Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Ms D Harris 08/06/2021 Mr J Harris 02/11/2021 25 September 2024 The company's principal activity continues to be that of Renting and leasing of cars and light motor vehicles. SC701028 2024-06-30 SC701028 bus:Director1 2024-06-30 SC701028 bus:Director2 2024-06-30 SC701028 2023-06-30 SC701028 core:CurrentFinancialInstruments 2024-06-30 SC701028 core:CurrentFinancialInstruments 2023-06-30 SC701028 core:Non-currentFinancialInstruments 2024-06-30 SC701028 core:Non-currentFinancialInstruments 2023-06-30 SC701028 core:ShareCapital 2024-06-30 SC701028 core:ShareCapital 2023-06-30 SC701028 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC701028 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC701028 core:LeaseholdImprovements 2023-06-30 SC701028 core:Vehicles 2023-06-30 SC701028 core:LeaseholdImprovements 2024-06-30 SC701028 core:Vehicles 2024-06-30 SC701028 bus:OrdinaryShareClass1 2024-06-30 SC701028 2023-07-01 2024-06-30 SC701028 bus:FilletedAccounts 2023-07-01 2024-06-30 SC701028 bus:SmallEntities 2023-07-01 2024-06-30 SC701028 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC701028 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC701028 bus:Director1 2023-07-01 2024-06-30 SC701028 bus:Director2 2023-07-01 2024-06-30 SC701028 core:LeaseholdImprovements core:TopRangeValue 2023-07-01 2024-06-30 SC701028 core:Vehicles 2023-07-01 2024-06-30 SC701028 2022-07-01 2023-06-30 SC701028 core:LeaseholdImprovements 2023-07-01 2024-06-30 SC701028 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC701028 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC701028 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC701028 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC701028 (Scotland)

HARRIS VEHICLE HIRE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

HARRIS VEHICLE HIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

HARRIS VEHICLE HIRE LTD

BALANCE SHEET

AS AT 30 JUNE 2024
HARRIS VEHICLE HIRE LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,528,846 1,018,580
1,528,846 1,018,580
Current assets
Debtors 4 80,043 38,918
Cash at bank and in hand ( 4,370) 27,187
75,673 66,105
Creditors: amounts falling due within one year 5 ( 696,312) ( 361,322)
Net current liabilities (620,639) (295,217)
Total assets less current liabilities 908,207 723,363
Creditors: amounts falling due after more than one year 6 ( 858,441) ( 764,626)
Provision for liabilities ( 29,674) 0
Net assets/(liabilities) 20,092 ( 41,263)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 19,992 ( 41,363 )
Total shareholders' funds/(deficit) 20,092 ( 41,263)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Harris Vehicle Hire Ltd (registered number: SC701028) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr J Harris
Director
HARRIS VEHICLE HIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
HARRIS VEHICLE HIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harris Vehicle Hire Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 9 Grange Road, Houstoun Industrial Estate, Livingston, EH54 5DE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Vehicles 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company 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 evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and finance leases are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Leasehold improve-
ments
Vehicles Total
£ £ £
Cost
At 01 July 2023 2,725 1,082,765 1,085,490
Additions 0 660,303 660,303
At 30 June 2024 2,725 1,743,068 1,745,793
Accumulated depreciation
At 01 July 2023 1,351 65,559 66,910
Charge for the financial year 908 149,129 150,037
At 30 June 2024 2,259 214,688 216,947
Net book value
At 30 June 2024 466 1,528,380 1,528,846
At 30 June 2023 1,374 1,017,206 1,018,580

4. Debtors

2024 2023
£ £
Trade debtors 71,691 26,476
Other debtors 8,352 12,442
80,043 38,918

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 31,103 10,519
Other taxation and social security 18,235 0
Obligations under finance leases and hire purchase contracts (secured) 418,542 243,490
Other creditors 228,432 107,313
696,312 361,322

Obligations due under finance leases and hire purchase contracts of £418,542 (2023: £243,490) are secured against the assets to which each individual agreement relates.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 858,441 764,626

Obligations due under finance leases and hire purchase contracts of £858,441 (2023: £764,626) are secured against the assets to which each individual agreement relates.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 54,990 0

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors (125,237) (95,270)