Company Registration No. 05022602 (England and Wales)
J S VEHICLE RENTAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
J S VEHICLE RENTAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
J S VEHICLE RENTAL LTD
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
833
Tangible assets
5
494,374
542,255
Investments
6
10
10
494,384
543,098
Current assets
Debtors
7
5,955
2,171
Cash at bank and in hand
28,831
31,865
34,786
34,036
Creditors: amounts falling due within one year
8
(187,410)
(152,649)
Net current liabilities
(152,624)
(118,613)
Total assets less current liabilities
341,760
424,485
Creditors: amounts falling due after more than one year
9
(281,222)
(359,505)
Provisions for liabilities
(49,907)
(58,312)
Net assets
10,631
6,668
Capital and reserves
Called up share capital
10
14
14
Profit and loss reserves
10,617
6,654
Total equity
10,631
6,668
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J S VEHICLE RENTAL LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2022
W J Smith
Director
Company Registration No. 05022602
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
J S Vehicle Rental Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9 Thorney Leys Park, Witney, Oxfordshire, United Kingdom, OX28 4GE. The principal place of business is Unit K Ventura Park, Broadshires Way, Carterton, Oxfordshire, United Kingdom, OX18 1AD.
1.1
Accounting convention
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from contracts for the provision of
vehicle hire and related
services is recognised by reference to the
dates of the related hire
.
1.3
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 four years.
1.4
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:
Land and buildings Freehold
10% straight line
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on 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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
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).
1.7
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 5 -
Current 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
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
.
1.9
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
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
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.
1.12
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.
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
5
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2020 and 31 May 2021
8,000
Amortisation and impairment
At 1 June 2020
7,167
Amortisation charged for the year
833
At 31 May 2021
8,000
Carrying amount
At 31 May 2021
At 31 May 2020
833
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2020
259,215
696,644
955,859
Additions
39,339
39,339
Disposals
(112,269)
(112,269)
At 31 May 2021
259,215
623,714
882,929
Depreciation and impairment
At 1 June 2020
23,863
389,741
413,604
Depreciation charged in the year
3,644
63,500
67,144
Eliminated in respect of disposals
(92,193)
(92,193)
At 31 May 2021
27,507
361,048
388,555
Carrying amount
At 31 May 2021
231,708
262,666
494,374
At 31 May 2020
235,352
306,903
542,255
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
247,819
300,560
247,819
300,560
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
10
10
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,850
66
Corporation tax recoverable
2,105
2,105
5,955
2,171
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
7
Debtors
(Continued)
- 8 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
19,343
8,211
Obligations under finance leases
73,678
81,265
Other borrowings
8,362
8,063
Trade creditors
3,164
2,121
Corporation tax
14,989
Other taxation and social security
28,315
13,986
Other creditors
36,809
35,903
Accruals and deferred income
2,750
3,100
187,410
152,649
9
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
64,122
83,464
Obligations under finance leases
125,442
176,022
Other borrowings
91,658
100,019
281,222
359,505
The long term loans
(shown as Other borrowings)
are secured by fixed charges over all present and subsequent freehold property belonging the company
.
Amounts included above which fall due after five years are as follows:
Payable by instalments
55,034
64,693
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of £1 each
10
10
10
10
ordinary B shares of £1 each
4
4
4
4
14
14
14
14
J S VEHICLE RENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 9 -
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Key management personnel
31,849
31,239
12
Directors' transactions
Dividends totalling £9,760 (2020 - £20,096) were paid in the year in respect of shares held by the company's directors.