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TRUE PLANT HIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRUE PLANT HIRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T D Macfarlane
A R Thompson
P J Watson





REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS





REGISTERED NUMBER: 11313801 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,739 13,776

CURRENT ASSETS
Stocks 55,221 38,454
Debtors 5 575,450 555,866
Cash at bank 42,007 508
672,678 594,828
CREDITORS
Amounts falling due within one year 6 502,557 503,999
NET CURRENT ASSETS 170,121 90,829
TOTAL ASSETS LESS CURRENT LIABILITIES 181,860 104,605

CREDITORS
Amounts falling due after more than one
year

7

(32,478

)

(37,714

)

PROVISIONS FOR LIABILITIES 9 (100 ) (200 )
NET ASSETS 149,282 66,691

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 139,282 56,691
SHAREHOLDERS' FUNDS 149,282 66,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





T D Macfarlane - Director


TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

True Plant Hire Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 11,005 5,168 760 16,933
DEPRECIATION
At 1 April 2022 1,742 1,336 79 3,157
Charge for year 1,100 766 171 2,037
At 31 March 2023 2,842 2,102 250 5,194
NET BOOK VALUE
At 31 March 2023 8,163 3,066 510 11,739
At 31 March 2022 9,263 3,832 681 13,776

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 561,300 545,616
Other debtors 14,150 10,250
575,450 555,866

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 184,835 140,539
Trade creditors 177,666 301,028
Amounts owed to associates - 1,309
Taxation and social security 119,462 54,358
Other creditors 20,594 6,765
502,557 503,999

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 32,478 37,714

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 11,883 17,119

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice Factoring 179,686 135,390

Amounts owed for invoice factoring are secured by way of a fixed and floating charge over the assets of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 100 200

Deferred
tax
£   
Balance at 1 April 2022 200
Provided during year (100 )
Balance at 31 March 2023 100

TRUE PLANT HIRE LTD (REGISTERED NUMBER: 11313801)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1000 0 10,000 10,000