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REGISTERED NUMBER: 03416010 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Excel Vehicle Hire Limited

Excel Vehicle Hire Limited (Registered number: 03416010)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 4


Excel Vehicle Hire Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: S P Harvey
P Harvey





REGISTERED OFFICE: 1-2 Ascot Drive
Derby
DE24 8GW





REGISTERED NUMBER: 03416010 (England and Wales)





ACCOUNTANTS: M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Excel Vehicle Hire Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Excel Vehicle Hire Limited for the year ended 31 August 2024 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Excel Vehicle Hire Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Excel Vehicle Hire Limited and state those matters that we have agreed to state to the Board of Directors of Excel Vehicle Hire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Excel Vehicle Hire Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Excel Vehicle Hire Limited 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 Excel Vehicle Hire Limited. You consider that Excel Vehicle Hire Limited 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 Excel Vehicle Hire Limited. 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.






M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF


22 October 2024

Excel Vehicle Hire Limited (Registered number: 03416010)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,398,675 1,839,865

CURRENT ASSETS
Debtors 5 33,579 44,830
Prepayments and accrued income 41,309 30,313
Cash at bank 39,164 32,477
114,052 107,620
CREDITORS
Amounts falling due within one year 6 683,812 600,422
NET CURRENT LIABILITIES (569,760 ) (492,802 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,828,915 1,347,063

CREDITORS
Amounts falling due after more than one year 7 (1,127,587 ) (783,935 )

PROVISIONS FOR LIABILITIES (125,357 ) (146,254 )

ACCRUALS AND DEFERRED INCOME (2,122 ) (4,802 )
NET ASSETS 573,849 412,072

CAPITAL AND RESERVES
Called up share capital 250 250
Fair value reserve 9 37,987 37,987
Retained earnings 535,612 373,835
573,849 412,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





S P Harvey - Director


Excel Vehicle Hire Limited (Registered number: 03416010)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Excel Vehicle Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Excel Vehicle Hire Limited (Registered number: 03416010)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 September 2023 200,000 4,555 555 2,552,411 2,757,521
Additions - - - 1,147,853 1,147,853
Disposals - - - (678,812 ) (678,812 )
At 31 August 2024 200,000 4,555 555 3,021,452 3,226,562
DEPRECIATION
At 1 September 2023 - 4,555 555 912,546 917,656
Charge for year - - - 383,933 383,933
Eliminated on disposal - - - (473,702 ) (473,702 )
At 31 August 2024 - 4,555 555 822,777 827,887
NET BOOK VALUE
At 31 August 2024 200,000 - - 2,198,675 2,398,675
At 31 August 2023 200,000 - - 1,639,865 1,839,865

Cost or valuation at 31 August 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2018 21,595 - - - 21,595
Valuation in 2019 (3,608 ) - - - (3,608 )
Valuation in 2022 20,000 - - - 20,000
Cost 162,013 4,555 555 3,021,452 3,188,575
200,000 4,555 555 3,021,452 3,226,562

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 162,013 162,013
Aggregate depreciation 22,680 19,440

Freehold land and buildings were valued on an open market basis on 31 August 2024 by the directors. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 9,636
Other debtors 33,579 35,194
33,579 44,830

Excel Vehicle Hire Limited (Registered number: 03416010)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,128 29,613
Hire purchase contracts 618,339 482,428
Trade creditors 16,929 22,914
Taxation and social security (9,231 ) (2,761 )
Other creditors 27,647 68,228
683,812 600,422

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 67,741 91,769
Hire purchase contracts 1,059,846 692,166
1,127,587 783,935

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 24,887 28,036

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loans 69,827 72,976

The directors have provided a personal guarantee over the mortgage held by the company.

9. RESERVES
Fair
value
reserve
£   
At 1 September 2023
and 31 August 2024 37,987