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REGISTERED NUMBER: 02860552 (England and Wales)














Financial Statements

for the Year Ended 31 March 2023

for

Birkenhead Car & Van Hire Ltd

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Birkenhead Car & Van Hire Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: R J Houghton
R M Houghton





SECRETARY: R M Houghton





REGISTERED OFFICE: Hind Street
Birkenhead
Wirral
Merseyside
CH41 5DA





REGISTERED NUMBER: 02860552 (England and Wales)





ACCOUNTANTS: SB&P
Chartered Accountants
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,268 -
Tangible assets 5 10,729,559 11,344,300
Investments 6 20,067 20,067
10,773,894 11,364,367

CURRENT ASSETS
Stocks 7 96,936 99,894
Debtors 8 1,100,900 1,106,996
Cash at bank and in hand 472,026 208,875
1,669,862 1,415,765
CREDITORS
Amounts falling due within one year 9 3,536,214 3,320,699
NET CURRENT LIABILITIES (1,866,352 ) (1,904,934 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,907,542 9,459,433

CREDITORS
Amounts falling due after more than one year 10 (5,131,448 ) (6,073,842 )

PROVISIONS FOR LIABILITIES (1,008,284 ) (93,152 )
NET ASSETS 2,767,810 3,292,439

CAPITAL AND RESERVES
Called up share capital 12 4 4
Revaluation reserve 13 363,684 395,388
Retained earnings 2,404,122 2,897,047
SHAREHOLDERS' FUNDS 2,767,810 3,292,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:




R J Houghton - Director



R M Houghton - Director


Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


1. STATUTORY INFORMATION

Birkenhead Car & Van Hire Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Birkenhead Car & Van Hire Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover consists of the following income streams:

Contract Hire
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration due.

Any prepaid consideration on long term contracts is provided for and included as contract hire in advance within other creditors

Daily Hire
Income is recognized upon the date that the contract is agreed.

ABI Sales
Income is recognized upon the return of the vehicle at which point an invoice is raised to the insurance company.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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

Intangible asset are being amortised evenly over their estimated useful life of nil years.

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset on a systematic basis over its expected useful life as follows:

Property improvements20% reducing balance
Plant and machinery20% reducing balance
Land and Buildings 0-2% on cost
Fixtures and fittings20% reducing balance
Motor vehicles25% reducing balance and 25% on cost depending upon agreement
Other assets20% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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 balance sheet date.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


2. ACCOUNTING POLICIES - continued

Lessor operating leases
The net book value of assets held for use in operating leases is £9,216,062 (2022: £9,813,488). Depreciation charged in the year amounted to £2,849,651 (2022: £2,676,818).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Intangible
Goodwill asset Totals
£    £    £   
COST
At 1 April 2022 520,000 - 520,000
Additions - 24,268 24,268
At 31 March 2023 520,000 24,268 544,268
AMORTISATION
At 1 April 2022
and 31 March 2023 520,000 - 520,000
NET BOOK VALUE
At 31 March 2023 - 24,268 24,268
At 31 March 2022 - - -

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2022 1,310,000 442,720 81,614
Additions - 16,817 10,700
Disposals - - -
At 31 March 2023 1,310,000 459,537 92,314
DEPRECIATION
At 1 April 2022 24,800 271,876 53,518
Charge for year 6,200 36,908 6,945
Eliminated on disposal - - -
At 31 March 2023 31,000 308,784 60,463
NET BOOK VALUE
At 31 March 2023 1,279,000 150,753 31,851
At 31 March 2022 1,285,200 170,844 28,096

Fixtures
and Motor Other
fittings vehicles assets Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 111,684 17,208,720 8,184 19,162,922
Additions 16,412 3,186,389 - 3,230,318
Disposals - (2,266,686 ) - (2,266,686 )
At 31 March 2023 128,096 18,128,423 8,184 20,126,554
DEPRECIATION
At 1 April 2022 65,772 7,395,232 7,424 7,818,622
Charge for year 11,040 2,849,651 152 2,910,896
Eliminated on disposal - (1,332,523 ) - (1,332,523 )
At 31 March 2023 76,812 8,912,360 7,576 9,396,995
NET BOOK VALUE
At 31 March 2023 51,284 9,216,063 608 10,729,559
At 31 March 2022 45,912 9,813,488 760 11,344,300

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2019 502,475 - -
Cost 807,525 459,537 92,314
1,310,000 459,537 92,314

Fixtures
and Motor Other
fittings vehicles assets Totals
£    £    £    £   
Valuation in 2019 - - - 502,475
Cost 128,096 18,128,423 8,184 19,624,079
128,096 18,128,423 8,184 20,126,554

Freehold land and buildings were valued on an open market basis on 28 March 2018 by Matthews and Goodman .

The directors do not consider the valuation at 31 March 2023 to be materially different to this valuation.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 April 2022 11,684,605
Additions 2,517,239
Transfer to ownership (2,727,893 )
At 31 March 2023 11,473,951
DEPRECIATION
At 1 April 2022 3,925,696
Charge for year 2,156,646
Transfer to ownership (1,461,244 )
At 31 March 2023 4,621,098
NET BOOK VALUE
At 31 March 2023 6,852,853
At 31 March 2022 7,758,909

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 20,067
NET BOOK VALUE
At 31 March 2023 20,067
At 31 March 2022 20,067

7. STOCKS
31.3.23 31.3.22
£    £   
Stocks 96,936 99,894

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 246,937 302,270
Bad debt provision (4,317 ) (6,698 )
Amounts owed by group undertakings 536,514 554,523
Other debtors 32,600 36,379
Prepayments 289,166 220,522
1,100,900 1,106,996

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 129,866 134,045
Hire purchase contracts 2,546,710 2,647,029
Trade creditors 156,423 201,349
Tax 204,099 -
Social security and other taxes 11,030 7,075
VAT 201,645 48,391
Other creditors 99,673 83,559
Directors' current accounts 136,153 133,172
Accrued expenses 50,615 66,079
3,536,214 3,320,699

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 131,957 134,860
Bank loans - 2-5 years 235,545 333,202
Bank loans more 5 yr by instal 352,506 371,503
Hire purchase contracts 4,411,440 5,234,277
5,131,448 6,073,842

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 352,506 371,503

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 849,874 973,610
Hire purchase contracts 6,958,150 7,881,306
7,808,024 8,854,916

Vehicles held on hire purchase are secured by the asset to which they relate by one of three finance companies.

Lombard North Central Plc holds a charge, dated 2nd July 2012, over the sub-hire agreements.

The Royal Bank of Scotland Plc holds a floating charge over the assets of the company dated 12 August 2015.

Santander Asset Finance Plc holds a fixed charge over the assets of the company dated 27 January 2016.

Lloyds Bank PLC and Lloyds UDT Leasing Limited hold a fixed charge over the assets of the company dated 26 January 2017.


Lloyds Bank PLC also holds a fixed charge over the company's Hind Street property dated 20 August 2019

The company's CBIL loan is guaranteed by HM Government.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
4 Ordinary 1 4 4

Birkenhead Car & Van Hire Ltd (Registered number: 02860552)

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


13. RESERVES
Revaluation
reserve
£   
At 1 April 2022 395,388
Transfer between reserves (3,049 )
Deferred tax on revaluation (28,655 )

At 31 March 2023 363,684