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COMPANY REGISTRATION NUMBER: 07960324
Maben Vehicle Hire Ltd
Filleted Unaudited Financial Statements
31 March 2024
Maben Vehicle Hire Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Maben Vehicle Hire Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maben Vehicle Hire Ltd for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Maben Vehicle Hire Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Maben Vehicle Hire Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maben Vehicle Hire Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Maben Vehicle Hire Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Maben Vehicle Hire Ltd. You consider that Maben Vehicle Hire Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Maben Vehicle Hire Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PAUL PHILLIS & CO LIMITED Chartered accountants
11a Corelli Street Newport South Wales NP19 7AR
9 October 2024
Maben Vehicle Hire Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,831,321
2,968,773
Current assets
Stocks
155,172
191,533
Debtors
6
309,352
442,921
Cash at bank and in hand
1,994
610
---------
---------
466,518
635,064
Creditors: amounts falling due within one year
7
844,097
516,565
---------
---------
Net current (liabilities)/assets
( 377,579)
118,499
------------
------------
Total assets less current liabilities
3,453,742
3,087,272
Creditors: amounts falling due after more than one year
8
2,859,148
2,671,475
Provisions
168,197
121,461
------------
------------
Net assets
426,397
294,336
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
426,395
294,334
---------
---------
Shareholders funds
426,397
294,336
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maben Vehicle Hire Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr B.M. Pearson
Mr M. Pearson
Director
Director
Company registration number: 07960324
Maben Vehicle Hire Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Pont-Y-Felin Road, Pont-Y-Felin Industrial Estate, Pontypool, Torfaen, NP4 0DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Fixed asset lives Tangible fixed assets is one of the largest balances on the company's balance sheet and the rate chosen to depreciate these assets has an effect on the company's reported position and performance. There is judgement involved in determining appropriate rates to use for these assets where there is no constraint of a relevant financial reporting standard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover from the rental of vehicles is recognised on a daily rental basis. Other revenue incidental to vehicle rental, such as the sale of fuel, are recognised in line with the underlying rental revenue. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. All revenue relates to rendering of services and goods supplied in the UK.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance and 10% for heavy plant
Motor vehicles
-
5% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its liabilities. Cash comprises cash on hand and demand deposits that are readily converted to a known amount of cash and are subject to insignificant risk of change in value. The carrying amount of these assets approximates to their fair value. Trade and other receivables comprise amounts due in respect of Operating income. These receivables are stated net of allowances for doubtful debts. No interest is charged on these receivables. The carrying value of these assets approximates to their fair values. Trade payables are initially measured at fair value, and are subsequently measured at amortised cost. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
135,686
3,208,782
18,562
3,363,030
Additions
132,151
1,818,024
1,835
1,952,010
Disposals
( 1,040,837)
( 1,040,837)
---------
------------
--------
------------
At 31 March 2024
267,837
3,985,969
20,397
4,274,203
---------
------------
--------
------------
Depreciation
At 1 April 2023
24,736
360,988
8,533
394,257
Charge for the year
30,624
154,907
2,966
188,497
Disposals
( 139,872)
( 139,872)
---------
------------
--------
------------
At 31 March 2024
55,360
376,023
11,499
442,882
---------
------------
--------
------------
Carrying amount
At 31 March 2024
212,477
3,609,946
8,898
3,831,321
---------
------------
--------
------------
At 31 March 2023
110,950
2,847,794
10,029
2,968,773
---------
------------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
987,884
---------
At 31 March 2023
584,758
---------
6. Debtors
2024
2023
£
£
Trade debtors
163,441
347,666
Amounts owed by group undertakings and undertakings in which the company has a participating interest
24,107
Other debtors
145,911
71,148
---------
---------
309,352
442,921
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,912
28,951
Trade creditors
192,934
150,115
Amounts owed to group undertakings and undertakings in which the company has a participating interest
91,642
Social security and other taxes
26,492
48,238
Other creditors
507,117
289,261
---------
---------
844,097
516,565
---------
---------
Other creditors include amounts owed in respect of hire purchase contracts totalling £405,526 (2023 - £169,075). This debt is secured by the related asset included within plant and equipment.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,663
21,667
Other loans
2,670,354
2,432,989
Other creditors
177,131
216,819
------------
------------
2,859,148
2,671,475
------------
------------
There is no amount included within creditors that is due for repayment more than five years after the end of the financial period.
Other loans are secured by a debenture dated 23 July 2021 over all the assets and undertakings of the company. Other creditors include amounts owed in respect of hire purchase contracts totalling £177,131 (2023 - £216,819). This debt is secured by the related asset included within plant and equipment.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
67,057
16,476
Later than 1 year and not later than 5 years
203,512
41,559
---------
--------
270,569
58,035
---------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr B.M. Pearson
( 12,396)
( 70,833)
67,828
( 15,401)
Mr M. Pearson
( 8,533)
( 47,300)
36,023
( 19,810)
--------
---------
---------
--------
( 20,929)
( 118,133)
103,851
( 35,211)
--------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr B.M. Pearson
( 78,293)
( 46,060)
111,957
( 12,396)
Mr M. Pearson
( 23,047)
( 1,000)
15,514
( 8,533)
---------
--------
---------
--------
( 101,340)
( 47,060)
127,471
( 20,929)
---------
--------
---------
--------
The directors' loans are interest free and repayable on demand.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Companies Controlled by the directors
( 561,184)
( 129,675)
( 141,559)
186,901
---------
---------
---------
---------