Catfoss Modular Hire Limted - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06655516 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Catfoss Modular Hire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B. Foreman

Mrs. R. P. Foreman

REGISTERED OFFICE:

Rasher House

Catfoss Lane

Brandesburton

Driffield

East Yorkshire

YO25 8EJ

REGISTERED NUMBER:

06655516 (England and Wales)

ACCOUNTANTS:

ESR Accountancy Limited

Suite C

The Hall

Lairgate

Beverley

East Yorkshire

HU17 8HL

BANKERS:

HSBC Bank plc

Humber Commercial Centre

Merit House

Priory Park West

Hessle

East Yorkshire

HU13 9PB

FIXED ASSETS

Tangible assets

4

2,072,616

2,688,844

CURRENT ASSETS

Stocks

168,033

174,912

Debtors

5

1,820,917

785,577

Cash at bank

180,911

37,045

2,169,861

997,534

CREDITORS

Amounts falling due within one year

6

1,325,274

1,088,967

NET CURRENT ASSETS/(LIABILITIES)

844,587

(91,433

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,917,203

2,597,411

CREDITORS

Amounts falling due after more than one year

7

(1,751,186

)

(1,777,774

)

PROVISIONS FOR LIABILITIES

9

(78,735

)

(111,272

)

NET ASSETS

1,087,282

708,365

CAPITAL AND RESERVES

Called up share capital

10

200

200

Revaluation reserve

11

114,271

116,729

Retained earnings

972,811

591,436

SHAREHOLDERS' FUNDS

1,087,282

708,365

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

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

The directors acknowledge their 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 Board of Directors on 10 September 2019 and were signed on its behalf by:

B. Foreman - Director

1.	STATUTORY INFORMATION

Catfoss Modular 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

at varying rates on cost

Improvements to property

-

20% on cost

Office equipment

-

33% on cost

Depreciation charged to the Profit and Loss Account has been reduced by amounts being realised from the

revaluation reserve. Revaluations in 2014 are being realised over the remaining useful economic life of the

assets involved.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable

overheads.

Work in progress is valued on the percentage completion of projects using the method of surveying work

completed by project.

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

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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Office

leasehold

property

equipment

Totals

£

£

£

£

COST

At 1 January 2018

3,628,658

75,283

10,500

3,714,441

Additions

137,650

-

-

137,650

Disposals

(696,031

)

-

-

(696,031

)

At 31 December 2018

3,070,277

75,283

10,500

3,156,060

DEPRECIATION

At 1 January 2018

946,791

68,824

9,982

1,025,597

Charge for year

248,540

6,459

412

255,411

Eliminated on disposal

(197,564

)

-

-

(197,564

)

At 31 December 2018

997,767

75,283

10,394

1,083,444

NET BOOK VALUE

At 31 December 2018

2,072,510

-

106

2,072,616

At 31 December 2017

2,681,867

6,459

518

2,688,844

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

Short

leasehold

£

COST

At 1 January 2018

2,417,255

Additions

137,650

Disposals

(696,031

)

Reclassification/transfer

1,211,403

At 31 December 2018

3,070,277

DEPRECIATION

At 1 January 2018

612,071

Charge for year

248,540

Eliminated on disposal

(197,564

)

Reclassification/transfer

334,720

At 31 December 2018

997,767

NET BOOK VALUE

At 31 December 2018

2,072,510

At 31 December 2017

1,805,184

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

591,023

214,552

Amounts owed by group undertakings

1,218,452

542,091

Other debtors

4,142

-

VAT

-

23,804

Prepayments and accrued income

7,300

5,130

1,820,917

785,577

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

234,310

393,163

Trade creditors

258,525

303,642

Social security and other taxes

-

4,799

VAT

214,995

-

Other creditors

-

100,232

Accruals and deferred income

617,444

287,131

1,325,274

1,088,967

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

1,751,186

1,777,774

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

490,932

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Hire purchase contracts

2,476,428

2,170,937

The obligations due under any hire purchase agreement is secured against the relevant assets.

Director Ben Foreman has a director guarantee in place in relation to the outstanding hire purchase

agreements.

9.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

78,735

111,272

Deferred

tax

£

Balance at 1 January 2018

111,272

Accelerated capital allowances

(32,537

)

Balance at 31 December 2018

78,735

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

B Ordinary

£1

100

100

100

A Ordinary

£1

100

100

200

200

11.

RESERVES

Revaluation

reserve

£

At 1 January 2018

116,729

Realisation of revaluation

(2,458

)

At 31 December 2018

114,271

12.	ULTIMATE CONTROLLING PARTY