IRIS Accounts Production v25.1.4.42 10114660 Board of Directors Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company. true true true false true true false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh101146602023-09-30101146602024-09-30101146602023-10-012024-09-30101146602022-09-30101146602022-10-012023-09-30101146602023-09-3010114660ns15:EnglandWales2023-10-012024-09-3010114660ns14:PoundSterling2023-10-012024-09-3010114660ns10:Director12023-10-012024-09-3010114660ns10:Director22023-10-012024-09-3010114660ns10:Consolidated2024-09-3010114660ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3010114660ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3010114660ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3010114660ns10:Consolidatedns10:Audited2023-10-012024-09-3010114660ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3010114660ns10:Consolidated2023-10-012024-09-3010114660ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3010114660ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3010114660ns10:FullAccounts2023-10-012024-09-3010114660ns5:Subsidiary12023-10-012024-09-301011466012023-10-012024-09-3010114660ns10:Director32023-10-012024-09-3010114660ns10:RegisteredOffice2023-10-012024-09-3010114660ns10:Consolidated2022-10-012023-09-3010114660ns5:CurrentFinancialInstruments2024-09-3010114660ns5:CurrentFinancialInstruments2023-09-3010114660ns5:ShareCapital2024-09-3010114660ns5:ShareCapital2023-09-3010114660ns5:CapitalRedemptionReserve2024-09-3010114660ns5:CapitalRedemptionReserve2023-09-3010114660ns5:RetainedEarningsAccumulatedLosses2024-09-3010114660ns5:RetainedEarningsAccumulatedLosses2023-09-3010114660ns5:ShareCapital2022-09-3010114660ns5:RetainedEarningsAccumulatedLosses2022-09-3010114660ns5:CapitalRedemptionReserve2022-09-3010114660ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3010114660ns5:CapitalRedemptionReserve2022-10-012023-09-3010114660ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3010114660ns5:CapitalRedemptionReserve2023-10-012024-09-3010114660ns5:NetGoodwill2023-10-012024-09-3010114660ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3010114660ns5:FurnitureFittings2023-10-012024-09-3010114660ns5:ComputerEquipment2023-10-012024-09-3010114660ns5:CostValuation2023-09-30101146601ns5:Subsidiary12023-10-012024-09-30
REGISTERED NUMBER: 10114660 (England and Wales)












Assured Vehicle Rental (Holdings)
Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 September 2024






Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Assured Vehicle Rental (Holdings)
Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: D Williams
Mrs L Williams
Mrs L Russell





REGISTERED OFFICE: G.06 Grosvenor House
Hollinswood Road
Central Park
Telford
Shropshire
TF2 9TW





REGISTERED NUMBER: 10114660 (England and Wales)





AUDITORS: Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The past few years have proved to be extremely busy with significant growth year on year although this was impacted during 2024 with the loss of a major customer.

The 'cost of living crisis' continues with higher than expected interest rates and a high inflation rate however this has impacted all to include our customers and suppliers alike.

As a business we have mostly mitigated this, by fostering new customers and developing our current customers with wider customer base.

The 2024 turnover and profitability figures were aligned with expectations as we continue to improve the business.

The business remains liquid and we have a positive outlook over the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
Market factors still are forcing pressures on margins and the demand and availability of vehicles continues to challenge the market.

FUTURE PERFORMANCE
The Directors during 2024 have managed to invest in additional teams member and a refocus the business and the customer base is now much broader. Doubling the overall number of customers we have. The group is now branching out with its own direct leasing subsidiary. Delivery on our own fleet has proven not as successful as first thought and the business decision has been made to remove this feature to the business.

FINANCIAL PERFORMANCE
This is predominantly due to pressure on prices demanded by the major retailers. Turnover achieved in the year was in line with expectation.

The results for 2024 are very positive and pleased that as a business we are fulfilling all our strategic key performance indicators.

The objective in 2025 is to improve margins and turnover with new customers and suppliers and diversify the business in the leasing sector.

ON BEHALF OF THE BOARD:





D Williams - Director


25 June 2025

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
A Ordinary Shares £1 shares NIL
B Ordinary Shares £1 shares £41.52
C Ordinary Shares £1 shares £26.59
D Ordinary Shares £1 shares £53.95

The directors recommend that no final dividends be paid

The total distribution of dividends for the year ended 30 September 2024 will be £305,159

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

D Williams
Mrs L Williams
Mrs L Russell

POLITICAL DONATIONS AND EXPENDITURE
Donations for the year amounted to £5550 (2023 £3,270). None of the donations were to political causes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Williams - Director


25 June 2025

Report of the Independent Auditors to the Members of
Assured Vehicle Rental (Holdings)
Limited

Opinion
We have audited the financial statements of Assured Vehicle Rental (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's loss 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Assured Vehicle Rental (Holdings)
Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Assured Vehicle Rental (Holdings)
Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance


Report of the Independent Auditors to the Members of
Assured Vehicle Rental (Holdings)
Limited

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Martin Crooke FCCA (Senior Statutory Auditor)
for and on behalf of Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

25 June 2025

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Consolidated
Income Statement
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   

TURNOVER 7,947,277 17,678,810

Cost of sales 6,596,572 14,285,137
GROSS PROFIT 1,350,705 3,393,673

Administrative expenses 1,526,278 1,496,036
OPERATING (LOSS)/PROFIT 4 (175,573 ) 1,897,637

Interest receivable and similar income 33,628 6,288
(141,945 ) 1,903,925

Interest payable and similar expenses 5 - (2 )
(LOSS)/PROFIT BEFORE TAXATION (141,945 ) 1,903,927

Tax on (loss)/profit 6 672 461,803
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(142,617

)

1,442,124
(Loss)/profit attributable to:
Owners of the parent (142,617 ) 1,442,124

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Consolidated
Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (142,617 ) 1,442,124


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(142,617

)
Prior year adjustment 70,335
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,512,459

Total comprehensive income attributable to:
Owners of the parent (142,617 ) 1,512,459

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Consolidated Balance Sheet
30 September 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 91,970 183,940
Tangible assets 11 24,821 31,923
Investments 12 - -
116,791 215,863

CURRENT ASSETS
Debtors 13 989,925 2,027,005
Cash at bank 2,089,507 3,001,048
3,079,432 5,028,053
CREDITORS
Amounts falling due within one year 14 822,050 2,421,967
NET CURRENT ASSETS 2,257,382 2,606,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,374,173

2,821,949

CAPITAL AND RESERVES
Called up share capital 16 7,500 7,500
Capital redemption reserve 17 2,550 2,550
Retained earnings 17 2,364,123 2,811,899
SHAREHOLDERS' FUNDS 2,374,173 2,821,949

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




D Williams - Director



Mrs L Russell - Director


Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Company Balance Sheet
30 September 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 2,225,000 2,225,000
2,225,000 2,225,000

CURRENT ASSETS
Cash at bank 29,944 40,205

CREDITORS
Amounts falling due within one year 14 1,070,609 1,186,392
NET CURRENT LIABILITIES (1,040,665 ) (1,146,187 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,184,335

1,078,813

CAPITAL AND RESERVES
Called up share capital 16 7,500 7,500
Capital redemption reserve 2,500 2,500
Retained earnings 1,174,335 1,068,813
SHAREHOLDERS' FUNDS 1,184,335 1,078,813

Company's profit for the financial year 410,681 1,025,065

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




D Williams - Director



Mrs L Russell - Director


Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 7,500 1,596,312 2,550 1,606,362
Prior year adjustment - 70,335 - 70,335
As restated 7,500 1,666,647 2,550 1,676,697

Changes in equity
Dividends - (296,872 ) - (296,872 )
Total comprehensive income - 1,442,124 - 1,442,124
Balance at 30 September 2023 7,500 2,811,899 2,550 2,821,949

Changes in equity
Dividends - (305,159 ) - (305,159 )
Total comprehensive income - (142,617 ) - (142,617 )
Balance at 30 September 2024 7,500 2,364,123 2,550 2,374,173

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 7,500 340,620 2,500 350,620

Changes in equity
Dividends - (296,872 ) - (296,872 )
Total comprehensive income - 1,025,065 - 1,025,065
Balance at 30 September 2023 7,500 1,068,813 2,500 1,078,813

Changes in equity
Dividends - (305,159 ) - (305,159 )
Total comprehensive income - 410,681 - 410,681
Balance at 30 September 2024 7,500 1,174,335 2,500 1,184,335

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (167,593 ) 2,360,811
Interest paid - 2
Tax paid (471,347 ) (232,850 )
Net cash from operating activities (638,940 ) 2,127,963

Cash flows from investing activities
Purchase of tangible fixed assets (1,070 ) (13,734 )
Interest received 33,628 6,288
Net cash from investing activities 32,558 (7,446 )

Cash flows from financing activities
Equity dividends paid (305,159 ) (296,872 )
Net cash from financing activities (305,159 ) (296,872 )

(Decrease)/increase in cash and cash equivalents (911,541 ) 1,823,645
Cash and cash equivalents at beginning of
year

2

3,001,048

1,177,403

Cash and cash equivalents at end of year 2 2,089,507 3,001,048

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
(Loss)/profit before taxation (141,945 ) 1,903,927
Depreciation charges 100,142 99,212
Finance costs - (2 )
Finance income (33,628 ) (6,288 )
(75,431 ) 1,996,849
Decrease in trade and other debtors 1,037,080 542,627
Decrease in trade and other creditors (1,129,242 ) (178,665 )
Cash generated from operations (167,593 ) 2,360,811

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 2,089,507 3,001,048
Year ended 30 September 2023
30.9.23 1.10.22
as restated
£    £   
Cash and cash equivalents 3,001,048 1,177,403


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 3,001,048 (911,541 ) 2,089,507
3,001,048 (911,541 ) 2,089,507
Total 3,001,048 (911,541 ) 2,089,507

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Assured Vehicle Rental (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Office equipment - 33.3% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 570,287 558,330
Social security costs 43,500 37,171
Other pension costs 188,328 287,048
802,115 882,549

The average number of employees during the year was as follows:
2024 2023
as restated

Administrative 24 20

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
as restated
£    £   
Directors' remuneration 37,710 37,611
Directors' pension contributions to money purchase schemes 178,280 280,700

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
as restated
£    £   
Operating leases 46,860 29,610
Depreciation - owned assets 8,172 7,241
Goodwill amortisation 91,970 91,971
Auditors' remuneration 15,740 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Inter-company loan interest - (2 )

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 672 467,901
Overprovision - (6,098 )

Tax on (loss)/profit 672 461,803

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
(Loss)/profit before tax (141,945 ) 1,903,927
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2023 - 22.009 %)

(26,970

)

419,035

Effects of:
Expenses not deductible for tax purposes 11,517 14,800
Capital allowances in excess of depreciation (1,349 ) (1,657 )
Adjustments to tax charge in respect of previous periods - 15,480
Goodwill amortisation 17,474 20,243
Overprovision prior year - (6,098 )
Total tax charge 672 461,803

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS

2024 2023
B Ordinary Shares shares of £1 each Interim 103,810 94,742
C Ordinary Shares shares of £1 each Interim 66,470 52,631
D Ordinary Shares shares of £1 each Interim 134,879 149,399
Total 305,159 296872
,

9. PRIOR YEAR ADJUSTMENT

Following the 2023 Audit of the opening balance sheet it was necessary to restate the balance sheet relating to income recognition totalling £392,586 (understated) , direct cost recognition £332,251 (understated), the bank balance being over stated by £306,198 and trade debtors balances being understated by £306,198 as at 30 September 2022.This had an overall affect of £70,335, the tax effect was considered immaterial.

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 919,702
AMORTISATION
At 1 October 2023 735,762
Amortisation for year 91,970
At 30 September 2024 827,732
NET BOOK VALUE
At 30 September 2024 91,970
At 30 September 2023 183,940

11. TANGIBLE FIXED ASSETS

Group
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 October 2023 48,273 60,293 108,566
Additions 309 761 1,070
At 30 September 2024 48,582 61,054 109,636
DEPRECIATION
At 1 October 2023 16,351 60,292 76,643
Charge for year 8,058 114 8,172
At 30 September 2024 24,409 60,406 84,815
NET BOOK VALUE
At 30 September 2024 24,173 648 24,821
At 30 September 2023 31,922 1 31,923

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 2,225,000
NET BOOK VALUE
At 30 September 2024 2,225,000
At 30 September 2023 2,225,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Assured Vehicle Rental Limited
Registered office: G.06 Grosvenor House, Hollinswood Road, Central Park, Telford, Shropshire, TF2 9TW
Nature of business: Leasing of vehicles
%
Class of shares: holding
Ordinary 100.00


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
as restated
£    £   
Trade debtors 690,826 1,551,927
Other debtors 13,943 3,425
Prepayments and accrued income 285,156 471,653
989,925 2,027,005

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade creditors 590,063 1,563,613 - -
Amounts owed to group undertakings - - 1,068,174 1,183,957
Corporation tax (2,774 ) 467,901 - -
Social security and other taxes 12,446 8,860 - -
VAT 12,252 82,920 - -
Other creditors 207,628 296,238 - -
Directors' current accounts 2,435 2,435 2,435 2,435
822,050 2,421,967 1,070,609 1,186,392

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 47,500 17,500
Between one and five years 30,000 17,500
77,500 35,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:



Number:


Class:

Nominal
value

2024
£


2023£

2,500 B Ordinary Shares £1 2,500 375
2,500 C Ordinary Shares £1 2,500 375
2,500 D Ordinary Shares £1 2,500 375
7,500 7,500

Assured Vehicle Rental (Holdings)
Limited (Registered number: 10114660)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

17. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 2,811,899 2,550 2,814,449
Deficit for the year (142,617 ) (142,617 )
Dividends (305,159 ) (305,159 )
At 30 September 2024 2,364,123 2,550 2,366,673


18. ULTIMATE CONTROLLING PARTY

The directors of the company are of the opinion that there is no single ultimate controlling party.