South Coast Tool Hire Limited - Period Ending 2014-12-31

Registration number: 08418810

South Coast Tool Hire Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

West Accounting Solutions
  46 Church Lane
  Backwell
  Bristol
  North Somerset
  BS48 3PQ

South Coast Tool Hire Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
South Coast Tool Hire Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South Coast Tool Hire Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of South Coast Tool Hire Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2013. Our work has been undertaken solely to prepare for your approval the accounts of South Coast Tool Hire Limited and state those matters that we have agreed to state to them. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Coast Tool Hire Limited and its Board of Directors as a body for our work or for this report.

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

......................................

West Accounting Solutions
46 Church Lane
Backwell
Bristol
North Somerset
BS48 3PQ

6 June 2015

Page 1

South Coast Tool Hire Limited
(Registration number: 08418810)
Abbreviated Balance Sheet at 31 December 2014

		Note			31 December 2014 £			31 December 2013 £
Fixed assets
Tangible fixed assets					261,580			191,816
Current assets
Stocks					6,692			4,094
Debtors					126,014			68,772
Cash at bank and in hand					3,036			33
					135,742			72,899
Creditors: Amounts falling due within one year					(74,108)			(315,124)
Net current assets/(liabilities)					61,634			(242,225)
Total assets less current liabilities					323,214			(50,409)
Creditors: Amounts falling due after more than one year					(319,800)			(13,250)
Provisions for liabilities					(1,848)			-
Net assets/(liabilities)					1,566			(63,659)
Capital and reserves
Called up share capital		4			200			200
Profit and loss account					1,366			(63,859)
Shareholders' funds/(deficit)					1,566			(63,659)

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 6 June 2015 and signed on its behalf by:

.........................................
Mr J S Laycock
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

South Coast Tool Hire Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold	Over term of lease
Plant and machinery	20% straight line basis
Fixures and fittings	33% straight line basis
Motor vehicles	25% reducing balance
Office equipment	20% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

South Coast Tool Hire Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		213,080			213,080
Additions		131,686			131,686
Disposals		(4,780)			(4,780)
At 31 December 2014		339,986			339,986
Depreciation
At 1 January 2014		21,264			21,264
Charge for the year		57,995			57,995
Eliminated on disposals		(853)			(853)
At 31 December 2014		78,406			78,406
Net book value
At 31 December 2014		261,580			261,580
At 31 December 2013		191,816			191,816

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 December 2014 £			31 December 2013 £
Amounts falling due within one year		8,250			18,993
Amounts falling due after more than one year		5,000			13,250
Total secured creditors		13,250			32,243

4	Share capital

Allotted, called up and fully paid shares

	31 December 2014						31 December 2013
		No.			£			No.			£
Ordinary of £1 each		200			200			200			200

Page 4