Company registration number 10970373 (England and Wales)
MULTITEK VEHICLE HIRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MULTITEK VEHICLE HIRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MULTITEK VEHICLE HIRE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,750
5,000
Tangible assets
5
3,161,883
2,994,389
3,165,633
2,999,389
Current assets
Stocks
131,302
335,490
Debtors
6
82,477
72,379
Cash at bank and in hand
872
147,292
214,651
555,161
Creditors: amounts falling due within one year
7
(999,899)
(1,065,872)
Net current liabilities
(785,248)
(510,711)
Total assets less current liabilities
2,380,385
2,488,678
Creditors: amounts falling due after more than one year
8
(1,811,903)
(1,705,018)
Provisions for liabilities
(139,545)
(177,754)
Net assets
428,937
605,906
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
428,934
605,903
Total equity
428,937
605,906
The notes on pages 3 to 7 form part of these financial statements.
MULTITEK VEHICLE HIRE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 4 June 2025 and are signed on its behalf by:
Mr T W Avery
Director
Company registration number 10970373 (England and Wales)
MULTITEK VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Multitek Vehicle Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Garage, Earsham, Bungay, United Kingdom, NR35 2TY.
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.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents & licences
evenly over their estimated life of 10 years
1.4
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.
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 and buildings
2% on cost (Buildings)
Property improvements
4% on cost
Plant and equipment
25% on net book value
Fixtures and fittings
10% on cost
Hire fleet
Estimated diminuation in value over the period of hire
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.
MULTITEK VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
Leases
As lessee
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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MULTITEK VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 leases asset are consumed.
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Intangible fixed assets
Patents & licences
£
Cost
At 1 October 2023 and 30 September 2024
12,500
Amortisation and impairment
At 1 October 2023
7,500
Amortisation charged for the year
1,250
At 30 September 2024
8,750
Carrying amount
At 30 September 2024
3,750
At 30 September 2023
5,000
MULTITEK VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Hire fleet
Total
£
£
£
£
£
£
Cost
At 1 October 2023
612,183
22,446
2,290
4,412
2,522,733
3,164,064
Additions
4,450
12,801
8,227
4,199
922,519
952,196
Disposals
(734,082)
(734,082)
At 30 September 2024
616,633
35,247
10,517
8,611
2,711,170
3,382,178
Depreciation and impairment
At 1 October 2023
19,857
898
1,161
2,491
145,268
169,675
Depreciation charged in the year
8,510
1,410
2,340
794
115,561
128,615
Eliminated in respect of disposals
(77,995)
(77,995)
At 30 September 2024
28,367
2,308
3,501
3,285
182,834
220,295
Carrying amount
At 30 September 2024
588,266
32,939
7,016
5,326
2,528,336
3,161,883
At 30 September 2023
592,326
21,548
1,129
1,921
2,377,465
2,994,389
Freehold land and buildings with a carrying amount of £588,226 (2023 - £592,326) have been pledged to secure borrowings of the company.
Hire fleet vehicles with a carrying amount of £1,945,900 (2023 - £855,576) have been pledged to secure borrowings of the company.
The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
69,192
63,775
Other debtors
13,285
8,604
82,477
72,379
MULTITEK VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
124,885
109,930
Trade creditors
12,547
555,038
Corporation tax
5,200
1,301
Other taxation and social security
4,716
1,682
Other creditors
852,551
397,921
999,899
1,065,872
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
316,625
437,867
Other creditors
1,495,278
1,267,151
1,811,903
1,705,018
Bank loans include a mortgage of £320,833 (2023 - £332,548) that is secured by a charge over 53 Main Road, Kesgrave, Ipswich, Suffolk IP5 1AGand land to the rear of Edmonton Road, Kesgrave, Ipswich, Suffolk IP5 1EE.
Other creditors includes HP creditors of £1,009,400 (2023 - £518,977) that is secured by a charge over vehicles as detailed in note 5.
9
Operating lease commitments
As lessee
Premises are leased by the company on a rolling monthly term with no fixed notice period.
10
Related party transactions
At the year end loans and advances from the directors totalled £1,323,479.
The first £1,200,000 is subject to an interest charge of 3.9%
The loans and advances have no fixed repayment terms, however confirmation has been given that there is no intention or expectation of the repayment of the £1,200,000 loan balance that is subject to an interest charge during the 12 months following the end of the accounting period.