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Registration number: 07496839

Machinery Rental UK Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

Machinery Rental UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Machinery Rental UK Limited

Company Information

Directors

O Stangeland

K Gryte

E Bue

Company secretary

Goodwille Limited

Registered office

24 Old Queen Street
London
SW1H 9HP

Independent auditor

Harmer Slater Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Machinery Rental UK Limited

(Registration number: 07496839)
Statement of Financial Position as at 31 January 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

2,086

1,793

Cash at bank

 

9,389

833

 

11,475

2,626

Payables: Amounts falling due within one year

5

(42,899)

(28,149)

Net liabilities

 

(31,424)

(25,523)

Equity

 

Called up share capital

6

1

1

Retained earnings

6

(31,425)

(25,524)

Shareholders' deficit

 

(31,424)

(25,523)

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The directors of the company have elected not to include a copy of the Income statement within the financial statements.

The financial statements of Machinery Rental UK Limited were approved and authorised for issue by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................

E Bue
Director

 

Machinery Rental UK Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

1

General information

Machinery Rental UK Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

It is the directors intention to recommence trading in the United Kingdom. These financial statements have been prepared under the going concern concept on the basis that the ultimate parent undertaking has agreed to continue to provide adequate funds to enable the company to meet its liabilities as they fall due.

Machinery Rental UK Limited is reliant on the support of Stangeland Miljø AS as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

Basis of preparation

These 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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Stangeland Gruppen AS, which may be obtained from Sandnesvegen 80, 4050 Sola, Norway. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..

 

Machinery Rental UK Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Taxation

The tax expense for the period comprises current tax. Tax is recognised in the income statement, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

Receivables

Receivables 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 receivables 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.

Payables

Payables 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.

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

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Machinery Rental UK Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Receivables

2023
£

2022
£

Other receivables

451

310

Prepayments

1,635

1,483

2,086

1,793

5

Payables

2023
£

2022
£

Due within one year

Trade payable

2,191

1,873

Amounts due to group undertakings

38,183

23,876

Accruals

2,525

2,400

42,899

28,149

6

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1

1

1

1

1

         

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Machinery Rental UK Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023 (continued)

7

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

8

Parent and ultimate parent undertaking

The company's immediate parent is Stangeland Miljø AS, incorporated in Sandnesvegen 80, 4050 Sola, Norway..

 The ultimate parent company is Stangeland Gruppen AS, a company registered in Norway and controlled by O Stangeland, a director of the company.

 The most senior parent entity producing publicly available financial statements is Stangeland Gruppen AS. These financial statements are available upon request from Sandnesvegen 80, 4050 Sola, Norway

 

9

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 October 2023 was Ransford Agyei-Boamah, who signed for and on behalf of Harmer Slater Limited.