D Crane Plant Hire Limited Filleted accounts for Companies House (small and micro)

D CRANE PLANT HIRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08795268

D CRANE PLANT HIRE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

D CRANE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	43,750	51,250
Tangible assets	6	477,162	590,893
		---------	---------
		520,912	642,143

CURRENT ASSETS

Debtors	7	126,670	117,191
Cash at bank and in hand		1,597	10,727
		---------	---------
		128,267	127,918

CREDITORS: amounts falling due within one year	8	142,039		188,494
		---------		---------
NET CURRENT LIABILITIES			13,772		60,576
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			507,140		581,567

CREDITORS: amounts falling due after more than one year	9		293,918		355,340

PROVISIONS

Taxation including deferred tax	90,660	101,612
	---------	---------
NET ASSETS	122,562	124,615
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	122,462	124,515
	---------	---------
SHAREHOLDERS FUNDS	122,562	124,615
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

D CRANE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 21 December 2018 , and are signed on behalf of the board by:

S.J. Crane

Director

Company registration number: 08795268

D CRANE PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fleetcroft, Fleet Street Lane, Ribchester, Preston, Lancashire, PR3 3XE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, excluding Value Added Tax.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

(d) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% per annum reducing balance
Motor Vehicles	-	25% per annum reducing balance
Fixtures, Fittings & Equipment	-	`10% per annum reducing balance`

(g) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(h) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(i) Financial instruments

Basic financial instruments are recognised at amortised cost.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 8 (2017: 11 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	75,000
	--------
Amortisation
At 1 April 2017	23,750
Charge for the year	7,500
	--------
At 31 March 2018	31,250
	--------
Carrying amount
At 31 March 2018	43,750
	--------
At 31 March 2017	51,250
	--------

6. TANGIBLE ASSETS

	Plant & Machinery	Motor Vehicles	Fixtures, Fittings & Equipment	Total
	£	£	£	£
Cost
At 1 April 2017	744,791	45,227	13,404	803,422
Additions	16,521	3,150	773	20,444
Disposals	( 56,807)	( 3,943)	–	( 60,750)
	---------	--------	--------	---------
At 31 March 2018	704,505	44,434	14,177	763,116
	---------	--------	--------	---------
Depreciation
At 1 April 2017	190,972	18,612	2,945	212,529
Charge for the year	77,228	6,580	1,378	85,186
Disposals	( 9,413)	( 2,348)	–	( 11,761)
	---------	--------	--------	---------
At 31 March 2018	258,787	22,844	4,323	285,954
	---------	--------	--------	---------
Carrying amount
At 31 March 2018	445,718	21,590	9,854	477,162
	---------	--------	--------	---------
At 31 March 2017	553,819	26,615	10,459	590,893
	---------	--------	--------	---------

7. DEBTORS

	2018	2017
	£	£
Trade debtors	126,670	109,927
Corporation tax repayable	–	7,264
	---------	---------
	126,670	117,191
	---------	---------

8. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	15,391	14,854
Accruals and deferred income	4,545	4,545
Corporation tax	6,733	–
Social security and other taxes	30,996	15,212
Obligations under finance leases and hire purchase contracts	46,616	110,590
Director loan accounts	37,758	43,293
	---------	---------
	142,039	188,494
	---------	---------

Obligations under finance leases and hire purchase contracts are secured.

9. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	18,918	80,340
Directors loan accounts	275,000	275,000
	---------	---------
	293,918	355,340
	---------	---------

Obligations under finance leases and hire purchase contracts are secured.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

11. RELATED PARTY TRANSACTIONS

The company was under the control of the directors, Mr D.J. Crane and Mrs S.J. Crane , throughout the year. During the year the company paid dividends to the directors amounting to £7,143.