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Unaudited Financial Statements |
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For The Year Ended 28 February 2018 |
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for |
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Fiveways Municipal Vehicle Hire Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 28 February 2018 |
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for |
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Fiveways Municipal Vehicle Hire Limited |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Contents of the Financial Statements |
For The Year Ended 28 February 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Fiveways Municipal Vehicle Hire Limited |
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Company Information |
For The Year Ended 28 February 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10/12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Balance Sheet |
28 February 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Balance Sheet - continued |
28 February 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements |
For The Year Ended 28 February 2018 |
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1. | STATUTORY INFORMATION |
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Fiveways Municipal Vehicle Hire Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
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 based on historical experience and other factors that |
are considered to be relevant. Actual results may differ from these estimates. |
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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. |
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There are no estimates and assumptions which have had a significant risk of causing a material adjustment to |
the carrying amount of assets and liabilities. |
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Turnover |
Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of value |
added tax. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and Buildings | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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The land element of the freehold building is not being depreciated. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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 |
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The company only enters into basic financial instruments that result in the recognition of financial assets and |
liabilities such as trade debtors and creditors. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an 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. |
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Debtors |
Short terms debtors are measured at transaction price, less any impairment. |
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Cash and cash equivalents |
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without |
penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known amounts of cash |
with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. Advance rental paid in |
respect of the operating leases, is treated as a debtor in the accounts, and charged against profits in the months |
between the final payment and the expiry of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
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AMORTISATION |
At 1 March 2017 |
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Charge for year |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Land and | to | Plant and |
Buildings | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
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Additions |
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Disposals |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
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Additions |
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Disposals |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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Included in cost or valuation of land and buildings is freehold land of £ 500,000 (2017 - £ 500,000 ) which is not |
depreciated. |
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Cost or valuation at 28 February 2018 is represented by: |
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Improvements |
Land and | to | Plant and |
Buildings | property | machinery |
£ | £ | £ |
Valuation in 2016 | 1,750,000 | - | - |
Cost | - | 138,415 | 21,283,892 |
1,750,000 | 138,415 | 21,283,892 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2016 | - | - | 1,750,000 |
Cost | 104,423 | 107,414 | 21,634,144 |
104,423 | 107,414 | 23,384,144 |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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5. | TANGIBLE FIXED ASSETS - continued |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2018 | 2017 |
£ | £ |
Cost | 1,729,788 | 1,729,788 |
Aggregate depreciation | 320,222 | 291,626 |
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Value of land in freehold land and buildings | 300,000 | 300,000 |
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Freehold land and buildings were valued on an open market basis on 1 June 2016 by Brown & Brand Chartered Surveyors |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
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Additions |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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6. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 10) |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans repayable after |
more than five years | 651,233 | 751,090 |
651,233 | 751,090 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans repayable after |
more than five years | 651,233 | 751,090 |
651,233 | 751,090 |
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The Barclays loan is repayable by monthly instalments of £10,873 at a variable interest rate of 2.0% above base |
rate. |
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The company have entered into an interest rate swap agreement with Barclays Capital in order to protect |
themselves against rises in base rates above the swap rate of 3.32%. |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts | 6,478,917 | 3,039,176 |
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The bank loan relating to the purchase of freehold property is secured by a legal charge in favour of Barclays |
Bank plc dated 5th December 2008 over the the freehold property. All other liabilities owed from time to time to |
Barclays Bank plc are secured on a floating charge dated 10th October 2008 over all current and future assets. |
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The Lombard Bank loan which was secured on the truck fleet was fully settled during the year. |
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Hire purchase liabilities are all secured on the assets concerned. |
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12. | PROVISIONS FOR LIABILITIES |
2018 |
£ |
Deferred tax | 5,992 |
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Deferred |
tax |
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Balance at 1 March 2017 | ( |
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Charge to Income Statement during year |
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Balance at 28 February 2018 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 500,000 | 500,000 |
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14. | CONTINGENT LIABILITIES |
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The company has a cross guarantee in respect of a bank loan taken out during the year by 13 Digital Media |
Limited, a company under common control, which amounted to £699,382 at 28th February 2018 (2017: |
£872,935). |
Fiveways Municipal Vehicle Hire Limited (Registered number: 03513123) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 28 February 2018 and |
28 February 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The above loans have been granted to directors interest free and repayable on demand. |
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16. | RELATED PARTY DISCLOSURES |
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During the year the company provided a loan to 13 Digital Media Ltd, a company under common control, being |
interest free and repayable on demand. |
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The amount of the loan outstanding at 28 February 2018 is £639,794 (2017: £509,060). |
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17. | ULTIMATE CONTROLLING PARTY |
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The directors
are considered to be in ultimate control of the company by virtue of their ability to act in concert
regarding the operational and financial policies of the company. |
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18. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Fiveways Holdings Limited, a company registered in England and Wales. |