Company Registration No. 08710542 (England and Wales)
Just Vehicle Rental Limited
Unaudited accounts
for the year ended 31 July 2021
Just Vehicle Rental Limited
Unaudited accounts
Contents
Just Vehicle Rental Limited
Company Information
for the year ended 31 July 2021
Directors
Jake Shaun Matthews
Terence Alan Matthews
Company Number
08710542 (England and Wales)
Registered Office
Unit 6 Worktown
Northern Road
Newark
Nottinghamshire
NG24 2EU
United Kingdom
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
Just Vehicle Rental Limited
Statement of financial position
as at 31 July 2021
Tangible assets
1,765,665
1,485,624
Cash at bank and in hand
148,789
217,285
Creditors: amounts falling due within one year
(526,971)
(652,956)
Net current liabilities
(227,081)
(281,230)
Total assets less current liabilities
1,538,584
1,204,394
Creditors: amounts falling due after more than one year
(983,304)
(766,445)
Provisions for liabilities
Deferred tax
(109,491)
(95,132)
Net assets
445,789
342,817
Called up share capital
100
98
Capital redemption reserve
2
2
Profit and loss account
445,687
342,717
Shareholders' funds
445,789
342,817
For the year ending 31 July 2021 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2021 and were signed on its behalf by
Jake Shaun Matthews
Director
Company Registration No. 08710542
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2021
Just Vehicle Rental Limited is a private company, limited by shares, registered in England and Wales, registration number 08710542. The registered office is Unit 6 Worktown, Northern Road, Newark, Nottinghamshire, NG24 2EU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2021
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Current liabilities exceed current assets by £227,081. The shareholders have confirmed that they will continue to support the company to enable it to meet its liabilities as they fall due for a period of not less than twelve months from the date of signing the financial statements. The financial statements have therefore been prepared on the going concern basis.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2020
-
1,754,114
32,685
26,042
1,812,841
Additions
715
916,937
7,589
4,574
929,815
Disposals
-
(779,601)
-
-
(779,601)
At 31 July 2021
715
1,891,450
40,274
30,616
1,963,055
At 1 August 2020
-
292,145
13,871
21,201
327,217
Charge for the year
76
42,357
5,557
4,462
52,452
On disposals
-
(182,279)
-
-
(182,279)
At 31 July 2021
76
152,223
19,428
25,663
197,390
At 31 July 2021
639
1,739,227
20,846
4,953
1,765,665
At 31 July 2020
-
1,461,969
18,814
4,841
1,485,624
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
1,584,282
1,436,970
Just Vehicle Rental Limited
Notes to the Accounts
for the year ended 31 July 2021
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
113,568
117,692
Accrued income and prepayments
27,051
20,100
Other debtors
10,482
9,077
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
29,034
10,000
Obligations under finance leases and hire purchase contracts
301,621
416,173
Trade creditors
29,841
58,561
Taxes and social security
2,346
11,393
Other creditors
90,289
113,682
Deferred income
69,945
43,147
The following secured debts are included within creditors, hire purchase contracts £301,621 (2020: £416,173).
Obligations under hire purchase contracts are secured on the whole property, assets and rights of the company.
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
920,341
660,762
The following secured debts are included within creditors, hire purchase contracts £920,341 (2020: £660,762).
Obligations under hire purchase contracts are secured on the whole property, assets and rights of the company.
8
Transactions with related parties
Included in other creditors are loans of £67,137 (2020: £71,139) owing to shareholders of the company.
9
Average number of employees
During the year the average number of employees was 7 (2020: 6).
