Caseware UK (AP4) 2023.0.135 2023.0.135 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Amounts owed under finance leases & hire purchase contracts are secured on the assets to which they relate.true7falsetrue2023-01-017false NI629512 2023-01-01 2023-12-31 NI629512 2022-01-01 2022-12-31 NI629512 2023-12-31 NI629512 2022-12-31 NI629512 2022-01-01 NI629512 1 2023-01-01 2023-12-31 NI629512 d:Director1 2023-01-01 2023-12-31 NI629512 d:Director2 2023-01-01 2023-12-31 NI629512 d:Director3 2023-01-01 2023-12-31 NI629512 d:RegisteredOffice 2023-01-01 2023-12-31 NI629512 d:Agent1 2023-01-01 2023-12-31 NI629512 d:Agent2 2023-01-01 2023-12-31 NI629512 c:MotorVehicles 2023-01-01 2023-12-31 NI629512 c:MotorVehicles 2023-12-31 NI629512 c:MotorVehicles 2022-12-31 NI629512 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI629512 c:OfficeEquipment 2023-01-01 2023-12-31 NI629512 c:OfficeEquipment 2023-12-31 NI629512 c:OfficeEquipment 2022-12-31 NI629512 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI629512 c:ComputerEquipment 2023-01-01 2023-12-31 NI629512 c:ComputerEquipment 2023-12-31 NI629512 c:ComputerEquipment 2022-12-31 NI629512 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI629512 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI629512 c:CurrentFinancialInstruments 2023-12-31 NI629512 c:CurrentFinancialInstruments 2022-12-31 NI629512 c:Non-currentFinancialInstruments 2023-12-31 NI629512 c:Non-currentFinancialInstruments 2022-12-31 NI629512 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 NI629512 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 NI629512 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 NI629512 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 NI629512 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 NI629512 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 NI629512 c:UKTax 2023-01-01 2023-12-31 NI629512 c:UKTax 2022-01-01 2022-12-31 NI629512 c:ShareCapital 2023-12-31 NI629512 c:ShareCapital 2022-12-31 NI629512 c:ShareCapital 2022-01-01 NI629512 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI629512 c:RetainedEarningsAccumulatedLosses 2023-12-31 NI629512 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI629512 c:RetainedEarningsAccumulatedLosses 2022-12-31 NI629512 c:RetainedEarningsAccumulatedLosses 2022-01-01 NI629512 d:OrdinaryShareClass1 2023-01-01 2023-12-31 NI629512 d:OrdinaryShareClass1 2022-01-01 2022-12-31 NI629512 d:OrdinaryShareClass1 2023-12-31 NI629512 d:OrdinaryShareClass1 2022-12-31 NI629512 d:FRS102 2023-01-01 2023-12-31 NI629512 d:Audited 2023-01-01 2023-12-31 NI629512 d:FullAccounts 2023-01-01 2023-12-31 NI629512 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI629512 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 NI629512 c:HirePurchaseContracts c:WithinOneYear 2022-12-31 NI629512 c:HirePurchaseContracts c:BetweenOneTwoYears 2023-12-31 NI629512 c:HirePurchaseContracts c:BetweenOneTwoYears 2022-12-31 NI629512 c:HirePurchaseContracts c:BetweenTwoFiveYears 2023-12-31 NI629512 c:HirePurchaseContracts c:BetweenTwoFiveYears 2022-12-31 NI629512 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 NI629512 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-12-31 NI629512 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI629512 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI629512 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI629512 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

img38c7.png






Financial Statements
Value Van Rental UK Ltd
For the year ended 31 December 2023





































Registered number: NI629512

 
Value Van Rental UK Ltd
 

Company Information


Directors
Sean Curley 
Morgan McAndrew 
Adrian Hayter 




Registered number
NI629512



Registered office
Karl Business Park

92 Old Ballyrobin Road

Muckamore

County Antrim

BT41 4TJ




Independent auditor
Grant Thornton
Chartered Accountants &  
Statutory Auditors

13 - 18 City Quay

Dublin 2

D02 ED70




Bankers
Bank of Ireland
Townhall Street

Enniskillen

BT74 7BD

Northern Ireland





First Trust Bank

42-44 Hill Street

Newry County

BT34 1 AU

Northern Ireland




Solicitors
O'Mara Geraghty McCourt
51 Northumberland Road

Dublin 4

D04 PD32





 
Value Van Rental UK Ltd
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20


 
Value Van Rental UK Ltd
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the entity is to provide short-term and long-term commercial vehicle hires.

Directors

The directors who served during the year were:

Sean Curley 
Morgan McAndrew 
Adrian Hayter 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



Sean Curley
Director
Morgan McAndrew
Director


Date: 5 September 2024

Page 1

 
Value Van Rental UK Ltd
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.





Sean Curley       Morgan McAndrew
Director       Director

Date: 5 September 2024
Page 2

 
 
img63fb.png
 
Independent auditor's report to the members of Value Van Rental UK Ltd
 
Opinion


We have audited the financial statements of Value Van Rental UK Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and accounting standards issued by the Financial Reporting Council, 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, Value Van Rental UK Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.



Page 3

 
 
img4684.png
Independent auditor's report to the members of Value Van Rental UK Ltd (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which 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; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 4

 
 
img632d.png
Independent auditor's report to the members of Value Van Rental UK Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulations in UK and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.

Page 5

 
 
img2e58.png
Independent auditor's report to the members of Value Van Rental UK Ltd (continued)

The purpose of our audit work and to whom we owe our responsibilities
 

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 an auditor’s report 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.



 
 
Dan Holland FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13-18 City Quay
Dublin 2

Date: 5 September 2024
Page 6

 
Value Van Rental UK Ltd
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

Turnover
  
1,628,222
1,233,975

Cost of sales
  
(1,245,455)
(973,972)

Gross profit
  
382,767
260,003

Administrative expenses
  
(160,875)
(118,782)

Other operating income
  
1,350
-

Operating profit
  
223,242
141,221

Interest payable and expenses
 5 
(93,632)
(65,548)

Profit on ordinary activities before tax
  
129,610
75,673

Tax on profit on ordinary activities
 6 
(16,891)
(47,434)

Profit for the financial year
  
112,719
28,239

These relate to the continuing operations of the Company.
There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

 
Value Van Rental UK Ltd
Registered number:NI629512

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
1,100,082
1,095,882

  
1,100,082
1,095,882

Current assets
  

Debtors: amounts falling due within one year
 8 
201,651
186,388

Cash at bank and in hand
 9 
375,237
148,055

  
576,888
334,443

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(595,375)
(396,843)

Net current liabilities
  
 
 
(18,487)
 
 
(62,400)

Total assets less current liabilities
  
1,081,595
1,033,482

Creditors: amounts falling due after more than one year
 11 
(661,402)
(742,899)

Provisions for liabilities
  

Deferred tax
 15 
(105,152)
(88,261)

  
 
 
(105,152)
 
 
(88,261)

Net assets
  
315,041
202,322


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 16 
314,941
202,222

Shareholders' funds
  
315,041
202,322


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Sean Curley
Morgan McAndrew
Director
Director


Date: 5 September 2024

Page 8

 
Value Van Rental UK Ltd
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
202,222
202,322


Comprehensive income for the financial year

Profit for the financial year
-
112,719
112,719


At 31 December 2023
100
314,941
315,041



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
173,983
174,083


Comprehensive income for the financial year

Profit for the financial year
-
28,239
28,239


At 31 December 2022
100
202,222
202,322


The notes on pages 10 to 20 form part of these financial statements.

Page 9

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Value Van Rental UK Ltd is a private company limited by shares incorporated in Northern Ireland with a registered office at Karl Business Park, 92 Old Ballyrobin Road, Muckamore, County Antrim, BT41 4TJ.
The principal activity of the entity is to provide short-term and long-term commercial vehicle hires.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 10

 
Value Van Rental UK Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Office equipment
-
20% straight line
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the 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 profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 11

 
Value Van Rental UK Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
2.9

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

 
2.10

 Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 12

 
Value Van Rental UK Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.14

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 13

 
Value Van Rental UK Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.14
 Current and deferred taxation (continued)

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates.
In the process of applying the Company's accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognised in the financial statements:

Impairment of debtors
Provisions are made for specific and groups of accounts, where objective of impairment exists. The group evaluates these accounts based on available facts and circumstances, including, but not limited to, the length of the Company's relationship with the customers, the customers' current credit status based on known market forces, average age of accounts, collection experience and historical loss experience.

Estimating useful lives of tangible assets
The Company estimates the useful lives of fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives of tangible assets are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limited on the use of the assets. In addition, estimation of the useful lives of tangible assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors earlier mentioned.
 

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
7
7

The directors have taken no remuneration during the year (2022: £Nil).

Page 14

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
1,032
1,079

Finance leases and hire purchase contracts
92,600
64,469


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
16,891
-

Deferred tax


Origination and reversal of timing differences
-
47,434

Total deferred tax
-
47,434


Taxation on profit on ordinary activities
16,891
47,434

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of23.5% (2022:19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
129,610
75,673


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
30,458
14,378

Effects of:


Accelerated capital allowances and other timing differences
36,577
110

Unrelieved tax losses carried forward
(50,144)
32,946

Total tax charge for the year
16,891
47,434


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,516,345
2,821
2,604
1,521,770


Additions
446,192
882
-
447,074


Disposals
(226,983)
-
-
(226,983)



At 31 December 2023

1,735,554
3,703
2,604
1,741,861



Depreciation


At 1 January 2023
422,557
1,770
1,561
425,888


Charge for the year on owned assets
339,983
463
323
340,769


Disposals
(124,878)
-
-
(124,878)



At 31 December 2023

637,662
2,233
1,884
641,779



Net book value



At 31 December 2023
1,097,892
1,470
720
1,100,082



At 31 December 2022
1,093,788
1,051
1,043
1,095,882

The net book value of assets held as finance lease and hire purchase is £1,084,486 (2022: £1,041,929).
Depreciation charges for motor vehicles are included as part of cost of sales.


8.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
201,551
170,600

Amounts owed by group undertakings
-
15,688

Other debtors
100
100

201,651
186,388


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

Page 16

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
375,237
148,055



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,256
10,528

Other loans
-
50,000

Trade creditors
29,043
25,218

Amounts owed to group undertakings
100,849
1,094

Obligations under finance lease and hire purchase contracts
409,759
263,136

Other taxation and social security
5,182
7,502

Accruals and deferred income
40,286
39,365

595,375
396,843


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


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,416
26,760

Net obligations under finance leases and hire purchase contracts
643,986
716,139

661,402
742,899


Amounts owed under finance leases & hire purchase contracts are secured on the assets to which they relate.

Page 17

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,256
10,528

Other loans
-
50,000

Amounts falling due 1-2 years

Bank loans
10,434
10,256

Amounts falling due 2-5 years

Bank loans
6,982
16,504


27,672
87,288



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
409,759
263,136

Between 1-2 years
499,967
601,002

Between 2-5 years
144,019
115,137

1,053,745
979,275


14.


Repurchase commitments


At 31 December 2023 the Company has committed to purchase vehicles in the future in the amounts set out as follows:

2023
2022
£
£


Not later than 1 year
-
-

Later than one year and not later than 5 years
254,600
255,000

254,600
255,000

The estimated value of the vehicles to be purchased in aggregate is in excess of the committed amount.

Page 18

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Deferred taxation




2023
2022


£

£






At beginning of year
88,261
40,827


Charged to profit or loss
16,891
47,434



At end of year
105,152
88,261

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital allowances
209,645
208,218

Trading loss carried forward
(104,493)
(119,957)

105,152
88,261

Deferred tax liability arises primarily as a result of the timing of the timing of capital allowances and trading losses carried forward.


16.


Reserves

Profit and loss account

The profit and loss account includes all prior and current profits and losses.


17.


Pension commitments

For certain employees, contributions are invested in unsecured funds administered independently of the Company. The scheme provides retirement benefits on the basis of members’ final salary. The employer pension cost for the year amounted to £2,395 (2022: £1,842) all of which related to current service cost.


18.


Related party transactions

The Company has identified the following transactions which are required to be disclosed under the terms of FRS 102 Section 33 "Related Party Disclosures".
On 25 January 2023, the Company received a loan of £50,000 from Flexxilease Ltd a company registered in England and Wales. The director, Adrian Philip Hayter is also a director of that company. The loan is repayable on demand with 6% interest per annum compounded quarterly. Subsequently, the loan was repaid in full on 31 March 2023 (Note 12).

Page 19

 
Value Van Rental UK Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100
100



20.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


21.


Controlling party

The immediate and ultimate controlling party of the Company are the directors. 

Page 20