D Crane Plant Hire Limited Filleted accounts for Companies House (small and micro)

D Crane Plant Hire Limited Filleted accounts for Companies House (small and micro)

D CRANE PLANT HIRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08795268
D CRANE PLANT HIRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2020
D CRANE PLANT HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
28,750
36,250
Tangible assets
6
489,656
460,741
---------
---------
518,406
496,991
CURRENT ASSETS
Debtors
7
117,232
119,274
Cash at bank and in hand
62,712
63,676
---------
---------
179,944
182,950
CREDITORS: amounts falling due within one year
8
93,773
120,685
---------
---------
NET CURRENT ASSETS
86,171
62,265
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
604,577
559,256
CREDITORS: amounts falling due after more than one year
9
329,144
302,744
PROVISIONS
Taxation including deferred tax
93,034
87,540
---------
---------
NET ASSETS
182,399
168,972
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
182,299
168,872
---------
---------
SHAREHOLDERS FUNDS
182,399
168,972
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 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 .
D CRANE PLANT HIRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 19 January 2021 , and are signed on behalf of the board by:
S.J. Crane
Director
Company registration number: 08795268
D CRANE PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fleetcroft, Fleet Street Lane, Ribchester, Preston, Lancashire, PR3 3XE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of VAT. Revenue is recognised on delivery of goods to the customer or on completion of work done.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
(d) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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 & Machinery
-
15% per annum reducing balance
Motor Vehicles
-
25% per annum reducing balance
Fixtures, Fittings & Equipment
-
10% per annum reducing balance
(g) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Finance charges are allocated to each period on a straight line basis.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(i) Financial instruments
Basic financial instruments are recognised at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
75,000
--------
Amortisation
At 1 April 2019
38,750
Charge for the year
7,500
--------
At 31 March 2020
46,250
--------
Carrying amount
At 31 March 2020
28,750
--------
At 31 March 2019
36,250
--------
6. TANGIBLE ASSETS
Plant & Machinery
Motor Vehicles
Fixtures, Fittings & Equipment
Total
£
£
£
£
Cost
At 1 April 2019
753,680
44,434
18,609
816,723
Additions
94,115
20,000
2,650
116,765
Disposals
( 5,040)
–
–
( 5,040)
---------
--------
--------
---------
At 31 March 2020
842,755
64,434
21,259
928,448
---------
--------
--------
---------
Depreciation
At 1 April 2019
322,110
28,239
5,633
355,982
Charge for the year
78,384
4,674
1,668
84,726
Disposals
( 1,916)
–
–
( 1,916)
---------
--------
--------
---------
At 31 March 2020
398,578
32,913
7,301
438,792
---------
--------
--------
---------
Carrying amount
At 31 March 2020
444,177
31,521
13,958
489,656
---------
--------
--------
---------
At 31 March 2019
431,570
16,195
12,976
460,741
---------
--------
--------
---------
7. DEBTORS
2020
2019
£
£
Trade debtors
117,232
117,787
Prepayments and accrued income
–
1,487
---------
---------
117,232
119,274
---------
---------
8. CREDITORS: amounts falling due within one year
2020
2019
£
£
Trade creditors
10,943
10,711
Accruals and deferred income
3,289
6,190
Corporation tax
85
16,363
Social security and other taxes
15,862
24,988
Obligations under finance leases and hire purchase contracts
51,725
37,743
Director loan accounts
11,869
24,690
--------
---------
93,773
120,685
--------
---------
Obligations under finance leases and hire purchase contracts are secured.
9. CREDITORS: amounts falling due after more than one year
2020
2019
£
£
Obligations under finance leases and hire purchase contracts
54,144
27,744
Directors loan accounts
275,000
275,000
---------
---------
329,144
302,744
---------
---------
Obligations under finance leases and hire purchase contracts are secured.
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102.
11. RELATED PARTY TRANSACTIONS
The company was under the control of the directors, Mr D.J. Crane and Mrs S.J. Crane , throughout the year. During the year the company paid dividends to the directors amounting to £2,857.