Turner Tool Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01308726 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

TURNER TOOL HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S F Turner

Mrs B M Turner

J W Turner

SECRETARY:

S F Turner

REGISTERED OFFICE:

Northern Road

Chilton Industrial Estate

Sudbury

Suffolk

CO10 2XD

REGISTERED NUMBER:

01308726 (England and Wales)

ACCOUNTANTS:

Seago and Stopps

Chartered Certified Accountants

61 Station Road

Sudbury

Suffolk

CO10 2SP

FIXED ASSETS

624,334

Tangible assets

4

655,488

CURRENT ASSETS

21,193

Stocks

15,597

377,799

Debtors

5

145,064

414

Cash in hand

481

399,406

161,142

CREDITORS

204,351

Amounts falling due within one year

6

247,906

195,055

NET CURRENT (LIABILITIES)/ASSETS

(86,764

)

819,389

TOTAL ASSETS LESS CURRENT LIABILITIES

568,724

CREDITORS

(60,528

)

Amounts falling due after more than one year

7

(56,372

)

(95,011

)

PROVISIONS FOR LIABILITIES

(104,612

)

663,850

NET ASSETS

407,740

CAPITAL AND RESERVES

1,125

Called up share capital

1,125

1,959

Share premium

1,959

660,766

Retained earnings

404,656

663,850

SHAREHOLDERS' FUNDS

407,740

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 applicable to companies subject to the small companies regime.

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 20 September 2019 and were signed on its behalf by:

S F Turner - Director

J W Turner - Director

1.	STATUTORY INFORMATION

Turner Tool 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 represents the value of work completed during the year by reference to invoiced sales and

the movement between opening and closing trade debtor balances.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Hire fleet

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

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

obsolete and slow moving items.

Financial instruments

The company enters into basic financial instrument transactions, as appropriate and as and when

required, that result in the recognition of financial assets and liabilities withing the financial

statements such as trade and other accounts receivable and payable, bank loans and hire purchase

contracts.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme in respect of the directors. The scheme

and its assets are held by independent managers. The pension charge represents contributions due

from the company and amounted to £16,361 (2017 - £3,742).

Leasing and hire purchase commitments

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

depreciated over the shorter of the lease term or their useful lives. 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 constant periodic rates of

charge on the net obligations outstanding in each period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Hire

Motor

Office

Totals

property

fleet

vehicles

equipment

£

£

£

£

£

COST

At 1 January 2018

1,845,608

136,706

1,310,323

351,043

47,536

Additions

226,662

-

225,163

-

1,499

Disposals

(71,376

)

-

(70,774

)

-

(602

)

At 31 December 2018

2,000,894

136,706

1,464,712

351,043

48,433

DEPRECIATION

At 1 January 2018

1,221,274

58,318

927,240

197,920

37,796

Charge for year

183,499

11,323

131,676

38,281

2,219

Eliminated on disposal

(59,367

)

-

(58,913

)

-

(454

)

At 31 December 2018

1,345,406

69,641

1,000,003

236,201

39,561

NET BOOK VALUE

At 31 December 2018

655,488

67,065

464,709

114,842

8,872

At 31 December 2017

624,334

78,388

383,083

153,123

9,740

Included in the figures for fixed assets are items held under finance leases or hire purchase contracts.

These assets have a net book value of £273,442 (2017 - £214,157) and a depreciation charge for the

year of £69,253 (2017 - £66,051).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

115,636

97,036

Other debtors

29,428

280,763

145,064

377,799

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

48,217

49,886

Hire purchase contracts

124,889

81,166

Trade creditors

19,676

21,479

Taxation and social security

54,543

44,614

Other creditors

581

7,206

247,906

204,351

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

56,372

60,528

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

48,217

49,886

The company's bank overdraft is secured by a guarantee and debenture incorporating a fixed and

floating charge over all of the company's assets.

In addition the company's bankers hold legal charges over two properties owned by the company's

parent undertaking, Heddon Holdings Limited.

9.	RELATED PARTY DISCLOSURES

The company rents its premises from and paid a management charge to its parent company, Heddon

Holdings Limited totalling £49,500 (2017 - £35,000).

At the balance sheet date a total of £Nil (2017 - £255,885) was owing from Heddon Holdings Limited

to Turner Tool Hire Limited.