IRIS Accounts Production v23.1.0.753 03465480 director 1.4.22 31.3.23 31.3.23 true false true true false false false true false Ordinary D 1.00000 Ordinary E 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure034654802022-03-31034654802023-03-31034654802022-04-012023-03-31034654802021-03-31034654802021-04-012022-03-31034654802022-03-3103465480ns15:EnglandWales2022-04-012023-03-3103465480ns14:PoundSterling2022-04-012023-03-3103465480ns10:Director12022-04-012023-03-3103465480ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3103465480ns10:FRS1022022-04-012023-03-3103465480ns10:Audited2022-04-012023-03-3103465480ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3103465480ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-04-012023-03-3103465480ns10:FullAccounts2022-04-012023-03-310346548012022-04-012023-03-3103465480ns10:OrdinaryShareClass12022-04-012023-03-3103465480ns10:OrdinaryShareClass22022-04-012023-03-3103465480ns10:RegisteredOffice2022-04-012023-03-3103465480ns5:CurrentFinancialInstruments2023-03-3103465480ns5:CurrentFinancialInstruments2022-03-3103465480ns5:Non-currentFinancialInstruments2023-03-3103465480ns5:Non-currentFinancialInstruments2022-03-3103465480ns5:ShareCapital2023-03-3103465480ns5:ShareCapital2022-03-3103465480ns5:CapitalRedemptionReserve2023-03-3103465480ns5:CapitalRedemptionReserve2022-03-3103465480ns5:RetainedEarningsAccumulatedLosses2023-03-3103465480ns5:RetainedEarningsAccumulatedLosses2022-03-3103465480ns5:ShareCapital2021-03-3103465480ns5:RetainedEarningsAccumulatedLosses2021-03-3103465480ns5:CapitalRedemptionReserve2021-03-3103465480ns5:RetainedEarningsAccumulatedLosses2021-04-012022-03-3103465480ns5:CapitalRedemptionReserve2021-04-012022-03-3103465480ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103465480ns5:CapitalRedemptionReserve2022-04-012023-03-3103465480ns5:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3103465480ns5:ShortLeaseholdAssetsns5:LandBuildings2022-04-012023-03-3103465480ns5:PlantMachinery2022-04-012023-03-3103465480ns5:MotorVehicles2022-04-012023-03-3103465480ns5:ComputerEquipment2022-04-012023-03-3103465480ns5:OwnedAssets2022-04-012023-03-3103465480ns5:OwnedAssets2021-04-012022-03-3103465480ns5:PatentsTrademarksLicencesConcessionsSimilar2021-04-012022-03-3103465480ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3103465480ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-04-012022-03-3103465480ns10:OrdinaryShareClass12021-04-012022-03-3103465480ns10:OrdinaryShareClass22021-04-012022-03-3103465480ns5:PatentsTrademarksLicencesConcessionsSimilar2022-03-3103465480ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3103465480ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3103465480ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3103465480ns5:PatentsTrademarksLicencesConcessionsSimilar2022-03-3103465480ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3103465480ns5:ShortLeaseholdAssetsns5:LandBuildings2022-03-3103465480ns5:PlantMachinery2022-03-3103465480ns5:MotorVehicles2022-03-3103465480ns5:ComputerEquipment2022-03-3103465480ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3103465480ns5:PlantMachinery2023-03-3103465480ns5:MotorVehicles2023-03-3103465480ns5:ComputerEquipment2023-03-3103465480ns5:ShortLeaseholdAssetsns5:LandBuildings2022-03-3103465480ns5:PlantMachinery2022-03-3103465480ns5:MotorVehicles2022-03-3103465480ns5:ComputerEquipment2022-03-3103465480ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103465480ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3103465480ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3103465480ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-3103465480ns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2023-03-3103465480ns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2022-03-3103465480ns5:BetweenOneFiveYearsns5:FinanceLeases2023-03-3103465480ns5:BetweenOneFiveYearsns5:FinanceLeases2022-03-3103465480ns5:FinanceLeases2023-03-3103465480ns5:FinanceLeases2022-03-3103465480ns5:WithinOneYear2023-03-3103465480ns5:WithinOneYear2022-03-3103465480ns5:BetweenOneFiveYears2023-03-3103465480ns5:BetweenOneFiveYears2022-03-3103465480ns5:AllPeriods2023-03-3103465480ns5:AllPeriods2022-03-3103465480ns5:AcceleratedTaxDepreciationDeferredTax2023-03-3103465480ns5:AcceleratedTaxDepreciationDeferredTax2022-03-3103465480ns5:DeferredTaxation2022-03-3103465480ns5:DeferredTaxation2022-04-012023-03-3103465480ns5:DeferredTaxation2023-03-3103465480ns10:OrdinaryShareClass12023-03-3103465480ns10:OrdinaryShareClass22023-03-3103465480ns5:RetainedEarningsAccumulatedLosses2022-03-3103465480ns5:CapitalRedemptionReserve2022-03-31
REGISTERED NUMBER: 03465480 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2023

for

Regal Vehicle Rentals Limited

Regal Vehicle Rentals Limited (Registered number: 03465480)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


Regal Vehicle Rentals Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr J H Frost





REGISTERED OFFICE: Kingfisher Court
Parkgate Road
Mollington
Chester





REGISTERED NUMBER: 03465480 (England and Wales)





AUDITORS: Pritchett & Co Business Advisers Limited
Chartered Accountants and Statutory Auditors
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

Regal Vehicle Rentals Limited (Registered number: 03465480)

Strategic Report
for the Year Ended 31 March 2023

The director presents his strategic report for the year ended 31 March 2023.

Regal Vehicle Rentals Limited continues to develop its position as a UK Licencee of the Avis Budget Group and now successfully operates both the Avis and Budget Car & Van Rental brands in all locations.

The Company continues to develop its own sales and marketing for the business and continues to enhance existing relationships and developing new business as well as those shared with Avis Budget. The Company continues to successfully develop its own online presence, social media and enhanced its offering to all customers.

The Company is well positioned to continue to build volume, turnover and profits and take advantage of the strong demand for commercial vehicles by expanding the volume and percentage of commercial vehicles on fleet.

The Company continues to explore new opportunities and will adjust accordingly to meet opportunities to increase turnover and profitability.

ON BEHALF OF THE BOARD:





Mr J H Frost - Director


1 November 2023

Regal Vehicle Rentals Limited (Registered number: 03465480)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of renting and leasing of motor vehicles.

DIVIDENDS
Dividends totalling £106,533 were paid during the year. A final dividend is not recommended.

DIRECTOR
Mr J H Frost held office during the whole of the period from 1 April 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Regal Vehicle Rentals Limited (Registered number: 03465480)

Report of the Director
for the Year Ended 31 March 2023


AUDITORS
The auditors, Pritchett & Co Business Advisers Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J H Frost - Director


1 November 2023

Report of the Independent Auditors to the Members of
Regal Vehicle Rentals Limited

Opinion
We have audited the financial statements of Regal Vehicle Rentals Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Regal Vehicle Rentals Limited


Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Regal Vehicle Rentals Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiries of management and those charged with governance were held in order to identify any laws and regulations that could be expected to have a material impact on the financial statements. Throughout the audit, the team were updated with the outcome of these enquiries including consideration as to where and how fraud may occur in the company.

The audit procedures undertaken to address any potential risk in relation to irregularities (which include fraud and non-compliance with laws and regulations) included; enquiries of management and those charged with governance on how the company comply with relevant laws, regulations and cases actual or potential litigation or claims; examination of appropriate legal correspondence, review of the board minutes, testing of journal entries for appropriateness; and analytical procedures on account balances to identify variances against expectation which may show indications of fraud.

No instances of material non-compliance were identified, although the prospect of detecting irregularities, including fraud, is inherently difficult. This is due to; difficulty in detecting irregularities; limits imposed by the effectiveness of the entity's controls; and the nature, timing and extent of the audit procedures performed. Irregularities as a result of fraud are inherently more difficult to detect than those resulting from error. Despite the audit being planned and performed in accordance with ISAs (UK), there is an unavoidable risk that material misstatements may not be detected.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Regal Vehicle Rentals Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Morris (Senior Statutory Auditor)
for and on behalf of Pritchett & Co Business Advisers Limited
Chartered Accountants and Statutory Auditors
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

1 November 2023

Regal Vehicle Rentals Limited (Registered number: 03465480)

Income Statement
for the Year Ended 31 March 2023

31/3/23 31/3/22
Notes £    £   

TURNOVER 2,690,096 2,433,834

Cost of sales 1,679,779 1,510,857
GROSS PROFIT 1,010,317 922,977

Administrative expenses 724,060 799,058
286,257 123,919

Other operating income 12,784 168,150
OPERATING PROFIT and
PROFIT BEFORE TAXATION 299,041 292,069

Tax on profit 5 64,152 (4,788 )
PROFIT FOR THE FINANCIAL
YEAR

234,889

296,857

Regal Vehicle Rentals Limited (Registered number: 03465480)

Other Comprehensive Income
for the Year Ended 31 March 2023

31/3/23 31/3/22
Notes £    £   

PROFIT FOR THE YEAR 234,889 296,857


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

234,889

296,857

Regal Vehicle Rentals Limited (Registered number: 03465480)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 19,500 32,340
Tangible assets 8 5,027,146 3,158,117
5,046,646 3,190,457

CURRENT ASSETS
Stocks 9 37,447 33,562
Debtors 10 403,920 417,839
Cash at bank and in hand 229,584 182,349
670,951 633,750
CREDITORS
Amounts falling due within one year 11 2,556,209 1,740,866
NET CURRENT LIABILITIES (1,885,258 ) (1,107,116 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,161,388

2,083,341

CREDITORS
Amounts falling due after more than
one year

12

(2,330,754

)

(1,430,898

)

PROVISIONS FOR LIABILITIES 16 (381,052 ) (331,217 )
NET ASSETS 449,582 321,226

CAPITAL AND RESERVES
Called up share capital 17 1,590 1,590
Capital redemption reserve 18 7,915 7,915
Retained earnings 18 440,077 311,721
SHAREHOLDERS' FUNDS 449,582 321,226

The financial statements were approved by the director and authorised for issue on 1 November 2023 and were signed by:





Mr J H Frost - Director


Regal Vehicle Rentals Limited (Registered number: 03465480)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 1,590 112,676 7,915 122,181

Changes in equity
Dividends - (97,812 ) - (97,812 )
Total comprehensive income - 296,857 - 296,857
Balance at 31 March 2022 1,590 311,721 7,915 321,226

Changes in equity
Dividends - (106,533 ) - (106,533 )
Total comprehensive income - 234,889 - 234,889
Balance at 31 March 2023 1,590 440,077 7,915 449,582

Regal Vehicle Rentals Limited (Registered number: 03465480)

Statement of Cash Flows
for the Year Ended 31 March 2023

31/3/23 31/3/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 625,076 630,667
Tax paid (7,257 ) -
Net cash from operating activities 617,819 630,667

Cash flows from investing activities
Purchase of tangible fixed assets (3,101,153 ) (2,818,626 )
Sale of tangible fixed assets 1,058,793 2,941,843
Net cash from investing activities (2,042,360 ) 123,217

Cash flows from financing activities
Net Movement Finance Leases and Loans 1,578,309 (800,750 )
Equity dividends paid (106,533 ) (97,812 )
Net cash from financing activities 1,471,776 (898,562 )

Increase/(decrease) in cash and cash
equivalents

47,235

(144,678

)
Cash and cash equivalents at
beginning of year

2

182,349

327,027

Cash and cash equivalents at
end of year

2

229,584

182,349

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/3/23 31/3/22
£    £   
Profit before taxation 299,041 292,069
Depreciation charges 200,376 152,488
Profit on disposal of fixed assets (14,046 ) (1,694 )
485,371 442,863
Increase in stocks (3,885 ) (6,392 )
Decrease in trade and other debtors 13,919 120,263
Increase in trade and other creditors 129,671 73,933
Cash generated from operations 625,076 630,667

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 229,584 182,349
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 182,349 327,027


Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 182,349 47,235 229,584
182,349 47,235 229,584
Debt
Finance leases (2,307,532 ) (1,649,887 ) (3,957,419 )
Debts falling due within 1 year (72,288 ) 13,666 (58,622 )
Debts falling due after 1 year (151,988 ) 57,753 (94,235 )
(2,531,808 ) (1,578,468 ) (4,110,276 )
Total (2,349,459 ) (1,531,233 ) (3,880,692 )

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Regal Vehicle 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has assessed the position of the company from the balance sheet date and believes the going concern basis to be appropriate.

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

Income is recognised on an accruals basis over the rental period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangibles assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Development costs are being amortised evenly over their estimated useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Plant and machinery - 20% on cost
Motor vehicles - at variable rates on reducing balance
Computer equipment - 20% on cost

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


Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31/3/23 31/3/22
£    £   
Wages and salaries 481,837 529,082
Other pension costs 20,457 20,637
502,294 549,719

The average number of employees during the year was as follows:
31/3/23 31/3/22

Management, admin and drivers 31 37

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS - continued

31/3/23 31/3/22
£    £   
Director's remuneration 9,000 9,021
Director's pension contributions to money purchase schemes 12,500 12,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/23 31/3/22
£    £   
Other operating leases 50,400 50,400
Depreciation - owned assets 187,377 137,732
Profit on disposal of fixed assets (14,046 ) (1,694 )
Patents and licences amortisation 13,000 13,000
Development costs amortisation (160 ) 1,915
Auditors' remuneration 6,000 6,000

5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31/3/23 31/3/22
£    £   
Current tax:
UK corporation tax 14,317 7,257

Deferred tax 49,835 (12,045 )
Tax on profit 64,152 (4,788 )

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/23 31/3/22
£    £   
Profit before tax 299,041 292,069
Profit multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

56,818

55,493

Effects of:
Expenses not deductible for tax purposes 19 -
Capital allowances in excess of depreciation (42,520 ) -
Depreciation in excess of capital allowances - 8,570
Utilisation of tax losses - (56,806 )
corporation tax rate

Movement in Deferred Tax 49,835 (12,045 )
Total tax charge/(credit) 64,152 (4,788 )

6. DIVIDENDS
31/3/23 31/3/22
£    £   
Ordinary D shares of £1 each
Interim 70,185 61,308
Ordinary E shares of £1 each
Interim 36,348 36,504
106,533 97,812

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 130,000 9,575 139,575
AMORTISATION
At 1 April 2022 97,500 9,735 107,235
Amortisation for year 13,000 (160 ) 12,840
At 31 March 2023 110,500 9,575 120,075
NET BOOK VALUE
At 31 March 2023 19,500 - 19,500
At 31 March 2022 32,500 (160 ) 32,340

8. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 162,076 56,777 3,221,459 286,088 3,726,400
Additions - - 3,099,180 1,973 3,101,153
Disposals - - (1,131,579 ) - (1,131,579 )
At 31 March 2023 162,076 56,777 5,189,060 288,061 5,695,974
DEPRECIATION
At 1 April 2022 161,116 56,776 67,551 282,840 568,283
Charge for year 720 1 183,820 2,836 187,377
Eliminated on disposal - - (86,832 ) - (86,832 )
At 31 March 2023 161,836 56,777 164,539 285,676 668,828
NET BOOK VALUE
At 31 March 2023 240 - 5,024,521 2,385 5,027,146
At 31 March 2022 960 1 3,153,908 3,248 3,158,117

9. STOCKS
31/3/23 31/3/22
£    £   
Stocks 37,447 33,562

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 312,363 272,123
Other debtors - 26,655
VAT 19,379 -
Prepayments and accrued income 72,178 119,061
403,920 417,839

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts (see note 13)
58,622

72,288
Finance leases (see note 14) 1,720,900 1,028,622
Trade creditors 150,051 132,524
Tax 14,317 7,257
Social security and other taxes 7,837 8,570
VAT - 107,608
Other creditors 551,228 335,799
Accruals and deferred income 53,254 48,198
2,556,209 1,740,866

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans (see note 13) 94,235 151,988
Finance leases (see note 14) 2,236,519 1,278,910
2,330,754 1,430,898

13. LOANS

An analysis of the maturity of loans is given below:

31/3/23 31/3/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 58,622 72,288

Amounts falling due between one and two years:
Bank loans - 1-2 years 94,235 151,988

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31/3/23 31/3/22
£    £   
Net obligations repayable:
Within one year 1,720,900 1,028,622
Between one and five years 2,236,519 1,278,910
3,957,419 2,307,532

Non-cancellable operating leases
31/3/23 31/3/22
£    £   
Within one year 150,500 150,500
Between one and five years 135,917 286,417
286,417 436,917

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have need entered into for contingent rental payments.

15. SECURED DEBTS

The Barclays bank accounts are secured by way of a debenture dated 19 January 1999, should they become overdrawn. On 29 April 2020, Barclays Bank plc registered a fixed and floating charge over the entity.

The finance leases creditors are secured on the assets concerned.

16. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax
Accelerated capital allowances 381,052 331,217

Regal Vehicle Rentals Limited (Registered number: 03465480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 331,217
Charge to Income Statement during year 49,835
Balance at 31 March 2023 381,052

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
1,431 Ordinary D £1 1,431 1,431
159 Ordinary E £1 159 159
1,590 1,590

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 311,721 7,915 319,636
Profit for the year 234,889 234,889
Dividends (106,533 ) (106,533 )
At 31 March 2023 440,077 7,915 447,992

19. PENSION COMMITMENTS

The pension costs (Note 3) are in respect of a defined contribution scheme, which is operated by the company for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.