Fosseway Tool Hire Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03548023 (England and Wales)

FOSSEWAY TOOL HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs L E Butler

N H J Davis

P J Gibbs

REGISTERED OFFICE:

6-7 Citibase, New Barclay House

234 Botley Road

Oxford

OX2 0HP

REGISTERED NUMBER:

03548023 (England and Wales)

ACCOUNTANTS:

Mercer Lewin Ltd

Chartered Accountants

6-7 Citibase

New Barclay House

234 Botley Road

Oxford

OX2 0HP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

708,365

361,225

708,365

361,225

CURRENT ASSETS

Stocks

50,215

53,886

Debtors

6

140,731

166,164

Cash at bank and in hand

5,330

64,901

196,276

284,951

CREDITORS

Amounts falling due within one year

7

188,665

161,110

NET CURRENT ASSETS

7,611

123,841

TOTAL ASSETS LESS CURRENT LIABILITIES

715,976

485,066

CREDITORS

Amounts falling due after more than one year

8

(177,384

)

(5,868

)

PROVISIONS FOR LIABILITIES

(136,073

)

(67,917

)

NET ASSETS

402,519

411,281

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

402,517

411,279

402,519

411,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

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 9 August 2023 and were signed on its behalf by:

Mrs L E Butler - Director

N H J Davis - Director

1.	STATUTORY INFORMATION

Fosseway Tool Hire 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.

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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements

TURNOVER

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. the difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods). the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business, has been amortised over its estimated useful life to a nil value.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

4% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% 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 year 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 year 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

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

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 year was 11 (2022 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

6,000

AMORTISATION

At 1 May 2022

and 30 April 2023

6,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2022

22,983

1,718,592

1,741,575

Additions

4,485

593,943

598,428

Disposals

(1,549

)

(139,031

)

(140,580

)

At 30 April 2023

25,919

2,173,504

2,199,423

DEPRECIATION

At 1 May 2022

2,579

1,377,771

1,380,350

Charge for year

1,531

230,032

231,563

Eliminated on disposal

(516

)

(120,339

)

(120,855

)

At 30 April 2023

3,594

1,487,464

1,491,058

NET BOOK VALUE

At 30 April 2023

22,325

686,040

708,365

At 30 April 2022

20,404

340,821

361,225

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

116,683

125,793

Other debtors

24,048

40,371

140,731

166,164

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

29,286

16,635

Hire purchase contracts (see note 9)

64,081

15,763

Trade creditors

92,955

95,848

Taxation and social security

-

31,018

Other creditors

2,343

1,846

188,665

161,110

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 9)

171,600

2,976

Other creditors

5,784

2,892

177,384

5,868

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

64,081

15,763

Between one and five years

171,600

2,976

235,681

18,739

Non-cancellable

operating leases

2023

2022

£

£

Within one year

59,500

59,500

Between one and five years

176,750

176,750

In more than five years

220,500

280,000

456,750

516,250

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fosseway Tool Hire Limited for the year ended 30 April 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Fosseway Tool Hire Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fosseway Tool Hire Limited and state those matters that we have agreed to state to the Board of Directors of Fosseway Tool Hire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fosseway Tool Hire Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fosseway Tool Hire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fosseway Tool Hire Limited. You consider that Fosseway Tool Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fosseway Tool Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mercer Lewin Ltd

Chartered Accountants

6-7 Citibase

New Barclay House

234 Botley Road

Oxford

OX2 0HP

9 August 2023