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 2019

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

274,644

357,874

CURRENT ASSETS

Debtors

5

506,083

232,334

Cash at bank

131,547

144,584

637,630

376,918

CREDITORS

Amounts falling due within one year

6

(392,062

)

(218,479

)

NET CURRENT ASSETS

245,568

158,439

TOTAL ASSETS LESS CURRENT LIABILITIES

520,212

516,313

CREDITORS

Amounts falling due after more than one year

7

(31,061

)

(47,203

)

PROVISIONS FOR LIABILITIES

(36,826

)

(50,466

)

NET ASSETS

452,325

418,644

CAPITAL AND RESERVES

Called up share capital

87

87

Capital redemption reserve

15

15

Retained earnings

452,223

418,542

SHAREHOLDERS' FUNDS

452,325

418,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 20 May 2020 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.

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" ("FRS 102") and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

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

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods and services provided in the normal course of business, net of discounts, VAT and other

sales related taxes. 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 - 10% straight line over 120 months

Hire Equipment - 25% straight line over 48 months

Motor Vehicles - 25% straight line over 48 months

Computers & Office Equipment - 25% straight line over 48 months

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 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant,

Computer

and

Short

Hire

Office

Motor

leasehold

equipment

Equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2018

45,865

1,241,041

80,547

212,119

1,579,572

Additions

-

11,705

390

40,513

52,608

Disposals

-

(33,754

)

-

-

(33,754

)

At 30 September 2019

45,865

1,218,992

80,937

252,632

1,598,426

DEPRECIATION

At 1 October 2018

29,441

1,018,263

76,837

97,157

1,221,698

Charge for year

1,750

78,949

1,778

52,199

134,676

Eliminated on disposal

-

(32,592

)

-

-

(32,592

)

At 30 September 2019

31,191

1,064,620

78,615

149,356

1,323,782

NET BOOK VALUE

At 30 September 2019

14,674

154,372

2,322

103,276

274,644

At 30 September 2018

16,424

222,778

3,710

114,962

357,874

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

Motor

vehicles

£

COST

At 1 October 2018

196,519

Additions

40,513

Transfer to ownership

(24,783

)

At 30 September 2019

212,249

DEPRECIATION

At 1 October 2018

83,882

Charge for year

43,678

Transfer to ownership

(13,940

)

At 30 September 2019

113,620

NET BOOK VALUE

At 30 September 2019

98,629

At 30 September 2018

112,637

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

491,083

220,660

Other debtors

-

150

Directors' current accounts

-

156

Tax

3,324

-

Prepayments and accrued income

11,676

11,368

506,083

232,334

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

43,114

47,575

Trade creditors

112,250

65,890

Tax

50,578

32,275

Social security and other taxes

4,378

4,401

VAT

54,412

28,106

Pensions creditor

789

529

Sundry creditors

-

3,200

Company credit card

1,698

830

Directors' current accounts

129

-

Accruals and deferred income

124,714

35,673

392,062

218,479

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

31,061

47,203

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

43,114

47,575

Between one and five years

31,061

47,203

74,175

94,778

Non-cancellable

operating leases

2019

2018

£

£

Within one year

74,327

74,327

Between one and five years

130,072

204,399

204,399

278,726

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

74,175

94,778

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