South West Crane Hire (2010) Limited - Accounts to registrar (filleted) - small 18.2
South West Crane Hire (2010) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| SOUTH WEST CRANE HIRE (2010) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2020 |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2020 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SOUTH WEST CRANE HIRE (2010) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 Sandy Court |
| Ashleigh Way |
| Langage Business Park |
| Plymouth |
| Devon |
| PL7 5JX |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| ABRIDGED BALANCE SHEET |
| 31 MAY 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 and authorised for issue on |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 1. | STATUTORY INFORMATION |
| South West Crane Hire (2010) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset overs its estimated useful life. These rates also apply to assets held under a finance lease as the directors consider this appropriate. |
| Plant and machinery - Straight line over 15 years, 10 years or 5 years |
| Fixtures and fittings - Straight line over 5 years |
| Motor vehicles - Straight line over 10 years or 5 years |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| During the year ended 31 May 2018, the directors undertook an exercise to reassess the rates of depreciation used for each category of fixed asset held to ensure they reflect the useful life of the asset as closely as possible. The changes detailed above took effect from 1 June 2017. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
| Deferred tax is calculated 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. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
| Leases |
| Assets obtained under hire purchase contracts or finance lease are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated useful lives. Those held under finance leases are depreciated over their useful lives. |
| The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
| Finance leases |
| Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. |
| Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation. Finance charges are deducted in measuring profit or loss. |
| Assets held under finance leases are included in tangible fixed assets and depreciated in accordance with the rates applied to owned assets. Assets are assessed for impairment at each reporting date. |
| Operating leases |
| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
| Provisions for liabilities |
| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
| The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence. |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 June 2019 |
| Additions |
| Disposals | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 May 2020 |
| DEPRECIATION |
| At 1 June 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 May 2020 |
| NET BOOK VALUE |
| At 31 May 2020 |
| At 31 May 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
| Totals |
| £ |
| COST |
| At 1 June 2019 | 3,785,384 |
| Additions | 1,343,212 |
| Disposals | (290,000 | ) |
| Transfer to ownership | (77,564 | ) |
| At 31 May 2020 | 4,761,032 |
| DEPRECIATION |
| At 1 June 2019 | 807,093 |
| Charge for year | 291,701 |
| Eliminated on disposal | (111,167 | ) |
| Transfer to ownership | 29,763 |
| At 31 May 2020 | 1,017,390 |
| NET BOOK VALUE |
| At 31 May 2020 | 3,743,642 |
| At 31 May 2019 | 2,978,291 |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 6. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts | Finance leases |
| 2020 | 2019 | 2020 | 2019 |
| £ | £ | £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts and finance leases | 2,848,565 | 2,183,879 |
| The debts are secured against the individual assets they were used to finance. The aggregate net book value and cost of these is shown in note 5. |
| 8. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 365,572 | 310,000 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2019 |
| Provided during year |
| Unprovided deferred tax asset | (172,428 | ) |
| Balance at 31 May 2020 |
| SOUTH WEST CRANE HIRE (2010) LIMITED (REGISTERED NUMBER: 07248108) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 May 2020 and 31 May 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The overdrawn amount was repaid to the company on 18 September 2020. |