IRIS Accounts Production v24.2.0.383 SC124978 Board of Directors 31.8.22 30.8.23 30.8.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1249782022-08-30SC1249782023-08-30SC1249782022-08-312023-08-30SC1249782021-08-30SC1249782021-08-312022-08-30SC1249782022-08-30SC124978ns14:PoundSterling2022-08-312023-08-30SC124978ns10:Director12022-08-312023-08-30SC124978ns10:PrivateLimitedCompanyLtd2022-08-312023-08-30SC124978ns10:SmallEntities2022-08-312023-08-30SC124978ns10:AuditExempt-NoAccountantsReport2022-08-312023-08-30SC124978ns10:SmallCompaniesRegimeForDirectorsReport2022-08-312023-08-30SC124978ns10:SmallCompaniesRegimeForAccounts2022-08-312023-08-30SC124978ns10:FullAccounts2022-08-312023-08-30SC124978ns5:CurrentFinancialInstruments2023-08-30SC124978ns5:CurrentFinancialInstruments2022-08-30SC124978ns5:ShareCapital2023-08-30SC124978ns5:ShareCapital2022-08-30SC124978ns5:RetainedEarningsAccumulatedLosses2023-08-30SC124978ns5:RetainedEarningsAccumulatedLosses2022-08-30SC124978ns5:LandBuildings2022-08-312023-08-30SC124978ns5:PlantMachinery2022-08-312023-08-30SC124978ns5:LandBuildings2022-08-30SC124978ns5:PlantMachinery2022-08-30SC124978ns5:LandBuildings2023-08-30SC124978ns5:PlantMachinery2023-08-30SC124978ns5:LandBuildings2022-08-30SC124978ns5:PlantMachinery2022-08-30SC124978ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-30SC124978ns5:WithinOneYearns5:CurrentFinancialInstruments2022-08-30SC124978ns10:Director22022-08-312023-08-30SC124978ns10:Director222022-08-30SC124978ns10:Director222021-08-30SC124978ns10:Director222022-08-312023-08-30SC124978ns10:Director222021-08-312022-08-30SC124978ns10:Director222023-08-30SC124978ns10:Director222022-08-30
REGISTERED NUMBER: SC124978















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 1,628,179 1,613,458

CURRENT ASSETS
Stocks - 8,000
Debtors 5 1,450,704 1,086,244
Investments 6 175,902 138,870
Cash at bank and in hand 328,598 644,776
1,955,204 1,877,890
CREDITORS
Amounts falling due within one year 7 (363,434 ) (420,345 )
NET CURRENT ASSETS 1,591,770 1,457,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,219,949

3,071,003

PROVISIONS FOR LIABILITIES (363,628 ) (379,311 )
NET ASSETS 2,856,321 2,691,692

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 2,856,219 2,691,590
SHAREHOLDERS' FUNDS 2,856,321 2,691,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 August 2023 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.

AK VEHICLE RENTAL LIMITED (REGISTERED NUMBER: SC124978)

BALANCE SHEET - continued
30 August 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:





Matthew Kyle - Director


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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and written off over the term of the lease

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 13 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31 August 2022 69,800 3,243,503 3,313,303
Additions - 558,623 558,623
Disposals - (123,236 ) (123,236 )
At 30 August 2023 69,800 3,678,890 3,748,690
DEPRECIATION
At 31 August 2022 13,960 1,685,885 1,699,845
Charge for year 1,396 520,093 521,489
Eliminated on disposal - (100,823 ) (100,823 )
At 30 August 2023 15,356 2,105,155 2,120,511
NET BOOK VALUE
At 30 August 2023 54,444 1,573,735 1,628,179
At 30 August 2022 55,840 1,557,618 1,613,458

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 125,279 142,358
Other debtors 1,325,425 943,886
1,450,704 1,086,244

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Other 175,902 138,870

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 59,938
Trade creditors 55,706 85,573
Taxation and social security 274,573 214,595
Other creditors 33,155 60,239
363,434 420,345

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
£    £   
Andrew Kyle
Balance outstanding at start of year (1,754 ) (5,075 )
Amounts advanced 440,882 55,321
Amounts repaid (182,000 ) (52,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 257,128 (1,754 )

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).