Nationwide Plant & Tool Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11377657 (England and Wales)

Financial Statements

For The Year Ended 31 August 2020

for

Nationwide Plant & Tool Hire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E F McGurk

REGISTERED OFFICE:

Gloucester House

29 Brunswick Square

Gloucester

Gloucestershire

GL1 1UN

REGISTERED NUMBER:

11377657 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

449,821

528,265

CURRENT ASSETS

Debtors

5

141,171

25,079

Cash at bank

4,694

2,767

145,865

27,846

CREDITORS

Amounts falling due within one year

6

350,530

236,568

NET CURRENT LIABILITIES

(204,665

)

(208,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

245,156

319,543

CREDITORS

Amounts falling due after more than one year

7

219,858

321,492

NET ASSETS/(LIABILITIES)

25,298

(1,949

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

25,198

(2,049

)

SHAREHOLDERS' FUNDS

25,298

(1,949

)

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 27 May 2021 and were signed on its behalf by:

E F McGurk - Director

1.	STATUTORY INFORMATION

Nationwide Plant & 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 revenues from operating leasing agreements for commercial motor vehicles and plant and machinery. The company recognises the revenue on an accruals basis which equates to the invoicing of the service on a monthly basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

- 15% - 33% on cost

Motor vehicles

- 15% on cost

Computer equipment

- 33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful economic lives. Those held under finance leases are depreciated over their useful economic lives or the lease term, which ever is shorter.

The interest element of these obligations is charge to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charger to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2019

531,326

73,250

939

605,515

Additions

62,785

-

-

62,785

Disposals

(41,119

)

-

-

(41,119

)

At 31 August 2020

552,992

73,250

939

627,181

DEPRECIATION

At 1 September 2019

65,990

10,950

310

77,250

Charge for year

95,577

10,988

310

106,875

Eliminated on disposal

(6,765

)

-

-

(6,765

)

At 31 August 2020

154,802

21,938

620

177,360

NET BOOK VALUE

At 31 August 2020

398,190

51,312

319

449,821

At 31 August 2019

465,336

62,300

629

528,265

Included within the net book value of tangible fixed assets is £402,071 (2019: £433,908) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets were £79,496 (2019: £60,915).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

-

25,079

Amounts owed by group undertakings

123,082

-

Other debtors

13,400

-

Deferred tax asset

4,689

-

141,171

25,079

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

50,000

-

Hire purchase contracts (see note 8)

145,614

99,871

Trade creditors

1,059

12,906

Amounts owed to group undertakings

128,065

22,166

Social security and other taxes

12,489

13,127

Other creditors

3,761

-

Directors' current accounts

-

88,498

Accrued expenses

9,542

-

350,530

236,568

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Hire purchase contracts (see note 8)

219,858

321,492

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.8.20

31.8.19

£

£

Net obligations repayable:

Within one year

145,614

99,871

Between one and five years

219,858

321,492

365,472

421,363

Non-cancellable

operating leases

31.8.20

31.8.19

£

£

Within one year

2,277

4,554

Between one and five years

-

2,277

2,277

6,831

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.20

31.8.19

£

£

Hire purchase contracts

365,472

421,363

Borrowing under hire purchase is secured over the relevant assets acquired under those contracts.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morgan (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

12.	CONSOLIDATED ACCOUNTS

The company's ultimate parent company McGurk Group Limited produces consolidated accounts. Information regarding the consolidated accounts of McGurk Group Limited can be obtained from its registered office, Gloucester House, 29 Brunswick Square, Gloucester, GL1 1UN.