Turner Tool Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01308726 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

TURNER TOOL HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S F Turner

Mrs B M Turner

J W Turner

SECRETARY:

S F Turner

REGISTERED OFFICE:

Northern Road

Chilton Industrial Estate

Sudbury

Suffolk

CO10 2XD

REGISTERED NUMBER:

01308726 (England and Wales)

ACCOUNTANTS:

Seago and Stopps

Chartered Certified Accountants

61 Station Road

Sudbury

Suffolk

CO10 2SP

FIXED ASSETS

655,488

Tangible assets

4

654,572

CURRENT ASSETS

15,597

Stocks

14,072

145,064

Debtors

5

128,036

481

Cash in hand

328

161,142

142,436

CREDITORS

247,906

Amounts falling due within one year

6

240,640

(86,764

)

NET CURRENT LIABILITIES

(98,204

)

568,724

TOTAL ASSETS LESS CURRENT LIABILITIES

556,368

CREDITORS

(56,372

)

Amounts falling due after more than one year

7

(46,258

)

(104,612

)

PROVISIONS FOR LIABILITIES

(113,677

)

407,740

NET ASSETS

396,433

CAPITAL AND RESERVES

1,125

Called up share capital

1,125

1,959

Share premium

1,959

404,656

Retained earnings

393,349

407,740

SHAREHOLDERS' FUNDS

396,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2020 and were signed on its behalf by:

S F Turner - Director

J W Turner - Director

1.	STATUTORY INFORMATION

Turner Tool 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of work completed during the year by reference to invoiced sales and the movement between opening and closing trade debtor balances.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Hire fleet

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities withing the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase contracts.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £18,526 (2018 - £16,361).

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term or their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Hire

Motor

Office

Totals

property

fleet

vehicles

equipment

£

£

£

£

£

COST

At 1 January 2019

2,000,894

136,706

1,464,712

351,043

48,433

Additions

219,493

-

178,243

41,100

150

Disposals

(132,050

)

-

(129,850

)

(2,200

)

-

At 31 December 2019

2,088,337

136,706

1,513,105

389,943

48,583

DEPRECIATION

At 1 January 2019

1,345,406

69,641

1,000,003

236,201

39,561

Charge for year

187,459

10,793

146,250

28,612

1,804

Eliminated on disposal

(99,100

)

-

(97,292

)

(1,808

)

-

At 31 December 2019

1,433,765

80,434

1,048,961

263,005

41,365

NET BOOK VALUE

At 31 December 2019

654,572

56,272

464,144

126,938

7,218

At 31 December 2018

655,488

67,065

464,709

114,842

8,872

Included in the figures for fixed assets are items held under finance leases or hire purchase contracts. These assets have a net book value of £358,490 (2018 - £273,442) and a depreciation charge for the year of £96,778 (2018 - £69,253).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

100,001

115,636

Other debtors

28,035

29,428

128,036

145,064

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

41,067

48,217

Hire purchase contracts

125,396

124,889

Trade creditors

33,264

19,676

Taxation and social security

37,733

54,543

Other creditors

3,180

581

240,640

247,906

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

46,258

56,372

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdrafts

41,067

48,217

The company's bank overdraft is secured by a guarantee and debenture incorporating a fixed and floating charge over all of the company's assets.

In addition the company's bankers hold legal charges over two properties owned by the company's parent undertaking, Heddon Holdings Limited.

9.	RELATED PARTY DISCLOSURES

The company rents its premises from and paid a management charge to its parent company, Heddon Holdings Limited totalling £49,500 (2018 - £49,500).

At the balance sheet date a total of £Nil (2018 - £Nil) was owing from Heddon Holdings Limited to Turner Tool Hire Limited.