HP Hire Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI037208 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

HP Hire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Hamilton

Mrs R Hamilton

Mr M Hamilton

SECRETARY:

Mr R Hamilton

REGISTERED OFFICE:

5 Black Stick Road

Killyhevlin Industrial Estate

Enniskillen

Co. Fermanagh

BT74 4EB

REGISTERED NUMBER:

NI037208 (Northern Ireland)

ACCOUNTANTS:

HMCI Limited

T/A Hamill McIlwaine

28-30 Old Mountfield Road

Omagh

Co. Tyrone

BT79 7BJ

BANKERS:

Ulster Bank Limited

16 Darling Street

Enniskillen

Co. Fermanagh

BT74 7ER

SOLICITORS:

Murnaghan & Fee

Queen Elizabeth Road

Enniskillen

Co. Fermanagh

BT74 7JA

FIXED ASSETS

Tangible assets

4

1,589,010

1,572,965

CURRENT ASSETS

Stocks

136,147

96,097

Debtors

5

166,971

124,009

Cash at bank

110,569

213,136

413,687

433,242

CREDITORS

Amounts falling due within one year

6

220,338

268,432

NET CURRENT ASSETS

193,349

164,810

TOTAL ASSETS LESS CURRENT LIABILITIES

1,782,359

1,737,775

CREDITORS

Amounts falling due after more than one year

7

(447,488

)

(459,289

)

PROVISIONS FOR LIABILITIES

(183,800

)

(180,207

)

NET ASSETS

1,151,071

1,098,279

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

1,149,071

1,096,279

SHAREHOLDERS' FUNDS

1,151,071

1,098,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 and authorised for issue by the Board of Directors and authorised for issue on 31 July 2023 and were signed on its behalf by:

Mr R Hamilton - Director

1.	STATUTORY INFORMATION

HP Hire Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 upon delivery of the goods and services to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off costs of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold property

2%-Straight line

Motor vehicles

25%-Reducing balance

Plant and machinery

12.5%-Reducing balance

Fixtures and fittings

15%-Reducing balance

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.

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 13 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2022

620,132

2,298,130

114,069

213,120

3,245,451

Additions

-

193,449

167

-

193,616

Disposals

-

(152,855

)

-

-

(152,855

)

At 31 December 2022

620,132

2,338,724

114,236

213,120

3,286,212

DEPRECIATION

At 1 January 2022

10,000

1,397,595

102,906

161,985

1,672,486

Charge for year

2,000

133,271

1,700

12,783

149,754

Eliminated on disposal

-

(125,038

)

-

-

(125,038

)

At 31 December 2022

12,000

1,405,828

104,606

174,768

1,697,202

NET BOOK VALUE

At 31 December 2022

608,132

932,896

9,630

38,352

1,589,010

At 31 December 2021

610,132

900,535

11,163

51,135

1,572,965

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

157,931

115,528

Other debtors

9,040

8,481

166,971

124,009

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

17,479

44,178

Hire purchase contracts

118,152

154,787

Trade creditors

30,658

22,049

Taxation and social security

46,920

36,447

Other creditors

7,129

10,971

220,338

268,432

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

24,971

40,382

Hire purchase contracts

180,164

173,300

Other creditors

242,353

245,607

447,488

459,289

Security

The company's bank loans and overdraft are secured by the following:

- Freehold 1st legal charge over commercial property comprising a showroom, workshop and yard at Killyhevlin Industrial Estate, Enniskillen.

- Debenture giving a fixed and floating charge over the company's assets.

8.	RELATED PARTY DISCLOSURES

At the year end an amount of £242,353 (2021: £245,607) was owed to the directors from the company and is included in other creditors in the accounts (note 8). No interest is charged on this balance.