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

The 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 profit and loss account within the financial statements.true

Hilton Vehicle Leasing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Block H, Units 3 & 4 Peek Business Park, Woodside, Bishop's Stortford, Hertfordshire, CM23 5RG.

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 amounts 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.

Turnover represents amounts receivable from the sale and leasing of vehicles, net of VAT and discounts.

Rental income from assets on contract hire are taken to the profit and loss account in the period in which it is received. Rental income from assets under finance leases, which are substantially operating leases since the risks remain with the company, is taken to the profit and loss account evenly over the term of the lease. Where the lease covers the cost of maintaining the vehicle the income is recognised in line with the lease income and an estimated maintenance cost is calculated and charged to the profit and loss account over the period of the lease.

Income from short-term rentals, financed vehicle sales and ancillary goods and services is recognised as it becomes due.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

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:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 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.

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.

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

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 balance sheet 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.

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. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed 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.

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

Obligations under hire purchase contracts, due within one year and after more than one year, are secured on the vehicles to which they relate.

In earlier financial years the company made capital allowance claims, some of which are being challenged by HMRC. Although the company at this time has no arrangement or obligation to settle liabilities associated with this enquiry, there is a possible but uncertain future obligation to make settlement. The company is currently contesting this and therefore are unable to reliably estimate any potential liabilities at present. The outcome of the enquiry could have an impact on current year Corporation Tax liabilities.

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

Dividends totalling £130,746 (2024 - £130,746) were paid in the year in respect of shares held by the company's directors and their spouses.

There was no ultimate controlling party in the year.

The prior year figures have been restated following the correction of errors in the company's fixed asset records. Motor vehicles that had been disposed of in earlier periods had not been removed from the fixed asset register.

The restatement reduced the gross cost of tangible fixed assets brought forward by £642,335 and accumulated depreciation by £610,640, resulting in a net reduction in opening net book value of £31,695.

Prior year disposal entries were also corrected, reducing the cost of disposals by £17,496, accumulated depreciation eliminated on disposal by £11,292, and the depreciation charge by £33,258. In addition, proceeds of £6,435 relating to the disposal of a motor vehicle in the prior year had been incorrectly recognised within turnover and have been reclassified as disposal proceeds within administrative expenses. As a result of these adjustments, a profit on disposal of £6,204 was recognised.

The related deferred tax impact of the restatement increased the deferred tax asset by £1,851 and reduced the deferred tax charge by £6,073. The brought forward deferred tax asset as at 1 November 2023 was increased by £7,924.

The net effect on opening profit and loss reserves was a decrease of £23,771, with the comparative profit being increased by £20,982.