Acorah Software Products - Accounts Production 15.0.600 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 08130013 S A Fawcett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08130013 2023-06-30 08130013 2024-06-30 08130013 2023-07-01 2024-06-30 08130013 frs-core:CurrentFinancialInstruments 2024-06-30 08130013 frs-core:Non-currentFinancialInstruments 2024-06-30 08130013 frs-core:FurnitureFittings 2023-07-01 2024-06-30 08130013 frs-core:NetGoodwill 2024-06-30 08130013 frs-core:NetGoodwill 2023-07-01 2024-06-30 08130013 frs-core:NetGoodwill 2023-06-30 08130013 frs-core:MotorVehicles 2023-07-01 2024-06-30 08130013 frs-core:PlantMachinery 2024-06-30 08130013 frs-core:PlantMachinery 2023-07-01 2024-06-30 08130013 frs-core:PlantMachinery 2023-06-30 08130013 frs-core:WithinOneYear 2024-06-30 08130013 frs-core:ShareCapital 2024-06-30 08130013 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 08130013 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08130013 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 08130013 frs-bus:SmallEntities 2023-07-01 2024-06-30 08130013 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 08130013 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 08130013 frs-bus:Director1 2023-07-01 2024-06-30 08130013 frs-bus:Director1 2023-06-30 08130013 frs-bus:Director1 2024-06-30 08130013 frs-countries:EnglandWales 2023-07-01 2024-06-30 08130013 2022-06-30 08130013 2023-06-30 08130013 2022-07-01 2023-06-30 08130013 frs-core:CurrentFinancialInstruments 2023-06-30 08130013 frs-core:Non-currentFinancialInstruments 2023-06-30 08130013 frs-core:WithinOneYear 2023-06-30 08130013 frs-core:ShareCapital 2023-06-30 08130013 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 08130013
Teign Vehicle Rentals Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08130013
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 80,833 90,833
Tangible Assets 5 1,574,061 1,483,814
1,654,894 1,574,647
CURRENT ASSETS
Debtors 6 252,656 246,263
Cash at bank and in hand 220,541 254,214
473,197 500,477
Creditors: Amounts Falling Due Within One Year 7 (635,720 ) (555,137 )
NET CURRENT ASSETS (LIABILITIES) (162,523 ) (54,660 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,492,371 1,519,987
Creditors: Amounts Falling Due After More Than One Year 8 (700,211 ) (785,903 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (371,625 ) (341,632 )
NET ASSETS 420,535 392,452
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 420,533 392,450
SHAREHOLDERS' FUNDS 420,535 392,452
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S A Fawcett
Director
13 September 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Teign Vehicle Rentals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08130013 . The registered office is Teign Vehicle Rentals, Jetty Marsh Road, Newton Abbot, TQ12 2SL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts report net current liabilities of £162,523. The going concern basis of the preparation of the accounts is dependent on the continued trading ability of the company and the support of the directors.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added taxes.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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Page 4
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 12)
11 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 200,000
As at 30 June 2024 200,000
Amortisation
As at 1 July 2023 109,167
Provided during the period 10,000
As at 30 June 2024 119,167
Net Book Value
As at 30 June 2024 80,833
As at 1 July 2023 90,833
Page 4
Page 5
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 July 2023 2,254,622
Additions 600,815
Disposals (279,913 )
As at 30 June 2024 2,575,524
Depreciation
As at 1 July 2023 770,808
Provided during the period 384,437
Disposals (153,782 )
As at 30 June 2024 1,001,463
Net Book Value
As at 30 June 2024 1,574,061
As at 1 July 2023 1,483,814
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 154,044 135,146
Other debtors 98,612 111,117
252,656 246,263
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 509,050 456,679
Trade creditors 38,060 28,647
Bank loans and overdrafts 18,367 16,696
Other creditors 47,301 47,327
Taxation and social security 22,942 5,788
635,720 555,137
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 672,830 740,155
Bank loans 27,381 45,748
700,211 785,903
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
Hire purchase liabilities are secured against the assets to which the agreements relate.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,181,880 1,196,834
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 21,218 20,600
21,218 20,600
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Simon Fawcett 65,666 66,763 97,554 - 34,875
The above loans are unsecured and repayable on demand and interest is charged on overdrawn balances at 2.25% pa.
Page 6
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13. Related Party Transactions
A loan existed between the company and a sole trader in which the director is the owner.
Amount due from related party at the balance sheet date - £512 (2023: £555).
The loan is unsecured, interest free and repayable on demand.
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