Accounts filed on 30-09-2016
Accounts filed on 30-09-2016
trueMidlands Vehicle Rental Limited029668852016-09-3027615828328615928310001000286159283211270205303239885214586-49290-74447243684268137194394193690188701186695550055001931495289175289033861219288314288814Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-10% Straight line
Website Development-20% per annum reducing balance
Depreciation
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or
its reversal, on an individual investment property is expected to be permanent, in which case it
is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards
of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised
in the balance sheet and are depreciated over their useful lives. The capital elements of future
obligations under the leases and hire purchase contracts are included as liabilities in the balance
sheet.
The interest elements of the rental obligations are charged in the profit and loss account over the
periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.
Fixed Assets
All fixed assets are initially recorded at cost.
Going Concern
The company enjoys the support of the Director and shareholder. The Director agrees not to withdraw his support for a period of not less than 12 months from the date of approval of these financial statements. No adjustments in respect of this support being withdrawn are included in these financial statements.
Fixtures & Fittingsreducing balance0.2000Motor Vehiclesreducing balance0.200026741949725181317308334740434192512479-70005909053111597935007834387413204-700060903548416062Ordinary A5001500500Ordinary B5001500500Ordinary A1500500500Ordinary B15005005002017-06-20Mr P W Jefferiestruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureMidlands Vehicle Rental Limited2015-10-012016-09-30Midlands Vehicle Rental Limited2014-10-012015-09-30Midlands Vehicle Rental Limited2014-09-30Midlands Vehicle Rental Limited2015-09-30Midlands Vehicle Rental Limited2015-09-30Midlands Vehicle Rental Limited2016-09-30 2017-06-27
