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Registration number: 01100537

PARKER PLANT HIRE LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2023

 

PARKER PLANT HIRE LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

PARKER PLANT HIRE LIMITED

Company Information

Directors

Mr Charles James Perry

Mr Barry Williams

Registered office

59 Union Street
Dunstable
Beds
LU6 1EX

Accountants

Minney & Co
59 Union Street
Dunstable
Bedfordshire
LU6 1EX

 

PARKER PLANT HIRE LIMITED

(Registration number: 01100537)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,695,339

4,796,931

Current assets

 

Stocks

5

12,500

12,500

Debtors

6

6,306,915

5,860,928

Cash at bank and in hand

 

253,885

396,501

 

6,573,300

6,269,929

Creditors: Amounts falling due within one year

(984,437)

(897,181)

Net current assets

 

5,588,863

5,372,748

Total assets less current liabilities

 

8,284,202

10,169,679

Creditors: Amounts falling due after more than one year

(661,862)

(2,528,140)

Provisions for liabilities

(512,114)

(895,276)

Accruals and deferred income

 

(177,874)

(163,177)

Net assets

 

6,932,352

6,583,086

Capital and reserves

 

Called up share capital

7

10,004

10,004

Retained earnings

6,922,348

6,573,082

Shareholders' funds

 

6,932,352

6,583,086

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2023 and signed on its behalf by:
 

 

PARKER PLANT HIRE LIMITED

(Registration number: 01100537)
Abridged Balance Sheet as at 30 April 2023

.........................................
Mr Charles James Perry
Director

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
59 Union Street
Dunstable
Beds
LU6 1EX
England

These financial statements were authorised for issue by the Board on 22 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% - 25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 37).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

45,000

15,705,665

15,750,665

Additions

-

871,035

871,035

Disposals

-

(9,616,227)

(9,616,227)

At 30 April 2023

45,000

6,960,473

7,005,473

Depreciation

At 1 May 2022

13,500

10,940,232

10,953,732

Charge for the year

4,500

504,904

509,404

Eliminated on disposal

-

(7,153,002)

(7,153,002)

At 30 April 2023

18,000

4,292,134

4,310,134

Carrying amount

At 30 April 2023

27,000

2,668,339

2,695,339

At 30 April 2022

31,500

4,765,431

4,796,931

Included within the net book value of land and buildings above is £27,000 (2022 - £31,500) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

12,500

12,500

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,004

10,004

10,004

10,004

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £29.99 (2022 - £29.99) per ordinary share

 

300,000

 

300,000

         

Final dividends paid

Interim dividends paid

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

9

Related party transactions

Rentacabin Limited

A company owned and controlled by the directors.

A balance of £5,483,155 (2022 - £5,313,155) at the year end is included in debtors.



Mcleod Cabins Limited

A company owned and controlled by the directors.

A balance of £256,226 (2022 - £(156,795)) at the year end is included in debtors.


A.F.L Trucks Limited

A company owned and controlled by the directors.

A balance of £24,828 (2022 - £Nil) at the year end is included in debtors.

 

PARKER PLANT HIRE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

75,000

83,846

Summary of transactions with parent

Rentacabin Limited
 During the year the company paid dividends of £300,000 (2022: £300,000)
 

Loans to related parties

2023

Parent
£

Total
£

At start of period

4,625,208

4,625,208

Repaid

(300,000)

(300,000)

At end of period

4,325,208

4,325,208

2022

Parent
£

Total
£

At start of period

4,925,208

4,925,208

Repaid

(300,000)

(300,000)

At end of period

4,625,208

4,625,208

10

Parent and ultimate parent undertaking

The company's immediate parent is Parker Brothers Group Limited, incorporated in England.

 The ultimate parent is Rentacabin Limited, incorporated in England.