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Registered number: 08803921









MCRENT (LONDON) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
MCRENT (LONDON) LIMITED
REGISTERED NUMBER: 08803921

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
6,679,877
4,815,651

  
6,679,877
4,815,651

Current assets
  

Debtors: amounts falling due within one year
 5 
974,231
386,940

Cash at bank and in hand
 6 
342,992
176,850

  
1,317,223
563,790

Creditors: amounts falling due within one year
 7 
(7,622,085)
(4,903,949)

Net current liabilities
  
 
 
(6,304,862)
 
 
(4,340,159)

Total assets less current liabilities
  
375,015
475,492

  

Provisions for liabilities
  

Deferred taxation
 8 
-
(192,139)

  
 
 
-
 
 
(192,139)

  

Net assets excluding pension asset
  
375,015
283,353

Net assets
  
375,015
283,353


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
365,015
273,353

  
375,015
283,353


Page 1

 
MCRENT (LONDON) LIMITED
REGISTERED NUMBER: 08803921
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Gibbs
Director

Date: 26 March 2025

Page 2

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

McRent (London) Limited is a private limited company incorporated in England within the United Kingdom. The address of the registered office is First Floor, Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP.
The principal activity of the company is motorhome rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for a period of at least 12 months following the approval of these financial statements.
In making this assessment the directors have prepared a budget forecast and believe that the company will make sufficient cashflows from operating activities including rental and eventual sale of its fixed assets to meet its liabilities as it falls due as it has done in prior years, despite the fact that it has net current liabilities of £6,304,862 (2023: £4,340,159) as at year end. £6,242,871 (2023: £3,749,190) of the net liabilities relates to net amounts owed to group undertakings as at year end.
The directors have considered these factors but believe the company to be a going concern.

Page 3

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises of amounts recognised by the company in respect of motorhomes rental services supplied and sale of motorhomes during the year. Sale of motorhomes is recognised in cost of sales as profit and loss on disposal of fixed assets.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


Page 5

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10 years straight line
Motor vehicles
-
6 years straight line
Office equipment
-
5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
-
2,000
5,272,829
17,405
5,292,234


Additions
66,840
-
4,858,952
6,173
4,931,965


Disposals
-
-
(2,745,367)
-
(2,745,367)



At 31 July 2024

66,840
2,000
7,386,414
23,578
7,478,832



Depreciation


At 1 August 2023
-
483
464,125
11,975
476,583


Charge for the year on owned assets
3,899
200
996,692
3,512
1,004,303


Disposals
-
-
(681,931)
-
(681,931)



At 31 July 2024

3,899
683
778,886
15,487
798,955



Net book value



At 31 July 2024
62,941
1,317
6,607,528
8,091
6,679,877



At 31 July 2023
-
1,517
4,808,704
5,430
4,815,651


5.


Debtors

2024
2023
£
£


Trade debtors
699,377
27,864

Amounts owed by group undertakings
146,371
160,135

Other debtors
75,023
30,389

Prepayments and accrued income
34,049
168,552

Deferred taxation
19,411
-

974,231
386,940


Page 8

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
342,992
176,850

342,992
176,850



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
119,448
246,952

Amounts owed to group undertakings
6,242,849
3,909,325

Corporation tax
258,727
-

Other taxation and social security
402,488
145,878

Other creditors
298,456
285,755

Accruals and deferred income
300,117
316,039

7,622,085
4,903,949


Page 9

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Deferred taxation




2024


£






At beginning of period
(192,139)


Charged to profit or loss
211,550



At end of period
19,411

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
18,022
(243,359)

Tax losses carried forward
-
51,220

Pension surplus
1,389
-

19,411
(192,139)


9.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
139,000
96,918

Later than 1 year and not later than 5 years
707,000
300,000

Later than 5 years
224,000
50,000

1,070,000
446,918



Page 10

 
MCRENT (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Related party transactions

At the year end, the company owed corporate loans of £6,242,848 (2023 - £3,791,948) to other members of Erwin Hymer Group AG & Co. Erwin Hymer Group AG & Co own 100% of Rental Alliance GmbH who owns 51% of McRent (London) Limited. No interest is charged on these balances.
At the year end the company was owed trade balances totalling £146,371 (2023 - £160,135) by members of the Erwin Hymer Group AG & Co.
At the period end the company owed trade balances totalling £Nil (2023 - £117,377) to members of the Erwin Hymer Group AG & Co.


11.


Controlling party

The ultimate controlling party is Thor Industries Inc. The parent company is Rental Alliance GmbH a company incorporated in Germany.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 10 April 2025 by Samuel Hodson BSc ACA (Senior statutory auditor) on behalf of Hillier Hopkins LLP.

Page 11