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REGISTERED NUMBER: 05167498 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 August 2023

for

Will Hire Limited

Will Hire Limited (Registered number: 05167498)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Will Hire Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: W J Gough
W J Gough Jnr





SECRETARY: Mrs C E Watkins





REGISTERED OFFICE: Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT





REGISTERED NUMBER: 05167498 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Will Hire Limited (Registered number: 05167498)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 159,403 137,016

CURRENT ASSETS
Stocks 674,618 650,881
Debtors 5 485,012 453,298
Cash at bank and in hand 97,095 142,340
1,256,725 1,246,519
CREDITORS
Amounts falling due within one year 6 807,134 814,233
NET CURRENT ASSETS 449,591 432,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

608,994

569,302

CREDITORS
Amounts falling due after more than one
year

7

(220,693

)

(213,596

)

PROVISIONS FOR LIABILITIES (30,100 ) (25,800 )
NET ASSETS 358,201 329,906

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 357,201 328,906
SHAREHOLDERS' FUNDS 358,201 329,906

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:



W J Gough - Director


Will Hire Limited (Registered number: 05167498)

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

1. STATUTORY INFORMATION

Will Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

Will Hire Limited (Registered number: 05167498)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2022 83,519 33,112 36,261 349,050 501,942
Additions - 1,424 - 96,040 97,464
Disposals - - - (127,850 ) (127,850 )
At 31 August 2023 83,519 34,536 36,261 317,240 471,556
DEPRECIATION
At 1 September 2022 82,219 31,541 36,261 214,905 364,926
Charge for year 260 678 - 50,041 50,979
Eliminated on disposal - - - (103,752 ) (103,752 )
At 31 August 2023 82,479 32,219 36,261 161,194 312,153
NET BOOK VALUE
At 31 August 2023 1,040 2,317 - 156,046 159,403
At 31 August 2022 1,300 1,571 - 134,145 137,016

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 482,512 450,798
Other debtors 2,500 2,500
485,012 453,298

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 26,354 54,176
Hire purchase contracts (see note 8) 180,725 165,261
Trade creditors 201,921 309,099
Taxation and social security 81,162 41,163
Other creditors 316,972 244,534
807,134 814,233

Invoice financing is secured on certain trade debts of the company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 18,827 28,635
Hire purchase contracts (see note 8) 201,866 184,961
220,693 213,596

Will Hire Limited (Registered number: 05167498)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 180,725 165,261
Between one and five years 201,866 184,961
382,591 350,222

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 16,906 -
Hire purchase contracts 382,591 350,222
Invoice Discounting 291,608 221,993
691,105 572,215

10. OTHER FINANCIAL COMMITMENTS

At the end of the year the company had non - cancellable operating leases of £170,833 (2022:£220,834).

11. RELATED PARTY DISCLOSURES

At the year end of 2023 a balance of £4,832 (2022: £4,686) was owed to the directors.