Duncan Hire Limited - Period Ending 2019-11-30
Duncan Hire Limited - Period Ending 2019-11-30
Registration number:
Duncan Hire Limited
for the Year Ended 30 November 2019
Duncan Hire Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Duncan Hire Limited
Company Information
Director |
Mr P Simpson |
Company secretary |
Ms K A Damiral |
Registered office |
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Accountants |
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Duncan Hire Limited
(Registration number: 05497513)
Balance Sheet as at 30 November 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
11,765 |
11,765 |
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Share premium reserve |
458,235 |
458,235 |
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Profit and loss account |
(121,837) |
(26,048) |
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Total equity |
348,163 |
443,952 |
For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Duncan Hire Limited
(Registration number: 05497513)
Balance Sheet as at 30 November 2019
.........................................
Director
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The presentation currency of the financial statements is the Pound Sterling (£).
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern have been identified.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value addedtax,returns,rebatesand discounts.
The company recognises revenue at the point at which it has fulfilled its contractual obligations to the customer.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
No depreciation is provided for in respect to the Freehold property held as the director believes tha the Useful Economic Life of the asset is sufficiently long and the residual value sufficiently high that such a charge would be immaterial. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the director considers that to depreciate this asset would not enable the financial statements to give a true and fair view.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold |
In accordance with the property |
Improvements to property |
In accordance with the property |
Plant and machinery |
20% on reducing balance |
Motor vehicles |
20% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Trade creditors
Trade creditors are obligations to pay for good or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Tangible assets |
Land and buildings |
Property improvements |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2018 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
( |
At 30 November 2019 |
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Depreciation |
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At 1 December 2018 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
( |
At 30 November 2019 |
- |
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Carrying amount |
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At 30 November 2019 |
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At 30 November 2018 |
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Included within the net book value of land and buildings above is £640,954 (2018 - £640,954) in respect of freehold land and buildings.
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
- |
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Related party transactions |
Summary of transactions with other related parties
Duncan Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Swindon School & Welfare Transport
During the period the companies met expenses on behalf of each other. As at the year-end the inter-company account showed a balance due to Leszan Travel (Wilts.) Limited of £494,548 (2018: £464,435) and to Swindon School & Welfare Transport of £9,056 (2018: £0)