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Registration number: 10620078

Local Appliance Rentals (Redcar & Cleveland) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Local Appliance Rentals (Redcar & Cleveland) Limited

(Registration number: 10620078)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,500

11,500

Tangible assets

5

22,877

5,618

 

31,377

17,118

Current assets

 

Stocks

91,976

62,078

Debtors

6

8,118

3,787

Cash at bank and in hand

 

21,443

14,267

 

121,537

80,132

Creditors: Amounts falling due within one year

7

(38,262)

(41,611)

Net current assets

 

83,275

38,521

Total assets less current liabilities

 

114,652

55,639

Creditors: Amounts falling due after more than one year

7

(110,117)

(54,378)

Provisions for liabilities

(4,347)

(1,067)

Net assets

 

188

194

Capital and reserves

 

Called up share capital

100

100

Retained earnings

88

94

Shareholders' funds

 

188

194

 

Local Appliance Rentals (Redcar & Cleveland) Limited

(Registration number: 10620078)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr M Hall
Director

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises of rental receipts received or receivable for the sale of goods over the life of the contractual agreement. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

Tax

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

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Build of home office

15% reducing balance

Computer equipment

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise territory fee

10% straight line

Website costs

20% straight line

Stocks

Stocks are stated at cost of the goods less amortisation charged over the life of the contract relating to the goods. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to selling price less applicable costs; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Franchise territory fee
 £

Total
£

Cost or valuation

At 1 April 2023

30,000

30,000

At 31 March 2024

30,000

30,000

Amortisation

At 1 April 2023

18,500

18,500

Amortisation charge

3,000

3,000

At 31 March 2024

21,500

21,500

Carrying amount

At 31 March 2024

8,500

8,500

At 31 March 2023

11,500

11,500

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

7,491

7,491

Additions

3,428

20,999

24,427

At 31 March 2024

3,428

28,490

31,918

Depreciation

At 1 April 2023

-

1,873

1,873

Charge for the year

514

6,654

7,168

At 31 March 2024

514

8,527

9,041

Carrying amount

At 31 March 2024

2,914

19,963

22,877

At 31 March 2023

-

5,618

5,618

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,712

3,787

Amounts owed by related parties

86

-

Prepayments

 

320

-

   

8,118

3,787

 

Local Appliance Rentals (Redcar & Cleveland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

24,752

14,065

Trade creditors

601

3,726

Taxation and social security

2,763

8,293

Other creditors

10,146

15,527

38,262

41,611

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,429

5,429

HP and finance lease liabilities

3,780

2,215

Other borrowings

15,543

6,421

24,752

14,065

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

110,117

54,378

2024
£

2023
£

Due after more than five years

After more than five years by instalments

13,193

12,292

-

-