Company registration number 05156126 (England and Wales)
KETTERING VEHICLE RENTALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
KETTERING VEHICLE RENTALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KETTERING VEHICLE RENTALS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
155,945
Current assets
Debtors
5
275,310
74,189
Cash at bank and in hand
1,306
1,284
276,616
75,473
Creditors: amounts falling due within one year
6
(269,082)
(200,504)
Net current assets/(liabilities)
7,534
(125,031)
Total assets less current liabilities
7,534
30,914
Creditors: amounts falling due after more than one year
7
(13,280)
(23,405)
Provisions for liabilities
-
0
(311)
Net (liabilities)/assets
(5,746)
7,198
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(5,846)
7,098
Total equity
(5,746)
7,198

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

KETTERING VEHICLE RENTALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 June 2025
Mr M Deely
Director
Company Registration No. 05156126
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Kettering Vehicle Rentals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 8, 53 Lower Street, Kettering, Northamptonshire, United Kingdom, NN16 8BH.

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.

1.2
Going concern

There has been no trade during the year ended February 2024 as a result of the fire in February 2023. The company is currently in the process of negociating its insurance claims.

1.3
Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

1.4
Tangible fixed assets

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:

Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
15% on reducing balance
MOT Bay
4% on reducing balance
Improvements to property
4% on reducing balance

No depreciation is charged in the year of acquisition.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

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.

1.7
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.

1.8
Leases

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

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
8
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
MOT Bay
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 March 2023
179,134
2,221
29,530
64,936
76,807
352,628
Disposals
(179,134)
(2,221)
(29,530)
(64,936)
(76,807)
(352,628)
At 28 February 2024
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 March 2023
130,731
963
17,748
27,719
19,522
196,683
Impairment losses
48,403
1,258
11,782
37,217
57,285
155,945
Eliminated in respect of disposals
(179,134)
(2,221)
(29,530)
(64,936)
(76,807)
(352,628)
At 28 February 2024
-
0
-
0
-
0
-
0
-
0
-
0
Carrying amount
At 28 February 2024
-
0
-
0
-
0
-
0
-
0
-
0
At 28 February 2023
48,403
1,258
11,782
37,217
57,285
155,945
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,092
52,277
Other debtors
265,218
11,012
Prepayments and accrued income
-
0
10,900
275,310
74,189
KETTERING VEHICLE RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
81,426
44,455
Trade creditors
3,132
44,595
Corporation tax
13,604
1,556
Other taxation and social security
113,014
91,670
Other creditors
21,444
13,228
Accruals and deferred income
36,462
5,000
269,082
200,504
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,280
23,405
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors Loan
2.25
(465)
24,102
618
24,255
(465)
24,102
618
24,255
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