Company Registration No. 08710542 (England and Wales)
Just Vehicle Rental Limited
Unaudited accounts
for the year ended 31 July 2023
Just Vehicle Rental Limited
Unaudited accounts
Contents
Just Vehicle Rental Limited
Company Information
for the year ended 31 July 2023
Directors
J S Matthews
T A Matthews
Company Number
08710542 (England and Wales)
Registered Office
Unit 6 Worktown
Northern Road
Newark
Nottinghamshire
NG24 2EU
United Kingdom
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
Just Vehicle Rental Limited
Statement of financial position
as at 31 July 2023
Tangible assets
2,910,570
2,107,056
Cash at bank and in hand
124,324
252,323
Creditors: amounts falling due within one year
(906,068)
(735,894)
Net current liabilities
(467,318)
(317,136)
Total assets less current liabilities
2,443,252
1,789,920
Creditors: amounts falling due after more than one year
(1,751,107)
(1,119,620)
Provisions for liabilities
Deferred tax
(209,469)
(78,302)
Net assets
482,676
591,998
Called up share capital
100
100
Capital redemption reserve
2
2
Profit and loss account
482,574
591,896
Shareholders' funds
482,676
591,998
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by
J S Matthews
Director
Company Registration No. 08710542
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2023
Just Vehicle Rental Limited is a private company, limited by shares, registered in England and Wales, registration number 08710542. The registered office is Unit 6 Worktown, Northern Road, Newark, Nottinghamshire, NG24 2EU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives, or to their residual values:
Plant & machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Current liabilities exceed current assets by £467,318 (2022: £317,136). The shareholders have confirmed that they will continue to support the company to enable it to meet its liabilities as they fall due for a period of not less than twelve months from the date of signing the financial statements. The financial statements have therefore been prepared on the going concern basis.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
1,008
2,328,015
52,136
33,813
2,414,972
Additions
-
1,736,255
6,924
2,904
1,746,083
Disposals
-
(687,583)
-
-
(687,583)
At 31 July 2023
1,008
3,376,687
59,060
36,717
3,473,472
At 1 August 2022
301
252,186
26,240
29,189
307,916
Charge for the year
177
284,109
7,892
3,398
295,576
On disposals
-
(40,590)
-
-
(40,590)
At 31 July 2023
478
495,705
34,132
32,587
562,902
At 31 July 2023
530
2,880,982
24,928
4,130
2,910,570
At 31 July 2022
707
2,075,829
25,896
4,624
2,107,056
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
2,768,567
1,940,611
Amounts falling due within one year
Trade debtors
269,247
118,028
Accrued income and prepayments
38,186
33,676
Other debtors
6,993
14,731
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,741
22,222
Obligations under finance leases and hire purchase contracts
706,140
559,081
Trade creditors
46,048
25,327
Taxes and social security
2,354
6,890
Other creditors
77,849
70,309
Deferred income
52,908
51,978
The following secured debts are included within creditors, hire purchase contracts £706,140 (2022: £559,081).
Obligations under hire purchase contracts are secured on the whole property, assets and rights of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
1,751,107
1,078,879
The following secured debts are included within creditors, hire purchase contracts £1,751,107 (2022: £1,078,879).
Obligations under hire purchase contracts are secured on the whole property, assets and rights of the company.
8
Operating lease commitments
2023
2022
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
54
919
Later than one year and not later than five years
-
54
9
Transactions with related parties
Included in other creditors are loans of £45,137 (2022: £53,137) owing to shareholders of the company.
10
Average number of employees
During the year the average number of employees was 8 (2022: 7).