Company No: 12874903 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Statement of Changes in Equity
• Notes to the Abridged Financial Statements

DIRECTORS	Catherine Ross
	Freddie Sowden
	Harvey Sowden
	Wayne Anthony Sowden

REGISTERED OFFICE	Busby Stoop Garage
	Busby Stoop
	Thirsk
	YO7 4EQ
	England
	United Kingdom

COMPANY NUMBER

12874903 (England and Wales)

ACCOUNTANT	Morrell Middleton Auditors Ltd Chartered Certified Accountants
	Wellington House
	Aviator Court
	York
	YO30 4UZ

	Note	31.03.2023		30.09.2022
		£		£
Fixed assets
Tangible assets	6	2,779		11,946
		2,779		11,946
Current assets
Stocks		0		12,000
Debtors		74,365		82,705
Cash at bank and in hand		2,054		7,752
		76,419		102,457
Creditors: amounts falling due within one year		( 89,188)		( 95,846)
Net current (liabilities)/assets		(12,769)		6,611
Total assets less current liabilities		(9,990)		18,557
Creditors: amounts falling due after more than one year		( 4,501)		499
Net (liabilities)/assets		( 14,491)		19,056
Capital and reserves
Called-up share capital	7	999		999
Profit and loss account		( 15,490 )		18,057
Total shareholders' (deficit)/funds		( 14,491)		19,056

For the financial period ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered,
• All of the members of Rent 1 Lease 1 Buy 1 Ltd have consented to the preparation of the abridged financial statements for the financial period ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements of Rent 1 Lease 1 Buy 1 Ltd (registered number: 12874903) were approved and authorised for issue by the Board of Directors on 03 August 2023. They were signed on its behalf by:

Wayne Anthony Sowden Director

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 October 2021	999		8,796		9,795
Profit for the financial year	0		9,262		9,262
Total comprehensive income	0		9,262		9,262
At 30 September 2022	999		18,057		19,056
At 01 October 2022	999		18,057		19,056
Loss for the financial period	0		( 33,547)		( 33,547)
Total comprehensive loss	0		( 33,547)		( 33,547)
At 31 March 2023	999		( 15,490)		( 14,491)

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rent 1 Lease 1 Buy 1 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Busby Stoop Garage, Busby Stoop, Thirsk, YO7 4EQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors are committed to supporting the Company in its development and they have adequate resources to support it in its continued
operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Tangible assets

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements 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.

3. Employees

	Period from 01.10.2022 to 31.03.2023		Year ended 30.09.2022
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		2

4. Tax on (loss)/profit

	Period from 01.10.2022 to 31.03.2023		Year ended 30.09.2022
	£		£
Current tax on (loss)/profit
UK corporation tax	0		1,082
Total current tax	0		1,082
Total tax on (loss)/profit	0		1,082

On 17 March 2020, the Provisional Collection of Taxes Act was used to substantively enact a 19% tax rate and accordingly, the deferred tax balances were re-calculated from 17% to 19% at 30 September 2022.

The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.

At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable to the small profits rate and therefore deferred tax balances as at 31 March 2023 continue to be measured at 19%.

Tax reconciliation

The tax assessed for the period is the same as (2022: higher than) the standard rate of corporation tax in the UK:

	Period from 01.10.2022 to 31.03.2023		Year ended 30.09.2022
	£		£
(Loss)/profit before taxation	(33,547)		10,344
Tax on (loss)/profit at standard UK corporation tax rate of 0.00% (2022: 0.00%)	0		0
Total tax charge for period/year	0		0

5. Dividends on equity shares

6. Tangible assets

	Total
	£
Cost
At 01 October 2022	13,334
Disposals	( 8,333)
At 31 March 2023	5,001
Accumulated depreciation
At 01 October 2022	1,388
Charge for the financial period	834
At 31 March 2023	2,222
Net book value
At 31 March 2023	2,779
At 30 September 2022	11,946

7. Called-up share capital

	31.03.2023		30.09.2022
	£		£
Allotted, called-up and fully-paid
999 Ordinary shares of £ 1.00 each (30.09.2022: nil shares)	999		0

8. Off Balance Sheet arrangements

9. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial period.

10. Ultimate controlling party