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COMPANY REGISTRATION NUMBER: 09460505
G A Plant and Tool Hire Ltd
Filleted Unaudited Financial Statements
28 February 2022
G A Plant and Tool Hire Ltd
Statement of Financial Position
28 February 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
322,337
125,903
Current assets
Stocks
5,000
5,000
Debtors
6
95,783
22,027
Cash at bank and in hand
13,410
32,742
---------
--------
114,193
59,769
Creditors: amounts falling due within one year
7
139,694
133,744
---------
---------
Net current liabilities
25,501
73,975
---------
---------
Total assets less current liabilities
296,836
51,928
Creditors: amounts falling due after more than one year
8
287,968
66,414
---------
--------
Net assets/(liabilities)
8,868
( 14,486)
---------
--------
Capital and reserves
Called up share capital
12
12
Profit and loss account
8,856
( 14,498)
-------
--------
Shareholders funds/(deficit)
8,868
( 14,486)
-------
--------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G A Plant and Tool Hire Ltd
Statement of Financial Position (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 27 June 2022 , and are signed on behalf of the board by:
Mr A E Lacy-Hulbert
Director
Company registration number: 09460505
G A Plant and Tool Hire Ltd
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1c Darby Close, Cheney Manor Industrial Estate, Swindon, SN22PN, England.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2021
276,490
29,745
11,603
317,838
Additions
292,058
33,895
504
326,457
Disposals
( 96,409)
( 2,631)
( 99,040)
---------
--------
--------
---------
At 28 February 2022
472,139
63,640
9,476
545,255
---------
--------
--------
---------
Depreciation
At 1 March 2021
172,746
11,074
8,115
191,935
Charge for the year
94,089
13,141
314
107,544
Disposals
( 76,964)
403
( 76,561)
---------
--------
--------
---------
At 28 February 2022
189,871
24,215
8,832
222,918
---------
--------
--------
---------
Carrying amount
At 28 February 2022
282,268
39,425
644
322,337
---------
--------
--------
---------
At 28 February 2021
103,744
18,671
3,488
125,903
---------
--------
--------
---------
6. Debtors
2022
2021
£
£
Trade debtors
57,712
15,715
Other debtors
38,071
6,312
--------
--------
95,783
22,027
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
8,893
3,148
Social security and other taxes
3,463
12,247
Other creditors
127,338
118,349
---------
---------
139,694
133,744
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
287,968
66,414
---------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A E Lacy-Hulbert
( 123,371)
( 526)
( 123,897)
---------
----
---------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A E Lacy-Hulbert
( 135,910)
12,539
( 123,371)
---------
--------
---------