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TRUE PLANT HIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRUE PLANT HIRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: T D Macfarlane
A R Thompson
P J Watson





REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS





REGISTERED NUMBER: 11313801 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,776 15,153

CURRENT ASSETS
Stocks 38,454 23,346
Debtors 5 555,866 333,961
Cash at bank 508 24,791
594,828 382,098
CREDITORS
Amounts falling due within one year 6 503,999 325,724
NET CURRENT ASSETS 90,829 56,374
TOTAL ASSETS LESS CURRENT LIABILITIES 104,605 71,527

CREDITORS
Amounts falling due after more than one year 7 (37,714 ) (40,833 )

PROVISIONS FOR LIABILITIES 9 (200 ) -
NET ASSETS 66,691 30,694

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 56,691 20,694
SHAREHOLDERS' FUNDS 66,691 30,694

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

BALANCE SHEET - continued
31 MARCH 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by:





T D Macfarlane - Director


TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

True Plant Hire Ltd 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on 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 Statement of Income and Retained Earnings, 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.

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

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 10 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2021 11,005 5,168 - 16,173
Additions - - 760 760
At 31 March 2022 11,005 5,168 760 16,933
DEPRECIATION
At 1 April 2021 642 378 - 1,020
Charge for year 1,100 958 79 2,137
At 31 March 2022 1,742 1,336 79 3,157
NET BOOK VALUE
At 31 March 2022 9,263 3,832 681 13,776
At 31 March 2021 10,363 4,790 - 15,153

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 545,616 323,961
Other debtors 10,250 10,000
555,866 333,961

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 140,539 9,167
Trade creditors 301,028 280,401
Amounts owed to associates 1,309 -
Taxation and social security 54,358 32,002
Other creditors 6,765 4,154
503,999 325,724

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 37,714 40,833

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,119 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Invoice Factoring 135,390 -

Amounts owed for invoice factoring are secured by way of a fixed and floating charge over the assets of the company.

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 200 -

Deferred
tax
£   
Provided during year 200
Balance at 31 March 2022 200

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1000 0 10,000 10,000