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REGISTERED NUMBER: 07345106 (England and Wales)






















Premium Leasing Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st December 2023






Premium Leasing Limited (Registered number: 07345106)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Premium Leasing Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: P T Simpson
R E Thorpe
J J Swaby





SECRETARY: P T Simpson





REGISTERED OFFICE: Newbegin House
Geneva way
Leads Road
Hull
East Yorkshire
HU7 0DG





REGISTERED NUMBER: 07345106 (England and Wales)





INDEPENDENT AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Premium Leasing Limited (Registered number: 07345106)

Strategic Report
for the year ended 31st December 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
Premium Leasing Limited operates a fleet of some 750 commercial vehicles for both short and long term hire.

Performance of the company for the year under review was strong in the view of the directors.

The directors remain positive for 2024 despite the current economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES
The entity's operations expose it to competitive, legislative and financial risks that include credit risk and liquidity risk. The company has in place a strong risk management programme that aims to eliminate adverse effects on the financial performance of the company.

ANALYSIS OF PERFORMANCE
The financial performance of the company is reviewed using detailed KPI's.

These are reviewed on a company level as well as individual sites to monitor performance and consistency.

At a board level the principle KPI's that are monitored include:
- Sales growth
- Gross profit margin
- Operating profit margin
- Average debtor days and recoverability
- Cashflow

These figures are evident from the financial statements.

ON BEHALF OF THE BOARD:





R E Thorpe - Director


2nd September 2024

Premium Leasing Limited (Registered number: 07345106)

Report of the Directors
for the year ended 31st December 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the leasing of commercial vehicles.

DIVIDENDS
Dividends of £480,000 (2022 - £325,000) were paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

P T Simpson
R E Thorpe
J J Swaby

GOING CONCERN
The directors, having considered the Group forecasts for the two-year period ending 31 December 2025 (2024 in detail), have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Premium Leasing Limited (Registered number: 07345106)

Report of the Directors
for the year ended 31st December 2023


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R E Thorpe - Director


2nd September 2024

Report of the Independent Auditors to the Members of
Premium Leasing Limited

Opinion
We have audited the financial statements of Premium Leasing Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Premium Leasing Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Premium Leasing Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Premium Leasing Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Stocks ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

2nd September 2024

Premium Leasing Limited (Registered number: 07345106)

Statement of Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 3 14,866,939 12,337,017

Cost of sales 12,479,759 10,219,803
GROSS PROFIT 2,387,180 2,117,214

Administrative expenses (169,318 ) (42,565 )
OPERATING PROFIT 5 2,556,498 2,159,779


Interest payable and similar expenses 6 1,217,371 700,433
PROFIT BEFORE TAXATION 1,339,127 1,459,346

Tax on profit 7 221,568 102,741
PROFIT FOR THE FINANCIAL YEAR 1,117,559 1,356,605

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,117,559

1,356,605

Premium Leasing Limited (Registered number: 07345106)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 30,711,418 30,409,208

CURRENT ASSETS
Stocks 10 44,091 -
Debtors 11 2,977,899 2,402,127
Cash at bank 1,142,407 654,349
4,164,397 3,056,476
CREDITORS
Amounts falling due within one year 12 11,629,637 10,219,322
NET CURRENT LIABILITIES (7,465,240 ) (7,162,846 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,246,178

23,246,362

CREDITORS
Amounts falling due after more than one
year

13

(18,964,943

)

(19,424,164

)

PROVISIONS FOR LIABILITIES 17 (6,318 ) (184,840 )
NET ASSETS 4,274,917 3,637,358

CAPITAL AND RESERVES
Called up share capital 18 3 3
Retained earnings 19 4,274,914 3,637,355
SHAREHOLDERS' FUNDS 4,274,917 3,637,358

The financial statements were approved by the Board of Directors and authorised for issue on 2nd September 2024 and were signed on its behalf by:





R E Thorpe - Director


Premium Leasing Limited (Registered number: 07345106)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 3 2,605,750 2,605,753

Changes in equity
Dividends - (325,000 ) (325,000 )
Total comprehensive income - 1,356,605 1,356,605
Balance at 31st December 2022 3 3,637,355 3,637,358

Changes in equity
Dividends - (480,000 ) (480,000 )
Total comprehensive income - 1,117,559 1,117,559
Balance at 31st December 2023 3 4,274,914 4,274,917

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Premium Leasing Limited 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
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of Value Added Tax and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the leasing of vehicles is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to months passed in the term of the hire contract.

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all 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:

Plant and Machinery20 - 25% on cost

Motor Vehicles:
New Trucks20% with £8,000 residual value
Used Trucks20% - 50% with nil residual value

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


Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. TURNOVER

The percentage of turnover attributable to sales within the United Kingdom is 100% (2022 100%).

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2023 nor for the year ended 31st December 2022.

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

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 3,421 -
Depreciation - owned assets 801,351 1,200,801
Depreciation - assets on hire purchase contracts 8,541,419 6,584,560
Profit on disposal of fixed assets (400,677 ) (281,360 )
Auditors' remuneration 9,426 9,345

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other loan interest 9,000 9,000
Hire purchase interest 1,208,371 691,433
1,217,371 700,433

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 391,246 52,754
Under provision from prior
years 8,844 -
Total current tax 400,090 52,754

Deferred tax (178,522 ) 49,987
Tax on profit 221,568 102,741

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,339,127 1,459,346
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

334,782

277,276

Effects of:
Expenses not deductible for tax purposes 169 -
Capital allowances in excess of depreciation - (4,064 )
Utilisation of tax losses (85,981 ) (182,467 )
Adjustments to tax charge in respect of previous periods (2,792 ) -

Change in standard rate of tax (24,610 ) 11,996

Total tax charge 221,568 102,741

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 480,000 325,000

9. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 275,857 51,188,862 51,464,719
Additions 88,371 10,758,115 10,846,486
Disposals (214,000 ) (6,617,395 ) (6,831,395 )
At 31st December 2023 150,228 55,329,582 55,479,810
DEPRECIATION
At 1st January 2023 66,787 20,988,724 21,055,511
Charge for year 36,640 9,306,130 9,342,770
Eliminated on disposal (32,094 ) (5,597,795 ) (5,629,889 )
At 31st December 2023 71,333 24,697,059 24,768,392
NET BOOK VALUE
At 31st December 2023 78,895 30,632,523 30,711,418
At 31st December 2022 209,070 30,200,138 30,409,208

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 42,659,008
Additions 10,237,893
Disposals (1,888,717 )
Transfer to ownership (558,853 )
At 31st December 2023 50,449,331
DEPRECIATION
At 1st January 2023 14,228,495
Charge for year 8,541,419
Eliminated on disposal (1,257,782 )
Transfer to ownership (439,172 )
At 31st December 2023 21,072,960
NET BOOK VALUE
At 31st December 2023 29,376,371
At 31st December 2022 28,430,513

10. STOCKS
2023 2022
£    £   
Stocks 44,091 -

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,040,422 667,827
Amounts owed by group undertakings 1,761,686 1,041,411
Other debtors 55,432 20,999
VAT - 612,426
Prepayments 120,359 59,464
2,977,899 2,402,127

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) - 5,820
Hire purchase contracts (see note 15) 9,180,800 7,886,110
Trade creditors 317,255 96,334
Amounts owed to group undertakings 544,623 1,813,728
Corporation tax 387,436 48,944
VAT 699,648 -
Accruals and deferred income 499,875 368,386
11,629,637 10,219,322

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 14) 150,000 150,000
Hire purchase contracts (see note 15) 18,814,943 19,274,164
18,964,943 19,424,164

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 5,820

Amounts falling due between one and two years:
Other loans - 1-2 years 150,000 150,000

Interest is payable at 5.75% above the Bank of England rate on the principal amount of the loan.

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 9,180,800 7,886,110
Between one and five years 18,814,943 19,274,164
27,995,743 27,160,274

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

15. LEASING AGREEMENTS - continued

Operating lease agreements where the company is the lessor

The company leases commercial vehicles to third parties under non-cancellable contract hire agreements. These contracts have remaining terms of between 1 and 10 years.

Future minimum rentals receivable under non-cancellable operating leases fall due as follows

2023 2022
Net obligations receivable: £ £
Within one year 12,502,363 11,780,246
Between one and five years 20,865,475 23,700,013
Over 5 years 4,600 561,687
33,372,438 36,041,946

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 27,995,743 27,160,274

Certain plant and machinery are held under hire purchase arrangements. Hire purchase liabilities are secured by the related assets held under hire purchase contracts (see note 4). The hire purchase agreements generally include fixed lease payments and a purchase option fee at the end of the lease term.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,318 184,840

Deferred
tax
£   
Balance at 1st January 2023 184,840
Credit to Statement of Comprehensive Income during year (178,522 )
Balance at 31st December 2023 6,318

The deferred tax balance is included in other debtors.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

Premium Leasing Limited (Registered number: 07345106)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

19. RESERVES
Retained
earnings
£   

At 1st January 2023 3,637,355
Profit for the year 1,117,559
Dividends (480,000 )
At 31st December 2023 4,274,914

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

20. ULTIMATE PARENT COMPANY

The company's parent company is Thompson Commercials Group Limited. The registered office of this company is the same as can be found on page 1 of these financial statements.

The company's ultimate parent company is Newbegin Corporation Limited. The registered office of this company is Newbegin House Geneva Way, Leads Road, Hull, HU7 0DG.

The largest and smallest group in which the results of the company to 31 December 2023 are consolidated is that headed by Newbegin Corporation Limited. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

21. CONTINGENT LIABILITIES

There is a cross guarantee with other group company's in respect of bank and other borrowings. At 31st December 2023 the potential net liability of the company under the arrangement was £4,880,200 (2022 £6,037,608).

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions with non wholly owned subsidiaries within the group are as follows:

2023 2022
£ £
Sales 24,281 -
Purchases 82,452 39,200

23. ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.