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Registration number: 05497513

Duncan Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Duncan Hire Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Duncan Hire Limited

Company Information

Director

Mr P Simpson

Company secretary

Ms K A Damiral

Registered office

Unit A
West End Road
Swindon
Wiltshire
SN3 4PG

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Duncan Hire Limited

(Registration number: 05497513)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,632,511

1,342,584

Current assets

 

Debtors

5

154,402

141,530

Cash at bank and in hand

 

104,071

68,815

 

258,473

210,345

Creditors: Amounts falling due within one year

6

(802,967)

(839,280)

Net current liabilities

 

(544,494)

(628,935)

Total assets less current liabilities

 

1,088,017

713,649

Creditors: Amounts falling due after more than one year

6

(301,399)

(94,364)

Provisions for liabilities

(92,710)

(60,277)

Net assets

 

693,908

559,008

Capital and reserves

 

Called up share capital

7

11,765

11,765

Share premium reserve

458,235

458,235

Profit and loss account

223,908

89,008

Shareholders' funds

 

693,908

559,008

 

Duncan Hire Limited

(Registration number: 05497513)
Balance Sheet as at 30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 August 2022
 

.........................................

Mr P Simpson
Director

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A
West End Road
Swindon
Wiltshire
SN3 4PG
England

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

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern have been identified.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value addedtax,returns,rebatesand discounts.

The company recognises revenue at the point at which it has fulfilled its contractual obligations to the customer.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation is provided for in respect to the Freehold property held as the director believes tha the Useful Economic Life of the asset is sufficiently long and the residual value sufficiently high that such a charge would be immaterial. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the director considers that to depreciate this asset would not enable the financial statements to give a true and fair view.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold

In accordance with the property

Improvements to property

In accordance with the property

Plant and machinery

20% on reducing balance

Motor vehicles

20% on reducing balance

Office Equipment

10% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Trade creditors

Trade creditors are obligations to pay for good or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 44 (2020 - 40).

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Land and buildings
£

Property improvements
£

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 December 2020

640,954

36,261

1,259,540

23,323

1,960,078

Additions

-

350

526,029

-

526,379

Disposals

-

-

(89,288)

-

(89,288)

At 30 November 2021

640,954

36,611

1,696,281

23,323

2,397,169

Depreciation

At 1 December 2020

-

14,952

586,128

16,414

617,494

Charge for the year

-

3,629

193,085

1,381

198,095

Eliminated on disposal

-

-

(50,931)

-

(50,931)

At 30 November 2021

-

18,581

728,282

17,795

764,658

Carrying amount

At 30 November 2021

640,954

18,030

967,999

5,528

1,632,511

At 30 November 2020

640,954

21,309

673,412

6,909

1,342,584

Included within the net book value of land and buildings above is £640,954 (2020 - £640,954) in respect of freehold land and buildings.
 

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

5

Debtors

2021
£

2020
£

Trade debtors

105,351

101,118

Prepayments

48,889

40,350

Other debtors

162

62

154,402

141,530

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

176,745

111,256

Trade creditors

 

53,010

16,288

Taxation and social security

 

28,270

54,215

Other creditors

 

544,942

657,521

 

802,967

839,280

Due after one year

 

Loans and borrowings

8

301,399

94,364

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

301,399

94,364

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.10 each

117,650

11,765.00

117,650

11,765.00

         

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

36,461

46,068

Finance lease liabilities

264,938

48,296

301,399

94,364

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,606

3,932

Bank overdrafts

167,139

107,324

176,745

111,256

 

Duncan Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9

Related party transactions

Summary of transactions with other related parties

Leszan Travel (Wilts.) Limited
Swindon School & Welfare Transport

 Common ownership
 During the period the companies met expenses on behalf of each other. As at the year-end the inter-company account showed a balance due to Leszan Travel (Wilts.) Limited of £362,547 (2020: £395,019) and to Swindon School & Welfare Transport of £7,556 (2020: £8,056)