Company Registration No. SC215548 (Scotland)
J.P. RENTALS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J.P. RENTALS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 13
J.P. RENTALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
9
15,995
14,316
Current assets
Stocks
155
167
Debtors
10
2,217
1,900
Cash at bank and in hand
660
966
3,032
3,033
Creditors: amounts falling due within one year
11
(5,234)
(5,334)
Net current liabilities
(2,202)
(2,301)
Total assets less current liabilities
13,793
12,015
Creditors: amounts falling due after more than one year
12
(4,465)
(4,209)
Provisions for liabilities
14
(586)
(506)
Net assets
8,742
7,300
Capital and reserves
Called up share capital
15
-
0
-
0
Profit and loss reserves
16
8,742
7,300
Total equity
8,742
7,300

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
S G Granton
Director
Company Registration No. SC215548
J.P. RENTALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£000
£000
£000
Balance at 1 January 2022
-
0
7,021
7,021
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,029
1,029
Dividends
8
-
(750)
(750)
Balance at 31 December 2022
-
0
7,300
7,300
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,442
1,442
Balance at 31 December 2023
-
0
8,742
8,742
J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

J.P. Rentals Limited is a private company limited by shares incorporated in Scotland. The registered office and principal place of business is 22 Dalgrain Road, Grangemouth, United Kingdom, FK3 8ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In assessing the ability of the company to continue as a going concern, the directors have considered current and forecast results, as well as current and potential future sources of funding. The directors have reviewed forecasted cashflows for 12 months from the date of signing the financial misstatements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

 

While the company’s balance sheet shows net current liabilities of £2,202,000 at 31 December 2023 (2022: £2,301,000), the directors are satisfied that operating cash flows during this period will allow for settlement of their obligations as they fall due.

 

Based on the above factors, the directors are satisfied that it remains appropriate for the company to prepare its financial statements on a going concern basis.

1.3
Turnover

Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding trade discounts, settlement discounts, volume rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

 

Rendering of services:

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% - 20% straight line
Motor vehicles
20% - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible fixed assets

The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by the directors.

 

The carrying value of tangible fixed assets at the reporting date is outlined at note 9.

3
Turnover and other revenue

Turnover is attributable to vehicle hire and related services.

 

All turnover arose with United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£000
£000
Fees payable to the company's auditor for the audit of the company's financial statements
14
10
Depreciation of owned tangible fixed assets
2,222
1,388
Depreciation of tangible fixed assets held under finance leases
2,892
2,449
Profit on disposal of tangible fixed assets
(1,348)
(913)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Operational
20
10
Sales and administration
11
14
Total
31
24

The directors of J.P. Rentals Limited are remunerated through other Jarvie Plant group companies.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Interest payable and similar expenses
2023
2022
£000
£000
Interest payable and similar expenses includes the following:
Interest on finance leases and hire purchase contracts
513
375
7
Taxation
2023
2022
£000
£000
Current tax
UK corporation tax on profits for the current period
182
136
Adjustments in respect of prior periods
(41)
23
Total current tax
141
159
Deferred tax
Origination and reversal of timing differences
2
73
Changes in tax rates
-
0
24
Adjustment in respect of prior periods
78
-
0
Total deferred tax
80
97
Total tax charge
221
256
8
Dividends
2023
2022
£000
£000
Final paid
-
0
750
J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£000
£000
£000
Cost
At 1 January 2023
-
0
25,631
25,631
Additions
25
7,160
7,185
Disposals
-
0
(2,902)
(2,902)
At 31 December 2023
25
29,889
29,914
Depreciation and impairment
At 1 January 2023
-
0
11,315
11,315
Depreciation for the year
4
5,110
5,114
Eliminated in respect of disposals
-
0
(2,510)
(2,510)
At 31 December 2023
4
13,915
13,919
Carrying amount
At 31 December 2023
21
15,974
15,995
At 31 December 2022
-
0
14,316
14,316

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£000
£000
Motor vehicles
11,721
10,552
11,721
10,552
10
Debtors
2023
2022
Amounts falling due within one year:
£000
£000
Trade debtors
1,829
1,456
Amounts owed by group undertakings
98
-
0
Other debtors
-
0
125
Prepayments and accrued income
290
319
2,217
1,900

Trade debtors are stated net of provisions for bad debt amounts £135,000 (2022- £108,000)

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Creditors: amounts falling due within one year
2023
2022
£000
£000
Obligations under finance leases
13
4,315
4,066
Trade creditors
163
124
Amounts owed to group undertakings
150
790
Corporation tax
135
57
Other taxation and social security
394
-
0
Other creditors
27
146
Accruals and deferred income
50
151
5,234
5,334

Obligations under finance lease are secured over the assets concerned.

 

Other creditors includes £18,000 (2022 - £130,000) relating to an invoice financing facility which is secured by a floating charge over all of the property or undertaking of the company.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
12
Creditors: amounts falling due after more than one year
2023
2022
Notes
£000
£000
Obligations under finance leases
13
4,465
4,209

Obligations under finance lease are secured over the assets concerned.

13
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£000
£000
Within one year
4,315
4,066
In two to five years
4,465
4,209
8,780
8,275

The hire purchase creditors are secured over the corresponding assets on hire purchase contracts.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£000
£000
Fixed asset timing differences
601
525
Short term timing differences
(15)
(19)
586
506
2023
Movements in the year:
£000
Liability at 1 January 2023
506
Charge to profit or loss
80
Liability at 31 December 2023
586

 

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
15
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
100
100
-
-
16
Profit and loss reserves

Profit and loss account

The reserve includes all current and prior periods retained profits net of dividends paid.

17
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Ryan Crilley and the auditor was Johnston Carmichael LLP.
18
Financial commitments, guarantees and contingent liabilities

The company has provided an unlimited inter-company guarantee in respect of overdraft and loan balances in the parent company, Jarvie Plant Group Limited. The value of the corresponding lending facilities at the year end is £6,094,000 (2022: £5,317,000).

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£000
£000
112
-
0
20
Related party transactions

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.

 

Rent of £21,000 (2022: £18,000) was charged by the Jarvie Plant Pension Fund for rental of business premises. The Jarvie Plant Pension Fund is a related party as the beneficiaries of the fund are the directors of the company.

J.P. RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
21
Parent company

The parent undertaking is Jarvie Plant Group Limited, which is the smallest and largest group of companies for which group financial statements are prepared. Jarvie Plant Group Limited is a company incorporated in the United Kingdom. The registered office of Jarvie Plant Group Limited is Dalgrain Road, Grangemouth, Stirlingshire, FK3 8ET. Copies of the company's financial statements are available from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

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