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Registration number: 09436798

Newark Self Drive Hire and Auto Centre Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Newark Self Drive Hire and Auto Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Newark Self Drive Hire and Auto Centre Ltd

Company Information

Directors

Mr D Fletcher

Mrs N Fletcher

Registered office

Belvoir Iron Works,
Bowbridge Lane,
Balderton
Newark
NG24 3BY

Accountants

Butler Cook
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Newark Self Drive Hire and Auto Centre Ltd

(Registration number: 09436798)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,845,275

5,227,023

Current assets

 

Stocks

5

2,500

2,500

Debtors

6

743,316

725,116

Cash at bank and in hand

 

35,830

102,710

 

781,646

830,326

Creditors: Amounts falling due within one year

7

(1,709,882)

(1,586,506)

Net current liabilities

 

(928,236)

(756,180)

Total assets less current liabilities

 

5,917,039

4,470,843

Creditors: Amounts falling due after more than one year

7

(4,619,818)

(3,393,047)

Net assets

 

1,297,221

1,077,796

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

1,297,211

1,077,786

Shareholders' funds

 

1,297,221

1,077,796

 

Newark Self Drive Hire and Auto Centre Ltd

(Registration number: 09436798)
Balance Sheet as at 30 April 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................
Mr D Fletcher
Director

 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Belvoir Iron Works,
Bowbridge Lane,
Balderton
Newark
NG24 3BY

These financial statements were authorised for issue by the Board on 9 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

20% Straight line method

Office equipment

20% Straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

297,542

6,360,946

6,658,488

Additions

13,048

3,215,204

3,228,252

Disposals

-

(1,023,195)

(1,023,195)

At 30 April 2024

310,590

8,552,955

8,863,545

Depreciation

At 1 May 2023

25,585

1,405,880

1,431,465

Charge for the year

3,696

1,048,644

1,052,340

Eliminated on disposal

-

(465,535)

(465,535)

At 30 April 2024

29,281

1,988,989

2,018,270

Carrying amount

At 30 April 2024

281,309

6,563,966

6,845,275

At 30 April 2023

271,957

4,955,066

5,227,023

5

Stocks

2024
£

2023
£

Other inventories

2,500

2,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

272,594

288,052

Prepayments

28,971

70,007

Other debtors

441,751

367,057

 

743,316

725,116

 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,435,717

1,183,556

Trade creditors

 

60,902

101,155

Taxation and social security

 

9,265

35,046

Accruals and deferred income

 

201,537

267,324

Other creditors

 

2,461

(575)

 

1,709,882

1,586,506

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,364,681 (2023 - £1,006,293).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

4,619,818

3,393,047

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,619,818 (2023 - £3,393,047).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.10 each

100

10

100

10

       
 

Newark Self Drive Hire and Auto Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,619,818

3,393,047

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,347,987

1,006,293

Other borrowings

87,730

177,263

1,435,717

1,183,556