Company registration number 12312573 (England and Wales)
DIXON RENTALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
DIXON RENTALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DIXON RENTALS LIMITED (REGISTERED NUMBER: 12312573)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,060
4,359
Investment property
5
640,000
610,000
644,060
614,359
Current assets
Debtors
6
106
106
Cash at bank and in hand
17,030
19,625
17,136
19,731
Creditors: amounts falling due within one year
7
(597,705)
(607,093)
Net current liabilities
(580,569)
(587,362)
Total assets less current liabilities
63,491
26,997
Provisions for liabilities
(14,406)
(5,215)
Net assets
49,085
21,782
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
40,171
19,085
Distributable profit and loss reserves
8,814
2,597
Total equity
49,085
21,782
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DIXON RENTALS LIMITED (REGISTERED NUMBER: 12312573)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
Mr J Dixon
Director
DIXON RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Dixon Rentals Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Square, Wrotham, Sevenoaks, Kent, TN15 7AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the rental services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised.
Turnover from a contract to provide rental services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- The amount of turnover can be measured reliably
- It is probable that the company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DIXON RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment properties are not subject to depreciation.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2024
2023
Number
Number
Total
1
1
DIXON RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
3,333
3,055
6,388
Additions
969
969
At 31 July 2024
4,302
3,055
7,357
Depreciation and impairment
At 1 August 2023
833
1,196
2,029
Depreciation charged in the year
803
465
1,268
At 31 July 2024
1,636
1,661
3,297
Carrying amount
At 31 July 2024
2,666
1,394
4,060
At 31 July 2023
2,500
1,859
4,359
5
Investment property
2024
£
Fair value
At 1 August 2023
610,000
Revaluations
30,000
At 31 July 2024
640,000
Investment property comprises £640,000. The fair value of the investment property has been arrived at on the basis of the director's best estimate.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
106
106
DIXON RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,482
Other creditors
596,223
607,093
597,705
607,093
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
19,085
18,336
Non distributable profits in the year
21,086
749
At the end of the year
40,171
19,085
10
Related party transactions
Included within other creditors is a loan from a connected company of £593,050 (2023: £603,970).