4 01/03/2023 29/02/2024 2024-02-29 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10017847 2023-03-01 2024-02-29 10017847 2024-02-29 10017847 2023-02-28 10017847 2022-03-01 2023-02-28 10017847 2023-02-28 10017847 2022-02-28 10017847 core:NetGoodwill 2023-03-01 2024-02-29 10017847 core:PlantMachinery 2023-03-01 2024-02-29 10017847 bus:RegisteredOffice 2023-03-01 2024-02-29 10017847 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 10017847 bus:Director1 2023-03-01 2024-02-29 10017847 bus:Director2 2023-03-01 2024-02-29 10017847 core:WithinOneYear 2024-02-29 10017847 core:WithinOneYear 2023-02-28 10017847 core:AfterOneYear 2024-02-29 10017847 core:AfterOneYear 2023-02-28 10017847 core:ShareCapital 2024-02-29 10017847 core:ShareCapital 2023-02-28 10017847 core:RetainedEarningsAccumulatedLosses 2024-02-29 10017847 core:RetainedEarningsAccumulatedLosses 2023-02-28 10017847 bus:SmallEntities 2023-03-01 2024-02-29 10017847 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10017847 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10017847 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10017847 bus:AbridgedAccounts 2023-03-01 2024-02-29
Company registration number: 10017847
PAL Rental Ltd
Unaudited filleted abridged financial statements
for the year ended
29 February 2024
PAL Rental Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
PAL Rental Ltd
Directors and other information
Directors Mr J O Langmead
Mr T G Langmead
Company number 10017847
Registered office Office 8 The Barns
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Business address 1 RMD Business Units
River Tamar Way
Holsworthy
Devon
EX22 6HL
Accountants Giffords LLP
Office 8 The Barns
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
PAL Rental Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PAL Rental Ltd
Year ended 29 February 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 PAL Rental Ltd for the year ended 29 February 2024 which comprise the abridged statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of PAL Rental Ltd, 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 PAL Rental Ltd and state those matters that we have agreed to state to the board of directors of PAL Rental Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PAL Rental Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that PAL Rental Ltd 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 loss of PAL Rental Ltd. You consider that PAL Rental Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PAL Rental Ltd. 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.
Giffords LLP
Chartered Accountants
Office 8 The Barns
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Date: 27 November 2024
PAL Rental Ltd
Abridged statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 47,088 -
Tangible assets 6 538,736 592,022
________ ________
585,824 592,022
Current assets
Stocks 6,000 1,000
Debtors 22,182 198,367
________ ________
28,182 199,367
Creditors: amounts falling due
within one year 7 ( 604,116) ( 580,614)
________ ________
Net current liabilities ( 575,934) ( 381,247)
________ ________
Total assets less current liabilities 9,890 210,775
Creditors: amounts falling due
after more than one year 8 ( 179,856) ( 162,215)
Provisions for liabilities - ( 39,321)
________ ________
Net (liabilities)/assets ( 169,966) 9,239
________ ________
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 170,066) 9,139
________ ________
Shareholders (deficit)/funds ( 169,966) 9,239
________ ________
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr J O Langmead Mr T G Langmead
Director Director
Company registration number: 10017847
PAL Rental Ltd
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office 8 The Barns, Caddsdown Industrial Park, Bideford, Devon, EX39 3BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 7 ).
5. Intangible assets
£
Cost
At 1 March 2023 -
Additions 50,005
________
At 29 February 2024 50,005
________
Amortisation
At 1 March 2023 -
Charge for the year 2,917
________
At 29 February 2024 2,917
________
Carrying amount
At 29 February 2024 47,088
________
At 28 February 2023 -
________
6. Tangible assets
£
Cost
At 1 March 2023 785,015
Additions 529,340
Disposals ( 702,642)
________
At 29 February 2024 611,713
________
Depreciation
At 1 March 2023 192,993
Charge for the year 59,859
Disposals ( 179,875)
________
At 29 February 2024 72,977
________
Carrying amount
At 29 February 2024 538,736
________
At 28 February 2023 592,022
________
7. Creditors: amounts falling due within one year
The company's bank loan and overdraft are secured on company assets by fixed and floating charges. The hire purchase liabilities are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
The company's bank loan is secured on company assets by fixed and floating charges. The hire purchase liabilities are secured on the assets to which they relate.