Downeys Rental Limited iXBRL


Relate AccountsProduction v2.2.22v2.2.222018-01-01The company was not dormant during the periodThe company was trading for the entire periodThe principal activity of the business during the year was the rental of motor vehicles.30 September 20192812NI6362092018-12-31NI6362092017-12-31NI6362092016-09-30NI6362092018-01-012018-12-31NI6362092016-10-012017-12-31NI636209uk-bus:PrivateLimitedCompanyLtd2018-01-012018-12-31NI636209uk-bus:SmallCompaniesRegimeForAccounts2018-01-012018-12-31NI636209uk-bus:FullAccounts2018-01-012018-12-31NI636209uk-core:ShareCapital2018-12-31NI636209uk-core:ShareCapital2017-12-31NI636209uk-core:RetainedEarningsAccumulatedLosses2018-12-31NI636209uk-core:RetainedEarningsAccumulatedLosses2017-12-31NI636209uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests2018-12-31NI636209uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests2017-12-31NI636209uk-bus:FRS1022018-01-012018-12-31NI636209uk-core:PlantMachinery2018-01-012018-12-31NI636209uk-core:MotorVehicles2018-01-012018-12-31NI636209uk-bus:Audited2018-01-012018-12-31NI636209uk-core:CurrentFinancialInstruments2018-12-31NI636209uk-core:CurrentFinancialInstruments2017-12-31NI636209uk-core:WithinOneYear2018-12-31NI636209uk-core:WithinOneYear2017-12-31NI636209uk-core:WithinOneYear2018-12-31NI636209uk-core:WithinOneYear2017-12-31NI636209uk-core:ParentEntities2018-01-012018-12-31NI636209uk-core:UltimateParent2018-01-012018-12-31NI636209uk-countries:NorthernIreland2018-01-012018-12-31NI636209uk-bus:Director12018-01-012018-12-31xbrli:pureiso4217:GBPxbrli:shares
 
 
 
Downeys Rental Limited
 
Financial Statements
 
for the year ended 31 December 2018



Downeys Rental Limited
Company Number: NI636209
BALANCE SHEET
as at 31 December 2018

2018 2017
Notes £ £
 
Fixed Assets
Tangible assets 7 2,277,478 -
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Current Assets
Debtors 8 459,240 300,163
Cash and cash equivalents 267,566 328,023
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726,806 628,186
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Creditors: Amounts falling due within one year 9 (2,754,769) (545,318)
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Net Current (Liabilities)/Assets (2,027,963) 82,868
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Total Assets less Current Liabilities 249,515 82,868
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Capital and Reserves
Called up share capital 100 100
Profit and Loss Account 249,415 82,768
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Shareholders' Funds 249,515 82,868
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The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
Approved by the Director and authorised for issue on 30 September 2019
           
________________________________          
Ian McCulla          
Director          



Downeys Rental Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2018

   
1. GENERAL INFORMATION
 
Downeys Rental Limited is a company limited by shares incorporated in Northern Ireland. Unit 2, The Office Dock, 21 Old Channel Road, Belfast, Co. Antrim, BT3 9DE, Northern Ireland is the registered office. The principal activity of the business during the year was the rental of motor vehicles. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. ACCOUNTING POLICIES
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2018 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
 
Turnover
Turnover comprises the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 15% Straight line
  Motor vehicles - 12% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Share capital of the company
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. PERIOD OF FINANCIAL STATEMENTS
 
The comparative figures relate to the 15 month period ended 31 December 2017.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by PGR Accountants Limited.
The Auditor's Report was signed by Richard Gray (Senior Statutory Auditor) for and on behalf of PGR Accountants Limited on 30th September 2019.
 
   
5. PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
6. EMPLOYEES
 
The average monthly number of employees, including director, during the year was 28, (2017 - 12).
 
  2018 2017
  Number Number
 
Sales 28 12
  ═════════ ═════════
         
7. TANGIBLE FIXED ASSETS
  Plant and Motor Total
  machinery vehicles  
       
  £ £ £
Cost
Additions 3,997 2,427,223 2,431,220
  ───────── ───────── ─────────
At 31 December 2018 3,997 2,427,223 2,431,220
  ───────── ───────── ─────────
Depreciation
Charge for the year - 153,742 153,742
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At 31 December 2018 - 153,742 153,742
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Net book value
At 31 December 2018 3,997 2,273,481 2,277,478
  ═════════ ═════════ ═════════
       
8. DEBTORS 2018 2017
  £ £
 
Trade debtors 115,604 75,446
Other debtors 100 100
Director's current account (Note ) 2,557 2,557
Taxation  (Note 10) 4,540 -
Prepayments and accrued income 336,439 222,060
  ───────── ─────────
  459,240 300,163
  ═════════ ═════════
       
9. CREDITORS 2018 2017
Amounts falling due within one year £ £
 
Bank overdrafts 27 -
Trade creditors 526,416 285,307
Amounts owed to group companies 2,031,265 176,091
Taxation  (Note 10) 104,295 57,975
Accruals 92,766 25,945
  ───────── ─────────
  2,754,769 545,318
  ═════════ ═════════
       
10. TAXATION 2018 2017
  £ £
 
Debtors:
Corporation tax 4,540 -
  ═════════ ═════════
Creditors:
VAT 104,295 38,055
Corporation tax - 19,920
  ───────── ─────────
  104,295 57,975
  ═════════ ═════════
       
11. CAPITAL COMMITMENTS
 
The company had no material capital commitments at the year-ended 31 December 2018.
           
12. RELATED PARTY TRANSACTIONS
 
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.
   
13. PARENT AND ULTIMATE PARENT COMPANY
 
The company regards Downeys (Holdings) Limited as its parent company.
 
The companys ultimate parent undertaking is Ian McCulla.
The address of Ian McCulla is 39 Portaferry Road, Newtownards, BT23 8NN.
Ian McCulla is regarded as both the controlling party and the ultimate controlling party.
 
The parent of the largest group in which the results are consolidated is Downeys (Holdings) Limited.
Downeys (Holdings) Limited is registered in Northern Ireland.
 
   
14. POST-BALANCE SHEET EVENTS
 
There have been no significant events affecting the company since the year-end.