Year Ended
Registration number:
Chief Vehicle Rentals Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Chief Vehicle Rentals Limited
Company Information
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Directors |
S Cunningham E L Prudden M Cresswell |
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Company secretary |
E L Prudden |
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Registered office |
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Auditors |
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Chief Vehicle Rentals Limited
Strategic Report for the Year Ended 31 October 2025
The directors present their strategic report for the year ended 31 October 2025.
Principal activity
The principal activity of the company is vehicle hire and distribution, as well as the supply of replacement vehicles to the taxi industry
Fair review of the business
This financial year saw the business begin to realise the benefits of the fleet optimisation and cost reduction initiatives implemented during the previous year. These measures were designed to improve operational efficiency, streamline the cost base and strengthen the long-term financial performance of the business.
Although revenue was lower than in the prior year, the business delivered a year-on-year improvement in profit/loss before taxation of more than £1m. This improvement was driven by disciplined cost management and increased operational efficiency, with reductions achieved across a broad range of operating costs. As a result, margins improved during the year, demonstrating the effectiveness of the actions taken and providing a stronger platform for future performance.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
(Loss)/Profit before tax |
£ |
(254,919) |
(1,272,988) |
Principal risks and uncertainties
The principal risk facing the company's business is liquidity risk which is managed by monitoring debtors and ensuring the company has sufficient working capital available.
Approved and authorised by the
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......................................... |
Chief Vehicle Rentals Limited
Directors' Report for the Year Ended 31 October 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Interim dividends of £157,000 were paid during the year and the directors recommend that no final dividend be paid.
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, hire purchase and invoice discounting. They are managed to ensure sufficient funds are available for the company's operations.
Future developments
Future developments are covered in the business review commentary in the strategic report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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......................................... |
Chief Vehicle Rentals Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chief Vehicle Rentals Limited
Independent Auditor's Report to the Members of Chief Vehicle Rentals Limited
Opinion
We have audited the financial statements of Chief Vehicle Rentals Limited (the 'company') for the year ended 31 October 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Chief Vehicle Rentals Limited
Independent Auditor's Report to the Members of Chief Vehicle Rentals Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Chief Vehicle Rentals Limited
Independent Auditor's Report to the Members of Chief Vehicle Rentals Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. We identified the principal risks of non-compliance with laws and regulations as relating to those laws and regulations that have a direct impact on the preparation of the financial statements such as financial reporting legislation (including the Companies Act 2006) and taxation legislation.
We discussed with management how the compliance with these laws and regulations is monitored. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud.
• We reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. We determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates and judgements included in the financial statements.
In response to the identified risks, as part of our audit work we:
• Audited the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Chief Vehicle Rentals Limited
Independent Auditor's Report to the Members of Chief Vehicle Rentals Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Sigma House
Oak View Close
Edginswell Park
Devon
TQ2 7FF
Chief Vehicle Rentals Limited
Statement of Income and Retained Earnings
Year Ended 31 October 2025
|
2025 |
2024 |
|
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(1,159,506) |
(1,301,262) |
|
|
Loss before tax |
( |
( |
|
Taxation |
- |
|
|
Loss for the financial year |
( |
( |
|
Retained earnings brought forward |
1,041,939 |
2,275,364 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
630,020 |
1,041,939 |
Chief Vehicle Rentals Limited
Balance Sheet
31 October 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 04152462
Chief Vehicle Rentals Limited
Statement of Cash Flows
Year Ended 31 October 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
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Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Loss on disposal of tangible assets |
|
|
|
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Finance income |
( |
( |
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Finance costs |
|
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Income tax (credit) / expense |
- |
( |
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|
|
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||
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Working capital adjustments |
|||
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Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
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Decrease in provisions |
( |
( |
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|
Net cash flow from operating activities |
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
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Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
- |
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Receipts from finance leases |
|
|
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 November |
( |
( |
|
|
Cash and cash equivalents at 31 October |
(1,526,677) |
(775,324) |
|
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
Going concern
There is in place a £1.75m overdraft which, as is the case with overdrafts, is repayable on demand. There is also a bank RLS loan in place. At the year end, the company did not meet the financial covenants in respect of its RLS bank loan. The loan has been reclassified as being due within one year, despite the bank not showing intention of requiring early repayment of this loan. The managing director continues to offer his financial support to the business as required.
Substantial asset finance lines are in place, meaning the company will be able to fund the vehicles required to maintain turnover.
The company is projected to be profitable going forward.
Based on the projections, the availability of finance lines and the willingness of the managing director to provide funding if required, the company will have sufficient cash and funding lines in place to finance its operations for the foreseeable future, being at least 12 months, and accordingly the financial statements are prepared on a going concern basis.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
Changes in accounting estimate
Revenue recognition
The turnover shown in the Profit and Loss Account represents amounts of income receivable in respect of vehicles hired during the period, exclusive of Value Added Tax.
Short term vehicle hire and credit repair income is recognised on the completion of the hire period.
Contract hire and other income is recognised in the period to which it relates.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold property |
Over 10 years |
|
Plant and machinery |
25% straight line |
|
Fixtures and fittings |
25% straight line |
|
Motor vehicles |
15% to 20% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
Hire purchase
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Hire purchase liabilities;
• Invoice discounting facility; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for hire purchase liabilities, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Hire purchase liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest rate method.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements and estimates that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Included within trade debtors are amounts due from insurance companies. The total outstanding at the balance sheet date amounted to £4,021,843 (2024: £6,727,088), against which provision has been made for credit notes, based on the company's debt collection procedures, of £699,378 (2024: £2,296,500). The carrying amount is £3,322,465 (2024: £4,430,588).
The company owns a significant fleet of motor vehicle. Any variation in the depreciation rates of these assets will have an impact on both the balance and profit and loss account of the company. The carrying amount is £10,379,268 (2024: £12,259,568).
Judgements
Key management personnel comprises the directors. |
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Vehicle hire and ancillary income |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
144,297 |
163,651 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under hire purchase contracts |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Further item of tax decrease |
- |
( |
|
Total tax credit |
- |
( |
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 November 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 31 October 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 November 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
- |
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
At 31 October 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 October 2025 |
|
|
|
- |
|
|
At 31 October 2024 |
|
|
|
- |
|
Restriction on title and pledged as security
Land and buildings comprises improvements to short leasehold property.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(1,526,677) |
(775,324) |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank loans |
|
|
|
Bank overdrafts |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Bank borrowings
The company's bank borrowings are secured by a charge over the assets of the company and limited guarantees totalling £1,550,000 (2024: £1,550,000) from Mr S Cunningham.
Other borrowings
Hire purchase agreements are secured on the assets financed.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Other provisions |
Total |
|
|
At 1 November 2024 |
|
|
|
Provisions used |
( |
( |
|
At 31 October 2025 |
|
|
|
|
||
Other provisions comprises amounts set aside to meet small claims as a result of accidents involving the company's fleet.
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
6 |
|
6 |
|
|
|
4 |
|
4 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary "A" shares of £1 each have the following rights, preferences and restrictions: |
|
Ordinary "B" shares £1 each have the following rights, preferences and restrictions: |
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividends |
|
|
||
|
Interim dividends |
|
|
||
|
|
|
|
Ultimate controlling party |
The ultimate controlling party is
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Analysis of changes in net debt |
|
At 1 November 2024 |
Financing cash flows |
New finance leases |
At 31 October 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
72,436 |
(59,344) |
- |
13,092 |
|
Overdrafts |
(847,760) |
(692,009) |
- |
(1,539,769) |
|
(775,324) |
(751,353) |
- |
(1,526,677) |
|
|
Borrowings |
||||
|
Short term borrowings |
(1,000,000) |
326,106 |
- |
(673,894) |
|
Lease liabilities |
(13,558,166) |
8,105,240 |
(5,556,581) |
(11,009,507) |
|
(14,558,166) |
8,431,346 |
(5,556,581) |
(11,683,401) |
|
|
( |
|
( |
( |
|
|
|
||||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Chief Vehicle Rentals Limited
Notes to the Financial Statements
Year Ended 31 October 2025
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 November 2024 |
Advances to director |
Repayments by director |
At 31 October 2025 |
|
Director 1 |
||||
|
Loans and other advances, interest at the official rate, unsecured and repayable on demand |
|
|
( |
|
|
2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
|
Director 1 |
||||
|
Loans and other advances, interest at the official rate, unsecured and repayable on demand |
|
|
( |
|
|
Dividends paid to directors |
|
2025 |
2024 |
|||
|
Director 1 |
||||
|
Dividends paid |
157,000 |
157,000 |
||
|
Reserves |
The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.