Company registration number 04166902 (England and Wales)
PALMER & MARTIN VEHICLE HIRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
PALMER & MARTIN VEHICLE HIRE LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
PALMER & MARTIN VEHICLE HIRE LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
2,565,001
2,157,001
2,565,002
2,157,002
Current assets
Stocks
70,000
45,000
Debtors
6
440,471
536,269
Cash at bank and in hand
153,107
260,078
663,578
841,347
Creditors: amounts falling due within one year
7
(1,230,995)
(1,032,046)
Net current liabilities
(567,417)
(190,699)
Total assets less current liabilities
1,997,585
1,966,303
Creditors: amounts falling due after more than one year
8
(1,362,490)
(1,126,923)
Provisions for liabilities
(418,744)
(381,684)
Net assets
216,351
457,696
PALMER & MARTIN VEHICLE HIRE LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
2025
2024
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
215,351
456,696
Total equity
216,351
457,696

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 February 2026 and are signed on its behalf by:
Mr J Palmer
Director
Company registration number 04166902 (England and Wales)
PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Palmer & Martin Vehicle Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite E2 2nd Floor, The Octagon, Middleborough, Colchester, Essex, CO1 1TG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is in a net current liability position of £567,417. It should be noted that the company's fixed assets are mainly comprised of the company's vehicle hire fleet which in substance serve as stock. There is a readily available market for these vehicles which when interpreted as a current asset would revert the above position to be that of net current assets totalling £1,887,825. This is a more accurate presentation of the company's short term strength and leverage within the industry.true

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The company's primary revenue stream is from the provision of hiring out self drive vehicles. The company also earns revenue from the following activities:

- Vehicle hire - providing self drive van and car hire. Boasting an extensive and expanding vehicle fleet to cater for a all consumer vehicle hire requirements.

- Vehicle sales - sale of second hand vehicles.

- Haulage hire - providing self drive hire of commercial trucks.

All revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% straight line
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

Accounting estimates and associated assumptions are based on directors knowledge and experience of the industry, with reference to the markets underlying fair value.

The directors exercise their judgement to review the underlying assumptions on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Depreciation is a particularly key judgement and estimation to the company's financial performance. This is reviewed on an ongoing basis and will be revised where appropriate.

PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
11
11
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
14,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
13,999
Carrying amount
At 31 March 2025
1
At 31 March 2024
1
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
29,836
59,480
8,583
18,260
3,288,695
3,404,854
Additions
54,132
3,855
9,565
5,211
1,127,108
1,199,871
Disposals
-
0
(39,054)
-
0
-
0
(824,052)
(863,106)
At 31 March 2025
83,968
24,281
18,148
23,471
3,591,751
3,741,619
Depreciation and impairment
At 1 April 2024
6,157
39,702
5,924
15,424
1,180,646
1,247,853
Depreciation charged in the year
1,215
4,419
1,277
1,787
477,043
485,741
Eliminated in respect of disposals
-
0
(35,796)
-
0
-
0
(521,180)
(556,976)
At 31 March 2025
7,372
8,325
7,201
17,211
1,136,509
1,176,618
Carrying amount
At 31 March 2025
76,596
15,956
10,947
6,260
2,455,242
2,565,001
At 31 March 2024
23,679
19,778
2,659
2,836
2,108,049
2,157,001
PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
273,228
367,884
Corporation tax recoverable
2,179
2,179
Other debtors
165,064
166,206
440,471
536,269
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
68,460
10,204
Obligations under finance leases
752,378
590,000
Other borrowings
1,062
6,497
Trade creditors
105,199
98,655
Taxation and social security
12,809
4,642
Other creditors
279,552
303,202
Accruals and deferred income
11,535
18,846
1,230,995
1,032,046

Included within the invoice finance facility is a balance of £157,712 (2024: £191,803) included in Other Creditors is secured on the Trade Debtors.

HSBC holds various charges over the company and its property and assets. These are dated 19 June 2013, 11 November 2013, 26 August 2014, 9 February 2015, 28 June 2018 and 30 January 2024.

4SYTE Limited holds a fixed and floating charge over the company and its property and assets, dated 3 April 2015.

Shawbrook Bank Ltd holds a fixed and floating charge over the company and its property and assets, dated 3 September 2013.

Ing Lease (UK) Ltd holds a long term licence to sub-let with the company, dated 24 November 2011.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
103,571
12,235
Other creditors
1,258,919
1,114,688
1,362,490
1,126,923
PALMER & MARTIN VEHICLE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

HSBC holds various charges over the company and its property and assets. These are dated 19 June 2013, 11 November 2013, 26 August 2014, 9 February 2015, 28 June 2018 and 30 January 2024.

4SYTE Limited holds a fixed and floating charge over the company and its property and assets, dated 3 April 2015.

Shawbrook Bank Ltd holds a fixed and floating charge over the company and its property and assets, dated 3 September 2013.

Ing Lease (UK) Ltd holds a long term licence to sub-let with the company, dated 24 November 2011.

9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
11,476
174,253
10
Related party transactions

During the year the company entered into the following transactions with related parties:

At the year end the company was owed £162,489 (2024: £146,989) from Palmer Group Limited.

11
Directors' transactions

No guarantees have been given or received.

12
Parent company

The parent company is Palmer Group Limited, a company incorporated in England and Wales. Company number: 11513909. The company's Registered Office is: The Octagon Suite E2, 2nd Floor, Middlesborough, Colchester, Essex, United Kingdom, CO1 1TGC.

Mr James Palmer and Mr Ryan Palmer are the ultimate controlling part ies.

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