Sensible Price Car & Van Hire Limited - Period Ending 2013-12-31

Sensible Price Car & Van Hire Limited
Abbreviated Balance Sheet
31 December 2013

 

Company Registration Number: 02984104

		Note			2013 £			2012 £
Fixed assets		2
Tangible fixed assets					18,334			388,444
Current assets
Stocks					-			3,225
Debtors		3			677,665			686,369
Cash at bank and in hand					5,946			7,893
					683,611			697,487
Creditors: Amounts falling due within one year		4			(138,888)			(299,201)
Net current assets					544,723			398,286
Total assets less current liabilities					563,057			786,730
Creditors: Amounts falling due after more than one year		4			(39,496)			(102,499)
Provisions for liabilities					-			(53,350)
Net assets					523,561			630,881
Capital and reserves
Called up share capital		5			1,000			1,000
Profit and loss account					522,561			629,881
Shareholders' funds					523,561			630,881

For the year ending 31 December 2013 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the Companies Act 2006.

Approved by the director on 29 September 2014

SP Starkie
Director

- 1 -

Sensible Price Car & Van Hire Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2013

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention.

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery	15% per annum reducing balance
Motor vehicles	10% to 20% per annum reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

- 2 -

Sensible Price Car & Van Hire Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2013

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		902,120			902,120
Additions		54,785			54,785
Disposals		(898,222)			(898,222)
At 31 December 2013		58,683			58,683
Depreciation
At 1 January 2013		513,676			513,676
Charge for the year		49,255			49,255
Eliminated on disposals		(522,582)			(522,582)
At 31 December 2013		40,349			40,349
Net book value
At 31 December 2013		18,334			18,334
At 31 December 2012		388,444			388,444

3

Debtors

Debtors includes £657,129 (2012 - £630,801) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2013 £			2012 £
Amounts falling due within one year		44,062			103,608
Amounts falling due after more than one year		39,496			102,499
Total secured creditors		83,558			206,107

5	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

6

Control

The company is controlled by its parent company, Sparescheme Limited which is ultimately controlled by S P Starkie by virtue of his controlling interest in Sparescheme Limited.
 


 

- 3 -