Press Red Rentals Ltd
Press Red Rentals Ltd
Registered number: 04875430
Financial Statements
For The Year Ended
30 December 2021
Press Red Rentals Ltd
Financial Statements
For The Year Ended
30 December 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
Press Red Rentals Ltd
Balance Sheet
As at
30 December 2021
Balance Sheet
Registered number:
04875430
For the year ending 30 December 2021 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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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 | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (234,970) | (163,654) | |||
Press Red Rentals Ltd
Balance Sheet (continued)
As at
30 December 2021
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
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Director
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The notes on pages 3 to 8 form part of these financial statements.
Press Red Rentals Ltd
Notes to the Financial Statements
For The Year Ended
30 December 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.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Press Red Rentals Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 December 2021
1.7.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
1.8.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| Office and administration |
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Press Red Rentals Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 December 2021
3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at
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| Additions |
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| Disposals |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| As at
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| Net Book Value | |||||
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Hitachi hold a fixed and floating charge over the companies assets.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
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| Motor Vehicles |
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Press Red Rentals Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 December 2021
4.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
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1,844 |
| As at
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1,844 |
| Provision | |
| As at
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- |
| As at
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- |
| Net Book Value | |
| As at
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1,844 |
| As at
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1,844 |
5.
Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by subsidiaries |
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6.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Net wages | 2,091 | - | |
| Factoring account |
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| Pension creditor |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Press Red Rentals Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 December 2021
7.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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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.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 17,583 |
8.
Obligations Under Finance Leases and Hire Purchase
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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9.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2021 | 2020 | ||
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| £ | £ | ||
| Deferred tax |
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Press Red Rentals Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 December 2021