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Registration number: 03187236

Brecon Car Rentals Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 December 2021

 

Brecon Car Rentals Limited

CONTENTS

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Brecon Car Rentals Limited

Company Information

Directors

Mr J L Williams

Miss S M Williams

Company secretary

Mrs H M Williams

Registered office

Henllys
Sarnau
Llandefaelog Fach
Brecon
Powys
LD3 9PT

 

Bankers

Barclays Bank plc
9 The Bulwark
Brecon
Powys
LD3 7AF

Accountants



WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Brecon Car Rentals Limited

(Registration number: 03187236)

Balance Sheet
as at 31 December 2021

Note

2021
 £

2020
 £

           

Fixed assets

   

 

Tangible assets

4

 

253,117

 

206,637

Current assets

   

 

Debtors

5

5,822

 

106,707

 

Cash at bank and in hand

 

281,822

 

199,277

 

 

287,644

 

305,984

 

Creditors: Amounts falling due within one year

 

5,792

 

24,260

 

Net current assets

   

281,852

 

281,724

Total assets less current liabilities

   

534,969

 

488,361

Provisions for liabilities

 

36,704

 

31,441

Net assets

   

498,265

 

456,920

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

498,263

 

456,918

 

Total equity

   

498,265

 

456,920

For the financial year ending 31 December 2021 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 on 30 August 2022 and signed on its behalf by:
 

 

Brecon Car Rentals Limited

(Registration number: 03187236)

Balance Sheet
as at 31 December 2021

.........................................
Mr J L Williams
Director

 

Brecon Car Rentals Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales within the United Kingdom..

The address of its registered office is:
Henllys
Sarnau
Llandefaelog Fach
Brecon
Powys
LD3 9PT
United Kingdom

The principal place of business is:
Rich Way
The Watton
Brecon
Powys
LD3 7EH

These financial statements were authorised for issue by the Board on 30 August 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

Revenue recognition

Turnover comprises invoiced rental of cars and light commercial vehicles, excluding value added tax.

Revenue is recognised in the period when the vehicle is rented, and on a pro-rate basis if the rental spans the financial year end.

Government grants

Government grants in respect of Covid-19 have been recognised in the accounting period in which received.

Tax

The tax expense for the period comprises 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.

 

Brecon Car Rentals Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

The current 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 UK, which is where the company operates and generates taxable income.

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

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 statement of financial position 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% on cost

Motor vehicles

12½% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for vehicles hired in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Brecon Car Rentals Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

6,302

261,632

267,934

Additions

375

239,826

240,201

Disposals

-

(186,747)

(186,747)

At 31 December 2021

6,677

314,711

321,388

Depreciation

At 1 January 2021

5,379

55,926

61,305

Charge for the year

273

39,777

40,050

Eliminated on disposal

-

(33,084)

(33,084)

At 31 December 2021

5,652

62,619

68,271

Carrying amount

At 31 December 2021

1,025

252,092

253,117

At 31 December 2020

931

205,706

206,637

5

Debtors

2021
 £

2020
 £

Loan - Brecon Motors (Distributors) Limited

-

99,311

Value added tax

3,262

5,456

Prepayments

2,560

1,940

5,822

106,707

 

Brecon Car Rentals Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

2021
 £

2020
 £

Due within one year

Trade creditors

920

15,110

Accrued expenses

3,281

3,170

Loan - Brecon Motors (Distributors) Limited

1,591

-

Corporation tax

-

5,980

5,792

24,260

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,420 (2020 - £3,770). Amount payable under operating leases.