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Registered Number: 05097228
England and Wales

 

 

 

PENRITH TOOL HIRE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2021

End date: 30 November 2022
Directors David Taylor
Lynsey Taylor
Registered Number 05097228
Registered Office Unit 57 Cowper Road
Gilwilly Trading Estate
Penrith
Cumbria
CA11 9BN
Accountants Shaun Brown Accountants Ltd
14A Hartness Road
Gilwilly Industrial Estate
Penrith
Cumbria
CA11 9BD
Secretary Richard Taylor
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 November 2022.
Directors
The directors who served the company throughout the year were as follows:
Shares
David Taylor 54.00
Lynsey Taylor 46.00
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Lynsey Taylor
Director

Date approved: 30 September 2023
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 November 2022 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Shaun Brown Accountants Ltd
30 November 2022



....................................................
Shaun Brown Accountants Ltd
14A Hartness Road
Gilwilly Industrial Estate
Penrith
Cumbria
CA11 9BD
30 September 2023
3
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 4 299,821    307,033 
299,821    307,033 
Current assets      
Stocks 5 23,420    25,860 
Debtors 6 70,087    59,389 
Cash at bank and in hand 6,207    10,136 
99,714    95,385 
Creditors: amount falling due within one year 7 (189,740)   (168,792)
Net current liabilities (90,026)   (73,407)
 
Total assets less current liabilities 209,795    233,626 
Creditors: amount falling due after more than one year 8 (79,344)   (100,448)
Provisions for liabilities 9 (57,457)   (58,290)
Net assets 72,994    74,888 
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account 72,894    74,788 
Shareholder's funds 72,994    74,888 
 


For the year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 September 2023 and were signed on its behalf by:


-------------------------------
David Taylor
Director
4
General Information
Penrith Tool Hire Limited is a private company, limited by shares, registered in England and Wales, registration number 05097228, registration address Unit 57 Cowper Road, Gilwilly Trading Estate, Penrith, Cumbria, CA11 9BN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Land and Buildings 10% Reducing Balance
Plant and Machinery 15% Reducing Balance
Motor Vehicles 15% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 6 (2021 : 7).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2021 60,000    60,000 
Additions  
Disposals  
At 30 November 2022 60,000    60,000 
Amortisation
At 01 December 2021 60,000    60,000 
Charge for year  
On disposals  
At 30 November 2022 60,000    60,000 
Net book values
At 30 November 2022  
At 30 November 2021  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £   £   £
At 01 December 2021 750    445,298    34,595    17,499      498,142 
Additions   46,165    33,818    2,363      82,346 
Disposals   (71,522)         (71,522)
At 30 November 2022 750    419,941    68,413    19,862      508,966 
Depreciation
At 01 December 2021 510    160,837    17,531    12,231      191,109 
Charge for year 36    44,146    7,632    1,145    279    53,238 
On disposals   (35,202)         (35,202)
At 30 November 2022 546    169,781    25,163    13,376    279    209,145 
Net book values
Closing balance as at 30 November 2022 204    250,160    43,250    6,486    (279)   299,821 
Opening balance as at 01 December 2021 240    284,461    17,064    5,268      307,033 


5.

Stocks

2022
£
  2021
£
Stocks 23,420    25,860 
23,420    25,860 

6.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 62,703    51,707 
Prepayments & Accrued Income 515    305 
Other Debtors 6,869    6,869 
VAT   508 
70,087    59,389 

7.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 53,304    50,443 
Bank Loans & Overdrafts 24,078    24,616 
Corporation Tax 4,980    25,249 
PAYE & Social Security 8,254    3,166 
Accrued Expenses 4,720    1,980 
Other Creditors 1,644    1,280 
Obligations under HP/Financial Leases 41,065    25,970 
Wages & Salaries Control Account 1,460    2,545 
Directors' Current Accounts 30,900    33,543 
VAT 19,335   
189,740    168,792 

8.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Bank Loans & Overdrafts (secured) 9,654    13,557 
Bank Loans & Overdrafts 35,807    45,830 
Obligations Under HP/Financial Leases 33,883    41,061 
79,344    100,448 

9.

Provisions for liabilities

2022
£
  2021
£
Deferred Tax 57,457    58,290 
57,457    58,290 

10.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
92 Class A shares of £1.00 each 92    92 
6 Class B shares of £1.00 each  
2 Class C shares of £1.00 each  
100    100 

5