IRIS Accounts Production v24.3.2.46 03513123 Board of Directors 1.3.23 29.2.24 29.2.24 hire of municipal vehicles and repairs and servicing of those vehicles. true false true true false false false true false Ordinary 1.00000 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REGISTERED NUMBER: 03513123 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 29 February 2024

for

Fiveways Municipal Vehicle Hire Limited

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Contents of the Financial Statements
For The Year Ended 29 February 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Fiveways Municipal Vehicle Hire Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: Anthony Scott Martin
Martin Jefferys





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 03513123 (England and Wales)





AUDITORS: Affinia (Chelmsford)
Registered Auditor
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

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 increased turnover from £11.0m to £11.7m during the financial year. Net profit before tax reduced slightly from £2.2m to to just over £2.0m.

The financial KPI's used to monitor the company by the board are as follows:
29th February 2024 28th February 2023
EBITDA* £6.1m £5.1m
Administrative expenses as
percentage of turnover

22.41%

24.35%
Trade debtor days 67 81
Trade creditor days 31 84
Cash at bank £5.5m £3.3m


* EBITDA (earnings before interest, tax, depreciation and amortisation ) represents earnings before HP and finance lease interest on the funding of rental fleet and after depreciation cost of rental fleet assets. This measure recognises that the finance and deprecation costs on these operational assets are a direct cost of the service being provided which needs to be deducted from the reported profit measure.

EBITDA increased by 20% from £5.1m to £6.1m, reflecting the underlying strength of the business and cost control measures.

Average debtor days reduced from 81 to 67 while average creditor days reduced from 84 to 31. Cash and liquid reserves improved from £3.3m to £5.5m.

The company continues to invest in its truck fleet purchasing £4.9m of new trucks during the financial year. The Board continues to ensure its fleet stays compliant with Government policy and statutory regulations in relation to emissions. The expected increase in the demand for electric vehicles and potentially hydrogen vehicles in the future will benefit the company. While the purchase cost is considerably higher, the charges for the hire of these vehicles should significantly increase revenues.

The company's liquid reserves and cash flow forecasts show that the company is able to to meet all its foreseeable commitments and continue to grow.

PRINCIPAL RISKS AND UNCERTAINTIES
The company benefits from a proportion of its revenue being generated under multi-year contracts, giving a high degree of predictability to financial forecasts. Despite having considerable liquidity, the business undertakes active management of working capital and robust cash forecasting models to avoid large working capital swings.

The company has strong supplier relationships ensuring it has sufficient build slots with key manufacturers and obtaining discounts where available. However the markets in which the company operates are competitive, and the risk remains that market share could be lost unless both price and service remain in line with, or better than, that offered by competitors.

The risk of revenue being delayed due to supply chain delays on new vehicles is mitigated by the fact customers typically retain their existing vehicles until their new ones arrive. The company manages any supplier cost increases by passing this onto customers wherever possible, including any significant change in interest rates between order and delivery.The company try's to mitigate potential energy price rises by securing fixed rate electricity and gas supply.
.
The company protects itself from interest rate fluctuations by securing all of its fleet funding on fixed interest rates.

The company's customer base has a low bad debt risk, consisting largely of municipal customers and large established commercial waste management businesses.

The company does not have any foreign exchange rate currency risk as all sales and nearly all purchases are priced and paid for in GBP.


Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Strategic Report
For The Year Ended 29 February 2024

FUTURE DEVELOPMENTS
The company offers contract hire on electric versions of the majority of specialist fleet within its core markets. The interest in, and uptake of, electric vehicles is rapidly increasing, and municipal customers in particular are keen to lower their environmental impact. As the cost of electric vehicles, and in the future potentially hydrogen vehicles, is considerably higher than their diesel equivalents, this bodes well for the company, as profit margin percentage should be largely the same, but on a higher contract value.

The company recognises that the in-house provision of much of its vehicle maintenance, via the company's workshops and mobile technicians, is a key factor in customers choosing to work with the business. As such, the company will continue to invest in its workshops and mobile technicians where this makes clear financial and geographical sense.

ENVIRONMENTAL MATTERS
The company is committed to being an environmentally responsible business and aims to manage and reduce its impact on the environment.

EMPLOYEES
The company's employees are important to the success of the business, and creating a safe environment in which employees are engaged is of key importance. The company continually seeks to improve on its offering to employees in terms of the work environment, training & career development, employee communication and recognition & reward.

CUSTOMER AND SUPPLIERS
Customers
The company's success relies on its strong customer relationships and on retaining existing customers as well as winning new ones. Employees at all levels are responsible for ensuring the business provides exceptional levels of customer service, and both the directors and customer account managers within the business seek customer feedback on an ongoing basis throughout the lifecycle of the company's services.

Suppliers
As an asset-heavy business where the provision of specialist vehicles, parts and maintenance is fundamental to the success of the business and its customers, the company recognises the critical role played by its suppliers. The company seeks to work closely with its suppliers and engage with them on key issues affecting trade with the company, The company seeks to communicate actively with its suppliers, to treat them fairly and to continually seek improvements in the way the company trades and interacts with them.

GOVERNMENT AND REGULATORS
The company recognises, and takes very seriously, its legal, regulatory and ethical responsibilities. The specialist vehicles provided and maintained by the company, have specific legal and regulatory requirements in terms of maintenance, testing and record keeping. The company has a strong understanding of these, and customers recognise the expertise of the company in this area as being a key reason they choose to do business with the company.

As well as the industry-specific legal and regulatory requirements, the company also has responsibilities in terms of financial governance and reporting requirements, tax legislation, health and safety legislation, environmental regulation and employment law.

The company seeks to fulfil all legal and regulatory requirements, and where possible to be a best in class company, setting its benchmarks above and beyond the base legal and regulatory requirements wherever possible.

ON BEHALF OF THE BOARD:





Anthony Scott Martin - Director


15 March 2025

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

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.

DIVIDENDS
An interim dividend of £1.6321 per share was paid on 29 February 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29 February is £816,042 (2023: £479,916).

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

Anthony Scott Martin
Martin Jefferys

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Affinia (Chelmsford), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Anthony Scott Martin - Director


15 March 2025

Report of the Independent Auditors to the Members of
Fiveways Municipal Vehicle Hire Limited


Opinion
We have audited the financial statements of Fiveways Municipal Vehicle Hire Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 profit 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The directors are responsible for the other information contained within the annual
report. 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.

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 course of 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 our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fiveways Municipal Vehicle Hire Limited


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.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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; or
· the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption in preparing the directors' report and from the
requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows:

· The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
· We identified the laws and regulations applicable to the company through discussions with directors and
other management, and from our commercial knowledge and experience of the municipal vehicle hire
sector;
· We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation
legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
· We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
· Identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Fiveways Municipal Vehicle Hire Limited


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

· Making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

· Performed analytical procedures to identify any unusual or unexpected relationships;
· Tested journal entries to identify unusual transactions;
· Reviewed the internal controls in place, specifically around payroll and bank transactions; and
· Assessed whether judgements and assumptions made in determining the accounting estimates around
stock provisions were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

· Agreeing financial statement disclosures to underlying supporting documentation;
· Enquiring of management as to actual and potential litigation and claims; and
· Reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to
enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Other matters which we are required to address
The financial statements of The Company for the year ended 28th February 2023 were not audited.

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 an auditor's report 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.




Shaun Roberts (Senior Statutory Auditor)
for and on behalf of Affinia (Chelmsford)
Registered Auditor
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

16 March 2025

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Statement of Comprehensive Income
For The Year Ended 29 February 2024

2024 2023
as restated
(Unaudited)
Notes £    £   

TURNOVER 4 11,711,885 11,012,303

Cost of sales 6,361,870 5,717,316
GROSS PROFIT 5,350,015 5,294,987

Administrative expenses 2,861,491 2,849,188
2,488,524 2,445,799

Other operating income 5,722 37,594
OPERATING PROFIT 6 2,494,246 2,483,393

Interest receivable and similar income 569 544
2,494,815 2,483,937

Interest payable and similar expenses 7 441,705 317,220
PROFIT BEFORE TAXATION 2,053,110 2,166,717

Tax on profit 8 566,321 507,721
PROFIT FOR THE FINANCIAL YEAR 1,486,789 1,658,996

OTHER COMPREHENSIVE INCOME
- 1,790,000
Income tax relating to other comprehensive
income

-

(425,000

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

1,365,000
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,486,789

3,023,996

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Statement of Financial Position
29 February 2024

2024 2023
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 3,125 15,625
Tangible assets 12 15,486,971 14,228,296
15,490,096 14,243,921

CURRENT ASSETS
Stocks 13 103,839 142,403
Debtors 14 2,540,965 3,442,606
Cash at bank and in hand 5,549,324 3,329,816
8,194,128 6,914,825
CREDITORS
Amounts falling due within one year 15 4,122,560 3,503,374
NET CURRENT ASSETS 4,071,568 3,411,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,561,664

17,655,372

CREDITORS
Amounts falling due after more than one
year

16

(7,565,902

)

(6,279,569

)

PROVISIONS FOR LIABILITIES 20 (762,542 ) (813,330 )
NET ASSETS 11,233,220 10,562,473

CAPITAL AND RESERVES
Called up share capital 21 500,000 500,000
Revaluation reserve 22 1,663,660 1,663,660
Retained earnings 22 9,069,560 8,398,813
SHAREHOLDERS' FUNDS 11,233,220 10,562,473

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2025 and were signed on its behalf by:





Anthony Scott Martin - Director


Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Statement of Changes in Equity
For The Year Ended 29 February 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 500,000 7,219,733 298,660 8,018,393

Changes in equity
Dividends - (479,916 ) - (479,916 )
Total comprehensive income - 1,658,996 1,365,000 3,023,996
Balance at 28 February 2023 500,000 8,398,813 1,663,660 10,562,473

Changes in equity
Dividends - (816,042 ) - (816,042 )
Total comprehensive income - 1,486,789 - 1,486,789
Balance at 29 February 2024 500,000 9,069,560 1,663,660 11,233,220

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Statement of Cash Flows
For The Year Ended 29 February 2024

2024 2023
as restated
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,571,197 5,398,233
Interest paid (24,876 ) (28,736 )
Interest element of hire purchase payments
paid

(416,829

)

(288,484

)
Tax paid (392,966 ) (511,381 )
Net cash from operating activities 5,736,526 4,569,632

Cash flows from investing activities
Purchase of tangible fixed assets (4,954,561 ) (7,456,402 )
Sale of tangible fixed assets 35,000 40,000
Interest received 569 544
Net cash from investing activities (4,918,992 ) (7,415,858 )

Cash flows from financing activities
Loan repayments in year (127,978 ) (160,971 )
New HP in the year 5,561,730 8,061,018
HP repayments in the year (3,215,736 ) (3,436,258 )
Amount introduced by directors - 236,916
Amount withdrawn by directors - (236,916 )
Equity dividends paid (816,042 ) (479,916 )
Net cash from financing activities 1,401,974 3,983,873

Increase in cash and cash equivalents 2,219,508 1,137,647
Cash and cash equivalents at beginning
of year

2

3,329,816

2,192,169

Cash and cash equivalents at end of year 2 5,549,324 3,329,816

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Statement of Cash Flows
For The Year Ended 29 February 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
as restated
(Unaudited)
£    £   
Profit before taxation 2,053,110 2,166,717
Depreciation charges 3,236,857 2,599,663
Loss on disposal of fixed assets 436,529 18,915
Finance costs 441,705 317,220
Finance income (569 ) (544 )
6,167,632 5,101,971
Decrease in stocks 38,564 18,636
Decrease/(increase) in trade and other debtors 901,641 (71,260 )
(Decrease)/increase in trade and other creditors (536,640 ) 348,886
Cash generated from operations 6,571,197 5,398,233

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 29 February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 5,549,324 3,329,816
Year ended 28 February 2023
28/2/23 1/3/22
as restated
(Unaudited)
£    £   
Cash and cash equivalents 3,329,816 2,192,169


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 3,329,816 2,219,508 5,549,324
3,329,816 2,219,508 5,549,324
Debt
Finance leases (7,268,900 ) (2,345,994 ) (9,614,894 )
Debts falling due within 1 year (130,369 ) - (130,369 )
Debts falling due after 1 year (905,458 ) 127,978 (777,480 )
(8,304,727 ) (2,218,016 ) (10,522,743 )
Total (4,974,911 ) 1,492 (4,973,419 )

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Fiveways Municipal Vehicle Hire 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Valuation of Freehold Property
The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties has each acted knowledgeably, prudently and without compulsion.
The valuations have been prepared by The Directors as at the year end, based upon third party valuations carried out after the year end. The third party valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors ('RICS') Valuation and the experts used recognised valuation techniques applying factors such as current market conditions, annual rentals and the contractual terms of the lease.

Going concern
At the time that the financial statements were approved, the directors had a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

Turnover
Turnover represents the amounts receivable from the supply services during the year, net of Value Added Tax.

The entity recognises revenue (the rendering of services) by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;
- It is probable that the economic benefits associated with the transaction will flow to the entity;
-The stage of completion of the transaction at the end of the reporting period can be measured reliably; and
-The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued

Hire of vehicles
Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. At the end of the month the spot hire and contract hire period's are considered to be completed, at which point the revenue recognition criteria is satisfied.

Recharged repair of vehicles
Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. The services provided are usually started and completed on the same day, at which point the revenue recognition criteria is satisfied.

Washing of vehicles
Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. The services provided are usually started and completed on the same day, at which point the revenue recognition criteria is satisfied

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment of goodwill is assessed annually in line with the provisions of FRS 102 section 27.24.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and Buildings - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 50% on cost and 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Screens - 50% on cost

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Freehold property is being recognised under the fair value model less any accumulated depreciation.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

The land element of the freehold building is not being depreciated.

Stocks
Stocks are valued at average weighted cost, derived from, the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued

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 in the company's statement of financial position 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.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as ·current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. Advance rental paid in respect of the operating leases, is treated as a debtor in the accounts, and charged against profits in the months between the final payment and the expiry 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.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
as restated
(Unaudited)
£    £   
Vehicle hire 9,208,366 8,459,533
Vehicle repairs recharges 2,080,507 1,929,327
Miscellaneous income 423,012 623,443
11,711,885 11,012,303

All of the company's turnover originated and was delivered within the UK.

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
(Unaudited)
£    £   
Wages and salaries 1,360,966 1,515,370
Social security costs 149,673 177,806
Other pension costs 19,617 22,068
1,530,256 1,715,244

The average number of employees during the year was as follows:
2024 2023
as restated
(Unaudited)

Management 2 2
Administration 7 8
Fitters 7 9
Drivers 3 5
Washing 4 2
Workshop 3 1
26 27

2024 2023
as restated
(Unaudited)
£    £   
Directors' remuneration 155,166 139,571
Directors' pension contributions to money purchase schemes 1,321 280

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
(Unaudited)
£    £   
Depreciation - owned assets 496,364 1,039,317
Depreciation - assets on hire purchase contracts 2,727,993 1,547,846
Loss on disposal of fixed assets 436,529 18,915
Goodwill amortisation 12,500 12,500
Auditors' remuneration 35,000 -
Non-audit services 35,294 30,046

Auditors remuneration was nil for the year ending 28th February 2023 as the entity was unaudited.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
(Unaudited)
£    £   
Bank loan interest 24,876 28,207
Interest on late tax - 529
Hire purchase 416,829 288,484
441,705 317,220

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
(Unaudited)
£    £   
Current tax:
UK corporation tax 617,109 344,097

Deferred tax (50,788 ) 163,624
Tax on profit 566,321 507,721

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


8. TAXATION - continued

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:

2024 2023
as restated
(Unaudited)
£    £   
Profit before tax 2,053,110 2,166,717
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

513,278

411,676

Effects of:
Expenses not deductible for tax purposes 51,273 37,257
Adjustments to tax charge in respect of previous periods 8,583 52,024
Adjustments due to changes in tax rates (6,813 ) -
Tax impact of prior year adjustment - 6,764
Total tax charge 566,321 507,721

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Freehold property revaluation 1,790,000 (425,000 ) 1,365,000

9. DIVIDENDS
2024 2023
as restated
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 816,042 479,916

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


10. PRIOR YEAR ADJUSTMENT

Three material errors were identified within the prior period, dating back to year ending 2022 and have been adjusted for accordingly. In totality the impact upon profit before taxation was:

OriginalAdjustmentRestated
2022£2,488,865(£517,115)£1,971,750
2023£1,720,804-£1,720,804
2024£2,043,469-£2,043,469


The stock balance in the year ended 2023 was found to be materially misstated due to the incorrect application of FRS 102 section 13.4 "measurement of inventories" dating back through into year ending 2022. The original balance of £642,553 has been reduced by £517,115 to £125,438. The full extent of the error impacted the closing stock within the Statement of Financial Position and the Income Statement.

The fair value of the freehold property in the year ended 2023 was found to be materially misstated due to the favourable market conditions not being recognised since year ended 2020. The original carrying value of £1,610,000 has been increased by £1,790,000 to £3,700,000. The full extent of the error impacted freehold property and the revaluation reserve.

The provision for liabilities deferred taxation balance was found to be materially misstated following the error identified on the fair value of the property above. The original deferred taxation liability of £388,330 has been increased by £425,000 to £813,330. The full extent of the error impacted the deferred taxation liability and the revaluation reserve.

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 250,000
AMORTISATION
At 1 March 2023 234,375
Amortisation for year 12,500
At 29 February 2024 246,875
NET BOOK VALUE
At 29 February 2024 3,125
At 28 February 2023 15,625

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


12. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
Buildings property machinery
£    £    £   
COST OR VALUATION
At 1 March 2023 3,700,000 193,730 22,422,304
Additions - - 4,910,999
Disposals - - (3,485,441 )
At 29 February 2024 3,700,000 193,730 23,847,862
DEPRECIATION
At 1 March 2023 - 105,659 12,132,831
Charge for year 30,000 19,372 3,133,995
Eliminated on disposal - - (3,013,912 )
At 29 February 2024 30,000 125,031 12,252,914
NET BOOK VALUE
At 29 February 2024 3,670,000 68,699 11,594,948
At 28 February 2023 3,700,000 88,071 10,289,473

Fixtures
and Motor
fittings vehicles Screens Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023 150,171 192,685 5,455 26,664,345
Additions 4,238 39,324 - 4,954,561
Disposals - - - (3,485,441 )
At 29 February 2024 154,409 232,009 5,455 28,133,465
DEPRECIATION
At 1 March 2023 112,685 83,283 1,591 12,436,049
Charge for year 10,093 28,170 2,727 3,224,357
Eliminated on disposal - - - (3,013,912 )
At 29 February 2024 122,778 111,453 4,318 12,646,494
NET BOOK VALUE
At 29 February 2024 31,631 120,556 1,137 15,486,971
At 28 February 2023 37,486 109,402 3,864 14,228,296

Included in cost or valuation of land and buildings is freehold land of £ 500,000 (2023 - £ 500,000 ) which is not depreciated.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 February 2024 is represented by:

Improvements
Land and to Plant and
Buildings property machinery
£    £    £   
Valuation in 2006 762,535 - -
Valuation in 2009 (237,685 ) - -
Valuation in 2010 (354,638 ) - -
Valuation in 2016 (150,000 ) - -
Valuation in 2020 250,000 - -
Valuation in 2024 1,700,000 - -
Cost 1,729,788 193,730 23,847,862
3,700,000 193,730 23,847,862

Fixtures
and Motor
fittings vehicles Screens Totals
£    £    £    £   
Valuation in 2006 - - - 762,535
Valuation in 2009 - - - (237,685 )
Valuation in 2010 - - - (354,638 )
Valuation in 2016 - - - (150,000 )
Valuation in 2020 - - - 250,000
Valuation in 2024 - - - 1,700,000
Cost 154,409 232,009 5,455 26,163,253
154,409 232,009 5,455 28,133,465

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
as restated
(Unaudited)
£    £   
Cost 1,729,788 1,729,788
Aggregate depreciation 34,596 434,605

Value of land in freehold land and buildings 300,000 300,000

Freehold land and buildings were valued on an open market basis on 29 February 2024 by The Directors .

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 March 2023 9,841,866
Additions 4,635,540
Transfer to ownership (457,075 )
At 29 February 2024 14,020,331
DEPRECIATION
At 1 March 2023 2,348,243
Charge for year 2,727,993
Transfer to ownership (317,682 )
At 29 February 2024 4,758,554
NET BOOK VALUE
At 29 February 2024 9,261,777
At 28 February 2023 7,493,623

13. STOCKS
2024 2023
as restated
(Unaudited)
£    £   
Stocks 103,839 142,403

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
(Unaudited)
£    £   
Trade debtors 2,144,522 2,454,008
Other debtors 94,048 416,732
Amounts due from group company 124,589 173,795
Prepayments and accrued income 177,806 398,071
2,540,965 3,442,606

The amounts due from group company was assessed for any objective evidence of impairment at the reporting date and was subsequently written down by £49,206.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
(Unaudited)
£    £   
Bank loans and overdrafts (see note 17) 130,369 130,369
Hire purchase contracts (see note 18) 2,826,472 1,894,789
Trade creditors 245,233 755,321
Tax 318,769 94,626
Social security and other taxes 34,123 40,493
VAT 432,024 321,500
Other creditors 66,704 239,392
Accruals and deferred income 68,866 26,884
4,122,560 3,503,374

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
(Unaudited)
£    £   
Bank loans (see note 17) 777,480 905,458
Hire purchase contracts (see note 18) 6,788,422 5,374,111
7,565,902 6,279,569

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
as restated
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 130,369 130,369

Amounts falling due between one and two years:
Bank loans - 1-2 years 133,924 133,924

Amounts falling due between two and five years:
Bank loans - 2-5 years 424,093 424,093

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years 219,463 347,441
219,463 347,441

The Natwest loan is repayable by monthly instalments of £12,298 at a fixed interest rate of 2.66%.

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


18. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
as restate
(Unaudited
£    £   
Net obligations repayable:
Within one year 2,826,472 1,894,789
Between one and five years 6,788,422 5,374,111
9,614,894 7,268,900

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
(Unaudited)
£    £   
Bank loans 907,849 1,035,827
Hire purchase contracts 9,614,894 7,268,900
10,522,743 8,304,727

The bank loan relating to the remortgage of the freehold property is secured by a legal charge in favour of National Westminster Bank PLC dated 17th January 2020 over the the freehold property. All other liabilities owed from time to time to National Westminster Bank PLC are secured on a fixed and floating charge dated 15th October 2019 over all current and future assets.

Hire purchase liabilities are all secured on the assets concerned as referenced within note 12 to the financial statements.

20. PROVISIONS FOR LIABILITIES
2024 2023
as restated
(Unaudited)
£    £   
Deferred tax
Other timing differences 51,340 51,340
Deferred tax 711,202 761,990
762,542 813,330

Deferred
tax
£   
Balance at 1 March 2023 813,330
Credit to Statement of Comprehensive Income during year (50,788 )
Balance at 29 February 2024 762,542

Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary £1 500,000 500,000

22. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 8,398,813 1,663,660 10,062,473
Profit for the year 1,486,789 1,486,789
Dividends (816,042 ) (816,042 )
At 29 February 2024 9,069,560 1,663,660 10,733,220

23. ULTIMATE PARENT COMPANY

The ultimate parent company is Fiveways Holdings Limited, a company registered in England.
The entity is not included within any consolidated group financial statements due to the group remaining a "small group" under the gross and net limits.

24. RELATED PARTY DISCLOSURES

During the year the company provided a loan to 13 Digital Media Ltd, a company under common control, being interest free and repayable on demand.

The amount of the loan outstanding at 29 February 2024 is £124,589 (2023: £173,795).

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Anthony Scott Martin.