Neon Hire Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06261835

NEON HIRE SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2021 TO 31 OCTOBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J M Till

SECRETARY:

REGISTERED OFFICE:

19 Sherwood Road

Aston Fields Industrial Estate

Bromsgrove

Worcestershire

B60 3DR

REGISTERED NUMBER:

06261835

AUDITORS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Tangible assets

4

3,939,395

3,846,242

CURRENT ASSETS

Stocks

36,691

62,655

Debtors

5

790,261

755,576

Cash at bank and in hand

489,986

666,149

1,316,938

1,484,380

CREDITORS

Amounts falling due within one year

6

1,746,517

1,924,509

NET CURRENT LIABILITIES

(429,579

)

(440,129

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,509,816

3,406,113

CREDITORS

Amounts falling due after more than one year

7

(1,071,393

)

(1,753,069

)

PROVISIONS FOR LIABILITIES

(382,061

)

(276,647

)

NET ASSETS

2,056,362

1,376,397

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

801,251

-

Retained earnings

1,255,011

1,376,297

2,056,362

1,376,397

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 February 2022 and were signed by:

J M Till - Director

1.	STATUTORY INFORMATION

Neon Hire Services Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The Company had at the balance sheet date net current liabilities of £429,579. The directors have considered the cashflows of the business for the next 12 months by discounting non cash expenses including depreciation from its profit and loss account and are confident that that Company can meet its obligations as and when they fall due and have therefore prepared the accounts on a going concern basis.

The length of the accounts has been shortened to 9 months to bring the year end in line with group companies. Therefore, the comparatives are not entirely comparable.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost, 25% on reducing balance, 20% on cost, 20% on reducing balance and 10% on cost

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 31 (2021 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 February 2021

7,695,584

Additions

39,000

Disposals

(408,376

)

At 31 October 2021

7,326,208

DEPRECIATION

At 1 February 2021

3,849,342

Charge for period

586,708

Eliminated on disposal

(247,987

)

Revaluation adjustments

(801,250

)

At 31 October 2021

3,386,813

NET BOOK VALUE

At 31 October 2021

3,939,395

At 31 January 2021

3,846,242

Cost or valuation at 31 October 2021 is represented by:

Plant and

machinery

etc

£

Cost

7,326,208

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1 February 2021

7,239,254

Additions

39,000

Transfer to ownership

(1,837,019

)

At 31 October 2021

5,441,235

DEPRECIATION

At 1 February 2021

3,584,892

Charge for period

433,471

Revaluation adjustments

(690,789

)

Transfer to ownership

(1,147,996

)

At 31 October 2021

2,179,578

NET BOOK VALUE

At 31 October 2021

3,261,657

At 31 January 2021

3,654,362

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.1.21

£

£

Trade debtors

784,229

755,576

Other debtors

6,032

-

790,261

755,576

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.1.21

£

£

Hire purchase contracts (see note 8)

1,065,370

1,212,096

Trade creditors

178,189

289,709

Amounts owed to group undertakings

162,500

-

Taxation and social security

296,428

367,653

Other creditors

44,030

55,051

1,746,517

1,924,509

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.1.21

£

£

Hire purchase contracts (see note 8)

1,071,393

1,753,069

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.10.21

31.1.21

£

£

Gross obligations repayable:

Within one year

1,142,015

1,327,224

Between one and five years

1,119,415

1,844,150

2,261,430

3,171,374

Finance charges repayable:

Within one year

76,645

115,128

Between one and five years

48,022

91,081

124,667

206,209

Net obligations repayable:

Within one year

1,065,370

1,212,096

Between one and five years

1,071,393

1,753,069

2,136,763

2,965,165

Non-cancellable

operating leases

31.10.21

31.1.21

£

£

Within one year

55,500

82,010

Between one and five years

69,167

119,583

124,667

201,593

9.

RESERVES

Revaluation

reserve

£

Revaluation of fixed assets

801,251

At 31 October 2021

801,251

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hadleigh Burns (Senior Statutory Auditor)

for and on behalf of Charles Lovell & Co Limited

11.	ULTIMATE CONTROLLING PARTY

The controlling party is G T Access Limited.

The ultimate controlling party is J M Till.