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Registered number: 03467851
Penny Car Hire Limited
Financial Statements
For The Year Ended 31 October 2024
Accounts Unlocked Limited
Office 43, The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 03467851
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 5,413,722 4,730,150
5,413,722 4,730,150
CURRENT ASSETS
Debtors 4 8,736 6,490
Cash at bank and in hand 241,030 312,542
249,766 319,032
Creditors: Amounts Falling Due Within One Year 5 (497,283 ) (285,373 )
NET CURRENT ASSETS (LIABILITIES) (247,517 ) 33,659
TOTAL ASSETS LESS CURRENT LIABILITIES 5,166,205 4,763,809
Creditors: Amounts Falling Due After More Than One Year 6 (875,974 ) (82,107 )
NET ASSETS 4,290,231 4,681,702
CAPITAL AND RESERVES
Called up share capital 8 102 102
Income Statement 4,290,129 4,681,600
SHAREHOLDERS' FUNDS 4,290,231 4,681,702
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr G Hughes
Director
26 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation on land
Motor Vehicles 'Cap average' valuations
Fixtures & Fittings 10% and 25% reducing balance basis
On 1 November 2022, we reverted to the 'cap below average' valuations on all our vehicles and used the opening and closing balances to derive the amount of write off in the year.
Land and buildings are initially recognised at cost. Freehold land is subsequently carried at the revalued amount less accumulated impairment losses. Buildings and leasehold land are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 9 (2023: 10)
9 10
3. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 81,222 4,931,459 30,982 5,043,663
Additions 1,624,120 4,845,129 - 6,469,249
Disposals - (5,892,414 ) - (5,892,414 )
As at 31 October 2024 1,705,342 3,884,174 30,982 5,620,498
Depreciation
As at 1 November 2023 - 294,716 18,797 313,513
Provided during the period - 129,783 2,906 132,689
Disposals - (239,426 ) - (239,426 )
As at 31 October 2024 - 185,073 21,703 206,776
Net Book Value
As at 31 October 2024 1,705,342 3,699,101 9,279 5,413,722
As at 1 November 2023 81,222 4,636,743 12,185 4,730,150
4. Debtors
2024 2023
£ £
Due within one year
Other debtors 8,736 6,490
8,736 6,490
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 31,518 14,439
Other loans 28,800 -
Other creditors 61,074 14,240
Taxation and social security 375,891 256,694
497,283 285,373
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 155,297 82,107
Other loans 720,677 -
875,974 82,107
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7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The maturity of these amounts is as follows:
Within one year 31,518 14,439
Between one and five years 155,297 82,107
186,815 96,546
186,815 96,546
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
9. General Information
Penny Car Hire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03467851 . The registered office is The Station, Virginia Water, Surrey, GU25 4AA.
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