Buy2LetCars files 2017 accounts

Buy2LetCars, which offers unregulated investment in cars paying up to 11% per annum, has filed its accounts for the period ending December 2017.

There are three companies in the Buy2LetCars group: Buy 2 Let Cars Limited, Rent 2 Own Cars Limited and Raedex Limited. Raedex Limited is the holding company for the first two.

Due to its small size, the companies’ accounts were exempt from independent auditing, and the information that can be obtained from them is limited.

At the balance sheet date of 31 December 2017, the liabilities of the holding company exceeded its assets by £2.9 million. This was an improvement from December 2016 when net liabilities were £6.8 million. A large contribution to this improvement was £4.8 million of goodwill which was put on the books in the 2017 financial year, described as “the expected value of future profits dervied from existing contracts”.

Again due to its small size, the three companies did not have to file a profit and loss account. However, the profit and loss position is briefly referred to in the notes to the Raedex Limited accounts, which state that Buy 2 Let Cars Limited made a net profit of £261k while Rent 2 Own Cars Limited made a £3.6 million net loss. In 2016 Buy 2 Let Cars made a net profit of £191k while Rent 2 Own Cars Limited made a £2.8 million net loss.

The 2018 accounts will be due for filing in September 2019.

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