REGISTERED NUMBER: 01796301 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Pentagon Vehicle Rentals Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

I E Marshall

REGISTERED OFFICE:

12 Chequers Road

West Meadows Industrial Estate

Derby

DE21 6EN

REGISTERED NUMBER:

01796301 (England and Wales)

AUDITORS:

Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

BANKERS:

Bank of Scotland

33 Old Broad Street

London

BX2 1LB

SOLICITORS:

Browne Jacobson LLP

Castle Meadow Road

Nottingham

NG2 1BJ

FIXED ASSETS

Tangible assets

4

11,034,018

9,452,739

CURRENT ASSETS

Debtors

5

639,396

1,499,554

Cash at bank

1,305,147

808,725

1,944,543

2,308,279

CREDITORS

Amounts falling due within one year

6

11,737,612

9,384,364

NET CURRENT LIABILITIES

(9,793,069

)

(7,076,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,240,949

2,376,654

CREDITORS

Amounts falling due after more than one year

7

(17,313

)

(1,320,682

)

PROVISIONS FOR LIABILITIES

(430,507

)

(321,957

)

NET ASSETS

793,129

734,015

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

793,029

733,915

SHAREHOLDERS' FUNDS

793,129

734,015

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 July 2025 and were signed by:

I E Marshall - Director

1.	STATUTORY INFORMATION

Pentagon Vehicle Rentals 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 represents net motor vehicle and trailer hire receivables under operating lease terms and finance interest income under hire purchase and finance lease receivables, excluding value added tax. Fees receivable and services for the use of vehicles are accounted for in the year in which the services are provided.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on all fixed assets to write off the cost less the estimated residual value in annual instalments over their estimated useful lives.

Vehicles are written off systematically on a straight line basis by reference to their estimated residual value at proposed date of disposal over a range of 2 to 8 years.

The assets' residual values, useful lives and the depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

Related parties

The company is a wholly owned subsidiary undertaking of Pentagon Investments Limited. The company has taken advantage of the exemption contained within Section 1A "Small Entities" of Financial Reporting Standard 102 and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements.

Hire purchase and leasing commitments payable

Assets obtained under hire purchase contracts are capitalised in the Balance Sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account on a basis which gives a constant periodic rate of interest, on the outstanding hire purchase liability. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Hire purchase and finance lease receivables

The net investment in assets held by third parties under hire purchase contracts and finance leases in which a residual interest is retained, is accounted for as a current asset within Debtors. Revenue is recognised on a straight line basis over the term of the contract and is included within Turnover.

Deferred taxation

Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Operating lease receivables

Where the company enters into a lease as lessor which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as an operating lease. The asset is recorded in the Balance Sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Revenue is recognised on a straight line basis over the term of the contract and is included within Turnover.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2024

16,276,517

Additions

4,959,770

Disposals

(2,901,597

)

At 31 December 2024

18,334,690

DEPRECIATION

At 1 January 2024

6,823,778

Charge for year

2,780,652

Eliminated on disposal

(2,303,758

)

At 31 December 2024

7,300,672

NET BOOK VALUE

At 31 December 2024

11,034,018

At 31 December 2023

9,452,739

The net book value of tangible fixed assets includes £ 54,866 (2023 - £ 2,735,196 ) in respect of assets held under hire purchase contracts.

Motor vehicles used by the company for leasing activities comprised a cost of £18,334,690 (2023: £16,273,517) and accumulated depreciation of £7,300,672 (2023: £6,823,773). Depreciation for the year on these assets was £2,780,652 (2023: £2,344,862).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

473,185

443,292

Amounts owed by group undertakings

-

172,112

Other debtors

3,363

746,794

Prepayments and accrued income

162,848

137,356

639,396

1,499,554

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

10,123

1,345,235

Trade creditors

144,164

86,149

Tax

-

12,328

Social security and other taxes

165,616

3,065

Other creditors

595,309

359,433

Amounts owed to group undertakings

10,723,002

7,230,557

Accruals and deferred income

99,398

347,597

11,737,612

9,384,364

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

17,313

1,320,682

8.	LEASING AND HIRE PURCHASE

AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

10,123

1,345,235

Between one and five years

17,313

1,320,682

27,436

2,665,917

The minimum lease income on non-cancellable operating leases committed to be received is £12,499,292 (2023: £9,655,703).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

27,436

2,665,917

Hire purchase contracts are secured against the assets to which they relate.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Neal FCA CTA (Senior Statutory Auditor)

for and on behalf of Bates Weston Audit Ltd

11.	OTHER FINANCIAL COMMITMENTS

The company has an undertaking to its bankers for full group security incorporating debentures and corporate guarantees for the group's borrowings. The net amount outstanding to the bank in respect of this undertaking at 31 December 2024 was £Nil (2023: £Nil).

12.	ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent undertaking is Pentagon Investments Limited, which prepares group financial statements. The registered office of Pentagon Investments Limited is 12 Chequers Road, West Meadows Industrial Estate, Derby, DE21 6EN. Copies of the consolidated financial statements of Pentagon Investments Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.