Company Registration No. 14412174 (England and Wales)
LCVR Holdings Limited
Annual report and
group financial statements
for the year ended 31 October 2024
LCVR Holdings Limited
Company information
Directors
John Ryan
Shaun Parnaby
Secretary
Karl Gravenor
Company number
14412174
Registered office
1 & 2 Redman Court
Bell Street
Princes Risborough
Buckinghamshire
HP27 0AA
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
LCVR Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
LCVR Holdings Limited
Strategic report
For the year ended 31 October 2024
1

The directors present the strategic report for the year ended 31 October 2024.

Fair review of the business

The activity of the Group is as a provider of goods and services to the vehicle rental industry, an operator of a vehicle rental franchise business, a provider of vehicle transport and as a vehicle lessor. Its results are therefore significantly influenced by developments within this sector. Companies within the group are as follows:

 

LCVR Holdings Limited

The holding company of the Group, its primary purpose being shareholder of group companies.

 

Local Car and Van Rental Limited

The largest company within the group, provides goods and services to rental companies throughout the UK.

 

Green Motion Car and Van Rental Limited

The UK franchise holder of the Green Motion franchise. Green Motion operates at major UK airports, as well as locations in major towns and cities.

 

Local Vehicle Transport Limited

A business engaged in vehicle logistics, both for group companies and external customers.

 

Flexible Rental Solutions Limited

A new venture which offers flexible operating leases to corporate customers, within the maintenance and infrastructure sector.

 

GAP Leasing Limited – Associate

A short term leasing company providing vehicles primarily to the corporate sector, operated from the Green Motion Manchester site but with Nationwide coverage. The Group holds a minority stake.

 

Popcorn Rocks Limited - Associate

A Franchisee operating the Green Motion franchise for the Manchester airport in which the Group holds a minority stake.

 

The Group has delivered a robust financial performance for the year in spite of some severe headwinds in the industry due to its strategy of diversification of activities.

 

The Group currently has no borrowings apart from vehicle funding, low gearing, good liquidity and a strong balance sheet.

 

The directors therefore believe that the Group is well placed to take advantage of any opportunities that may arise in the coming year.

Principal risks and uncertainties

The Group’s operations expose it to some financial risks, however the directors ensure that risk is only taken on an informed basis and they recognise that successfully managing these risks can deliver opportunities for the Group.

 

Liquidity risk

The Group’s operations are funded through positive cash balances, and strong relationships with its funding partners.

 

Interest rate risk

The Group borrows mainly on variable rate agreements, but leases vehicles to customers on fixed rate contracts. Therefore if interest rates were to rise or fall there would be an impact on the Group’s levels of profit. Although rates reduced during the year, the speed and timing of rate reduction was lower than anticipated at the beginning of the year.

LCVR Holdings Limited
Strategic report (continued)
For the year ended 31 October 2024
2

Credit risk

The Group’s credit risk is primarily in two areas, with customers for the payment of vehicle rentals, and with vehicle dealers and manufacturers for the repurchase of vehicles. The Group deals with these risks by careful underwriting, by daily monitoring of debtors, and by swift action to resolve late payments.

 

Vehicle supply

The year saw a continued return to a more normalized supply of vehicles, although vehicle prices in the first half of the year remain higher than the average in preceding years due to generally high inflation rates in the UK. The Group closely monitors these developments going forward via its experienced purchasing and disposal teams, and the directors remain cautiously optimistic that rental volumes will increase in the coming year due to various opportunities arising during the financial year.

Development and performance

The Group’s business activities and the material factors which affect its future development are set out above. The financial position of the Group is set out in the financial statements and accompanying notes. When assessing the Group’s position, the directors have not identified any uncertainties that cast significant doubt on the ability of the Group to continue as a going concern.

Key performance indicators

The Group monitors its business performance with reference to the following key performance indicators:

 

a) Profit before tax.

For the year the Group had a profit before tax of £372,378 compared to the prior year of £5,275,833, however the Group acknowledges that preceding years were exceptional in terms of the used vehicle market and are unlikely to be repeated in the foreseeable future.

 

The year was challenging in the face of a tough used vehicle market due to a normalization of used vehicle prices generally, relatively high interest rates and competition in the retail rental market from the major rental providers. The Group aims to maximise the profit available for retention in the business and for distribution to shareholders.

 

The directors anticipate a similarly challenging year in the next financial year although mitigated by a more stable used market and, the directors are however keen to pursue other business opportunities within the sector as they arise. Profit before tax was positive although the business is constantly seeking new business streams. The Group aims to be agile and quick in its decision making in order to pursue new opportunities as they arise.

 

b) Rental fleet

The change in the value of the rental fleet measures the annual increase or decrease in vehicle fixed assets, expressed as a percentage of the prior year vehicle fixed assets. The Group aims to maximise the number of vehicles available for rental by the business, consistent with achieving the profit objectives, and measures this by the increase in vehicle fixed assets. The rental fleet grew by 20% in the year ended 31 October 2024, and the directors plan to increase the size of the fleet in the coming year in line with customer demand and diversification into alternative business areas where opportunities for solid business growth are identified.

On behalf of the board

Shaun Parnaby
Director
21 March 2025
LCVR Holdings Limited
Directors' report
For the year ended 31 October 2024
3

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the group remains the provision of goods and services to the vehicle rental industry.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,031,250. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

John Ryan
Shaun Parnaby
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

Risks and uncertainties that face the company, and the key performance indicators for the company are addressed separately in detail within the Strategic report.

LCVR Holdings Limited
Directors' report (continued)
For the year ended 31 October 2024
4
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Shaun Parnaby
Director
21 March 2025
LCVR Holdings Limited
Independent auditor's report
To the members of LCVR Holdings Limited
5
Opinion

We have audited the financial statements of LCVR Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 group and parent 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 group's and parent 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 included in the annual report other than the financial statements and our auditor's report 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.

 

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.

LCVR Holdings Limited
Independent auditor's report (continued)
To the members of LCVR Holdings Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

 

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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

LCVR Holdings Limited
Independent auditor's report (continued)
To the members of LCVR Holdings Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

LCVR Holdings Limited
Independent auditor's report (continued)
To the members of LCVR Holdings Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Sheryl Davis (Senior Statutory Auditor)
For and on behalf of Saffery LLP
21 March 2025
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
LCVR Holdings Limited
Group statement of comprehensive income
For the year ended 31 October 2024
9
2024
2023
Notes
£
£
Turnover
3
39,414,105
25,412,215
Cost of sales
(35,324,772)
(16,522,814)
Gross profit
4,089,333
8,889,401
Administrative expenses
(3,717,065)
(3,850,007)
Other operating income
2,036
-
Operating profit
4
374,304
5,039,394
Share of results of associates
(99,798)
51,012
Interest receivable and similar income
8
97,872
190,209
Interest payable and similar expenses
9
-
0
(4,782)
Profit before taxation
372,378
5,275,833
Tax on profit
10
(26,125)
2,107,629
Profit for the financial year
346,253
7,383,462
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
LCVR Holdings Limited
Group statement of financial position
As at 31 October 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
102,432,171
84,263,877
Investments
14
204,704
202,752
102,636,875
84,466,629
Current assets
Stocks
18
884,517
150
Debtors
19
7,742,471
10,321,086
Cash at bank and in hand
7,326,951
10,393,812
15,953,939
20,715,048
Creditors: amounts falling due within one year
21
(77,989,410)
(69,908,421)
Net current liabilities
(62,035,471)
(49,193,373)
Total assets less current liabilities
40,601,404
35,273,256
Creditors: amounts falling due after more than one year
22
(10,303,813)
(4,316,793)
Provisions for liabilities
Deferred tax liability
24
5,506,912
5,480,787
(5,506,912)
(5,480,787)
Net assets
24,790,679
25,475,676
Capital and reserves
Called up share capital
26
206,250
206,250
Profit and loss reserves
24,584,429
25,269,426
Total equity
24,790,679
25,475,676

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
Shaun Parnaby
Director
Company registration number 14412174 (England and Wales)
LCVR Holdings Limited
Company statement of financial position
As at 31 October 2024
31 October 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
740,551
531,301
Current assets
Debtors
19
5,150,600
4,102,278
Cash at bank and in hand
598,627
1,924,061
5,749,227
6,026,339
Creditors: amounts falling due within one year
21
(7,000)
(19,502)
Net current assets
5,742,227
6,006,837
Net assets
6,482,778
6,538,138
Capital and reserves
Called up share capital
26
206,250
206,250
Profit and loss reserves
6,276,528
6,331,888
Total equity
6,482,778
6,538,138

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £975,890 (2023 - £3,169,337 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
Shaun Parnaby
Director
Company registration number 14412174 (England and Wales)
LCVR Holdings Limited
Group statement of changes in equity
For the year ended 31 October 2024
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
206,250
19,948,464
20,154,714
Year ended 31 October 2023:
Profit and total comprehensive income
-
7,383,462
7,383,462
Dividends
11
-
(2,062,500)
(2,062,500)
Balance at 31 October 2023
206,250
25,269,426
25,475,676
Year ended 31 October 2024:
Profit and total comprehensive income
-
346,253
346,253
Dividends
11
-
(1,031,250)
(1,031,250)
Balance at 31 October 2024
206,250
24,584,429
24,790,679
LCVR Holdings Limited
Company statement of changes in equity
For the year ended 31 October 2024
13
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
206,250
5,225,051
5,431,301
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
3,169,337
3,169,337
Dividends
11
-
(2,062,500)
(2,062,500)
Balance at 31 October 2023
206,250
6,331,888
6,538,138
Year ended 31 October 2024:
Profit and total comprehensive income
-
975,890
975,890
Dividends
11
-
(1,031,250)
(1,031,250)
Balance at 31 October 2024
206,250
6,276,528
6,482,778
LCVR Holdings Limited
Group statement of cash flows
For the year ended 31 October 2024
14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
7,079,376
4,052,785
Interest paid
-
0
(4,782)
Income taxes paid
(116,810)
(797,967)
Net cash inflow from operating activities
6,962,566
3,250,036
Investing activities
Purchase of tangible fixed assets
(5,240,993)
(8,583,628)
Proceeds from disposal of tangible fixed assets
79,201,012
62,008,911
Purchase of associates
(109,250)
-
Interest received
97,872
190,209
Dividends received
7,500
50,000
Net cash generated from investing activities
73,956,141
53,665,492
Financing activities
Payment of finance leases obligations
(82,954,318)
(57,879,949)
Dividends paid to equity shareholders
(1,031,250)
(2,062,500)
Net cash used in financing activities
(83,985,568)
(59,942,449)
Net decrease in cash and cash equivalents
(3,066,861)
(3,026,921)
Cash and cash equivalents at beginning of year
10,393,812
13,420,733
Cash and cash equivalents at end of year
7,326,951
10,393,812
LCVR Holdings Limited
Notes to the group financial statements
For the year ended 31 October 2024
15
1
Accounting policies
Company information

LCVR Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 1 & 2 Redman Court, Bell Street, Princes Risborough, Buckinghamshire, HP27 0AA.

 

The group consists of LCVR Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 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 under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
16
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company LCVR Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover represents the revenue arising from the group's activities, excluding value added tax. These comprise the hire of vehicles, the sale of new vehicles and the supply of related goods and services. Income derived from leasing vehicles to third parties on operating leases is recognised in turnover on a straight line basis over the life of the asset. All turnover arises in the United Kingdom.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised when the performance obligations of the service 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 and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

The franchise fee is written off in equal annual instalments over its useful economic life of 10 years in line with the franchisee agreement.

1.7
Tangible fixed assets

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

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
17

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
0%
Freehold buildings
5% straight line
Plant and equipment
20% - 33% straight line
Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Motor vehicles are written down to a directors' estimate of residual value over the holding period, or to their agreed residual value if known.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
18
1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group 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 group after deducting all of its liabilities.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
19
Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
20
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis. This is contrary to the requirements of FRS 102; however the directors consider the difference between this and the effective interest method to be insignificant.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the group’s net investment in the leases. Finance lease income is allocated to accounting periods on a straight line basis. This is not strictly in accordance with the requirements of FRS 102 which requires finance lease income to be allocated so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases. The directors consider the financial difference in the two different approaches to be insignificant.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’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 are 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.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
21
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Residual value

Fixed asset residual values in relation to motor vehicles are based on either an agreed contracted buy back value or the directors' best estimate for risk vehicles based their knowledge and on the current prevailing market. All other fixed assets are deemed to have a residual value of £nil as they are used in the course of business.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle leasing and sales
37,219,991
23,606,993
Royalties receivable
918,497
1,074,616
Vehicle movements and associated recharges
1,275,617
730,606
39,414,105
25,412,215
2024
2023
£
£
Other revenue
Interest income
97,872
190,209

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
661,121
1,932,309
Depreciation of tangible fixed assets held under finance leases
8,070,902
8,488,563
Profit on disposal of tangible fixed assets
(2,202,003)
(9,628,420)
Operating lease charges
25,100
16,800

The amortisation of intangible assets is included within administrative expenses.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
22
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,600
5,000
Audit of the financial statements of the company's subsidiaries
43,400
26,600
48,000
31,600
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
38
33
-
-
Sales
5
5
-
-
Total
43
38
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,091,064
2,359,190
-
0
-
0
Social security costs
285,783
310,224
-
-
Pension costs
354,654
341,515
-
0
-
0
2,731,501
3,010,929
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
250,881
797,851
Company pension contributions to defined contribution schemes
6,667
13,176
257,548
811,027

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
7
Directors' remuneration (continued)
23
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
129,461
473,593
Company pension contributions to defined contribution schemes
6,667
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
97,872
190,190
Other interest income
-
19
Total income
97,872
190,209
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
4,782
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
87,290
Adjustments in respect of prior periods
-
0
278,821
Total current tax
-
0
366,111
Deferred tax
Origination and reversal of timing differences
26,125
579,724
Adjustment in respect of prior periods
-
0
(3,053,464)
Total deferred tax
26,125
(2,473,740)
Total tax charge/(credit)
26,125
(2,107,629)
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
10
Taxation (continued)
24

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
372,378
5,275,833
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
93,095
1,188,118
Tax effect of expenses that are not deductible in determining taxable profit
32,569
(12,852)
Tax effect of income not taxable in determining taxable profit
-
0
(11,488)
Adjustments in respect of prior years
-
0
278,821
Permanent capital allowances in excess of depreciation
(103,142)
(558,274)
Depreciation on assets not qualifying for tax allowances
3,603
4,001
Deferred tax adjustments in respect of prior years
-
0
(3,053,464)
Difference in deferred tax rate
-
0
57,509
Taxation charge/(credit)
26,125
(2,107,629)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,031,250
2,062,500
12
Intangible fixed assets
Group
Patents & licences
£
Cost
At 1 November 2023 and 31 October 2024
125,000
Amortisation and impairment
At 1 November 2023 and 31 October 2024
125,000
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
25
13
Tangible fixed assets
Group
Freehold land
Plant and equipment
Fixtures and fittings
Rental fleet
Total
£
£
£
£
£
Cost
At 1 November 2023
1,288,629
269,275
107,302
91,019,902
92,685,108
Additions
45,085
12,679
9,268
103,832,294
103,899,326
Disposals
-
0
-
0
-
0
(86,598,867)
(86,598,867)
At 31 October 2024
1,333,714
281,954
116,570
108,253,329
109,985,567
Depreciation and impairment
At 1 November 2023
163,543
138,779
82,995
8,035,914
8,421,231
Depreciation charged in the year
24,341
46,661
11,898
8,649,123
8,732,023
Eliminated in respect of disposals
-
0
-
0
-
0
(9,599,858)
(9,599,858)
At 31 October 2024
187,884
185,440
94,893
7,085,179
7,553,396
Carrying amount
At 31 October 2024
1,145,830
96,514
21,677
101,168,150
102,432,171
At 31 October 2023
1,125,086
130,496
24,307
82,983,988
84,263,877
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Rental fleet
98,186,016
75,495,554
-
0
-
0

Freehold land and buildings includes land of £750,000 (2023: £750,000 ) which is not depreciated.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
631,251
531,251
Investments in associates
16
204,704
202,752
109,300
50
204,704
202,752
740,551
531,301
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
14
Fixed asset investments (continued)
26
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 November 2023
202,752
Additions
109,250
Valuation changes
(107,298)
At 31 October 2024
204,704
Carrying amount
At 31 October 2024
204,704
At 31 October 2023
202,752
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 November 2023
531,301
Additions
209,250
At 31 October 2024
740,551
Carrying amount
At 31 October 2024
740,551
At 31 October 2023
531,301
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
27
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Local Car and Van Rental Limited
1
Vehicle supply to a network of independent vehicle rental operators
Ordinary
100.00
-
Green Motion Car and Van Rental Limited
1
Provision of goods and services to the vehicle rental industry
Ordinary
100.00
-
Local Vehicle Transport Limited
1
Vehicle transportation services to the vehicle industry
Ordinary
100.00
-
Flexible Rental Solutions Limited
1
Service provider to the commercial vehicle rental industry
Ordinary
100.00
-
Clear Car Rental Limited
1
Dormant company
Ordinary
100.00
-
LCVR Property Limited
1
Dormant company
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
1 & 2 Redman Court, Bell Street, Princes Risborough, Bucks, HP27 0AA

Local Vehicle Transport Limited and Flexible Rental Solutions are exempt from the requirements relating to the audit of its individual financial statements by virtue of the parent entity's guarantee under section 479A of the Companies Act 2006. The Company Registration Numbers of Local Vehicle Transport Limited and Flexible Rental Solutions are 10612083 and 05816562 respectively.

16
Associates

Details of associates at 31 October 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Popcorn Rocks Limited
Regus Building, 3000 Aviator Way, Manchester, M22 5TG
Provision of vehicle leasing
Ordinary B
33
Gap Leasing Limited
Regus Building, 3000 Aviator Way, Manchester, M22 5TG
Provision of vehicle leasing
Ordinary
34
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
380,000
5,000
-
-
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
17
Financial instruments (continued)
28

Included within other debtors are short term loans provided to franchisees, repayable over a 12 month period. The implicit rate of interest is variable.

These loans are initially recorded at transaction price. There is no reliable measure of fair value available. As the time value of money is considered to be negligible, the loans are recognised at transaction price, which is considered to be appropriate. There is no change in value reported in the income statement.

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
884,517
150
-
0
-
0
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,830,253
5,519,563
-
0
-
0
Corporation tax recoverable
145,007
85,054
-
0
-
0
Amounts owed by group undertakings
-
-
5,150,000
4,100,000
Finance leases receivable
567,274
1,319,801
-
-
Other debtors
434,576
58,858
-
0
-
0
Prepayments and accrued income
1,131,037
1,684,055
600
2,278
7,108,147
8,667,331
5,150,600
4,102,278
Amounts falling due after more than one year:
Finance leases receivable
634,324
1,653,755
-
-
Total debtors
7,742,471
10,321,086
5,150,600
4,102,278
LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
29
20
Finance lease receivables
Group
Company
2024
2023
2024
2023
£
£
£
£
Gross amounts receivable under finance leases:
Within one year
633,586
1,474,251
-
-
In two to five years
684,199
1,768,630
-
-
1,317,785
3,242,881
-
-
Unearned finance income
(116,187)
(269,325)
-
-
Present value of minimum lease payments receivable
1,201,598
2,973,556
-
-
The present value is receivable as follows:
Within one year
567,274
1,319,801
-
-
In two to five years
634,324
1,653,755
-
-
1,201,598
2,973,556
-
-

All vehicles are supplied under a Vehicle Hire Purchase Agreement.

21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
73,447,776
63,730,781
-
0
-
0
Trade creditors
2,392,078
3,567,216
-
0
-
0
Corporation tax payable
28,821
85,678
-
0
19,502
Other taxation and social security
425,152
187,198
-
-
Other creditors
191,924
1,227,290
-
0
-
0
Accruals and deferred income
1,503,659
1,110,258
7,000
-
0
77,989,410
69,908,421
7,000
19,502

Obligations under hire purchase contracts are secured against the related assets.

22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
10,303,813
4,316,793
-
0
-
0

Obligations under hire purchase contracts are secured against the related assets.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
30
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
73,447,776
63,730,781
-
0
-
0
In two to five years
10,303,813
4,316,793
-
0
-
0
83,751,589
68,047,574
-
-

Finance lease payments represent rentals payable by the company for rental fleet.

 

Obligations under hire purchase contracts are secured against the related assets.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
6,042,929
5,480,787
Tax losses
(536,017)
-
5,506,912
5,480,787
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
5,480,787
-
Charge to profit or loss
26,125
-
Liability at 31 October 2024
5,506,912
-

The deferred tax liability set out above is not expected to reverse within 12 months on the basis it relates to accelerated capital allowances. These accelerated capital allowances arise on the acquisition of fleet vehicle assets, and as such, the value of the deferred tax balance is dependent on the fleet size. The deferred tax liability is expected to crystallise in the future.

The rate at which deferred tax is calculated is 25.00% (2023 - 25.00%).

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
31
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
354,654
341,515

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
206,250
206,250
206,250
206,250

Ordinary non-redeemable shares carrying full voting rights and equal rights to participate in a distribution and on a winding-up.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
235,676
1,138,645
-
-
Between two and five years
139,188
274,644
-
-
374,864
1,413,289
-
-
Lessor

At the reporting end date the group had contracted with lessees for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
4,490,557
7,039,042
-
-
Between two and five years
624,365
3,237,175
-
-
5,114,922
10,276,217
-
-

Vehicles are supplied under a Master Lease Agreement which sets out the terms and conditions of use and the financial obligations of the lessee.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
32
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
180,193
60,632
-
-
29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
403,988
1,036,602
Other information

The group made sales of £2,134,916 (2023 - £2,648,552) and purchases of £nil (2023 - £110,301) to an associate of the group. At the balance sheet date, included within debtors is a balance of £226,824 (2023 - £41,680) due from an associate of the group.

30
Directors' transactions

Dividends totalling £1,001,250 (2023 - £nil) were paid in the year in respect of shares held by the company's directors and their close family members.

31
Controlling party

The ultimate controlling party is deemed to be John Ryan by virtue of his shareholding.

LCVR Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
33
32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
346,253
7,383,462
Adjustments for:
Share of results of associates and joint ventures
99,798
(51,012)
Taxation charged/(credited)
26,125
(2,107,629)
Finance costs
-
0
4,782
Investment income
(97,872)
(190,209)
Gain on disposal of tangible fixed assets
(2,202,003)
(9,628,420)
Depreciation and impairment of tangible fixed assets
8,732,023
10,420,872
Movements in working capital:
(Increase)/decrease in stocks
(884,367)
24
Decrease/(increase) in debtors
2,638,568
(3,935,464)
(Decrease)/increase in creditors
(1,579,149)
2,156,379
Cash generated from operations
7,079,376
4,052,785
33
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
10,393,812
(3,066,861)
-
7,326,951
Obligations under finance leases
(68,047,574)
82,954,318
(98,658,333)
(83,751,589)
(57,653,762)
79,887,457
(98,658,333)
(76,424,638)
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