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COMPANY REGISTRATION NUMBER: 08364917
Danbury Plant Hire Limited
Filleted Unaudited Financial Statements
31 March 2022
Danbury Plant Hire Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,816,942
1,368,780
Current assets
Stocks
6,000
6,000
Debtors
7
350,188
464,937
Cash at bank and in hand
7,580
52,361
---------
---------
363,768
523,298
Creditors: amounts falling due within one year
8
655,357
571,946
---------
---------
Net current liabilities
291,589
48,648
------------
------------
Total assets less current liabilities
1,525,353
1,320,132
Creditors: amounts falling due after more than one year
9
796,974
647,288
Provisions
Taxation including deferred tax
262,164
231,190
------------
------------
Net assets
466,215
441,654
------------
------------
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
82,948
82,948
Profit and loss account
383,167
358,606
---------
---------
Shareholders funds
466,215
441,654
---------
---------
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 31 March 2022 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 .
Danbury Plant Hire Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
D V King
P B King
Director
Director
Company registration number: 08364917
Danbury Plant Hire Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 08364917 . The address of the registered office is Unit 2, British Legion Business Park, Maldon Road, Danbury, Essex, CM2 0AW.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income 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.
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
-
25% straight line
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.
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.
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
-
15% - 20% Reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
20 % straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2021: 22 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
10,000
--------
Amortisation
At 1 April 2021 and 31 March 2022
10,000
--------
Carrying amount
At 31 March 2022
--------
At 31 March 2021
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
225,000
2,023,562
79,157
4,023
2,331,742
Additions
826,439
13,500
1,257
841,196
Disposals
( 318,487)
( 318,487)
---------
------------
--------
-------
------------
At 31 March 2022
225,000
2,531,514
92,657
5,280
2,854,451
---------
------------
--------
-------
------------
Depreciation
At 1 April 2021
909,940
50,100
2,922
962,962
Charge for the year
261,949
5,211
752
267,912
Disposals
( 193,365)
( 193,365)
---------
------------
--------
-------
------------
At 31 March 2022
978,524
55,311
3,674
1,037,509
---------
------------
--------
-------
------------
Carrying amount
At 31 March 2022
225,000
1,552,990
37,346
1,606
1,816,942
---------
------------
--------
-------
------------
At 31 March 2021
225,000
1,113,622
29,057
1,101
1,368,780
---------
------------
--------
-------
------------
The freehold land was professionally valued in the year to 31 March 2019. The directors feel that the balance sheet value is materially correct at the year end.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and Buildings
£
At 31 March 2022
Aggregate cost
142,052
Aggregate depreciation
---------
Carrying value
142,052
---------
At 31 March 2021
Aggregate cost
142,052
Aggregate depreciation
---------
Carrying value
142,052
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2022
968,988
---------
At 31 March 2021
291,938
---------
7. Debtors
2022
2021
£
£
Trade debtors
298,156
254,728
Prepayments and accrued income
1,953
181,637
Corporation tax repayable
50,079
Other debtors
28,572
---------
---------
350,188
464,937
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
94,495
54,740
Trade creditors
79,490
67,390
Accruals and deferred income
8,800
69,204
Corporation tax
22,222
Social security and other taxes
11,858
Shares classed as financial liabilities
50,000
50,000
Obligations under finance leases and hire purchase contracts
209,067
129,227
Director loan accounts
184,363
164,163
Other taxes and social security
17,284
15,000
---------
---------
655,357
571,946
---------
---------
Included above is an amount of £84,889 (2021: £50,808 ) which is secured by HSBC Bank PLC by way of first charge over all assets owned by the company. The preference shareholder has issued a second charge over all assets owned by the company.
HSBC Bank PLC has issued a separate charge over the Leasehold Property known as Unit 2, British Legion Business Park, Maldon Road, Danbury.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
83,497
98,309
Shares classed as financial liabilities
300,000
350,000
Obligations under finance leases and hire purchase contracts
413,477
198,979
---------
---------
796,974
647,288
---------
---------
Included above is an amount of £47,036 (2021: £52,241) which is secured by HSBC Bank PLC by way of first charge over all assets owned by the company. The preference shareholder has issued a second charge over all assets owned by the company.
HSBC Bank PLC has issued a separate charge over the Leasehold Property known as Unit 2, British Legion Business Park, Maldon Road, Danbury.
Included within creditors: amounts falling due after more than one year is an amount of £27,036 (2021: £38,401) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Amounts presented in liabilities:
5% cumulative redeemable preference shares of £ 5 each
70,000
350,000
80,000
400,000
--------
---------
--------
---------
In September 2014 the director, D King, converted £500,000 of his loan account into 100,000 1% cumulative redeemable £5 preference shares. These shares were issued in ten tranches of 10,000 shares each and are to be redeemed annually commencing in 2020 and ending in 2029. The redeemable preference shares carry the right to dividends before ordinary shares, and also have priority on winding up of the company. The preference shares carry no voting rights. The preference shareholder shall have the right at any time after the anniversary of the date of the allotment of the preference shares falling in the year of the suffix to require the company to redeem such share at par. No premium will be paid on redemption.
11. Directors' advances, credits and guarantees
The bank overdraft is personally guaranteed by Mr D King for £200,000 secured by his private residence. Mr D King also personally guarantees debt with the finance companies.
12. Related party transactions
Loans repaid/ (Additional loans) Balance at 31 March Dr/(Cr)
£ £
Directors
Year ended 31 March 2022 (20,200) (184,363)
Year ended 31 March 2021 (78,621) (164,163)