Registered number
03267602
Double M Plant Hire Limited
Filleted Accounts
31 January 2023
Double M Plant Hire Limited
Registered number: 03267602
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 540,882 597,987
Current assets
Stocks 19,297 19,297
Debtors 4 118,049 126,068
137,346 145,365
Creditors: amounts falling due within one year 5 (176,792) (143,921)
Net current (liabilities)/assets (39,446) 1,444
Total assets less current liabilities 501,436 599,431
Creditors: amounts falling due after more than one year 6 (290,062) (340,747)
Provisions for liabilities (60,875) (60,875)
Net assets 150,499 197,809
Capital and reserves
Called up share capital 100 100
Profit and loss account 150,399 197,709
Shareholders' funds 150,499 197,809
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M G Silvester
Director
Approved by the board on 20 September 2023
Double M Plant Hire Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 20,700 1,230,270 108,878 1,359,848
Additions - 36,911 19,850 56,761
Disposals - (134,670) - (134,670)
At 31 January 2023 20,700 1,132,511 128,728 1,281,939
Depreciation
At 1 February 2022 7,472 661,741 92,648 761,861
Charge for the year 414 51,600 4,057 56,071
On disposals - (76,875) - (76,875)
At 31 January 2023 7,886 636,466 96,705 741,057
Net book value
At 31 January 2023 12,814 496,045 32,023 540,882
At 31 January 2022 13,228 568,529 16,230 597,987
4 Debtors 2023 2022
£ £
Trade debtors 118,049 126,068
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 57,462 57,898
Obligations under finance lease and hire purchase contracts 63,080 66,181
Trade creditors 29,428 12,948
Taxation and social security costs 25,222 5,294
Other creditors 1,600 1,600
176,792 143,921
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 135,230 133,512
Obligations under finance lease and hire purchase contracts 154,832 207,235
290,062 340,747
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 391,104 464,826
8 Other information
Double M Plant Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
Raleigh Hall Industrial Estate
Eccleshall
Staffordshire
ST21 6JL
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