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REGISTERED NUMBER: 05538018 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Minster Self-Drive Limited

Minster Self-Drive Limited (Registered number: 05538018)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Minster Self-Drive Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: R A Hind
S Hind
H Hind





SECRETARY: S Hind





REGISTERED OFFICE: Old Station Road
Southbank
Middlesbrough
TS6 6AD





REGISTERED NUMBER: 05538018 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Minster Self-Drive Limited (Registered number: 05538018)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,366,132 5,649,976

CURRENT ASSETS
Debtors 5 4,759,102 4,341,113
Cash at bank and in hand 120,272 77,127
4,879,374 4,418,240
CREDITORS
Amounts falling due within one year 6 (2,259,043 ) (2,250,723 )
NET CURRENT ASSETS 2,620,331 2,167,517
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,986,463

7,817,493

CREDITORS
Amounts falling due after more than one
year

7

(2,449,758

)

(2,186,322

)

PROVISIONS FOR LIABILITIES (1,100,757 ) (977,127 )
NET ASSETS 5,435,948 4,654,044

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 5,435,847 4,653,943
SHAREHOLDERS' FUNDS 5,435,948 4,654,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Minster Self-Drive Limited (Registered number: 05538018)

Balance Sheet - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





S Hind - Director


Minster Self-Drive Limited (Registered number: 05538018)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2.5% on cost
Leasehold property - 2.5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Minster Self-Drive Limited (Registered number: 05538018)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 35 ) .

4. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST
At 1 September 2023 81,837 62,434 55,331
Additions - - 9,473
Disposals - - -
At 31 August 2024 81,837 62,434 64,804
DEPRECIATION
At 1 September 2023 10,218 14,685 36,390
Charge for year 875 1,561 4,669
Eliminated on disposal - - -
At 31 August 2024 11,093 16,246 41,059
NET BOOK VALUE
At 31 August 2024 70,744 46,188 23,745
At 31 August 2023 71,619 47,749 18,941

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 15,347 8,024,663 13,819 8,253,431
Additions 250 2,207,153 1,134 2,218,010
Disposals - (1,176,013 ) - (1,176,013 )
At 31 August 2024 15,597 9,055,803 14,953 9,295,428
DEPRECIATION
At 1 September 2023 14,271 2,517,183 10,708 2,603,455
Charge for year 216 973,504 2,136 982,961
Eliminated on disposal - (657,120 ) - (657,120 )
At 31 August 2024 14,487 2,833,567 12,844 2,929,296
NET BOOK VALUE
At 31 August 2024 1,110 6,222,236 2,109 6,366,132
At 31 August 2023 1,076 5,507,480 3,111 5,649,976

Included in cost of land and buildings is freehold land of £ 46,837 (2023 - £ 46,837 ) which is not depreciated.

Minster Self-Drive Limited (Registered number: 05538018)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 6,019,664
Additions 2,113,308
Disposals (353,537 )
Transfer to ownership (916,752 )
At 31 August 2024 6,862,683
DEPRECIATION
At 1 September 2023 1,519,303
Charge for year 770,669
Eliminated on disposal (160,165 )
Transfer to ownership (455,015 )
At 31 August 2024 1,674,792
NET BOOK VALUE
At 31 August 2024 5,187,891
At 31 August 2023 4,500,361

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 500,816 370,175
Other debtors 8,898 3,000
Minster Vehicle Sales 4,173,244 3,874,154
Directors' current accounts 2,689 11,339
Prepayments 73,455 82,445
4,759,102 4,341,113

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 56,730 8,000
Hire purchase contracts 1,640,921 1,562,086
Trade creditors 98,709 109,971
Corporation tax 160,683 165,583
Social security and other tax 49,794 48,179
VAT 154,990 167,471
Other creditors 52,818 104,898
Directors' current accounts 16,648 24,148
Accrued expenses 27,750 60,387
2,259,043 2,250,723

Minster Self-Drive Limited (Registered number: 05538018)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 8,000
Bank loans - 2-5 years - 132
Hire purchase contracts 2,449,758 2,178,190
2,449,758 2,186,322

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 49,548 -
Bank loans 7,182 16,132
56,730 16,132

The bank loan and any bank overdrafts are secured by a debenture over the assets of the company and a guarantee by Mr S Hind, limited to £50,000 (plus interest and costs).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
S Hind
Balance outstanding at start of year 11,339 (453 )
Amounts advanced 5,350 13,550
Amounts repaid (14,000 ) (1,758 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,689 11,339

10. RELATED PARTY DISCLOSURES

During the year the company received £181,090 in income from an entity over which the company and its directors have common control (2023 : £172,817).

At the balance sheet date, Other debtors included £4,173,244 (2023 : £3,874,154) which related to amounts due from this entity.

At the balance sheet date, hire purchase contracts due within one year included £391,459 (2023 : £359,285), due to this entity.

At the balance sheet date, hire purchase contracts due after more than one year included £571,161 (2023 : £427,659), due to this entity.