Pat Kelly (Machine Rentals) Limited Filleted accounts for Companies House (small and micro)

PAT KELLY (MACHINE RENTALS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00821064

Pat Kelly (Machine Rentals) Limited

Filleted Unaudited Financial Statements

31 October 2021

Pat Kelly (Machine Rentals) Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		225,224	225,299

Current assets

Cash at bank and in hand	33,821		84,005

Creditors: amounts falling due within one year	6	( 6,093)		( 11,263)
		ÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄ
Net current assets			27,728	72,742
			ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			252,952	298,041
			ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Net assets			252,952	298,041
			ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	5,000	5,000
Profit and loss account	247,952	293,041
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Shareholders funds	252,952	298,041
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

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 31 October 2021 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 19 July 2022 , and are signed on behalf of the board by:

S.C. Kelly

Director

Company registration number: 00821064

Pat Kelly (Machine Rentals) Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Castle Street, Bridgwater, Somerset, TA6 3DT.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Taxation

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 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

	Office equipment	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Land and buildings	Office equipment	Total
	£	£	£
Cost
At 1 November 2020 and 31 October 2021	225,000	399	225,399
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 November 2020	–	100	100
Charge for the year	–	75	75
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
At 31 October 2021	–	175	175
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 October 2021	225,000	224	225,224
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ
At 31 October 2020	225,000	299	225,299
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

The investment property was valued at fair value on an open market basis as estimated by the directors. The historic cost of the investment property is £218,736.

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Taxation and social security	–	3,834
Other creditors	6,093	7,429
	ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
	6,093	11,263
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ