T.J.S. Hire Co. (Humberside) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01364047 (England and Wales)

Audited Financial Statements

for the Year Ended 31 May 2017

for

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

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr T J Sayles

Mrs I M Sayles

Ms F E Sayles

Mr N D J Sayles

SECRETARY:

Ms F E Sayles

REGISTERED OFFICE:

7 Hebden Road

SCUNTHORPE

South Humberside

DN15 8DT

REGISTERED NUMBER:

01364047 (England and Wales)

AUDITORS:

Nicholsons

Statutory Auditors

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC

84 High Street

SCUNTHORPE

South Humberside

DN15 6HQ

SOLICITORS:

Mason Baggott & Garton

13/19 Wells Street

SCUNTHORPE

South Humberside

DN15 6HN

FIXED ASSETS

Tangible assets

4

6,005,994

6,220,788

CURRENT ASSETS

Stocks

49,492

48,478

Debtors

5

501,663

589,766

Cash at bank and in hand

210,354

314,242

761,509

952,486

CREDITORS

Amounts falling due within one year

6

1,789,373

2,042,556

NET CURRENT LIABILITIES

(1,027,864

)

(1,090,070

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,978,130

5,130,718

CREDITORS

Amounts falling due after more than one year

7

(2,063,018

)

(2,255,741

)

PROVISIONS FOR LIABILITIES

10

(67,521

)

(78,492

)

NET ASSETS

2,847,591

2,796,485

CAPITAL AND RESERVES

Called up share capital

11

10,200

10,200

Retained earnings

12

2,837,391

2,786,285

SHAREHOLDERS' FUNDS

2,847,591

2,796,485

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 5 September 2017 and were signed on its behalf by:

Mr T J 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sale of goods, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2016 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Property

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2016

54,441

210,997

184,586

9,153,929

9,603,953

Additions

-

-

-

2,295,804

2,295,804

Disposals

-

-

-

(2,678,572

)

(2,678,572

)

At 31 May 2017

54,441

210,997

184,586

8,771,161

9,221,185

DEPRECIATION

At 1 June 2016

38,533

145,170

169,301

3,030,161

3,383,165

Charge for year

2,274

18,064

3,431

1,381,147

1,404,916

Eliminated on disposal

-

-

-

(1,572,890

)

(1,572,890

)

At 31 May 2017

40,807

163,234

172,732

2,838,418

3,215,191

NET BOOK VALUE

At 31 May 2017

13,634

47,763

11,854

5,932,743

6,005,994

At 31 May 2016

15,908

65,827

15,285

6,123,768

6,220,788

The cost of fixed assets includes assets which are held under hire purchase agreements, these

amount to £6,563,850 (2016: £6,841,397) accumulated depreciation £2,074,768 (2016:

£2,179,075).

The cost of motor vehicles includes amount of £8,411,522 (2016: £8,808,704) in respect of assets

held for use under operating leases. The depreciation on these assets is £1,341,505 (2016:

£1,412,017).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

401,696

481,080

Other debtors

633

845

Prepayments and accrued income

99,334

107,841

501,663

589,766

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

28,542

Hire purchase contracts (see note 8)

1,610,172

1,635,726

Trade creditors

49,760

35,441

Corporation tax

36,218

24,732

Social security and other taxes

59,290

103,561

Other creditors

963

614

Directors' current accounts

4,524

191,147

Accruals and deferred income

28,446

22,793

1,789,373

2,042,556

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

2,063,018

2,255,741

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2017

2016

£

£

Net obligations repayable:

Within one year

1,610,172

1,635,726

Between one and five years

2,063,018

2,255,741

3,673,190

3,891,467

Non-cancellable

operating leases

2017

2016

£

£

Within one year

11,100

9,000

Between one and five years

96,150

86,000

107,250

95,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Debts due within 1 year

1,610,172

1,664,268

Debts due between 2 - 5 years

2,063,018

2,255,741

3,673,190

3,920,009

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

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

67,521

78,492

Deferred

tax

£

Balance at 1 June 2016

78,492

Accelerated capital allowances

(10,971

)

Balance at 31 May 2017

67,521

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,200

Ordinary

£1

10,200

10,200

12.

RESERVES

Retained

earnings

£

At 1 June 2016

2,786,285

Profit for the year

159,116

Dividends

(108,010

)

At 31 May 2017

2,837,391

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

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Nicholsons

14.	CAPITAL COMMITMENTS

2017

2016

£

£

Contracted but not provided for in the

financial statements

252,837

134,023

The above amount relates to 12 vehicles ordered before the year end but not received until after.

15.	RELATED PARTY DISCLOSURES

During the year Cayen Limited of which Mr N D J Sayles is the controlling party, who is a director

of T.J.S. Hire Co. (Humberside) Limited, leased vehicles to T.J.S. Hire Co. (Humberside) Limited

under a commercial operating lease. The total value of these transactions during the full year was

£113,432 (2016: £134,049). All operating leases are charged at market value.

During the year dividends totalling £108,010 (2016: £Nil) were paid to the directors.

16.	ULTIMATE CONTROLLING PARTY

Throughout the year, Mr T J Sayles, had control of T.J.S. Hire Co. (Humberside) Limited by virtue

of his 78% holding in the share capital of the company.

17.	FIRST YEAR ADOPTION

This is the first period that the company has presented accounts in accordance with FRS 102 'The

Financial Reporting Framework Applicable in the UK and Republic of Ireland'. For financial years

up to and including the year end 31 May 2016, the Company prepared its financial statements in

accordance with UK GAAP.

The date of transition to FRS 102 is therefore 1 June 2015. The opening equity position as at the

1 June 2016 and its previously published financial statements for the year ended 31 May 2016

have been restated from UK GAAP.