D Crane Plant Hire Limited Filleted accounts for Companies House (small and micro)

D CRANE PLANT HIRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08795268

D CRANE PLANT HIRE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2019

D CRANE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	36,250	43,750
Tangible assets	6	460,741	477,162
		---------	---------
		496,991	520,912

CURRENT ASSETS

Debtors	7	119,274	126,670
Cash at bank and in hand		63,676	1,597
		---------	---------
		182,950	128,267

CREDITORS: amounts falling due within one year	8	120,685		142,039
		---------		---------
NET CURRENT ASSETS/(LIABILITIES)			62,265		( 13,772)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			559,256		507,140

CREDITORS: amounts falling due after more than one year	9		302,744		293,918

PROVISIONS

Taxation including deferred tax	87,540	90,660
	---------	---------
NET ASSETS	168,972	122,562
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	168,872	122,462
	---------	---------
SHAREHOLDERS FUNDS	168,972	122,562
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

D CRANE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:

S.J. Crane

Director

Company registration number: 08795268

D CRANE PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fleetcroft, Fleet Street Lane, Ribchester, Preston, Lancashire, PR3 3XE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of VAT. Revenue is recognised on delivery of goods to the customer or on completion of work done.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% per annum reducing balance
Motor Vehicles	-	25% per annum reducing balance
Fixtures, Fittings & Equipment	-	`10% per annum reducing balance`

(g) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Finance charges are allocated to each period on a straight line basis.

(h) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(i) Financial instruments

Basic financial instruments are recognised at amortised cost.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 6 (2018: 8 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	75,000
	--------
Amortisation
At 1 April 2018	31,250
Charge for the year	7,500
	--------
At 31 March 2019	38,750
	--------
Carrying amount
At 31 March 2019	36,250
	--------
At 31 March 2018	43,750
	--------

6. TANGIBLE ASSETS

	Plant & Machinery	Motor Vehicles	Fixtures, Fittings & Equipment	Total
	£	£	£	£
Cost
At 1 April 2018	704,505	44,434	14,177	763,116
Additions	69,469	–	4,432	73,901
Disposals	( 20,294)	–	–	( 20,294)
	---------	--------	--------	---------
At 31 March 2019	753,680	44,434	18,609	816,723
	---------	--------	--------	---------
Depreciation
At 1 April 2018	258,787	22,844	4,323	285,954
Charge for the year	69,124	5,395	1,310	75,829
Disposals	( 5,801)	–	–	( 5,801)
	---------	--------	--------	---------
At 31 March 2019	322,110	28,239	5,633	355,982
	---------	--------	--------	---------
Carrying amount
At 31 March 2019	431,570	16,195	12,976	460,741
	---------	--------	--------	---------
At 31 March 2018	445,718	21,590	9,854	477,162
	---------	--------	--------	---------

7. DEBTORS

	2019	2018
	£	£
Trade debtors	117,787	126,670
Prepayments and accrued income	1,487	–
	---------	---------
	119,274	126,670
	---------	---------

8. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	10,711	15,391
Accruals and deferred income	6,190	4,545
Corporation tax	16,363	6,733
Social security and other taxes	24,988	30,996
Obligations under finance leases and hire purchase contracts	37,743	46,616
Director loan accounts	24,690	37,758
	---------	---------
	120,685	142,039
	---------	---------

Obligations under finance leases and hire purchase contracts are secured.

9. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	27,744	18,918
Directors loan accounts	275,000	275,000
	---------	---------
	302,744	293,918
	---------	---------

Obligations under finance leases and hire purchase contracts are secured.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

11. RELATED PARTY TRANSACTIONS

The company was under the control of the directors, Mr D.J. Crane and Mrs S.J. Crane , throughout the year. During the year the company paid dividends to the directors amounting to £2,857.