Genny Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC352183 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Genny Hire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

Ms L J Clark

R S Deans

REGISTERED OFFICE:

Victoria House

13 Victoria Street

ABERDEEN

AB10 1XB

BUSINESS ADDRESS:

Unit 3A

Craigearn Business Park

Morrison Way

KINTORE

AB51 0TH

REGISTERED NUMBER:

SC352183 (Scotland)

ACCOUNTANTS:

Atholl Scott

Victoria House

13 Victoria Street

ABERDEEN

AB10 1XB

FIXED ASSETS

Tangible assets

4

697,979

789,611

CURRENT ASSETS

Stocks

5

83,459

79,587

Debtors

6

130,458

223,013

Cash at bank and in hand

202,455

243,628

416,372

546,228

CREDITORS

Amounts falling due within one year

7

(274,370

)

(392,847

)

NET CURRENT ASSETS

142,002

153,381

TOTAL ASSETS LESS CURRENT LIABILITIES

839,981

942,992

PROVISIONS FOR LIABILITIES

8

(131,747

)

(149,030

)

NET ASSETS

708,234

793,962

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

708,230

793,958

SHAREHOLDERS' FUNDS

708,234

793,962

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 25 September 2020 and were signed on its behalf by:

Ms L J Clark - Director

R S Deans - Director

1.	STATUTORY INFORMATION

Genny Hire Limited is a private company, limited by shares , registered in Scotland. 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 amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2019

1,662,788

5,771

117,344

1,785,903

Additions

147,009

3,115

-

150,124

Disposals

(83,272

)

-

(15,344

)

(98,616

)

At 31 December 2019

1,726,525

8,886

102,000

1,837,411

DEPRECIATION

At 1 January 2019

892,338

4,681

99,273

996,292

Charge for year

198,028

1,262

8,500

207,790

Eliminated on disposal

(58,877

)

-

(5,773

)

(64,650

)

At 31 December 2019

1,031,489

5,943

102,000

1,139,432

NET BOOK VALUE

At 31 December 2019

695,036

2,943

-

697,979

At 31 December 2018

770,450

1,090

18,071

789,611

5.

STOCKS

31.12.19

31.12.18

£

£

Valuation

83,459

79,587

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

125,973

213,739

Directors' loan accounts

36

-

Prepayments and accrued income

4,449

9,274

130,458

223,013

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

-

102

Trade creditors

57,730

21,724

Tax

1,245

34,841

PAYE

6,174

5,837

Pension creditor

994

497

VAT

35,404

57,065

Net salary clearing account

2,444

-

Directors' loan accounts

159,615

259,824

Accrued expenses

10,764

12,957

274,370

392,847

8.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

131,747

149,030

Deferred

tax

£

Balance at 1 January 2019

149,030

Utilised during year

(17,283

)

Balance at 31 December 2019

131,747

9.	OTHER FINANCIAL COMMITMENTS

At the year end the company had total commitments under operating leases expiring within a year of £15,885 and expiring between 2 and 5 years of £20,371.

10.	RELATED PARTY DISCLOSURES

During the year the directors decreased the amount loaned to the company by £100,245 leaving a balance of £159,579 (2018 £259,824). This loan is unsecured, interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2019 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities and financial position of the company. You consider that the company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Atholl Scott

Victoria House

13 Victoria Street

ABERDEEN

AB10 1XB

9 December 2020