South West Crane Hire (2010) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07248108 (England and Wales)

SOUTH WEST CRANE HIRE (2010) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M R Jeffery

Mrs M S Jeffery

REGISTERED OFFICE:

Tan Lane

St Thomas

EXETER

Devon

EX2 8EG

REGISTERED NUMBER:

07248108 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Tangible assets

5

4,722,665

4,633,027

CURRENT ASSETS

Stocks

88,587

88,587

Debtors

955,417

702,874

Cash at bank

85

46,662

1,044,089

838,123

CREDITORS

Amounts falling due within one year

2,007,671

1,876,480

NET CURRENT LIABILITIES

(963,582

)

(1,038,357

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,759,083

3,594,670

CREDITORS

Amounts falling due after more than one year

6

(1,827,496

)

(1,826,833

)

PROVISIONS FOR LIABILITIES

9

(400,458

)

(289,221

)

NET ASSETS

1,531,129

1,478,616

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,531,127

1,478,614

SHAREHOLDERS' FUNDS

1,531,129

1,478,616

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 December 2022 and were signed on its behalf by:

Mr M R Jeffery - Director

1.	STATUTORY INFORMATION

South West Crane Hire (2010) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset overs its estimated useful life. These rates also apply to assets held under a finance lease as the directors consider this appropriate.

Plant and machinery - Straight line over 15 years, 10 years or 5 years

Fixtures and fittings - Straight line over 5 years

Motor vehicles - Straight line over 10 years or 5 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Leases

Assets obtained under hire purchase contracts or finance lease are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated useful lives. Those held under finance leases are depreciated over their useful lives.

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

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

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases

Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated in accordance with the rates applied to owned assets. Assets are assessed for impairment at each reporting date.

Operating leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Grant income

Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2021 - 44 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2021

6,784,674

Additions

877,488

Disposals

(583,903

)

At 31 May 2022

7,078,259

DEPRECIATION

At 1 June 2021

2,151,647

Charge for year

503,971

Eliminated on disposal

(300,024

)

At 31 May 2022

2,355,594

NET BOOK VALUE

At 31 May 2022

4,722,665

At 31 May 2021

4,633,027

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

Totals

£

COST

At 1 June 2021

4,692,006

Additions

850,748

Disposals

(250,000

)

Transfer to ownership

(529,832

)

At 31 May 2022

4,762,922

DEPRECIATION

At 1 June 2021

1,117,416

Charge for year

301,535

Eliminated on disposal

(113,889

)

Transfer to ownership

(207,075

)

At 31 May 2022

1,097,987

NET BOOK VALUE

At 31 May 2022

3,664,935

At 31 May 2021

3,574,590

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2022

2021

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

50,000

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

705,570

703,953

Between one and five years

1,796,679

1,776,833

2,502,249

2,480,786

Non-cancellable operating

leases

2022

2021

£

£

Within one year

60,750

40,500

Between one and five years

222,750

40,500

283,500

81,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

2,502,249

2,480,786

The debts are secured against the individual assets they were used to finance. The aggregate net book value and cost of these is shown in note 5.

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

400,458

289,221

Deferred

tax

£

Balance at 1 June 2021

289,221

Provided during year

403,474

Deferred tax asset

(292,237

)

Balance at 31 May 2022

400,458

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

Mrs M S Jeffery and Mr M R Jeffery

Balance outstanding at start of year

19,742

13,256

Amounts repaid

(19,742

)

(103,306

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

19,742

The overdrawn amount was repaid to the company on 25 January 2022..