Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08189416 2023-04-01 2024-03-31 08189416 2022-04-01 2023-03-31 08189416 2024-03-31 08189416 2023-03-31 08189416 2022-04-01 08189416 c:Director2 2023-04-01 2024-03-31 08189416 d:PlantMachinery 2023-04-01 2024-03-31 08189416 d:PlantMachinery 2024-03-31 08189416 d:PlantMachinery 2023-03-31 08189416 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08189416 d:MotorVehicles 2023-04-01 2024-03-31 08189416 d:MotorVehicles 2024-03-31 08189416 d:MotorVehicles 2023-03-31 08189416 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08189416 d:OfficeEquipment 2023-04-01 2024-03-31 08189416 d:OfficeEquipment 2024-03-31 08189416 d:OfficeEquipment 2023-03-31 08189416 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08189416 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08189416 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 08189416 d:FreeholdInvestmentProperty 2024-03-31 08189416 d:FreeholdInvestmentProperty 2023-03-31 08189416 d:CurrentFinancialInstruments 2024-03-31 08189416 d:CurrentFinancialInstruments 2023-03-31 08189416 d:Non-currentFinancialInstruments 2024-03-31 08189416 d:Non-currentFinancialInstruments 2023-03-31 08189416 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08189416 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08189416 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08189416 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08189416 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08189416 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08189416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08189416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08189416 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 08189416 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 08189416 d:ShareCapital 2024-03-31 08189416 d:ShareCapital 2023-03-31 08189416 d:RevaluationReserve 2023-04-01 2024-03-31 08189416 d:RevaluationReserve 2024-03-31 08189416 d:RevaluationReserve 2023-03-31 08189416 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08189416 d:RetainedEarningsAccumulatedLosses 2024-03-31 08189416 d:RetainedEarningsAccumulatedLosses 2023-03-31 08189416 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08189416 c:OrdinaryShareClass1 2024-03-31 08189416 c:OrdinaryShareClass1 2023-03-31 08189416 c:OrdinaryShareClass2 2023-04-01 2024-03-31 08189416 c:OrdinaryShareClass2 2024-03-31 08189416 c:OrdinaryShareClass2 2023-03-31 08189416 c:FRS102 2023-04-01 2024-03-31 08189416 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08189416 c:FullAccounts 2023-04-01 2024-03-31 08189416 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08189416 2 2023-04-01 2024-03-31 08189416 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08189416 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08189416 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 08189416 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 08189416 d:OtherDeferredTax 2024-03-31 08189416 d:OtherDeferredTax 2023-03-31 08189416 e:PoundSterling 2023-04-01 2024-03-31 08189416 d:OtherRelatedParties 2024-03-31 08189416 d:OtherTransactionType1 2024-03-31 08189416 d:OtherTransactionType2 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08189416
















PLYMOUTH RENTALS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

































PLYMOUTH RENTALS LIMITED

 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PLYMOUTH RENTALS LIMITED
FOR THE 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 Plymouth Rentals Limited 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Plymouth Rentals Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plymouth Rentals Limited and state those matters that we have agreed to state to the Board of Directors of Plymouth Rentals Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plymouth Rentals Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Plymouth Rentals 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 Plymouth Rentals Limited. You consider that Plymouth Rentals Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Plymouth Rentals 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.

  




Bishop Fleming LLP
Chartered Accountants
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
23 October 2024
Page 1


PLYMOUTH RENTALS LIMITED
REGISTERED NUMBER:08189416

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
21,094
23,327

Investment property
 5 
14,341,907
14,339,553

  
14,363,001
14,362,880

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
152,003
122,544

Cash at bank and in hand
  
63,460
53,720

  
215,463
176,264

Creditors: amounts falling due within one year
 7 
(7,410,189)
(7,275,188)

NET CURRENT LIABILITIES
  
 
 
(7,194,726)
 
 
(7,098,924)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,168,275
7,263,956

Creditors: amounts falling due after more than one year
 8 
(1,346,625)
(1,662,027)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(611,411)
(611,397)

NET ASSETS
  
5,210,239
4,990,532


CAPITAL AND RESERVES
  

Called up share capital 
 11 
3,176
3,176

Profit and loss account - non-distributable
 12 
2,515,235
2,515,235

Profit and loss account
 12 
2,691,828
2,472,121

  
5,210,239
4,990,532


Page 2


PLYMOUTH RENTALS LIMITED
REGISTERED NUMBER:08189416
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M B Deacon
Director

Date: 22 October 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

The Company (registered number 08189416) is a private company, limited by shares and registered in England and Wales. The registered office address is Unit 8, 41-43 George Place, Plymouth, Devon, PL1 3DX.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide 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 revenue 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.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

CURRENT AND DEFERRED TAXATION

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on an appropriate basis as noted below.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight line
Motor vehicles
-
25%
Straight line
Fittings, fixtures and equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the company Directors, who have  experience in the property market, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Page 5


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023: 4).

Page 6


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



COST


At 1 April 2023
12,180
468
86,000
98,648


Additions
-
-
1,299
1,299



At 31 March 2024

12,180
468
87,299
99,947



DEPRECIATION


At 1 April 2023
12,180
468
62,673
75,321


Charge for the year on owned assets
-
-
3,532
3,532



At 31 March 2024

12,180
468
66,205
78,853



NET BOOK VALUE



At 31 March 2024
-
-
21,094
21,094



At 31 March 2023
-
-
23,327
23,327


5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
14,339,553


Additions at cost
2,354



AT 31 MARCH 2024
14,341,907

The 2024 valuations were made by the company Directors, who have experience in the property market, on an open market value for existing use basis.




Page 7


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


DEBTORS

2024
2023
£
£


Trade debtors
4,762
3,677

Amounts owed by related companies
32,000
16,000

Other debtors
101,824
91,870

Prepayments and accrued income
13,417
10,997

152,003
122,544



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
44,054
54,715

Trade creditors
-
324

Amounts owed to related companies
7,211,948
7,081,948

Corporation tax
99,924
61,224

Other taxation and social security
1,679
13,522

Other creditors
249
14,381

Accruals and deferred income
52,335
49,074

7,410,189
7,275,188



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
1,346,625
1,662,027


Page 8


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
44,054
54,715

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
44,054
54,715

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
316,637
639,169

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
985,934
968,143

1,390,679
1,716,742


Bank loans are secured by way of a legal charge over the freehold investment property.


10.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
611,397
492,218


Charged to profit or loss
14
119,179



AT END OF YEAR
611,411
611,397

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,862
5,832

Short term timing differences
(36)
(20)

Chargeable gains on investment property
605,585
605,585

611,411
611,397

Page 9


PLYMOUTH RENTALS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2,000 (2023: 2,000) Ordinary A shares of £1.00 each
2,000
2,000
1,176 (2023: 1,176) Ordinary B shares of £1.00 each
1,176
1,176

3,176

3,176



12.


RESERVES

Profit and loss account - non-distributable

This reserve includes all accumulated gains and losses on the investment properties. 

Profit and loss account

This reserve includes all current and prior retained profits and losses, net of distributions to the shareholders. 


13.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £775 (2023: £615). Contributions totalling £144 (2023: £127) were payable to the fund at the reporting date and are included in other creditors. 


14.


TRANSACTIONS WITH DIRECTORS

At the balance sheet date £72,174 (2023: £79,338) was due to Plymouth Rentals Limited by its Directors. Interest has been charged on this balance at a rate of 2.25% per annum amounting to interest income of £2,950 (2023: £nil). The loan is unsecured and repayable on demand.


15.


RELATED PARTY TRANSACTIONS

During the year, a company under common control advanced the Company £130,000 (2023: £645,000). At the year end, £7,211,948 was owed to the company under common control (2023: £7,081,948).
During the year, the Company advanced companies owned by shareholders £16,000 (2023: £16,000). At the year end the Company was owed £32,000 (2023: £16,000) from companies owned by shareholders.
At the year end the Company owed its shareholders £101 (2023: £6,101).

During the year, Plymouth Rentals Limited paid dividends totalling £80,000 (2023: £nil) to its directors.

Page 10