Company registration number 13203122 (England and Wales)
FRONT ROW VAN HIRE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
FRONT ROW VAN HIRE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FRONT ROW VAN HIRE LTD
BALANCE SHEET
AS AT
27 FEBRUARY 2024
27 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,000
25,000
Tangible assets
4
679,066
667,812
701,066
692,812
Current assets
Stocks
36,000
-
Debtors
5
15,900
14,532
Cash at bank and in hand
22,518
27,965
74,418
42,497
Creditors: amounts falling due within one year
6
(475,895)
(353,760)
Net current liabilities
(401,477)
(311,263)
Total assets less current liabilities
299,589
381,549
Creditors: amounts falling due after more than one year
7
(283,864)
(337,859)
Provisions for liabilities
(5,501)
(9,221)
Net assets
10,224
34,469
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
10,124
34,369
Total equity
10,224
34,469

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr I R Gill
Director
Company Registration No. 13203122
FRONT ROW VAN HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Front Row Van Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% Reducing Balance
Fixtures and fittings
20% Straight Line
Motor vehicles
15% Reducing Balance with 15% Residual Value
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FRONT ROW VAN HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any loses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

FRONT ROW VAN HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 27 February 2024
30,000
Amortisation and impairment
At 1 March 2023
5,000
Amortisation charged for the year
3,000
At 27 February 2024
8,000
Carrying amount
At 27 February 2024
22,000
At 28 February 2023
25,000
FRONT ROW VAN HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
2,734
24,928
744,430
772,092
Additions
42,250
3,935
130,911
177,096
Disposals
-
0
-
0
(86,527)
(86,527)
At 27 February 2024
44,984
28,863
788,814
862,661
Depreciation and impairment
At 1 March 2023
239
2,419
101,622
104,280
Depreciation charged in the year
2,319
5,052
86,294
93,665
Eliminated in respect of disposals
-
0
-
0
(14,350)
(14,350)
At 27 February 2024
2,558
7,471
173,566
183,595
Carrying amount
At 27 February 2024
42,426
21,392
615,248
679,066
At 28 February 2023
2,495
22,509
642,808
667,812
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
15,900
14,532
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,358
3,092
Trade creditors
3,388
7,334
Taxation and social security
17,085
14,647
Other creditors
452,064
328,687
475,895
353,760
FRONT ROW VAN HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,997
17,548
Other creditors
268,867
320,311
283,864
337,859
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
2,990
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
9
Directors' transactions

The director operated a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £134,102 (2023 - £149,964); this amount being included in creditors: amounts falling due within one year.

10
Related party transactions

Included in other creditors is an amount for loans owing from:

 

At the year-end, Front Row Van Hire Ltd owed Front Row Properties Limited an amount of £52,937 (2023 - £61,742) ; this amount is included in creditors: amounts falling due within one year. Front Row Van Hire Ltd and Front Row Properties Limited have a director in common.

 

At the year-end, Front Row Van Hire Ltd owed S4F Outlet Ltd an amount of £3,164 (2023 - £0) ; this amount is included in creditors: amounts falling due within one year. Front Row Van Hire Ltd and Front Row Properties Limited have a director in common.

 

At the year-end, Front Row Van Hire Ltd owed Gill 1 Limited an amount of £2,000 (2023 - £0) ; this amount is included in creditors: amounts falling due within one year. Front Row Van Hire Ltd and Front Row Properties Limited have a director in common.

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