Practical Car and Van Rental Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01675341

Practical Car and Van Rental Limited

Filleted Financial Statements

31 December 2024

Practical Car and Van Rental Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Practical Car and Van Rental Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	2,374,653	3,077,697

Current assets

Stocks		34,311	25,101
Debtors	7	4,047,671	3,840,805
Cash at bank and in hand		1,214,178	1,713,612
		------------	------------
		5,296,160	5,579,518

Creditors: amounts falling due within one year	8	2,783,486	4,259,553
		------------	------------
Net current assets		2,512,674	1,319,965
		------------	------------
Total assets less current liabilities		4,887,327	4,397,662

Creditors: amounts falling due after more than one year	9	438,775	43,537

Provisions	117,241	28,679
	------------	------------
Net assets	4,331,311	4,325,446
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,331,211	4,325,346
	------------	------------
Shareholders funds	4,331,311	4,325,446
	------------	------------

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 comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

Dr A J Furneaux

Director

Company registration number: 01675341

Practical Car and Van Rental Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Practical House, 21-23 Little Broom Street, Camp Hill, Birmingham, West Midlands, B12 0EU, United Kingdom.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. The company's financial statements are consolidated into the financial statements of Tudor Group Holdings Limited as at 31st December 2024 which can be obtained from Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel. These exemptions have been applied on the basis that Tudor Group Holdings Limited includes equivalent disclosures for Practical Car and Van Rental Limited in its consolidated financial statements prepared in accordance with UK GAAP.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	33% straight line
Motor vehicles	-	Over term of the finance agreement taking into account residual values

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024	111,403	4,298,717	4,410,120
Additions	4,598	1,932,165	1,936,763
Disposals	–	( 3,354,897)	( 3,354,897)
	---------	------------	------------
At 31 December 2024	116,001	2,875,985	2,991,986
	---------	------------	------------
Depreciation
At 1 January 2024	110,069	1,222,354	1,332,423
Charge for the year	833	526,164	526,997
Disposals	–	( 1,242,087)	( 1,242,087)
	---------	------------	------------
At 31 December 2024	110,902	506,431	617,333
	---------	------------	------------
Carrying amount
At 31 December 2024	5,099	2,369,554	2,374,653
	---------	------------	------------
At 31 December 2023	1,334	3,076,363	3,077,697
	---------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	1,295,459
	------------
At 31 December 2023	2,596,104
	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	2
	----
Impairment
At 1 January 2024 and 31 December 2024	2
	----

Carrying amount
At 31 December 2024	–
	----
At 31 December 2023	–
	----

7. Debtors

	2024	2023
	£	£
Trade debtors	249,078	356,613
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,553,124	3,298,509
Other debtors	245,469	185,683
	------------	------------
	4,047,671	3,840,805
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	783,527	822,703
	---------	---------

The debtor owed over one year is group debt and no interest was charged during the year. The discounted element is shown as a distribution to group companies.

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	128,036	117,298
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,686,622	1,309,226
Corporation tax	–	146,432
Social security and other taxes	46,882	204,827
Other creditors	921,946	2,481,770
	------------	------------
	2,783,486	4,259,553
	------------	------------

The company has a number of charges, both fixed and floating, as security against its liabilities. Lombard North Central PLC (Charge number: 0167 5341 0046), a fixed charge over sub-hire agreements. Lombard North Central PLC (Charge number: 0167 5341 0045), a fixed charge over the property owned by Practical Car & Van Rental Limited, all land vested in or charged to the owner including all F&F and rents receivable, all plant & machinery including any associated warranties and maintenance contracts, all the goodwill of the owner's business, any uncalled capital, all stock, shares and other securities held by the oner or by a subsidiary of the owner all intellectual property, licenses, claims, insurance policies, proceeds of any insurance and any other legal rights. Charge number 0167 5341 0045 also contains a floating charge over all of the other property, assets and right of Practical Car & Van Rental which are not subject to a fixed charge by any party. National Westminster Bank PLC (Charge number: 0167 5341 0043), a fixed charge over the property owned by Practical Car & Van Rental Limited, all land vested in or charged to the owner including all F&F and rents receivable, all plant & machinery including any associated warranties and maintenance contracts, all the goodwill of the owner's business, any uncalled capital, all stock, shares and other securities held by the oner or by a subsidiary of the owner all intellectual property, licenses, claims, insurance policies, proceeds of any insurance and any other legal rights. Charge number 0167 5341 0043 also contains a floating charge over all of the other property, assets and right of Practical Car & Van Rental which are not subject to a fixed charge by any party. Lombard North Central PLC (Charge number: 40), a floating charge over the sub-hire agreements. FGA Capital UK Limited (Charge number: 41), a floating charge over the sub-hire agreements. United Dominions Trust Limited (Charge number: 395), a floating charge over the sub-hire agreements.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	438,775	43,537
	---------	--------

10. Contingencies

The company is party to a cross guarantee dated 29 April 2021 between all companies within the Tudor Holdings (UK) group in favour of National Westminster Bank Plc, who hold fixed and floating charges over all assets of the company. The company, through its fellow group undertaking Practical Warranty Limited, provides self-drive hire insurance policies to its customers. In the unlikely event that Practical Warranty Limited is unable to finance the cost of claims arising on the policies sold, then the company would be liable for the excess payments.

11. Summary audit opinion

The auditor's report dated 30 December 2025 was unqualified .

The senior statutory auditor was Alexander Baker BSc ACA , for and on behalf of Burgess Hodgson Audit Limited .

12. Related party transactions

Related party transactions with group companies have not been disclosed as consolidated accounts are prepared by the parent entity.

13. Controlling party

The immediate parent of the company is Practical Holdings Limited. Its registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN. The ultimate parent and controlling party, and the parent of both the largest and smallest group for which consolidated accounts are available, is Tudor Group Holdings Limited. This company is registered at Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.