21 21 Lincs Van Hire Limited 06334578 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Renting and leasing of cars and light motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true 06334578 2023-08-01 2024-07-31 06334578 2024-07-31 06334578 bus:OrdinaryShareClass1 2024-07-31 06334578 core:RetainedEarningsAccumulatedLosses 2024-07-31 06334578 core:ShareCapital 2024-07-31 06334578 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 06334578 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 06334578 core:CurrentFinancialInstruments 2024-07-31 06334578 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 06334578 core:Non-currentFinancialInstruments 2024-07-31 06334578 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 06334578 core:Goodwill 2024-07-31 06334578 core:FurnitureFittingsToolsEquipment 2024-07-31 06334578 core:LandBuildings 2024-07-31 06334578 bus:SmallEntities 2023-08-01 2024-07-31 06334578 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06334578 bus:FilletedAccounts 2023-08-01 2024-07-31 06334578 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 06334578 bus:RegisteredOffice 2023-08-01 2024-07-31 06334578 bus:Director1 2023-08-01 2024-07-31 06334578 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 06334578 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06334578 core:Goodwill 2023-08-01 2024-07-31 06334578 core:FurnitureFittings 2023-08-01 2024-07-31 06334578 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 06334578 core:LandBuildings 2023-08-01 2024-07-31 06334578 1 2023-08-01 2024-07-31 06334578 countries:England 2023-08-01 2024-07-31 06334578 2023-07-31 06334578 core:Goodwill 2023-07-31 06334578 core:FurnitureFittingsToolsEquipment 2023-07-31 06334578 core:LandBuildings 2023-07-31 06334578 2022-08-01 2023-07-31 06334578 2023-07-31 06334578 bus:OrdinaryShareClass1 2023-07-31 06334578 core:RetainedEarningsAccumulatedLosses 2023-07-31 06334578 core:ShareCapital 2023-07-31 06334578 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 06334578 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 06334578 core:CurrentFinancialInstruments 2023-07-31 06334578 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06334578 core:Non-currentFinancialInstruments 2023-07-31 06334578 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 06334578 core:Goodwill 2023-07-31 06334578 core:FurnitureFittingsToolsEquipment 2023-07-31 06334578 core:LandBuildings 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 06334578

Lincs Van Hire Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Lincs Van Hire Limited

(Registration number: 06334578)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,944,546

5,469,447

Current assets

 

Stocks

133,917

133,917

Debtors

6

807,091

828,103

Cash at bank and in hand

 

188,374

304,711

 

1,129,382

1,266,731

Creditors: Amounts falling due within one year

7

(1,478,713)

(1,703,512)

Net current liabilities

 

(349,331)

(436,781)

Total assets less current liabilities

 

5,595,215

5,032,666

Creditors: Amounts falling due after more than one year

7

(1,731,855)

(1,841,197)

Provisions for liabilities

(1,139,595)

(738,386)

Net assets

 

2,723,765

2,453,083

Capital and reserves

 

Called up share capital

8

32,100

32,100

Retained earnings

2,691,665

2,420,983

Shareholders' funds

 

2,723,765

2,453,083

 

Lincs Van Hire Limited

(Registration number: 06334578)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 


Mr M Broadbent
Director

   
 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wrightsway
Off Outer Circle Road
Lincoln
LN2 4JY

Registration number: 06334578

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Furniture, fittings and equipment

33%, 20% and 15% on reducing balance, 20% and 13% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over ten years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 21 (2023 - 21).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

9,200

9,200

At 31 July 2024

9,200

9,200

Amortisation

At 1 August 2023

9,200

9,200

At 31 July 2024

9,200

9,200

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

-

-

 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

335,284

6,655,712

6,990,996

Additions

-

1,936,484

1,936,484

Disposals

-

(1,260,036)

(1,260,036)

At 31 July 2024

335,284

7,332,160

7,667,444

Depreciation

At 1 August 2023

-

1,521,549

1,521,549

Charge for the year

-

832,543

832,543

Eliminated on disposal

-

(631,194)

(631,194)

At 31 July 2024

-

1,722,898

1,722,898

Carrying amount

At 31 July 2024

335,284

5,609,262

5,944,546

At 31 July 2023

335,284

5,134,163

5,469,447

6

Debtors

2024
£

2023
£

Trade debtors

327,117

360,117

Other debtors

479,974

458,020

Social security and other taxes

-

9,966

807,091

828,103

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,266,335

1,449,085

Trade creditors

 

62,465

111,636

Social security and other taxes

 

75,825

9,753

Other creditors

 

74,088

133,038

 

1,478,713

1,703,512

 

Lincs Van Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,731,855

1,841,197

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

32,100

32,100

32,100

32,100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,701

25,822

Hire purchase contracts

1,254,634

1,423,263

1,266,335

1,449,085

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,467

20,896

Hire purchase contracts

1,723,388

1,820,301

1,731,855

1,841,197

The bank borrowings and hire purchase contracts are secured on the assets of the company.