EJC Plant Hire (2011) Limited 30/09/2019 iXBRL

EJC Plant Hire (2011) Limited 30/09/2019 iXBRL

EJC PLANT HIRE (2011) LTD - Company Information

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Company registration number: NI608941
EJC Plant Hire (2011) Limited
Unaudited abridged financial statements
30 September 2019
EJC Plant Hire (2011) Limited
Contents
Directors and other information
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
EJC Plant Hire (2011) Limited
Directors and other information
Directors Mr Edward Connolly
Company number NI608941
Registered office 386A Ballyclare Road
Newtownabbey
Co Antrim
BT36 4TQ
Business address 386A Ballyclare Road
Newtownabbey
Antrim
BT36 4TQ
Accountants Business Account Services
11 Abbey Street
Armagh
BT61 7DX
EJC Plant Hire (2011) Limited
Directors report
Year ended 30 September 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2019.
Directors
The directors who served the company during the year were as follows:
Mr Edward Connolly
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 February 2020 and signed on behalf of the board by:
Mr Edward Connolly
Director
EJC Plant Hire (2011) Limited
Abridged statement of comprehensive income
Year ended 30 September 2019
2019 2018
Note £ £
Gross profit 1,423,826 834,763
Administrative expenses ( 1,022,804) ( 705,020)
_______ _______
Operating profit 401,022 129,743
Interest payable and similar expenses ( 5,973) ( 2,080)
_______ _______
Profit before taxation 5 395,049 127,663
Tax on profit - ( 767)
_______ _______
Profit for the financial year and total comprehensive income 395,049 126,896
_______ _______
All the activities of the company are from continuing operations.
EJC Plant Hire (2011) Limited
Abridged statement of financial position
30 September 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 1,068,242 849,801
_______ _______
1,068,242 849,801
Current assets
Debtors 235,489 149,871
Cash at bank and in hand 147,826 22,551
_______ _______
383,315 172,422
Creditors: amounts falling due
within one year ( 426,465) ( 363,788)
_______ _______
Net current liabilities ( 43,150) ( 191,366)
_______ _______
Total assets less current liabilities 1,025,092 658,435
Creditors: amounts falling due
after more than one year ( 94,051) ( 122,443)
_______ _______
Net assets 931,041 535,992
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 931,039 535,990
_______ _______
Shareholders funds 931,041 535,992
_______ _______
For the year ending 30 September 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.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 September 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2020 , and are signed on behalf of the board by:
Mr Edward Connolly
Director
Company registration number: NI608941
EJC Plant Hire (2011) Limited
Statement of changes in equity
Year ended 30 September 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2017 2 409,094 409,096
Profit for the year 126,896 126,896
_______ _______ _______
Total comprehensive income for the year - 126,896 126,896
_______ _______ _______
At 30 September 2018 and 1 October 2018 2 535,990 535,992
Profit for the year 395,049 395,049
_______ _______ _______
Total comprehensive income for the year - 395,049 395,049
_______ _______ _______
At 30 September 2019 2 931,039 931,041
_______ _______ _______
EJC Plant Hire (2011) Limited
Notes to the financial statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 386A Ballyclare Road, Newtownabbey, Co Antrim, BT36 4TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 337,074 150,473
_______ _______
6. Tangible assets
£
Cost
At 1 October 2018 1,555,304
Additions 560,429
Disposals ( 60,000)
_______
At 30 September 2019 2,055,733
_______
Depreciation
At 1 October 2018 705,503
Charge for the year 337,073
Disposals ( 55,085)
_______
At 30 September 2019 987,491
_______
Carrying amount
At 30 September 2019 1,068,242
_______
At 30 September 2018 849,801
_______
7. Directors advances, credits and guarantees