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REGISTERED NUMBER: 02177268 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

READY RENT A CAR (GRIMSBY) LIMITED

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 6

Balance Sheet 7

Cash Flow Statement 8

Notes to the Cash Flow Statement 9

Notes to the Financial Statements 10


READY RENT A CAR (GRIMSBY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr D A Chamley
Mrs E Chamley
Mr N D Chamley



REGISTERED OFFICE: 17 -19 Abbey Road
GRIMSBY
DN32 0ES



REGISTERED NUMBER: 02177268 (England and Wales)



AUDITORS: Smethurst & Co LLP
Statutory Auditors
12 Abbey Road
GRIMSBY
DN32 0HL



BANKERS: Handelsbanken
Appian Way
Unit 7
Europa Way
GRIMSBY
DN31 2UT

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The company hires motor vehicles to businesses and private individuals from five depots located in the Lincolnshire and Humber region.

The directors regularly review the vehicle hire fleet to ensure that the quality of vehicles available to hire remain at a high standard. New vehicles are purchased based on customer demand, vehicle price and availability. Consumer demand for hybrid vehicles continues to grow and we are beginning to see some demand for electric vehicles.

Vehicle disposals from the fleet are based on market conditions, market demand and running costs. Vehicles are disposed largely through commercial auction sites with a limited number sold through retail channels.

Business Environment
Availability of new vehicles has continued to return to pre pandemic levels but the price of new vehicles has remained high. Rental rates have been increased accordingly, and in line with competitors.

National hire firms continue to give strong competition, but the company still benefits from the directors local knowledge of its customers and the regions in which it operates.

Strategy
The company will continue to maintain and update its existing hire fleet and aims to gradually expand by extending the geographical area in which it operates.

Changes to the number of depots are not currently envisaged, and the market share of the latest depot in Doncaster has continued to grow throughout the financial period.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to financial risks in the form of the effects of interest rate changes and credit risk.

The company undertakes credit risk assessments of new customers to limit exposure to payment default.

KEY PERFORMANCE INDICATORS
Gross profit for the period was £3,068,216, (2023, £4,940,847), and hire fleet net book value was £27,113,993, (2023, £24,272,269).

ON BEHALF OF THE BOARD:





Mr D A Chamley - Director


29 November 2024

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of motor vehicle hire.

DIVIDENDS
An interim dividend of £155.00 per share was paid on 29 November 2023.

The total distribution of dividends paid in the year ended 28 February 2024 was £155,000.

FUTURE DEVELOPMENTS
Based on current trading results, the business expects a return to good profitability and to maintain stable cash flows from vehicle hire, boosted by returns from a robust second hand vehicle market.

The company continues to seek growth in market share of the hire market through gradual expansion of the geographical area in which it operates.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

Mr D A Chamley
Mrs E Chamley
Mr N D Chamley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr D A Chamley - Director


29 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
READY RENT A CAR (GRIMSBY) LIMITED


Opinion
We have audited the financial statements of Ready Rent A Car (Grimsby) Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
READY RENT A CAR (GRIMSBY) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework surrounding the company and considered the risk of the company not complying with these laws and regulations.

We used a risk based approach to tailor audit procedures aimed at identifying instances of non compliance, focusing on the laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006.

In designing these procedures it was recognised that material misstatement arising due to fraud can be harder to detect than material misstatement arising due to error as it may involve deliberate concealment, collusion, omission or misrepresentation.

Audit procedures included making enquiries of management, assessing the risk of revenue recognition and management override by reviewing journals and correspondence and agreeing financial statement disclosures to underlying records involving, but not limited to, the use of commercial compliance software.

There are inherent limitations in the audit procedures described above and the further removed laws and regulations are from the financial transactions, the less likely we would become aware of non compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jennifer Mulholland (Senior Statutory Auditor)
for and on behalf of Smethurst & Co LLP
Statutory Auditors
12 Abbey Road
GRIMSBY
DN32 0HL

29 November 2024

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 9,150,188 8,929,569

Cost of sales 6,081,972 3,988,722
GROSS PROFIT 3,068,216 4,940,847

Administrative expenses 2,006,509 2,366,977
1,061,707 2,573,870

Other operating income 12,575 38,665
OPERATING PROFIT 1,074,282 2,612,535

Interest receivable and similar income 5 200 94
1,074,482 2,612,629

Interest payable and similar expenses 6 1,125,043 633,367
(LOSS)/PROFIT BEFORE TAXATION 7 (50,561 ) 1,979,262

Tax on (loss)/profit 8 5,081 453,885
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (55,642 ) 1,525,377

Profit and loss account at beginning of year 14,284,556 13,069,179

Dividends 9 (155,000 ) (310,000 )

PROFIT AND LOSS ACCOUNT AT END OF
YEAR

14,073,914

14,284,556

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 28,995,243 26,216,803

CURRENT ASSETS
Stocks 12 15,000 15,000
Debtors 13 1,667,755 1,235,155
Cash at bank and in hand 17,252 13,536
1,700,007 1,263,691
CREDITORS
Amounts falling due within one year 14 7,511,447 7,142,192
NET CURRENT LIABILITIES (5,811,440 ) (5,878,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,183,803

20,338,302

CREDITORS
Amounts falling due after more than one
year

15

(8,267,924

)

(5,233,702

)

PROVISIONS FOR LIABILITIES 20 (840,965 ) (819,044 )
NET ASSETS 14,074,914 14,285,556

CAPITAL AND RESERVES
Allotted, called up and
fully paid share capital 21 1,000 1,000
Profit and loss account 22 14,073,914 14,284,556
SHAREHOLDERS' FUNDS 14,074,914 14,285,556

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Mr D A Chamley - Director


READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,863,515 4,169,295
Interest paid (83,700 ) (68,484 )
Interest element of hire purchase payments
paid

(1,041,343

)

(564,883

)
Tax paid (152,488 ) (281,840 )
Net cash from operating activities 3,585,984 3,254,088

Cash flows from investing activities
Purchase of tangible fixed assets (343,737 ) (584,154 )
Sale of tangible fixed assets 4,096,571 4,083,384
Interest received 200 94
Net cash from investing activities 3,753,034 3,499,324

Cash flows from financing activities
New loans in year - 176,000
Loan repayments in year (182,383 ) (353,259 )
Capital repayments in year (7,043,591 ) (6,642,146 )
Amount introduced by directors 52,865 310,824
Amount withdrawn by directors - (72,650 )
Equity dividends paid (155,000 ) (310,000 )
Net cash from financing activities (7,328,109 ) (6,891,231 )

Increase/(decrease) in cash and cash equivalents 10,909 (137,819 )
Cash and cash equivalents at beginning
of year

2

(435,120

)

(297,301

)

Cash and cash equivalents at end of year 2 (424,211 ) (435,120 )

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

29.2.24 28.2.23
£    £   
(Loss)/profit before taxation (50,561 ) 1,979,262
Depreciation charges 3,701,780 2,749,561
Loss/(profit) on disposal of fixed assets 239,394 (644,722 )
Finance costs 1,125,043 633,367
Finance income (200 ) (94 )
5,015,456 4,717,374
(Increase)/decrease in trade and other debtors (264,352 ) 50,760
Increase/(decrease) in trade and other creditors 112,411 (598,839 )
Cash generated from operations 4,863,515 4,169,295

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 17,252 13,536
Bank overdrafts (441,463 ) (448,656 )
(424,211 ) (435,120 )
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 13,536 36,119
Bank overdrafts (448,656 ) (333,420 )
(435,120 ) (297,301 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 13,536 3,716 17,252
Bank overdrafts (448,656 ) 7,193 (441,463 )
(435,120 ) 10,909 (424,211 )
Debt
Finance leases (10,628,806 ) (3,428,857 ) (14,057,663 )
Debts falling due within 1 year (182,383 ) (5,598 ) (187,981 )
Debts falling due after 1 year (554,782 ) 187,981 (366,801 )
(11,365,971 ) (3,246,474 ) (14,612,445 )
Total (11,801,091 ) (3,235,565 ) (15,036,656 )

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Ready Rent A Car (Grimsby) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below.

In selecting depreciation rates, directors consider estimated useful life of the asset together with projected residual value. The residual value of used vehicles are subject to short term market fluctuation beyond the control of the company. Estimation uncertainty is limited by consideration of historical and projected trends based on expected market conditions. Where movement in estimated residual value is considered to be longer term, adjustments to applicable depreciation rates will be made.

Turnover
Turnover represents the amount derived from short term hire of motor vehicles, and is stated net of trade discounts and value added tax.

Turnover from vehicle hire is recognised by reference to the stage of completion of the vehicle hire contract at the balance sheet date.Stage of completion is measured by reference to the length of contract completed.

Tangible fixed assets
Fixed assets are initially recorded at original cost.

Depreciation is provided at the following annual rates in order to write off the cost of each asset, as adjusted for estimated residual value, over the useful economic life of that asset.

Freehold property2% to 4% straight line
Long leasehold4% straight line
Fixtures & fittings15% reducing balance
Motor vehicles10% to 15% reducing balance
Computer equipment15% reducing balance


Freehold land, (included in freehold property), is not depreciated.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, either as financial assets, financial liabilities or equity instruments.

Basic financial instruments are measured at cost or amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

29.02.202428.02.2023
Wages and Salaries1,237,2871,184,524
Social Security Costs98,08091,212
Other Pension Costs 22,167 20,966
1,357,5341,296,702


The average number of employees during the year was as follows:
29.02.202428.02.2023

5357

4. DIRECTORS' EMOLUMENTS
29.2.24 28.2.23
£    £   
Directors' remuneration 51,678 63,679

5. INTEREST RECEIVABLE AND SIMILAR INCOME
29.2.24 28.2.23
£    £   
Interest received 200 94

6. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank interest 30,132 18,526
Bank loan interest 53,568 49,958
Hire purchase 1,041,343 564,883
1,125,043 633,367

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. (LOSS)/PROFIT BEFORE TAXATION

The loss (2023 - profit) is stated after charging/(crediting):

29.2.24 28.2.23
£    £   
Depreciation - owned assets 1,265,065 1,003,172
Depreciation - assets on hire purchase contracts 2,436,715 1,746,389
Loss/(profit) on disposal of fixed assets 239,394 (644,722 )
Auditors' remuneration 6,120 4,020
Operating Lease Costs 262,907 78,516

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax (16,840 ) 169,435

Deferred tax 21,921 284,450
Tax on (loss)/profit 5,081 453,885

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

29.2.24 28.2.23
£    £   
(Loss)/profit before tax (50,561 ) 1,979,262
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

(9,607

)

376,060

Effects of:
Capital allowances in excess of depreciation (12,217 ) (223,260 )
Vehicle sale proceeds in excess of cost 4,984 16,635
Deferred tax charge 21,921 284,450
Total tax charge 5,081 453,885

9. DIVIDENDS
29.2.24 28.2.23
£    £   
Ordinary shares of £1 each
Interim 155,000 310,000

10. GOVERNMENT GRANTS

Grants receivable during the year ended 28 February 2024 totalling £nil,( 2023, £27,530 ),are shown within Other Operating Income and principally comprise government backed business interruption payments covering first year interest due on Coronavirus Business Interruption finance.

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and
property leasehold fittings
£    £    £   
COST
At 1 March 2023 2,657,716 202,119 106,166
Additions - - -
Disposals - - -
At 29 February 2024 2,657,716 202,119 106,166
DEPRECIATION
At 1 March 2023 798,144 141,383 93,494
Charge for year 52,283 8,085 1,901
Eliminated on disposal - - -
At 29 February 2024 850,427 149,468 95,395
NET BOOK VALUE
At 29 February 2024 1,807,289 52,651 10,771
At 28 February 2023 1,859,572 60,736 12,672

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 35,849,907 20,823 38,836,731
Additions 10,815,386 799 10,816,185
Disposals (8,030,536 ) - (8,030,536 )
At 29 February 2024 38,634,757 21,622 41,622,380
DEPRECIATION
At 1 March 2023 11,577,638 9,269 12,619,928
Charge for year 3,637,697 1,814 3,701,780
Eliminated on disposal (3,694,571 ) - (3,694,571 )
At 29 February 2024 11,520,764 11,083 12,627,137
NET BOOK VALUE
At 29 February 2024 27,113,993 10,539 28,995,243
At 28 February 2023 24,272,269 11,554 26,216,803

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 19,737,976
Additions 10,472,448
Transfer to ownership (7,606,149 )
At 29 February 2024 22,604,275
DEPRECIATION
At 1 March 2023 3,600,682
Charge for year 2,436,715
Transfer to ownership (2,191,788 )
At 29 February 2024 3,845,609
NET BOOK VALUE
At 29 February 2024 18,758,666
At 28 February 2023 16,137,294

12. STOCKS
29.2.24 28.2.23
£    £   
Stocks 15,000 15,000

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,385,080 1,086,223
Other debtors 113,347 148,932
VAT Receivable 152,488 -
Corporation tax receivable 16,840 -
1,667,755 1,235,155

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 16) 629,444 631,039
Hire purchase contracts (see note 17) 6,156,540 5,949,886
Trade creditors 367,862 175,958
Social security and other taxes 26,807 163,754
Other creditors 330,794 221,555
7,511,447 7,142,192

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 16) 366,801 554,782
Hire purchase contracts (see note 17) 7,901,123 4,678,920
8,267,924 5,233,702

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


16. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 441,463 448,656
Bank loans 187,981 182,383
629,444 631,039

Amounts falling due between one and two years:
Bank loans - 1-2 years 181,634 187,981

Amounts falling due between two and five years:
Bank loans - 2-5 years 157,667 317,301

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 27,500 49,500

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 6,156,540 5,949,886
Between one and five years 7,901,123 4,678,920
14,057,663 10,628,806

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 40,000 40,000
Between one and five years 31,781 71,781
71,781 111,781

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 441,463 448,656
Bank loans 554,782 737,165
Hire purchase contracts 14,057,663 10,628,806
15,053,908 11,814,627

The overdraft and bank loans are secured by legal charges on the company's properties and other assets. Directors DA Chamley and Mrs E Chamley have also given personal guarantees regarding the overdraft facility in the form of a legal charge over property which is held personally but used by the business.

The hire purchase contracts are secured by legal charges on assets subject to outstanding hire purchase liabilities.

The overdraft facility is repayable on demand. The remainder of the secured debts are repayable by instalments. Interest on secured debts is charged at normal commercial rates.

19. FINANCIAL INSTRUMENTS

The carrying amounts of financial instruments measured at amortised cost are as follows:-

29.2.24 28.2.23
£    £   
Financial Assets
Trade debtors Note 13 1,385,080 1,086,223
Other debtors Note 13 282,675 148,932
1,667,755 1,235,155

Cash at bank 17,252 13,536


Financial liabilities
Bank loans and overdrafts Note 16 996,245 1,185,821
Hire purchase contracts Note 17 14,057,663 10,628,806
Trade creditors Note 14 367,862 175,958
Other creditors Note 14 357,601 221,555
15,779,371 12,212,140

20. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 840,965 819,044

Deferred
tax
£   
Balance at 1 March 2023 819,044
Provided during year 21,921
Balance at 29 February 2024 840,965

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


21. ALLOTTED, CALLED UP AND
FULLY PAID SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES
Profit
and loss
account
£   

At 1 March 2023 14,284,556
Deficit for the year (55,642 )
Dividends (155,000 )
At 29 February 2024 14,073,914

23. PENSION COMMITMENTS

The company provides a defined contribution pension scheme for employees. Premiums are paid to NEST and the assets of the scheme are therefore held separately from those of the company in an independently administered fund. The pension scheme charge represents contributions payable by the company to the fund and amounted to £22,167 for the year (2023: £20,966). At the Balance Sheet date £4,030 was owed to the pension scheme (2023: £3,995).

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mr D A Chamley
Balance outstanding at start of year - 48,567
Amounts repaid - (48,567 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mrs E Chamley
Balance outstanding at start of year - 48,567
Amounts repaid - (48,567 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr N D Chamley
Balance outstanding at start of year 1,080 2,830
Amounts repaid (1,080 ) (1,750 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,080

Directors loan accounts are interest free, unsecured and repayable on demand.

READY RENT A CAR (GRIMSBY) LIMITED (REGISTERED NUMBER: 02177268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


25. RELATED PARTY DISCLOSURES

An advance was made to a daughter of two of the directors during 2015 of £90,000. The loan was interest free, unsecured and repayable on demand and £41,591 remained outstanding at the year end, (£44,591,2023).