Easi-Hire Limited
Easi-Hire Limited
Registered number: 03026181
Financial Statements
For The Year Ended
31 March 2021
Easi-Hire Limited
Financial Statements
For The Year Ended
31 March 2021
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Easi-Hire Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
03026181
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 116,641 | 70,935 | |||
Page 1
Easi-Hire Limited
Balance Sheet (continued)
As at
31 March 2021
Directors' responsibilities:
-
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Easi-Hire Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 2)
Page 3
Easi-Hire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Tangible Assets
Investment Properties | Plant & Machinery | Motor Vehicles | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at
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Additions | - |
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As at
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Depreciation | ||||
As at
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Provided during the period | - |
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As at
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Net Book Value | ||||
As at
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As at
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4.
Debtors
2021 | 2020 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors |
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VAT | - |
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5.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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VAT |
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Accruals and deferred income |
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Directors' loan accounts |
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6.
Creditors: Amounts Falling Due After More Than One Year
2021 | 2020 | ||
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£ | £ | ||
Bank loans |
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Other creditors |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
Page 4
Easi-Hire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
2021 | 2020 | ||
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£ | £ | ||
Bank loans and overdrafts | 412,737 | 231,678 |
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
2021 | 2020 | ||
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£ | £ | ||
Bank loans and overdrafts | 512,738 | 281,678 |
9.
Related Party Transactions
The Company is related to Mitchells Ironmongers Limited by virtue of common control. At the year-end an amount of £238,276 (2020: £nil) was due to Mitchells Ironmongers. The loan has no scheduled repayment date. Rental income of £42,000 (2020: £nil) was reveivable from Mitchells Ironmongers during the year.
10.
General Information
Easi-Hire Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03026181
. The registered office is Kestral Park, Kestral Road, Mansfield, Nottinghamshire, NG18 5FT.
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