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Registration number: 09436798

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Company Information

Directors

Mr D Fletcher

Mrs N Fletcher

Registered office

Belvoir Iron Works,
Bowbridge Lane,
Balderton
Newark
NG24 3BY

Accountants

Butler Cook
Office 3B, New Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Derbyshire
DE5 8LE

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr D Fletcher

Mrs N Fletcher

Principal activity

The principal activity of the company is Vehicle Hire

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 October 2023 and signed on its behalf by:
 

.........................................
Mr D Fletcher
Director

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

(Registration number: 09436798)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,227,023

4,134,359

Current assets

 

Stocks

6

2,500

2,500

Debtors

7

725,117

432,875

Cash at bank and in hand

 

102,710

389,215

 

830,327

824,590

Creditors: Amounts falling due within one year

8

(1,586,507)

(1,468,600)

Net current liabilities

 

(756,180)

(644,010)

Total assets less current liabilities

 

4,470,843

3,490,349

Creditors: Amounts falling due after more than one year

8

(3,393,047)

(2,676,416)

Net assets

 

1,077,796

813,933

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

1,077,786

813,923

Shareholders' funds

 

1,077,796

813,933

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

(Registration number: 09436798)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 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.

Approved and authorised by the Board on 7 October 2023 and signed on its behalf by:
 

.........................................
Mr D Fletcher
Director

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Belvoir Iron Works,
Bowbridge Lane,
Balderton
Newark
NG24 3BY

These financial statements were authorised for issue by the Board on 7 October 2023.

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 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.

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.

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Plant and machinery

25% Reducing balance

Motor vehicles

20% Straight line method

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

807,032

658,129

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

296,558

4,870,728

5,167,286

Additions

984

2,753,978

2,754,962

Disposals

-

(1,263,760)

(1,263,760)

At 30 April 2023

297,542

6,360,946

6,658,488

Depreciation

At 1 May 2022

22,595

1,010,332

1,032,927

Charge for the year

2,990

804,042

807,032

Eliminated on disposal

-

(408,494)

(408,494)

At 30 April 2023

25,585

1,405,880

1,431,465

Carrying amount

At 30 April 2023

271,957

4,955,066

5,227,023

At 30 April 2022

273,963

3,860,396

4,134,359

6

Stocks

2023
£

2022
£

Other inventories

2,500

2,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

288,052

414,425

Prepayments

70,008

200

Other debtors

367,057

18,250

 

725,117

432,875

 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,027,788

997,550

Trade creditors

 

101,155

290,008

Taxation and social security

 

35,047

50,602

Accruals and deferred income

 

267,324

1,000

Other creditors

 

155,193

129,440

 

1,586,507

1,468,600

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,006,293 (2022 - £997,550).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

3,393,047

2,676,416

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,393,047 (2022 - £2,676,416).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.10 each

100

10

100

10

         
 

Newark Self Drive Hire and Auto Centre Ltd

trading as Newark Self Drive Hire and Auto Centre

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

3,393,047

2,676,416

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

1,006,293

997,550

Other borrowings

21,495

-

1,027,788

997,550