Company registration number 04704069 (England and Wales)
BUCKLEY PLANT HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BUCKLEY PLANT HIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BUCKLEY PLANT HIRE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,500
Tangible assets
4
170,279
202,947
170,279
204,447
Current assets
Debtors
5
6,795
47,192
Cash at bank and in hand
2,881
4,267
9,676
51,459
Creditors: amounts falling due within one year
6
(130,952)
(150,457)
Net current liabilities
(121,276)
(98,998)
Total assets less current liabilities
49,003
105,449
Creditors: amounts falling due after more than one year
7
(13,742)
(29,974)
Provisions for liabilities
(13,571)
(20,547)
Net assets
21,690
54,928
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
21,689
54,927
Total equity
21,690
54,928
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BUCKLEY PLANT HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 October 2023
Mr D Buckley
Director
Company registration number 04704069 (England and Wales)
BUCKLEY PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Buckley Plant Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over 20 years being its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Plant and machinery
15% per annum on net book value
Fixtures, fittings & equipment
25% per annum on net book value
Motor vehicles
25% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BUCKLEY PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
30,000
Amortisation and impairment
At 1 May 2022
28,500
Amortisation charged for the year
1,500
At 30 April 2023
30,000
Carrying amount
At 30 April 2023
At 30 April 2022
1,500
BUCKLEY PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
1,102
548,819
549,921
Disposals
(1,730)
(1,730)
At 30 April 2023
1,102
547,089
548,191
Depreciation and impairment
At 1 May 2022
1,102
345,872
346,974
Depreciation charged in the year
32,653
32,653
Eliminated in respect of disposals
(1,715)
(1,715)
At 30 April 2023
1,102
376,810
377,912
Carrying amount
At 30 April 2023
170,279
170,279
At 30 April 2022
202,947
202,947
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,700
46,390
Other debtors
1,095
802
6,795
47,192
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
398
4,757
Taxation and social security
17
7,618
Other creditors
130,537
138,082
130,952
150,457
Included in other creditors are net obligations under hire purchase contracts of £16,230 (2022 - £15,651) which are secured over the assets concerned and by a guarantee from the director.
BUCKLEY PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
13,742
29,974
Included in other creditors are net obligations under hire purchase contracts of £13,742 (2022 - £29,974) which are secured over the assets concerned and by a guarantee from the director.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1 each
1
1