P & R Plant Hire (Lincolnshire) Limited Filleted accounts for Companies House (small and micro)

P & R PLANT HIRE (LINCOLNSHIRE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04370913

P & R Plant Hire (Lincolnshire) Limited

Filleted Unaudited Financial Statements

For the year ended

29 February 2020

P & R Plant Hire (Lincolnshire) Limited

Statement of Financial Position

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		630,660	862,954

Current assets

Stocks		54,000	–
Debtors	7	502,575	508,718
Cash at bank and in hand		3,504	108
		---------	---------
		560,079	508,826

Creditors: amounts falling due within one year	8	813,146		583,455
		---------		---------
Net current liabilities			253,067	74,629
			---------	---------
Total assets less current liabilities			377,593	788,325

Creditors: amounts falling due after more than one year	9		286,317	412,734

Provisions

Taxation including deferred tax	19,907	72,165
	---------	---------
Net assets	71,369	303,426
	---------	---------

P & R Plant Hire (Lincolnshire) Limited

Statement of Financial Position (continued)

29 February 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	71,269	303,326
	--------	---------
Shareholders funds	71,369	303,426
	--------	---------

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 29 February 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 .

These financial statements were approved by the board of directors and authorised for issue on 26 February 2021 , and are signed on behalf of the board by:

P Plaice
Director

Company registration number: 04370913

P & R Plant Hire (Lincolnshire) Limited

Notes to the Financial Statements

Year ended 29 February 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 Enterprise House, 38 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, PE2 6LR. The trading address is The Old New Inn, Hallgate, Fleet Hargate, Spalding, PE12 8NG.

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

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

The financial statements have been prepared on a going concern basis despite the losses for the current and prior periods. The directors are satisfied they have sufficient funds and arrangements in place to meet liabilities as they fall due for payment for a period of at least 12 months from the date the accounts are approved. The statement of financial position remains in a positive net asset position and for these reasons the directors are satisfied the financial statements are prepared on a going concern basis. Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The directors consider that there are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than those already noted in the accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

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 material 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold property	-	2% straight line
Plant & Machinery	-	10% - 20% straight line
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 38 (2019: 38 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 March 2019	97,653	1,040,000	33,893	612,437	1,783,983
Additions	–	128,065	3,212	7,120	138,397
Disposals	–	( 341,550)	–	( 283,902)	( 625,452)
	--------	------------	--------	---------	------------
At 29 February 2020	97,653	826,515	37,105	335,655	1,296,928
	--------	------------	--------	---------	------------
Depreciation
At 1 March 2019	13,154	563,777	20,206	323,892	921,029
Charge for the year	1,949	71,637	3,795	31,391	108,772
Disposals	–	( 197,681)	–	( 165,852)	( 363,533)
	--------	------------	--------	---------	------------
At 29 February 2020	15,103	437,733	24,001	189,431	666,268
	--------	------------	--------	---------	------------
Carrying amount
At 29 February 2020	82,550	388,782	13,104	146,224	630,660
	--------	------------	--------	---------	------------
At 28 February 2019	84,499	476,223	13,687	288,545	862,954
	--------	------------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 29 February 2020	441,190	165,586	606,776
	---------	---------	---------
At 28 February 2019	386,047	285,332	671,379
	---------	---------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 March 2019 and 29 February 2020	50,000
	--------
Impairment
At 1 March 2019 and 29 February 2020	50,000
	--------

Carrying amount
At 29 February 2020	–
	--------
At 28 February 2019	–
	--------

The company is member of Boron Productions LLP and Montenegro Real Estate Partners No. 3 LLP which have all been valued at £nil by the directors due to trading losses arising in the partnerships.

7. Debtors

	2020	2019
	£	£
Trade debtors	261,109	248,171
Other debtors	241,466	260,547
	---------	---------
	502,575	508,718
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	414,610	248,834
Trade creditors	133,327	139,956
Accruals and deferred income	19,530	10,583
Social security and other taxes	40,014	22,154
Obligations under finance leases and hire purchase contracts	67,808	144,880
Director loan accounts	128,964	–
Net Wages control account	6,449	15,471
Other creditors	2,444	1,577
	---------	---------
	813,146	583,455
	---------	---------

The bank overdraft is secured on the assets of the company. Hire purchase liabilities are secured on the assets to which they relate. The loan is secured by way of a personal guarantee by the directors.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	124,803	160,791
Obligations under finance leases and hire purchase contracts	161,514	251,943
	---------	---------
	286,317	412,734
	---------	---------

Hire purchase liabilities are secured on the assets to which they relate. The loan is secured by way of a personal guarantee by the directors.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	9,000	9,000
	-------	-------

11. Contingencies

In July 2018 an employee tragically suffered a fatal motor vehicle injury. The matter has been reviewed by the Health and Safety Executive and proceedings will be taken against the company.

12. Directors' advances, credits and guarantees

During the year, the directors operated a loan account with the company. The opening balance was £96,703 owed to the company. Additional advances were received in the form of personal expenses paid for by the company totalling £36,608 (2019 - £22,514) plus cash drawings of £40,000 (2019 - £51,250). The directors made repayments to the company totalling £nil (2019 - £30,000) and cash payments of £301,675 (2019 - £60,000). At the year end the balance of the directors loan account was £128,964 owed to the directors. No interest has been charged.