Company registration number 04111481 (England and Wales)
SPECIALIST VEHICLE HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SPECIALIST VEHICLE HIRE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 9
SPECIALIST VEHICLE HIRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. R Paxman
Mr. S Hills
Ms K J Paxman
(Appointed 26 March 2024)
Ms A R Paxman
(Appointed 26 March 2024)
Company number
04111481
Registered office
Highgrove Industrial Park
Quartermaine Road
Airport Industrial Estate
Portsmouth
United Kingdom
PO3 5QQ
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SPECIALIST VEHICLE HIRE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,055,594
4,667,660
Current assets
Stocks
20,168
35,250
Debtors
5
740,838
455,304
Cash at bank and in hand
148,859
621,611
909,865
1,112,165
Creditors: amounts falling due within one year
6
(1,805,005)
(1,546,897)
Net current liabilities
(895,140)
(434,732)
Total assets less current liabilities
5,160,454
4,232,928
Creditors: amounts falling due after more than one year
7
(2,636,790)
(2,131,181)
Provisions for liabilities
(942,146)
(826,750)
Net assets
1,581,518
1,274,997
Capital and reserves
Called up share capital
98
98
Capital redemption reserve
2
2
Profit and loss reserves
1,581,418
1,274,897
Total equity
1,581,518
1,274,997
SPECIALIST VEHICLE HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 29 August 2024 and are signed on its behalf by:
Mr. R Paxman
Director
Company Registration No. 04111481
The notes on pages 4 to 9 form part of these financial statements
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Specialist Vehicle Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highgrove Industrial Park, Quartermaine Road, Airport Industrial Estate, Portsmouth, United Kingdom, PO3 5QQ.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
10% straight line
Plant and machinery
20% straight line
Equipment
33% straight line
Motor vehicles
reduce to market value at end of useful economic life
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 profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
1.9
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.
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases and hire purchase agreements
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
23
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Leasehold property
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
59,062
103,680
51,556
7,031,314
7,245,612
Additions
9,887
2,522,012
2,531,899
Disposals
(738,790)
(738,790)
At 31 December 2023
59,062
113,567
51,556
8,814,536
9,038,721
Depreciation and impairment
At 1 January 2023
48,445
102,141
47,275
2,380,091
2,577,952
Depreciation charged in the year
4,490
1,702
2,554
856,471
865,217
Eliminated in respect of disposals
(460,042)
(460,042)
At 31 December 2023
52,935
103,843
49,829
2,776,520
2,983,127
Carrying amount
At 31 December 2023
6,127
9,724
1,727
6,038,016
6,055,594
At 31 December 2022
10,617
1,539
4,281
4,651,223
4,667,660
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
394,950
332,643
Other debtors
24,443
63,890
Prepayments and accrued income
321,445
51,445
740,838
447,978
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
7,326
Total debtors
740,838
455,304
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,000
30,000
Obligations under hire purchase agreements
1,343,410
1,085,557
Other borrowings
58,797
43,727
Trade creditors
167,507
139,290
Corporation tax
45,240
149,986
Other taxation and social security
85,478
28,276
Other creditors
62,861
63,811
Accruals and deferred income
11,712
6,250
1,805,005
1,546,897
The liabilities in respect of hire purchase agreements are secured on the relevant vehicles.
The bank loan liability is secured by a bank debenture over the company's assets.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,000
70,000
Obligations under hire purchase agreements
2,527,870
1,923,658
Other borrowings
68,920
137,523
2,636,790
2,131,181
The liabilities in respect of hire purchase agreements are secured on the relevant vehicles.
The bank loan liability is secured by a bank debenture over the company's assets.
8
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
£
£
219,544
245,812
SPECIALIST VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Related party transactions
The company was under the control of Mr R. Paxman.
The company rents premises from the SSD Executive Pension Scheme of which Mr R. Paxman is a trustee and member. The amount payable in respect of these premises is £37,500 (2022 - £37,500) per annum.
Mr R. Paxman is also the brother of the controlling director of 486 Limited. During the year, the company supplied services to 486 Limited on normal commercial terms amounting to £189,710 (2022 - £66,042). At the year end the company was owed £13,213 (2022 - £13,245) by 486 Limited, this amount is included within Trade Debtors.
2023-12-312023-01-01false29 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr. R PaxmanMr. S HillsMs K J PaxmanMs A R Paxmanfalsefalse041114812023-01-012023-12-3104111481bus:Director12023-01-012023-12-3104111481bus:Director22023-01-012023-12-3104111481bus:Director32023-01-012023-12-3104111481bus:Director42023-01-012023-12-3104111481bus:RegisteredOffice2023-01-012023-12-31041114812023-12-31041114812022-12-3104111481core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3104111481core:PlantMachinery2023-12-3104111481core:ComputerEquipment2023-12-3104111481core:MotorVehicles2023-12-3104111481core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104111481core:PlantMachinery2022-12-3104111481core:ComputerEquipment2022-12-3104111481core:MotorVehicles2022-12-3104111481core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104111481core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104111481core:CurrentFinancialInstruments2023-12-3104111481core:CurrentFinancialInstruments2022-12-3104111481core:Non-currentFinancialInstruments2023-12-3104111481core:Non-currentFinancialInstruments2022-12-3104111481core:ShareCapital2023-12-3104111481core:ShareCapital2022-12-3104111481core:CapitalRedemptionReserve2023-12-3104111481core:CapitalRedemptionReserve2022-12-3104111481core:RetainedEarningsAccumulatedLosses2023-12-3104111481core:RetainedEarningsAccumulatedLosses2022-12-3104111481core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3104111481core:PlantMachinery2023-01-012023-12-3104111481core:ComputerEquipment2023-01-012023-12-3104111481core:MotorVehicles2023-01-012023-12-31041114812022-01-012022-12-3104111481core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104111481core:PlantMachinery2022-12-3104111481core:ComputerEquipment2022-12-3104111481core:MotorVehicles2022-12-31041114812022-12-3104111481bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104111481bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104111481bus:FRS1022023-01-012023-12-3104111481bus:AuditExemptWithAccountantsReport2023-01-012023-12-3104111481bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP