Hire 4 Lower (Tool Hire & Sales) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04784713 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

HIRE 4 LOWER (TOOL HIRE & SALES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

C Tall

SECRETARY:

Y Tall

REGISTERED OFFICE:

Bridge House

London Bridge

London

SE1 9QR

REGISTERED NUMBER:

04784713 (England and Wales)

FIXED ASSETS

Tangible assets

4

305,503

200,509

CURRENT ASSETS

Stocks

6,080

5,151

Debtors

5

444,205

436,675

Cash at bank

2,847,793

2,551,765

3,298,078

2,993,591

CREDITORS

Amounts falling due within one year

6

1,086,604

906,574

NET CURRENT ASSETS

2,211,474

2,087,017

TOTAL ASSETS LESS CURRENT LIABILITIES

2,516,977

2,287,526

PROVISIONS FOR LIABILITIES

58,046

39,806

NET ASSETS

2,458,931

2,247,720

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,458,831

2,247,620

SHAREHOLDERS' FUNDS

2,458,931

2,247,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 February 2019 and were signed by:

C Tall - Director

1.	STATUTORY INFORMATION

Hire 4 Lower (Tool Hire & Sales) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax and is recognised when the

company obtains the right to consideration in exchange for services performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

Over the lease term

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

Stocks are valued by the director on a "first in, first out" basis at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and

depreciated over the shorter of the lease term and their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance element

of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of

charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2017

64,508

916,426

980,934

Additions

-

248,913

248,913

Disposals

-

(116,215

)

(116,215

)

At 31 May 2018

64,508

1,049,124

1,113,632

DEPRECIATION

At 1 June 2017

64,508

715,917

780,425

Charge for year

-

140,168

140,168

Eliminated on disposal

-

(112,464

)

(112,464

)

At 31 May 2018

64,508

743,621

808,129

NET BOOK VALUE

At 31 May 2018

-

305,503

305,503

At 31 May 2017

-

200,509

200,509

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

386,324

381,170

Other debtors

57,881

55,505

444,205

436,675

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

93,505

109,031

Taxation and social security

231,627

309,910

Other creditors

761,472

487,633

1,086,604

906,574

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

180,000

130,000

Between one and five years

172,500

252,500

352,500

382,500

8.	RELATED PARTY DISCLOSURES

The company's bank overdraft facility was secured by personal guarantees of the director up to a limit of

£20,000.

During the year the company paid directors remuneration totalling £8,208 (2017: £8,080).

During the year the company paid dividends to the director totalling £390,000 (2017: £344,500).

At the balance sheet date the company owed the director £627,105 (2017: £389,185) which is included in other

creditors.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by C Tall.