Company registration number 05156126 (England and Wales)
KETTERING VEHICLE RENTALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
KETTERING VEHICLE RENTALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KETTERING VEHICLE RENTALS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
155,945
228,425
Current assets
Stocks
-
10,260
Debtors
5
74,189
136,161
Cash at bank and in hand
1,284
1,279
75,473
147,700
Creditors: amounts falling due within one year
6
(200,504)
(217,410)
Net current liabilities
(125,031)
(69,710)
Total assets less current liabilities
30,914
158,715
Creditors: amounts falling due after more than one year
7
(23,405)
(33,206)
Provisions for liabilities
(311)
(17,475)
Net assets
7,198
108,034
Capital and reserves
Called up share capital
100
40
Profit and loss reserves
7,098
107,994
Total equity
7,198
108,034
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
KETTERING VEHICLE RENTALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
Mr M Deely
Director
Company Registration No. 05156126
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Kettering Vehicle Rentals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 8, 53 Lower Street, Kettering, Northamptonshire, United Kingdom, NN16 8BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Intangible assets. website costs and intellectual property are measured at cost. After initial recognition assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.3
Tangible fixed assets
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
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
MOT Bay
4% on reducing balance
Improvements to property
4% on reducing balance
No depreciation is charged in the year of acquisition.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
1.7
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
7
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
MOT Bay
Improvements to property
Total
£
£
£
£
£
£
£
Cost
At 1 March 2022
179,134
2,221
29,530
89,811
64,936
76,807
442,439
Additions
68,344
68,344
Disposals
(158,155)
(158,155)
At 28 February 2023
179,134
2,221
29,530
64,936
76,807
352,628
Depreciation and impairment
At 1 March 2022
122,190
741
15,669
32,109
26,169
17,136
214,014
Depreciation charged in the year
8,541
222
2,079
4,696
1,550
2,386
19,474
Eliminated in respect of disposals
(36,805)
(36,805)
At 28 February 2023
130,731
963
17,748
27,719
19,522
196,683
Carrying amount
At 28 February 2023
48,403
1,258
11,782
37,217
57,285
155,945
At 28 February 2022
56,944
1,480
13,861
57,702
38,767
59,671
228,425
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,277
32,670
Other debtors
11,012
92,591
Prepayments and accrued income
10,900
10,900
74,189
136,161
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,455
97,315
Trade creditors
44,595
73,221
Corporation tax
1,556
Other taxation and social security
91,670
33,624
Other creditors
13,228
4,750
Accruals and deferred income
5,000
8,500
200,504
217,410
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,405
33,206