Aggregate Tipper Hire Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10931979 (England and Wales)

AGGREGATE TIPPER HIRE LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Tangible assets

4

974,434

609,386

CURRENT ASSETS

Debtors

5

342,744

226,193

Cash at bank

85,770

91,444

428,514

317,637

CREDITORS

Amounts falling due within one year

6

523,629

398,882

NET CURRENT LIABILITIES

(95,115

)

(81,245

)

TOTAL ASSETS LESS CURRENT LIABILITIES

879,319

528,141

CREDITORS

Amounts falling due after more than one year

7

(557,494

)

(277,192

)

PROVISIONS FOR LIABILITIES

(47,537

)

(34,049

)

NET ASSETS

274,288

216,900

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

274,188

216,800

274,288

216,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 24 May 2021 and were signed by:

R S Dhillon - Director

1.	STATUTORY INFORMATION

Aggregate Tipper Hire Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10931979

Registered office:

24 Syke Ings

Iver

Buckinghamshire

SL0 9ET

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

25% on reducing balance

This policy is applied pro rata from the month of purchase in the year of acquisition. No depreciation is provided for in the year of disposal.

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 estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

1,043,126

Additions

578,054

Disposals

(86,500

)

At 31 August 2020

1,534,680

DEPRECIATION

At 1 September 2019

433,740

Charge for year

164,350

Eliminated on disposal

(37,844

)

At 31 August 2020

560,246

NET BOOK VALUE

At 31 August 2020

974,434

At 31 August 2019

609,386

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 September 2019

850,790

Additions

578,054

Transfer to ownership

(203,889

)

At 31 August 2020

1,224,955

DEPRECIATION

At 1 September 2019

349,592

Charge for year

120,794

Transfer to ownership

(89,204

)

At 31 August 2020

381,182

NET BOOK VALUE

At 31 August 2020

843,773

At 31 August 2019

501,198

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

156,360

51,534

Other debtors

186,384

174,659

342,744

226,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

833

-

Hire purchase contracts

291,163

155,282

Trade creditors

-

2,191

Taxation and social security

-

12,138

Other creditors

231,633

229,271

523,629

398,882

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

49,167

-

Hire purchase contracts

508,327

277,192

557,494

277,192

8.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan of £116,250 (2019 £116,250) from a company which is owned and controlled by a close family member of the Director. No interest has been charged on this amount. The amount is repayable on demand.

In addition, other creditors includes £50,267 (2019 £48,243) which is owed to the Director on his loan account. No interest has been charged on this amount. The amount is also repayable on demand.

During the period the company acquired a total of four HGV tipper units from a business which the Director and a close family member owned and controlled, A further HGV tipper unit was acquired from a company controlled by a close family member. In each case the asset was acquired at the outstanding balance on the existing finance agreement either by novation of the agreement of by refinancing the existing debt. The Director believes that the values at which the assets were acquired was not materially different from the market value at the date of acquisition.