Hire Services (Southern) Limited - Period Ending 2022-09-30
Hire Services (Southern) Limited - Period Ending 2022-09-30
Registration number:
Hire Services (Southern) Limited
|
|
Hire Services (Southern) Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Hire Services (Southern) Limited
Company Information
Directors |
G R Warr M B Warr A G Warr A V Warr C J Warr |
Registered office |
|
Accountants |
|
Hire Services (Southern) Limited
Statement of Financial Position as at 30 September 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,200 |
1,200 |
|
Retained earnings |
4,297,101 |
4,105,915 |
|
Shareholders' funds |
4,298,301 |
4,107,115 |
For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Hire Services (Southern) Limited
Statement of Financial Position as at 30 September 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
G R Warr
Director
Company registration number: 03440165
Hire Services (Southern) Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal activity of the company is the hire and sale of plant and equipment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
Tthe directors' current view is that the impact of economic uncertainty will be manageable as the company operates with controllable overheads and at 30 September 2022 had net assets of £4,298,301 and holds significant cash balances of £273,806.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. Hire of equipment is accounted for based upon the number of days that plant and equipment is out on hire on a time basis.
Hire Services (Southern) Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
Government grants
Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model as a grant relating to revenue, which has been recognised in other operating income in the period in which it becomes receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
15% straight line |
Motor Vehicles |
15% straight line |
Fixtures & Fittings |
15% straight line |
Leasehold improvements |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire Services (Southern) Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Land and buildings |
Fixtures & fittings |
Motor vehicles |
Plant & machinery |
Total |
|
Cost or valuation |
|||||
At 1 October 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
( |
- |
( |
At 30 September 2022 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2021 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
At 30 September 2022 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2022 |
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
|
Hire Services (Southern) Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
Stocks |
2022 |
2021 |
|
Finished goods and goods for resale |
|
440,000 |
Debtors |
2022 |
2021 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Creditors include bank loans of £10,000 (2021 - £10,000).
Creditors: amounts falling due after more than one year
2022 |
2021 |
|
Other non-current financial liabilities |
|
|
Creditors include bank loans of £28,333 (2021 - £38,333).
Hire Services (Southern) Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
Deferred Taxation |
2022 |
Liability |
£ |
|
Accelerated capital allowances |
379,302 |
Losses |
(14,714) |
Provisions |
(499) |
364,089 |
|
2021 |
Liability |
£ |
|
Accelerated capital allowances |
320,849 |
Losses |
(154,580) |
Provisions |
(976) |
165,293 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £166,667 (2021 - £Nil).
Related party transactions |
Included within 'Other Debtors' are amounts of £1,663,503 (2021: £1,983,503) due from Real-X Limited and £Nil (2021: £200,000) due from Real-X Developments Limited, companies in which G R Warr, M B Warr, A G Warr, A V Warr and C J Warr are directors and shareholders. During the year the company paid rent of £120,000 (2021: £120,000) to Real-X Limited.