Registered number
04446892
NEXT CAR & VAN RENTAL LTD
Filleted Accounts
31 July 2023
NEXT CAR & VAN RENTAL LTD
Registered number: 04446892
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,492,785 2,266,060
Current assets
Debtors 4 467,342 616,230
Cash at bank and in hand 1,643,516 1,068,351
2,110,858 1,684,581
Creditors: amounts falling due within one year 5 (678,007) (796,362)
Net current assets 1,432,851 888,219
Total assets less current liabilities 3,925,636 3,154,279
Creditors: amounts falling due after more than one year 6 (94,949) (6,258)
Net assets 3,830,687 3,148,021
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 3,780,687 3,098,021
Shareholder's funds 3,830,687 3,148,021
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 S Cooke
Director
Approved by the board on 19 April 2024
NEXT CAR & VAN RENTAL LTD
Notes to the Accounts
for the year ended 31 July 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:
Motor vehicles 25% reducing basis
Fixtures, fittings, tools and equipment 25% reducing basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 75,084 4,129,501 4,204,585
Additions 807 1,428,945 1,429,752
Disposals - (636,626) (636,626)
At 31 July 2023 75,891 4,921,820 4,997,711
Depreciation
At 1 August 2022 58,712 1,879,813 1,938,525
Charge for the year 4,295 856,037 860,332
On disposals - (293,931) (293,931)
At 31 July 2023 63,007 2,441,919 2,504,926
Net book value
At 31 July 2023 12,884 2,479,901 2,492,785
At 31 July 2022 16,372 2,249,688 2,266,060
4 Debtors 2023 2022
£ £
Trade debtors 387,449 511,642
Deferred tax asset 77,893 77,893
Other debtors 2,000 26,695
467,342 616,230
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 202,040 398,182
Trade creditors 197,142 169,913
Taxation and social security costs 150,245 111,329
Other creditors 128,580 116,938
678,007 796,362
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 94,949 6,258
7 Controlling party
The director has a controlling interest of the company by virtue of shareholding.
8 Other information
NEXT CAR & VAN RENTAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
Next House
9 Brades Road
Oldbury
West Midlands
B69 2DP
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