Company registration number 06953616 (England and Wales)
ISTOBAL RENTAL SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ISTOBAL RENTAL SERVICES LIMITED
COMPANY INFORMATION
Directors
S Dengizman
Mr L J Hett
(Appointed 22 April 2022)
Mr R T Alfaro
Company number
06953616
Registered office
Mitton Mill Industrial Estate
Mill Road
Stourport-On-Severn
Worcestershire
DY13 9BL
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ISTOBAL RENTAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ISTOBAL RENTAL SERVICES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,473,564
3,726,733
Current assets
Debtors
6
1,384,797
1,420,547
Cash at bank and in hand
946,318
135,331
2,331,115
1,555,878
Creditors: amounts falling due within one year
7
(4,436,550)
(4,171,475)
Net current liabilities
(2,105,435)
(2,615,597)
Total assets less current liabilities
1,368,129
1,111,136
Creditors: amounts falling due after more than one year
8
(2,393,596)
(2,207,225)
Provisions for liabilities
9
(385,775)
(352,164)
Net liabilities
(1,411,242)
(1,448,253)
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
(1,411,342)
(1,448,353)
Total equity
(1,411,242)
(1,448,253)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2023 and are signed on its behalf by:
Mr L J Hett
Director
Company Registration No. 06953616
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Istobal Rental Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mitton Mill Industrial Estate, Mill Road, Stourport-On-Severn, Worcestershire, United Kingdom, DY13 9BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Istobal Rental Services Limited is a wholly owned subsidiary of Istobal (UK) Limited, a company registered in England and Wales and the results of Istobal Rental Services Limited are included in the consolidated financial statements of Istobal SA , a company registered in Spain.
The company has taken advantage of the exemption, under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Istobal Rental Services Limited is a subsidiary of Istobal SA, a company registered in Spain. The parent company registered office is Avda, Conde del Serrallo, 10, 462250 L'Alcudia, Valencia, Spain. The results of Istobal Rental Services Limited are included in the consolidated financial statements of Istobal SA which are available from Calle De Ayala, 11 28001 Madrid, Spain.
1.2
Going concern
The directors have received an undertaking from the group that sufficient finance will be available, to meet obligations as they fall due in line with the company's business plan for a period of not less than twelve months from the date of signature of these financial statements.
true
After making enquires, the directors have a reasonable expectation that the company has adequate reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account
sales commission,
trade discounts, settlement discounts and volume rebates.
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
8.5 years 7 years & 5 years
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.12
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment and recognised in the income statement in administrative expenses.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
22,684
200,747
5
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2022
4,584,444
Additions
360,509
Disposals
(59,680)
At 31 December 2022
4,885,273
Depreciation and impairment
At 1 January 2022
857,711
Depreciation charged in the year
564,958
Eliminated in respect of disposals
(10,960)
At 31 December 2022
1,411,709
Carrying amount
At 31 December 2022
3,473,564
At 31 December 2021
3,726,733
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
676,654
884,607
Amounts owed by group undertakings
29,705
Other debtors
190,981
867,635
914,312
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
517,162
506,235
Total debtors
1,384,797
1,420,547
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
845,917
633,911
Amounts owed to group undertakings
2,957,831
3,367,307
Taxation and social security
1,012
474
Other creditors
631,790
169,783
4,436,550
4,171,475
Istobal Rental Services Limited have an intercompany guarantee with the subsidiary company Istobal UK limited. The secured amount is unlimited.
Istobal Rental Services Limited has a full title guarantee by way of fixed charge of all estates and interest in any freehold and leasehold property of the company all buildings and fixtures and fixed plant and machinery of the company, all stock share bonds loan capital and other securities , all book debts and other debts goodwill and uncalled share capital both present and future.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
2,393,596
2,207,225
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
10
385,775
352,164
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Accelerated capital allowances
385,775
352,164
-
-
Tax losses
-
-
517,162
506,235
385,775
352,164
517,162
506,235
2022
Movements in the year:
£
Asset at 1 January 2022
(154,071)
Charge to profit or loss
22,684
Asset at 31 December 2022
(131,387)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within
1
2 months and relates to accelerated capital allowances that are expected to mature within the same period.
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
ISTOBAL RENTAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Colm McGrory FCA and the auditor was Ormerod Rutter Limited.
13
Parent company
The immediate controlling party is Istobal UK Limited, a company registered in England and Wales.
The ultimate controlling party is Istobal SA, a company registered in Spain.
2022-12-31
2022-01-01
false
14 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
S Dengizman
Mr L J Hett
Mr R Tomas
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