REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
BATHWICK CAR AND VAN HIRE LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
BATHWICK CAR AND VAN HIRE LIMITED |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BATHWICK CAR AND VAN HIRE LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6-8 Bath Street |
Bristol |
BS1 6HL |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Balance Sheet |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Balance Sheet - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | COMPANY INFORMATION |
Bathwick Car and Van Hire Limited is a |
The company's principal activities and nature of its operations are that of the hire of cars, vans and camper vans. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
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 on the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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 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. |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
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 paid under operating leases are charged to profit or loss 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. |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (317,729 | ) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (91,961 | ) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Tax |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 526 | 1,823 |
Other creditors |
Directors' current accounts | - | 27,078 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
9. | SECURED DEBTS |
The company and a related party, Clifford HoldCo Limited, are party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers. As at 31 May 2024 the combined potential liability was £609,843 (2023 : £577,521). |
BATHWICK CAR AND VAN HIRE LIMITED (REGISTERED NUMBER: 08697102) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 240,100 | 240,100 |
11. | RELATED PARTY DISCLOSURES |
The company trades from property owned by its parent company, Clifford Holdco Limited, no rental is charged for the use of this property and the company does not pay utility costs. |
At the year end date the amount of £23,428 (2023 - £12,239) was owed to Clifford Holdco Limited by the company. |
H M W Clifford and S A Clifford are directors of Byerley Stud (Courtlands) Limited. At the year end the company was owed £1,840 (2023 - £3,416) by Byerley Stud (Courtlands) Limited. This amount is included within trade debtors. |
12. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is Clifford Parentco Limited by virtue of its 100% holding in the company's immediate parent entity, Clifford Holdco Limited. Clifford Holdco Limited holds 99.95% of the company's ordinary share capital. |
The registered office of both Clifford Holdco Limited and Clifford Parentco Limited is: Bath Road Industrial Estate, Bath Road, Chippenham, Wiltshire, SN14 0AB. |