T.J.S. Hire Co. (Humberside) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01364047 (England and Wales)

Audited Financial Statements

for the Year Ended 31 May 2023

for

T.J.S. Hire Co. (Humberside) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Ms F E Sayles

Mr N D J Sayles

Mr J Raynor

SECRETARY:

Ms F E Sayles

REGISTERED OFFICE:

7 Hebden Road

SCUNTHORPE

South Humberside

DN15 8DT

REGISTERED NUMBER:

01364047 (England and Wales)

AUDITORS:

Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC

84 High Street

SCUNTHORPE

DN15 6HQ

SOLICITORS:

Mason Baggott & Garton

13/19 Wells Street

SCUNTHORPE

South Humberside

DN15 6HN

FIXED ASSETS

Tangible assets

4

10,793,370

9,788,333

CURRENT ASSETS

Stocks

66,339

85,959

Debtors

5

824,473

890,284

Cash at bank and in hand

882,714

550,494

1,773,526

1,526,737

CREDITORS

Amounts falling due within one year

6

2,468,065

2,184,161

NET CURRENT LIABILITIES

(694,539

)

(657,424

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,098,831

9,130,909

CREDITORS

Amounts falling due after more than one year

7

(1,451,864

)

(1,638,204

)

PROVISIONS FOR LIABILITIES

10

(1,542,491

)

(1,006,253

)

NET ASSETS

7,104,476

6,486,452

CAPITAL AND RESERVES

Called up share capital

10,200

10,200

Revaluation reserve

2,851,081

1,923,192

Retained earnings

4,243,195

4,553,060

SHAREHOLDERS' FUNDS

7,104,476

6,486,452

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 8 September 2023 and were signed on its behalf by:

Ms F E Sayles - Director

1.	STATUTORY INFORMATION

T.J.S. Hire Co. (Humberside) 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sale of goods and rental of vehicles, excluding value added tax.

Tangible fixed assets

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

Property improvements

-

14% to 17% on cost

Plant and machinery

-

15% to 25% on reducing balance

Fixtures and fittings

-

10% to 50% on reducing balance

Motor vehicles

-

1% to 45% 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase and finance leases are capitalised as tangible assets. Finance leases are depreciated over the shorter of the lease term and their useful lives and HP assets are depreciated over their useful lives. Obligations under such agreements are included in creditors net of 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 constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Assets held for use in operating leases are included in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term 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.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Property

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 June 2022

54,441

212,638

212,612

11,199,034

11,678,725

Additions

33,826

4,070

23,527

3,720,451

3,781,874

Disposals

-

-

-

(2,140,653

)

(2,140,653

)

Revaluations

-

-

-

(2,069,100

)

(2,069,100

)

At 31 May 2023

88,267

216,708

236,139

10,709,732

11,250,846

DEPRECIATION

At 1 June 2022

48,126

200,251

193,591

1,448,424

1,890,392

Charge for year

3,780

4,717

7,011

2,068,927

2,084,435

Eliminated on disposal

-

-

-

(520,362

)

(520,362

)

Revaluation adjustments

-

-

-

(2,996,989

)

(2,996,989

)

At 31 May 2023

51,906

204,968

200,602

-

457,476

NET BOOK VALUE

At 31 May 2023

36,361

11,740

35,537

10,709,732

10,793,370

At 31 May 2022

6,315

12,387

19,021

9,750,610

9,788,333

Cost or valuation at 31 May 2023 is represented by:

Fixtures

Property

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2023

-

-

-

(2,069,100

)

(2,069,100

)

Cost

88,267

216,708

236,139

12,778,832

13,319,946

88,267

216,708

236,139

10,709,732

11,250,846

At the year end a revaluation was completed on the full Motor Vehicles asset category to bring the values to their estimated market value as at 31 May 2023. This has resulted in an upwards valuation of the asset category of £927,889.There is no tax effect on this revaluation.

The cost of fixed assets includes assets which are held under hire purchase agreements, these amount to £5,706,513 (2022: £5,966,537) accumulated depreciation £1,019,558 (2022: £895,423).

The valuation of motor vehicles includes amount of £10,633,173 (2022: £11,145,379) in respect of assets held for use under operating leases.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

624,158

633,126

Other debtors

1,275

1,275

VAT

-

40,128

Prepayments and accrued income

199,040

215,755

824,473

890,284

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

1,698,455

1,421,734

Payments on account

49,920

98,260

Trade creditors

44,760

47,626

Corporation tax

281,521

179,638

Social security and other taxes

20,672

12,372

VAT

145,765

-

Other creditors

1,886

1,026

Directors' current accounts

200,614

398,854

Accruals and deferred income

24,472

24,651

2,468,065

2,184,161

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

1,451,864

1,638,204

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023

2022

£

£

Net obligations repayable:

Within one year

1,698,455

1,421,734

Between one and five years

1,451,864

1,638,204

3,150,319

3,059,938

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Debts due within 1 year

1,698,455

1,421,734

Debts due between 2 - 5 years

1,451,864

1,638,204

3,150,319

3,059,938

The hire purchase liabilities are secured against the asset to which the loan relates.

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

1,542,491

1,006,253

Deferred

tax

£

Balance at 1 June 2022

1,006,253

Provided during year

536,238

Accelerated capital allowances

Balance at 31 May 2023

1,542,491

Deferred tax movement this year is due to the revaluation on motor vehicles.

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

The Report of the Auditors was unqualified.

Steve Robinson (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

12.	CAPITAL COMMITMENTS

2023

2022

£

£

Contracted but not provided for in the

financial statements

675,000

430,012

The above amount relates to vehicles ordered before the year end but not received until after.