Display Refrigeration Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04294590 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

DISPLAY REFRIGERATION HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M A Febery

REGISTERED OFFICE:

Unit A

Centurion House

Olympus Business Park

Quedgeley

Gloucester

GL2 4NF

REGISTERED NUMBER:

04294590 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

357,874

419,762

CURRENT ASSETS

Debtors

5

232,334

284,442

Cash at bank

144,584

172,989

376,918

457,431

CREDITORS

Amounts falling due within one year

6

218,479

263,386

NET CURRENT ASSETS

158,439

194,045

TOTAL ASSETS LESS CURRENT LIABILITIES

516,313

613,807

CREDITORS

Amounts falling due after more than one year

7

(47,203

)

(81,325

)

PROVISIONS FOR LIABILITIES

(50,466

)

(52,359

)

NET ASSETS

418,644

480,123

CAPITAL AND RESERVES

Called up share capital

87

87

Capital redemption reserve

15

15

Retained earnings

418,542

480,021

SHAREHOLDERS' FUNDS

418,644

480,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the director on 30 May 2019 and were signed by:

M A Febery - Director

1.	COMPANY INFORMATION

Display Refrigeration Hire 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

Turnover represents the invoiced value of goods and services provided net of value added tax. Revenue is

recognised at the point of delivery of the hired goods and services.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation 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:

Leasehold Property - Term of lease

Hire Equipment - 4-5 years straight line

Motor Vehicles - 4 years straight line

Computers & Office Equipment - 4-10 years straight line

Cash and cash equivalents

Cash and cash equivalents 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.

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 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.

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

are settled, or when the company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of

the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried

at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and

only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period on a

straight line basis where this is not materially different to the sum of the digits basis. The capital element of

the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 15 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant,

Computer

and

Short

Hire

Office

Motor

leasehold

equipment

Equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2017

28,369

1,226,429

78,887

208,852

1,542,537

Additions

17,496

43,346

1,660

37,311

99,813

Disposals

-

(28,734

)

-

(34,044

)

(62,778

)

At 30 September 2018

45,865

1,241,041

80,547

212,119

1,579,572

DEPRECIATION

At 1 October 2017

28,369

964,297

75,003

55,106

1,122,775

Charge for year

1,072

80,587

1,834

49,143

132,636

Eliminated on disposal

-

(26,621

)

-

(7,092

)

(33,713

)

At 30 September 2018

29,441

1,018,263

76,837

97,157

1,221,698

NET BOOK VALUE

At 30 September 2018

16,424

222,778

3,710

114,962

357,874

At 30 September 2017

-

262,132

3,884

153,746

419,762

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2017

208,852

Additions

37,311

Disposals

(34,044

)

Transfer to ownership

(15,600

)

At 30 September 2018

196,519

DEPRECIATION

At 1 October 2017

55,106

Charge for year

45,143

Eliminated on disposal

(7,092

)

Transfer to ownership

(9,275

)

At 30 September 2018

83,882

NET BOOK VALUE

At 30 September 2018

112,637

At 30 September 2017

153,746

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

220,660

259,283

Other debtors

150

-

Directors' current accounts

156

-

Prepayments and accrued income

11,368

25,159

232,334

284,442

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

47,575

49,915

Trade creditors

65,890

92,651

Tax

32,275

34,555

Social security and other taxes

4,401

3,932

VAT

28,106

29,657

Pensions creditor

529

219

Sundry creditors

3,200

-

Company credit card

830

3,512

Directors' current accounts

-

359

Accrued expenses

35,673

48,586

218,479

263,386

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

47,203

81,325

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

94,778

131,240

The hire purchase liability is secured over the asset to which it relates.