Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-06-01falsehire and sale of plant and equipment2827true 08057573 2022-06-01 2023-05-31 08057573 2021-06-01 2022-05-31 08057573 2023-05-31 08057573 2022-05-31 08057573 2021-06-01 08057573 c:Director1 2022-06-01 2023-05-31 08057573 d:PlantMachinery 2022-06-01 2023-05-31 08057573 d:PlantMachinery 2023-05-31 08057573 d:PlantMachinery 2022-05-31 08057573 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08057573 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08057573 d:MotorVehicles 2022-06-01 2023-05-31 08057573 d:MotorVehicles 2023-05-31 08057573 d:MotorVehicles 2022-05-31 08057573 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08057573 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08057573 d:FurnitureFittings 2022-06-01 2023-05-31 08057573 d:FurnitureFittings 2023-05-31 08057573 d:FurnitureFittings 2022-05-31 08057573 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08057573 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08057573 d:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 08057573 d:OtherPropertyPlantEquipment 2023-05-31 08057573 d:OtherPropertyPlantEquipment 2022-05-31 08057573 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08057573 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08057573 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08057573 d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08057573 d:Goodwill 2022-06-01 2023-05-31 08057573 d:Goodwill 2023-05-31 08057573 d:Goodwill 2022-05-31 08057573 d:CurrentFinancialInstruments 2023-05-31 08057573 d:CurrentFinancialInstruments 2022-05-31 08057573 d:Non-currentFinancialInstruments 2023-05-31 08057573 d:Non-currentFinancialInstruments 2022-05-31 08057573 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08057573 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 08057573 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08057573 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 08057573 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 08057573 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 08057573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 08057573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 08057573 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 08057573 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 08057573 d:ShareCapital 2023-05-31 08057573 d:ShareCapital 2022-05-31 08057573 d:SharePremium 2023-05-31 08057573 d:SharePremium 2022-05-31 08057573 d:RetainedEarningsAccumulatedLosses 2023-05-31 08057573 d:RetainedEarningsAccumulatedLosses 2022-05-31 08057573 c:FRS102 2022-06-01 2023-05-31 08057573 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08057573 c:FullAccounts 2022-06-01 2023-05-31 08057573 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08057573 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 08057573 d:HirePurchaseContracts d:WithinOneYear 2022-05-31 08057573 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 08057573 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-05-31 08057573 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08057573 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 08057573 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 08057573 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 08057573 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 08057573 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-31 08057573 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-05-31 08057573 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-05-31 08057573 d:LeasedAssetsHeldAsLessee 2023-05-31 08057573 d:LeasedAssetsHeldAsLessee 2022-05-31 08057573 d:Goodwill d:OwnedIntangibleAssets 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure
Registered number: 08057573





 
GR8 Tool Hire Ltd          
 
Financial statements          

For the year ended 31 May 2023          

 
GR8 Tool Hire Ltd
Registered number:08057573

Balance sheet
As at 31 May 2023


2023

2022
                                                                                    Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
4,180
5,225

Tangible assets
 5 
2,414,803
1,871,286

  
2,418,983
1,876,511

Current assets
  

Stock
  
199,405
127,669

Debtors
 6 
317,217
273,053

Cash at bank and in hand
 7 
111,639
62,959

  
628,261
463,681

Creditors: amounts falling due within one year
 8 
(838,952)
(696,383)

Net current liabilities
  
 
 
(210,691)
 
 
(232,702)

Total assets less current liabilities
  
2,208,292
1,643,809

Creditors: amounts falling due after more than one year
 9 
(619,674)
(398,434)

Provisions for liabilities
  

Deferred tax
 12 
(221,255)
(116,016)

Net assets
  
1,367,363
1,129,359


Capital and reserves
  

Called up share capital 
  
600
600

Share premium account
  
599,600
599,600

Profit and loss account
  
767,163
529,159

  
1,367,363
1,129,359


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
 

Page 1

 
GR8 Tool Hire Ltd
Registered number:08057573
    
Balance sheet (continued)
As at 31 May 2023

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 15 September 2023.





J Thompson
Director























The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

1.


General information

GR8 Tool Hire Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, England, SS11 7HQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.


Page 3

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance basis.

Depreciation is provided at the following rates:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Tooling for hire
-
Straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stock is assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Page 4

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 

Page 5

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 6

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 -27).

Page 7

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
10,450



At 31 May 2023

10,450



Amortisation


At 1 June 2022
5,225


Charge for the year
1,045



At 31 May 2023

6,270



Net book value



At 31 May 2023
4,180



At 31 May 2022
5,225



Page 8

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Tooling for hire
Total

£
£
£
£
£



Cost


At 1 June 2022
173,935
595,363
146,081
2,264,790
3,180,169


Additions
416
275,626
15,630
724,974
1,016,646


Disposals
-
(61,430)
-
(439,209)
(500,639)



At 31 May 2023

174,351
809,559
161,711
2,550,555
3,696,176



Depreciation


At 1 June 2022
141,366
367,840
95,692
703,984
1,308,882


Charge for the year - owned
8,246
11,625
16,505
39,853
76,229


Charge for the year - financed
-
110,722
-
107,151
217,873


Disposals
-
(47,669)
-
(273,942)
(321,611)



At 31 May 2023

149,612
442,518
112,197
577,046
1,281,373



Net book value



At 31 May 2023
24,739
367,041
49,514
1,973,509
2,414,803



At 31 May 2022
32,569
227,523
50,389
1,560,805
1,871,286

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
339,999
194,727

Tooling for hire
878,782
985,025

1,218,781
1,179,752

Page 9

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

6.


Debtors

2023
2022
£
£


Trade debtors
312,299
268,828

Amounts owed by group undertakings
534
-

Prepayments and accrued income
4,384
4,225

317,217
273,053



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
111,639
62,959



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
9,727

Other loans
-
5,577

Trade creditors
171,498
155,323

Amounts owed to group undertakings
-
3,266

Taxation and social security
84,557
78,001

Obligations under finance lease and hire purchase contracts
535,474
437,517

Other creditors
30,073
72

Accruals and deferred income
7,350
6,900

838,952
696,383



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,883
31,568

Net obligations under finance leases and hire purchase contracts
598,791
366,866

619,674
398,434


Page 10

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
9,727

Other loans
-
5,577

Amounts falling due 1-2 years

Bank loans
10,000
9,973

Amounts falling due 2-5 years

Bank loans
10,883
20,709

Amounts falling due after more than 5 years

Bank loans
-
886

30,883
46,872


The bank loan is unsecured, is payable by 60 monthly instalments and carries fixed interest at the rate of 2.5% per annum.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
535,474
437,517

Between 1-5 years
598,791
366,866

1,134,265
804,383

Page 11

 
GR8 Tool Hire Ltd
 
 
Notes to the financial statements
For the year ended 31 May 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
116,016
74,942


Charge for the year
105,239
41,074



At end of year
221,255
116,016

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
477,005
328,134

Tax losses carried forward
(255,750)
(212,118)

221,255
116,016


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounts to £18,273 (2022 - £15,660).


14.


Related party transactions

At the balance sheet date an amount was owed from the parent company, GR8 Capital Limited, amounting to £534 (2022 - £3,266 creditor). No interest was charged on this loan during the year.

 
Page 12