Registered number
03268364
Auto Express Vehicle Rental Ltd
Filleted Accounts
28 February 2023
Auto Express Vehicle Rental Ltd
Registered number: 03268364
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,672 67,303
Current assets
Stocks 720 720
Debtors 4 35,155 31,753
Cash at bank and in hand 360,176 324,602
396,051 357,075
Creditors: amounts falling due within one year 5 (194,931) (167,050)
Net current assets 201,120 190,025
Total assets less current liabilities 260,792 257,328
Provisions for liabilities (11,338) (12,787)
Net assets 249,454 244,541
Capital and reserves
Called up share capital 510 510
Share premium 177,959 177,959
Capital redemption reserve 490 490
Profit and loss account 70,495 65,582
Shareholder's funds 249,454 244,541
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Aldous
Director
Approved by the board on 20 November 2023
Auto Express Vehicle Rental Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 36,200 8,716 684,612 729,528
Additions - 149 - 149
At 28 February 2023 36,200 8,865 684,612 729,677
Depreciation
At 1 March 2022 - 8,355 653,870 662,225
Charge for the year - 94 7,686 7,780
At 28 February 2023 - 8,449 661,556 670,005
Net book value
At 28 February 2023 36,200 416 23,056 59,672
At 28 February 2022 36,200 361 30,742 67,303
4 Debtors 2023 2022
£ £
Trade debtors 19,800 19,843
Other debtors 15,355 11,910
35,155 31,753
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,247 6,310
Director's account 176,520 139,750
Other creditors 12,164 20,990
194,931 167,050
6 Other information
Auto Express Vehicle Rental Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Stannetts
Laindon
Basildon
Essex
SS15 6DN
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