 2021
1,570,263
Depreciation charged in the year
772,316
Eliminated in respect of disposals
(173,693)
At 30 June 2022
2,168,886
Carrying amount
At 30 June 2022
3,226,543
At 30 June 2021
2,688,520
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
126,869
103,347
Other debtors
23,554
17,522
150,423
120,869
6
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
962,936
738,396
In two to five years
1,387,547
1,263,826
2,350,483
2,002,222

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. The average lease term is three to five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BS Truck Rental Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 7
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
187,796
81,632
Taxation and social security
70,099
80,709
Other creditors
1,005,026
780,236
1,262,921
942,577
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,387,547
1,263,826
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated Capital Allowances
613,079
384,914
Tax losses
(224,036)
(134,811)
389,043
250,103
2022
Movements in the year:
£
Liability at 1 July 2021
250,103
Charge to profit or loss
59,960
Effect of change in tax rate - profit or loss
78,980
Liability at 30 June 2022
389,043
BS Truck Rental Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 8
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
11
Directors' transactions

Dividends totalling £70,000 (2021: £70,000) were paid in the year in respect of shares held by the company's directors.

During the year the company made sales of £3,383 (2021: £17,954) and purchases of £31,462 (2021: £144,179) to/from B.S. Trailer Services Limited, a company with a common director. The balance outstanding at the year end amounted to £51,696 (2021: £16,838) payable to B.S. Trailer Services Limited.

 

During the year rent of £7,667 (2021: £7,667) was paid to a director.

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