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COMPANY REGISTRATION NUMBER: 05090027
M&S VAN & TRUCK RENTAL LIMITED
Filleted Unaudited Financial Statements
31 March 2023
M&S VAN & TRUCK RENTAL LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
8
880,750
914,145
Current assets
Stocks
3,911
3,949
Debtors
9
117,287
128,619
Cash at bank and in hand
451,533
388,842
---------
---------
572,731
521,410
Creditors: amounts falling due within one year
10
35,298
190,588
---------
---------
Net current assets
537,433
330,822
------------
------------
Total assets less current liabilities
1,418,183
1,244,967
------------
------------
Net assets
1,418,183
1,244,967
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,418,083
1,244,867
------------
------------
Shareholder funds
1,418,183
1,244,967
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M&S VAN & TRUCK RENTAL LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
M J Sykes
Director
Company registration number: 05090027
M&S VAN & TRUCK RENTAL LIMITED
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 72 Bss House, Cheney Manor Industrial Estate, Swindon, Wiltshire, SN2 2PJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of hire charges, goods supplied and services rendered during the year net of returns and Value Added Tax. The turnover and the operating results are attributable to the principal activity of the Company and arise wholly within the United Kingdom.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
6% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tax on profit
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
227,216
186,731
---------
---------
Profit on ordinary activities by rate of tax
43,171
35,479
Effect of expenses not deductible for tax purposes
197
118
Utilisation of tax losses
( 48,587)
21,862
Capital allowances for period in excess of depreciation
5,219
( 57,459)
---------
---------
Tax on profit
---------
---------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on equity shares
54,000
72,000
--------
--------
7. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
60,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
60,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
8. Tangible assets
Land and buildings
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2022
3,220
1,460,370
26,048
1,489,638
Additions
287,171
287,171
Disposals
( 172,157)
( 172,157)
-------
------------
--------
------------
At 31 March 2023
3,220
1,575,384
26,048
1,604,652
-------
------------
--------
------------
Depreciation
At 1 April 2022
551,289
24,204
575,493
Charge for the year
255,953
464
256,417
Disposals
( 108,008)
( 108,008)
-------
------------
--------
------------
At 31 March 2023
699,234
24,668
723,902
-------
------------
--------
------------
Carrying amount
At 31 March 2023
3,220
876,150
1,380
880,750
-------
------------
--------
------------
At 31 March 2022
3,220
909,081
1,844
914,145
-------
------------
--------
------------
9. Debtors
2023
2022
£
£
Trade debtors
78,733
59,078
Prepayments and accrued income
38,554
66,947
Other debtors
2,594
---------
---------
117,287
128,619
---------
---------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,177
184,433
Accruals and deferred income
3,730
3,560
Social security and other taxes
23,142
1,147
Director loan accounts
1,249
1,448
--------
---------
35,298
190,588
--------
---------
11. Directors' advances, credits and guarantees
The company has chosen to override the requirement to disclose details of directors advances and credits.
12. Related party transactions
The company was under the control of Mr MJ Sykes throughout the current year and the previous year. Mr Sykes is the managing director and holds 80% of the company's issued share capital. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standards for Smaller Enterprises.