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L.Smith Plant Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

Registration number: 10419482

 

L.Smith Plant Hire Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

L.Smith Plant Hire Limited

(Registration number: 10419482)
Statement of financial position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

373,344

312,189

Current assets

 

Debtors

5

31,243

62,774

Cash at bank and in hand

 

44,451

30,116

 

75,694

92,890

Creditors: Amounts falling due within one year

6

(197,898)

(190,355)

Net current liabilities

 

(122,204)

(97,465)

Total assets less current liabilities

 

251,140

214,724

Creditors: Amounts falling due after more than one year

6

(10,379)

(21,135)

Provisions for liabilities

(43,272)

(35,647)

Net assets

 

197,489

157,942

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

197,488

157,941

Shareholders' funds

 

197,489

157,942

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.

Director's 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 director acknowledges his 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.

 

L.Smith Plant Hire Limited

(Registration number: 10419482)
Statement of financial position as at 30 April 2023

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 director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr L Smith
Director

 

L.Smith Plant Hire Limited

Notes to the Unaudited 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 and Wales.

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 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 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 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.

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.

 

L.Smith Plant Hire Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

20% Reducing balance

Office equipment

25% Reducing balance

Commercial vehicles

25% Reducing balance

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.

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 income statement 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.

 

L.Smith Plant Hire Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

L.Smith Plant Hire Limited

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

4

Tangible assets

Plant and machinery
£

Commercial vehicles
£

Total
£

Cost or valuation

At 1 May 2022

409,108

70,265

479,373

Additions

100,949

59,000

159,949

Disposals

(15,500)

(22,500)

(38,000)

At 30 April 2023

494,557

106,765

601,322

Depreciation

At 1 May 2022

145,562

21,622

167,184

Charge for the year

77,467

-

77,467

Eliminated on disposal

(1,292)

(15,381)

(16,673)

At 30 April 2023

221,737

6,241

227,978

Carrying amount

At 30 April 2023

272,820

100,524

373,344

At 30 April 2022

263,546

48,643

312,189

5

Debtors

Current

2023
£

2022
£

Trade debtors

24,140

52,744

Prepayments

2,286

738

Other debtors

4,817

9,292

 

31,243

62,774

 

L.Smith Plant Hire Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,756

17,724

Accruals and deferred income

 

2,070

1,975

Other creditors

 

185,072

170,656

 

197,898

190,355

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

10,379

21,135

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

L.Smith Plant Hire Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,067

12,467

Hire purchase contracts

1,312

8,668

10,379

21,135

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,400

3,400

Hire purchase contracts

7,356

14,324

10,756

17,724