General Information
Euro Express Car Hire Ltd is a private company, limited by shares, registered in England and Wales, registration number 03946277, registration address LCP Parking Service, Roseford Court Shephered Bush Green, London, W12 8RA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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 taxation
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.
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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of 15 years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
| Plant and Machinery |
25% Straight Line
|
| Motor Vehicles |
25% Straight Line
|
| Computer Equipment |
33.33% Straight Line
|
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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.
|
| 2. |
Average number of employees
Average number of employees during the year was 9 (2024 : 7).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
90,000 |
|
90,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
90,000 |
|
90,000 |
| Amortisation |
| At 01 April 2024 |
90,000 |
|
90,000 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 March 2025 |
90,000 |
|
90,000 |
| Net book values |
| At 31 March 2025 |
- |
|
- |
| At 31 March 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
10,144 |
|
2,449,846 |
|
6,290 |
|
2,466,280 |
| Additions |
- |
|
601,013 |
|
2,471 |
|
603,484 |
| Disposals |
- |
|
(784,868) |
|
- |
|
(784,868) |
| At 31 March 2025 |
10,144 |
|
2,265,991 |
|
8,761 |
|
2,284,896 |
| Depreciation |
| At 01 April 2024 |
9,597 |
|
1,196,830 |
|
4,052 |
|
1,210,479 |
| Charge for year |
183 |
|
471,899 |
|
2,146 |
|
474,228 |
| On disposals |
- |
|
(354,199) |
|
- |
|
(354,199) |
| At 31 March 2025 |
9,780 |
|
1,314,530 |
|
6,198 |
|
1,330,508 |
| Net book values |
| Closing balance as at 31 March 2025 |
364 |
|
951,461 |
|
2,563 |
|
954,388 |
| Opening balance as at 01 April 2024 |
547 |
|
1,253,016 |
|
2,238 |
|
1,255,801 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
118,504 |
|
34,762 |
| Prepayments & Accrued Income |
101,139 |
|
15,264 |
| Other Debtors |
514 |
|
0 |
| Amount owed by connected company |
736,693 |
|
737,343 |
|
956,850 |
|
787,369 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
5,303 |
|
1,595 |
| Taxation and Social Security |
287,768 |
|
226,983 |
| Obligations under HP/Financial Leases |
0 |
|
34,855 |
| Other Creditors |
20,380 |
|
74,857 |
|
313,451 |
|
338,290 |
|
| 7. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax - Asset |
(51,000) |
|
(64,000) |
|
(51,000) |
|
(64,000) |
|
| 8. |
Related Party Transactions
Debtors due within 1 year include an interest free amount of £736,693 (2024 - £737,343) due from connected company in which the director has controlling interest. This amount is repayable on demand.
Creditors due within 1 year include an interest free amount of £2,305 (2024 - 55,130) due to the directors. This amount is repayable on demand.
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3
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