Company registration number 10225286 (England and Wales)
INTACK SELF DRIVE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
INTACK SELF DRIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
INTACK SELF DRIVE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,225,249
6,344,307
Investments
4
1,089,996
8,315,245
6,344,307
Current assets
Stocks
4,165
6,162
Debtors
5
1,192,521
836,135
Cash at bank and in hand
112,290
140,261
1,308,976
982,558
Creditors: amounts falling due within one year
6
(2,381,434)
(577,453)
Net current (liabilities)/assets
(1,072,458)
405,105
Total assets less current liabilities
7,242,787
6,749,412
Provisions for liabilities
7
(459,942)
(453,376)
Net assets
6,782,845
6,296,036
Capital and reserves
Called up share capital
8
1
1
Other reserves
9
3,697,622
3,697,622
Profit and loss reserves
9
3,085,222
2,598,413
Total equity
6,782,845
6,296,036
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
Mr K A Kay
Director
Company registration number 10225286 (England and Wales)
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Intack Self Drive Limited is a private company limited by shares incorporated in England and Wales. The registered office is Intack Self Drive, The Canal Wharf, Lower Audley Street, Blackburn, Lancashire, BB1 1DG.
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 as applicable to companies subject to the small companies regime. 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 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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Intack Self Drive Limited is a wholly owned subsidiary of The Kay Group (UK Holdings) Limited and the results of Intack Self Drive Limited are included in the consolidated financial statements of The Kay Group (UK Holdings) Limited which are available from Intack Self Drive, The Canal Wharf, Lower Audley Street, Blackburn, Lancashire, BB1 1DG.
1.2
Going concern
The directors have prepared cash flow forecasts for the period up to October 2026 covering the group of which this company is a member and considered possible sensitivities. These provide a basis on which the directors consider it appropriate to prepare the financial statements on the going concern basis. A letter confirming mutual financial support between The Kay Group (UK Holdings) Limited, The Kay Group (UK) Limited and Intack Self Drive Limited has been put in place as the forecasts have been prepared on a group basis.true
1.3
Turnover
Turnover shown in the profit and loss account represents vehicle rentals receivable during the period, exclusive of Value Added Tax. Vehicle rental income is recognised over the period of the hire.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
22% - 31% reducing balance
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 credited or charged to profit or loss.
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 profit and loss account 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 company’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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
20
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
8,119,641
Additions
4,217,570
Disposals
(2,193,909)
At 31 October 2024
10,143,302
Depreciation and impairment
At 1 November 2023
1,775,334
Depreciation charged in the year
2,226,935
Eliminated in respect of disposals
(1,084,216)
At 31 October 2024
2,918,053
Carrying amount
At 31 October 2024
7,225,249
At 31 October 2023
6,344,307
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
1,089,996
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
-
Additions
1,089,996
At 31 October 2024
1,089,996
Carrying amount
At 31 October 2024
1,089,996
At 31 October 2023
-
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
375,418
360,471
Amounts owed by group undertakings
168,949
280,478
Other debtors
648,154
195,186
1,192,521
836,135
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
81,135
135,929
Amounts owed to group undertakings
1,587,576
Corporation tax
138,229
9,696
Other taxation and social security
15,121
93,499
Other creditors
559,373
338,329
2,381,434
577,453
The amounts owed to group undertakings includes an amount of £1,600,000 (2023: £150,000 debtor) in relation to cash utilised from an interest bearing bank account in the name of The Kay Group (UK) Limited, a fellow subsidiary of The Kay Group (UK Holdings) Limited, which has been net off against a £12,424 debtor balance due to the same company. The prior year debtor arose as a result of cash held on deposit in this account.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
459,942
453,376
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Reserves
Other reserves
Other reserves relate to a capital contribution made by a fellow group company.
Profit and loss reserves
Cumulative profits and losses net of distributions to owners.
INTACK SELF DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Christopher Moss BSc F.C.A.
Statutory Auditor:
JS. Audit Limited
Date of audit report:
17 April 2025
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
18,655
34,822
(39,502)
13,975
18,655
34,822
(39,502)
13,975
12
Parent company
The Kay Group (UK Holdings) Limited is the immediate and ultimate parent company. The Kay Group (UK Holdings) Limited is the only undertaking preparing consolidated accounts including the financial statements of the company. Group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.