Registered number
03985974
M. Gallagher (Plant Hire) Limited
Filleted Accounts
31 March 2023
M. Gallagher (Plant Hire) Limited
Registered number: 03985974
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 801,134 780,784
Current assets
Debtors 4 86,891 125,691
Cash at bank and in hand 422,078 188,451
508,969 314,142
Creditors: amounts falling due within one year 5 (187,429) (82,292)
Net current assets 321,540 231,850
Total assets less current liabilities 1,122,674 1,012,634
Creditors: amounts falling due after more than one year 6 (6,533) (22,213)
Net assets 1,116,141 990,421
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,116,140 990,420
Shareholder's funds 1,116,141 990,421
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr M J Gallagher
Director
Approved by the board on 11 October 2023
M. Gallagher (Plant Hire) Limited
Notes to the Accounts
for the year ended 31 March 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:
Freehold land and buildings No depreciation provided
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 254,090 1,837,068 201,852 2,293,010
Additions - 202,698 - 202,698
At 31 March 2023 254,090 2,039,766 201,852 2,495,708
Depreciation
At 1 April 2022 - 1,368,154 144,072 1,512,226
Charge for the year - 167,903 14,445 182,348
At 31 March 2023 - 1,536,057 158,517 1,694,574
Net book value
At 31 March 2023 254,090 503,709 43,335 801,134
At 31 March 2022 254,090 468,914 57,780 780,784
4 Debtors 2023 2022
£ £
Deferred tax asset 37,891 33,959
Other debtors 49,000 91,732
86,891 125,691
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 15,680 20,447
Trade creditors 1,258 2,752
Taxation and social security costs 45,368 54,348
Other creditors 125,123 4,745
187,429 82,292
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 6,533 22,213
7 Related party transactions
The company is a related party of M. Gallagher (Civil Engineering) Limited and M Gallagher Homes Ltd, companies registered in England and Wales, by virtue of common control by the director M J Gallagher.

During the year, M. Gallagher (Civil Engineering) Limited hired plant and machinery from the company, and the total value invoiced for the year was £390,000 (2022 - £390,000). The company also borrowed £180,748 from M. Gallagher (Civil Engineering) Limited during the year. As at 31 March 2023, the amount owed to M. Gallagher (Civil Engineering) Limited was £120,016 (2022 - £60,732 was owed to the company).

During the year, M Gallagher Homes Ltd borrowed £18,000 (2022 - £26,000) from the company. As at 31 March 2023, the amount owed to the company by M Gallagher Homes Ltd was £49,000 (2022 - £31,000).
8 Controlling party
The company is controlled by the director Mr M J Gallagher, by virtue of his ownership of the entire issued share capital.
9 Other information
M. Gallagher (Plant Hire) Limited is a private company limited by shares and incorporated in England. Its registered office is:
20 Victoria Villas
Grangefield Industrial Estate
Pudsey
Leeds
LS28 6BP
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