REGISTERED NUMBER: |
AK VEHICLE RENTAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2023 |
REGISTERED NUMBER: |
AK VEHICLE RENTAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2023 |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 August 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
BALANCE SHEET |
30 August 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Investments | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
BALANCE SHEET - continued |
30 August 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 August 2023 |
1. | STATUTORY INFORMATION |
AK Vehicle Rental Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 19 Underwood Road, Paisley, Renfrewshire, PA3 1TH. |
The presentation currency of the financial statements is Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider that there are no such significant judgements. |
Turnover |
Turnover relates to the hiring of motor vehicles on short term operating lease and represents the invoice value of sales, excluding value added tax. In addition, turnover also includes the net sales proceeds from vehicles acquired specifically for resale. The company recognises income when substantively all the risks and rewards in connection with the goods and services have been passed to the customer. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Current asset investments |
Current asset investments are valued at the lower of cost and net realisable value. |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets held under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Income from operating leases is recognised in the profit and loss as it becomes receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 31 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 August 2023 |
DEPRECIATION |
At 31 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 August 2023 |
NET BOOK VALUE |
At 30 August 2023 |
At 30 August 2022 |
The net book value includes £nil (2022: £179,387) in respect of assets held under hire purchase contracts. |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | - | 59,938 |
Hire purchase creditors are secured on the assets concerned. |
9. | OTHER FINANCIAL COMMITMENTS |
As at 30 August 2023, the company has future operating lease commitments of £40,000 (2022: £40,000). |
AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 August 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 August 2023 and 30 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Interest of £3,256 has been charged on the loan balance using the HMRC official rate of 2.25%. The loan is repayable on demand. |
11. | RELATED PARTY DISCLOSURES |
During the year, the company rented property from SIPPCENTRE SIPP re Andrew Kyle. Rent charge for the year was £40,000 (2022: £40,000). As at 30 August 2023, there was no balance due to the SIPP by the company (2022: £nil). |