REGISTERED NUMBER: 02343823 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

APEX CAR RENTAL (NORWICH) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R.P. Nash

Mrs L.J. Nash

SECRETARY:

R.P. Nash

REGISTERED OFFICE:

Second Floor South

The Fitted Rigging House

Anchor Wharf, The Historic Dockyard

Chatham

Kent

ME4 4TZ

REGISTERED NUMBER:

02343823 (England and Wales)

AUDITORS:

Carleys

Statutory Auditor

Second Floor South

The Fitted Rigging House

The Historic Dockyard

Chatham

Kent

ME4 4TZ

BANKERS:

Barclays Bank plc

PO Box 614

St Cuthberts House

7 Upper King Street

Norwich

Norfolk

BX3 2BB

FIXED ASSETS

Tangible assets

4

5,053,007

2,862,452

CURRENT ASSETS

Debtors

5

4,916,889

5,407,039

Cash at bank and in hand

2,642,801

5,560,163

7,559,690

10,967,202

CREDITORS

Amounts falling due within one year

6

180,056

1,095,213

NET CURRENT ASSETS

7,379,634

9,871,989

TOTAL ASSETS LESS CURRENT LIABILITIES

12,432,641

12,734,441

PROVISIONS FOR LIABILITIES

7

824,106

435,922

NET ASSETS

11,608,535

12,298,519

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

11,608,435

12,298,419

SHAREHOLDERS' FUNDS

11,608,535

12,298,519

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 25 September 2025 and were signed on its behalf by:

R.P. Nash - Director

1.	STATUTORY INFORMATION

Apex Car Rental (Norwich) 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 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. 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.

The company's primary source of revenue is from vehicle rentals. Revenue is recognised evenly over the period the vehicle is rented.

Tangible fixed assets

Tangible fixed assets are initially recognised at purchase cost. Purchase cost includes costs directly attributable to making the asset capable of operating as intended. Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc - rates varying from 18% to 33% on cost

Financial instruments

The company's accounting policies relating to financial instruments are as follows:-

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, less any impairment.

Creditors

Short term creditors are measured at the transaction price, less any impairment. Other financial liabilities, including short term loans, are measured initially at the transaction price, net of transaction costs, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice, and are measured at the transaction price.

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 and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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 13 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

3,330,318

Additions

4,740,632

Disposals

(2,304,346

)

At 31 December 2024

5,766,604

DEPRECIATION

At 1 January 2024

467,866

Charge for year

600,122

Eliminated on disposal

(354,391

)

At 31 December 2024

713,597

NET BOOK VALUE

At 31 December 2024

5,053,007

At 31 December 2023

2,862,452

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

32,142

33,791

Other debtors

4,884,747

5,373,248

4,916,889

5,407,039

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

5,182

1,006,864

Taxation and social security

895

47,111

Other creditors

173,979

41,238

180,056

1,095,213

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

824,106

435,922

Deferred

tax

£

Balance at 1 January 2024

435,922

Provided during year

388,184

Balance at 31 December 2024

824,106

The deferred tax balance comprises timing differences in respect of accelerated capital allowances.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2024

12,298,419

Deficit for the year

(689,984

)

At 31 December 2024

11,608,435

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

The Report of the Auditors was unqualified.

Claire Ralph (Senior Statutory Auditor)

for and on behalf of Carleys