Neon Hire Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06261835 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Neon Hire Services Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

N P Lane

R Maisey

SECRETARY:

R Maisey

REGISTERED OFFICE:

Unit 27 Icknield Way Farm

Tring Road

Dunstable

Bedfordshire

LU6 2JX

REGISTERED NUMBER:

06261835 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

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 Statement of Financial Position. 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neon Hire Services Limited for the year ended 31 January 2021 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Neon Hire Services Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Neon Hire Services Limited and state those matters that we have agreed to state to the Board of Directors of Neon Hire Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neon Hire Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Neon Hire Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neon Hire Services Limited. You consider that Neon Hire Services Limited 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 Neon Hire Services Limited. 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.

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

21 May 2021

FIXED ASSETS

Tangible assets

4

3,846,242

4,561,294

CURRENT ASSETS

Stocks

62,655

48,276

Debtors

5

755,576

783,822

Cash at bank and in hand

666,149

322,680

1,484,380

1,154,778

CREDITORS

Amounts falling due within one year

6

1,924,509

1,982,897

NET CURRENT LIABILITIES

(440,129

)

(828,119

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,406,113

3,733,175

CREDITORS

Amounts falling due after more than one year

7

(1,753,069

)

(2,054,270

)

PROVISIONS FOR LIABILITIES

10

(276,647

)

(308,254

)

NET ASSETS

1,376,397

1,370,651

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,376,297

1,370,551

1,376,397

1,370,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 21 May 2021 and were signed on its behalf by:

N P Lane - Director

1.	STATUTORY INFORMATION

Neon Hire Services 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 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

-

33% on cost, 20% on cost and 20% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 35 (2020 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2020

58,814

6,911,043

945,918

10,623

7,926,398

Additions

12,012

188,810

101,800

2,225

304,847

Disposals

-

(404,469

)

(129,067

)

(2,125

)

(535,661

)

At 31 January 2021

70,826

6,695,384

918,651

10,723

7,695,584

DEPRECIATION

At 1 February 2020

20,055

2,887,461

450,710

6,878

3,365,104

Charge for year

9,753

720,343

137,420

1,185

868,701

Eliminated on disposal

-

(262,540

)

(119,798

)

(2,125

)

(384,463

)

At 31 January 2021

29,808

3,345,264

468,332

5,938

3,849,342

NET BOOK VALUE

At 31 January 2021

41,018

3,350,120

450,319

4,785

3,846,242

At 31 January 2020

38,759

4,023,582

495,208

3,745

4,561,294

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 February 2020

6,785,172

551,146

7,336,318

Additions

156,772

101,800

258,572

Disposals

(350,818

)

(4,818

)

(355,636

)

At 31 January 2021

6,591,126

648,128

7,239,254

DEPRECIATION

At 1 February 2020

2,861,922

184,516

3,046,438

Charge for year

714,785

91,027

805,812

Eliminated on disposal

(262,540

)

(4,818

)

(267,358

)

At 31 January 2021

3,314,167

270,725

3,584,892

NET BOOK VALUE

At 31 January 2021

3,276,959

377,403

3,654,362

At 31 January 2020

3,923,250

366,630

4,289,880

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

755,576

782,990

Other debtors

-

832

755,576

783,822

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts

-

6

Hire purchase contracts (see note 8)

1,212,096

1,170,767

Trade creditors

289,709

634,071

Taxation and social security

367,653

163,773

Other creditors

55,051

14,280

1,924,509

1,982,897

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts (see note 8)

1,753,069

2,054,270

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.21

31.1.20

£

£

Gross obligations repayable:

Within one year

1,327,224

1,317,494

Between one and five years

1,844,150

2,311,782

3,171,374

3,629,276

Finance charges repayable:

Within one year

115,128

146,727

Between one and five years

91,081

257,512

206,209

404,239

Net obligations repayable:

Within one year

1,212,096

1,170,767

Between one and five years

1,753,069

2,054,270

2,965,165

3,225,037

Non-cancellable

operating leases

31.1.21

31.1.20

£

£

Within one year

82,010

92,720

Between one and five years

119,583

158,263

In more than five years

-

12,250

201,593

263,233

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.1.20

£

£

Hire purchase contracts

2,965,165

3,225,037

10.	PROVISIONS FOR LIABILITIES

31.1.21

31.1.20

£

£

Deferred tax

276,647

308,254

Deferred

tax

£

Balance at 1 February 2020

308,254

Utilised during year

(31,607

)

Balance at 31 January 2021

276,647

11.	ULTIMATE CONTROLLING PARTY

The controlling party is board of directors.