Registered number
07239608
Westcountry Rentals Limited
Unaudited Filleted Accounts
31 December 2023
Westcountry Rentals Limited
Registered number: 07239608
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 5 175,743 190,180
Cash at bank and in hand 345,233 394,884
520,976 585,064
Creditors: amounts falling due within one year 6 (195,148) (287,377)
Net current assets 325,828 297,687
Net assets 325,828 297,687
Capital and reserves
Called up share capital 100 100
Profit and loss account 325,728 297,587
Shareholders' funds 325,828 297,687
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Matthew Woods
Director
Approved by the board on 25 September 2024
Westcountry Rentals Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation.
Goodwill is amortised over a ten year period.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 33% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Government Grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 48,375
At 31 December 2023 48,375
Amortisation
At 1 January 2023 48,375
At 31 December 2023 48,375
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 796
At 31 December 2023 796
Depreciation
At 1 January 2023 796
At 31 December 2023 796
Net book value
At 31 December 2023 -
5 Debtors 2023 2022
£ £
Trade debtors 171,359 185,796
Other debtors 4,384 4,384
175,743 190,180
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation Tax 39,734 86,711
Trade creditors 135,734 123,049
Amounts owed to related undertaking 9,687 68,887
Value added tax 5,244 3,981
Director's loan 2,749 2,749
Accruals 2,000 2,000
195,148 287,377
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 18,200 18,200
8 Related party transactions
The company has been loaned £9,687 by Goodwin Lee Investments Limited, a company related by virtue of common shareholdings.
As at 31 December 2023 A Strelling, a director, had loaned the company £2,749 (2022: £2,749). The loan is interest free and repayable on demand.
Goodwin Lee Investments Limited charged management fees of £57,081 in the year (2022: £108,715).
9 Controlling party
The company is a subsidiary of Vehicle Car Limited which owns 51% of the issued share capital and is the controlling party.
10 Other information
Westcountry Rentals Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Reigate Road
Sidlow
Reigate
Surrey
RH2 8QH
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