COMPANY REGISTRATION NUMBER:
SC283861
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F.M.S. Vehicle Rental Limited |
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Filleted Unaudited Financial Statements |
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F.M.S. Vehicle Rental Limited |
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Statement of Financial Position |
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31 March 2025
Current assets
|
Stocks |
511,425 |
|
660,086 |
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Debtors |
4 |
263,857 |
|
222,216 |
|
Cash at bank and in hand |
1,255 |
|
619 |
|
--------- |
|
--------- |
|
776,537 |
|
882,921 |
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|
|
|
|
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Creditors: amounts falling due within one year |
5 |
245,031 |
|
425,496 |
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--------- |
|
--------- |
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Net current assets |
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531,506 |
457,425 |
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--------- |
--------- |
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Total assets less current liabilities |
|
531,506 |
457,425 |
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|
|
|
|
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Creditors: amounts falling due after more than one year |
6 |
|
287,254 |
202,124 |
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--------- |
--------- |
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Net assets |
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244,252 |
255,301 |
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--------- |
--------- |
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Capital and reserves
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Called up share capital |
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1 |
1 |
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Profit and loss account |
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244,251 |
255,300 |
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--------- |
--------- |
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Shareholder funds |
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244,252 |
255,301 |
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--------- |
--------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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F.M.S. Vehicle Rental Limited |
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Statement of Financial Position (continued) |
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31 March 2025
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2025
, and are signed on behalf of the board by:
Company registration number:
SC283861
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F.M.S. Vehicle Rental Limited |
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Notes to the Financial Statements |
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Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Morelan, Station Road, Burghead, Moray, IV30 5UN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue to operational existence for the foreseeable future. For this reason, they have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognise in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
4.
Debtors
|
2025 |
2024 |
|
£ |
£ |
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Trade debtors |
71,027 |
83,990 |
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Other debtors |
192,830 |
138,226 |
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--------- |
--------- |
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263,857 |
222,216 |
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--------- |
--------- |
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5.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
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£ |
£ |
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Bank loans and overdrafts |
32,311 |
31,890 |
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Trade creditors |
8,793 |
22,966 |
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Corporation tax |
3,735 |
2,896 |
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Social security and other taxes |
20,590 |
23,565 |
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Other creditors |
179,602 |
344,179 |
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--------- |
--------- |
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245,031 |
425,496 |
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--------- |
--------- |
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The bank loans and overdrafts are secured by a bond and floating charge over all the assets of the company.
Obligations under hire purchase and finance leases of £176,184 (2024 - £339,850) included within other creditors are secured on the assets concerned.
6.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
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Bank loans and overdrafts |
1,667 |
11,667 |
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Other creditors |
285,587 |
190,457 |
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--------- |
--------- |
|
287,254 |
202,124 |
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--------- |
--------- |
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The bank loans and overdraft are secured by bond and floating charge over all the assets of the company.
Obligations under hire purchase and finance leases of £285,586 (2024 - £190,457) shown as other creditors are secured on the assets concerned.
The bank loan has a 12 month capital repayment holiday and thereafter is repayable over 60 instalments. The interest rate charged is fixed at 2.5% per annum.
7.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2025 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs J Howie |
(
137) |
15,678 |
(
15,541) |
– |
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---- |
-------- |
-------- |
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2024 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs J Howie |
(
140) |
83,103 |
(
83,100) |
(
137) |
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-------- |
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8.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed.