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Registration number: 08936198

Hire and Supplies Limited

trading as Hire and Supplies Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Company Information

Director

Mr David Chandler

Registered office

1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

Accountants

MI Accountancy Solutions Limited
1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

(Registration number: 08936198)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,220,096

4,163,597

Current assets

 

Stocks

5

475,567

419,616

Debtors

877,491

603,376

Cash at bank and in hand

 

357,536

236,998

 

1,710,594

1,259,990

Prepayments and accrued income

 

59,269

12,853

Creditors: Amounts falling due within one year

6

(910,985)

(1,147,173)

Net current assets

 

858,878

125,670

Total assets less current liabilities

 

7,078,974

4,289,267

Creditors: Amounts falling due after more than one year

7

(3,717,717)

(1,840,028)

Provisions for liabilities

(477,042)

(238,522)

Accruals and deferred income

 

(385,865)

(361,288)

Net assets

 

2,498,350

1,849,429

Capital and reserves

 

Called up share capital

8

230

230

Share premium reserve

399,770

399,770

Revaluation reserve

137,849

175,849

Profit and loss account

1,960,501

1,273,580

Total equity

 

2,498,350

1,849,429

For the financial year ending 31 March 2022 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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

(Registration number: 08936198)
Abridged Balance Sheet as at 31 March 2022

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 5 September 2022
 

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

Mr David Chandler

Director

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

These financial statements were authorised for issue by the director on 5 September 2022.

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 abridged 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 abridged 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.

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 added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

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

Plant and machinery

25% reducing balance for brand new items

Vehicles

20% reducing balance

Fixtures and fittings

33.33% straight line

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 merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

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 27 (2021 - 26).

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

50,000

32,353

127,966

4,616,361

4,826,680

Additions

-

2,814

128,050

2,380,270

2,511,134

Disposals

-

-

(27,950)

(194,567)

(222,517)

At 31 March 2022

50,000

35,167

228,066

6,802,064

7,115,297

Depreciation

At 1 April 2021

-

27,987

67,138

457,958

553,083

Charge for the year

-

1,744

1,655

379,477

382,876

Eliminated on disposal

-

-

-

(40,758)

(40,758)

At 31 March 2022

-

29,731

68,793

796,677

895,201

Carrying amount

At 31 March 2022

50,000

5,436

159,273

6,005,387

6,220,096

At 31 March 2021

50,000

4,366

60,828

4,048,403

4,163,597

Included within the net book value of land and buildings above is £50,000 (2021 - £50,000) in respect of freehold land and buildings.
 

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

5

Stocks

2022
£

2021
£

Other inventories

475,567

419,616

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £662,810 (2020 - £209,675).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,514,246 (2020 - £670,570).

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

230

230

230

230

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/(deficit) on revaluation of other assets

(38,000)

(38,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/(deficit) on property, plant and equipment revaluation

50,000

50,000

Surplus/(deficit) on revaluation of other assets

(20,106)

(20,106)

29,894

29,894

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £Nil (2021 - £24) per ordinary share

 

65,000

 

5,412