Specialist Trailer Hire Limited 03682755 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Renting and leasing of trailers Digita Accounts Production Advanced 6.30.9574.0 true 03682755 2022-04-01 2023-03-31 03682755 2023-03-31 03682755 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 03682755 core:RetainedEarningsAccumulatedLosses 2023-03-31 03682755 core:ShareCapital 2023-03-31 03682755 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03682755 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03682755 core:LandBuildings 2023-03-31 03682755 core:MotorVehicles 2023-03-31 03682755 core:OtherPropertyPlantEquipment 2023-03-31 03682755 1 2023-03-31 03682755 bus:SmallEntities 2022-04-01 2023-03-31 03682755 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03682755 bus:FullAccounts 2022-04-01 2023-03-31 03682755 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03682755 bus:RegisteredOffice 2022-04-01 2023-03-31 03682755 bus:Director2 2022-04-01 2023-03-31 03682755 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-04-01 2023-03-31 03682755 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03682755 core:LandBuildings 2022-04-01 2023-03-31 03682755 core:MotorVehicles 2022-04-01 2023-03-31 03682755 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03682755 core:PlantMachinery 2022-04-01 2023-03-31 03682755 countries:EnglandWales 2022-04-01 2023-03-31 03682755 1 2022-04-01 2023-03-31 03682755 2022-03-31 03682755 core:LandBuildings 2022-03-31 03682755 core:MotorVehicles 2022-03-31 03682755 core:OtherPropertyPlantEquipment 2022-03-31 03682755 1 2022-03-31 03682755 2021-04-01 2022-03-31 03682755 2022-03-31 03682755 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-03-31 03682755 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03682755 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 03682755 core:LandBuildings 2022-03-31 03682755 core:MotorVehicles 2022-03-31 03682755 core:OtherPropertyPlantEquipment 2022-03-31 03682755 1 2022-03-31 03682755 1 2021-04-01 2022-03-31 03682755 1 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03682755

Specialist Trailer Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Specialist Trailer Hire Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Specialist Trailer Hire Limited

(Registration number: 03682755)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

15,440,204

 

11,539,963

Current assets

   

 

Debtors

5

2,243,958

 

1,529,155

 

Cash at bank and in hand

 

495,886

 

914,720

 

 

2,739,844

 

2,443,875

 

Creditors: Amounts falling due within one year

6

(4,757,632)

 

(3,674,319)

 

Net current liabilities

   

(2,017,788)

 

(1,230,444)

Total assets less current liabilities

   

13,422,416

 

10,309,519

Creditors: Amounts falling due after more than one year

6

 

(7,539,318)

 

(5,427,314)

Provisions for liabilities

 

(1,913,000)

 

(795,000)

Net assets

   

3,970,098

 

4,087,205

Capital and reserves

   

 

Called up share capital

7

25,000

 

25,000

 

Profit and loss account

3,945,098

 

4,062,205

 

Total equity

   

3,970,098

 

4,087,205

 

Specialist Trailer Hire Limited

(Registration number: 03682755)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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.

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 26 October 2023 and signed on its behalf by:
 

.........................................
M J Liversidge
Director

 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Bell Hill
Wood Lane
Rothwell
Leeds
LS26 0RS

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and 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 company's functional and presentation currency is pound sterling.

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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Land and buildings

2% straight line basis

Plant and machinery

20% reducing balance basis

Motor vehicles

10% to 20% straight line basis

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 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.

 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 39 (2022 - 35).

 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

252,657

450,566

17,980,353

18,683,576

Additions

263,315

207,538

6,285,763

6,756,616

Disposals

-

-

(1,339,571)

(1,339,571)

At 31 March 2023

515,972

658,104

22,926,545

24,100,621

Depreciation

At 1 April 2022

5,053

227,460

6,911,100

7,143,613

Charge for the year

10,319

66,350

1,885,997

1,962,666

Eliminated on disposal

-

-

(445,862)

(445,862)

At 31 March 2023

15,372

293,810

8,351,235

8,660,417

Carrying amount

At 31 March 2023

500,600

364,294

14,575,310

15,440,204

At 31 March 2022

247,604

223,106

11,069,253

11,539,963

Included within the net book value of land and buildings above is £500,600 (2022 - £247,604) in respect of freehold land and buildings.
 

 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,388,620

1,428,566

Prepayments

349,201

34,126

Other debtors

506,137

66,463

 

2,243,958

1,529,155

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

3,332,466

2,986,834

Trade creditors

1,219,007

617,201

Taxation and social security

55,050

24,133

Accruals and deferred income

135,009

35,946

Other creditors

16,100

10,205

4,757,632

3,674,319

Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £3,016,112 (2022 - £2,685,723).

2023
£

2022
£

Due after one year

Loans and borrowings

7,539,318

5,427,314

Creditors due in over one year include net obligations under finance lease and hire purchase contracts which are secured of £7,399,982 (2022 - £5,229,773).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

25,000

25,000

25,000

25,000

         
 

Specialist Trailer Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Interest free loan account

(250,135)

(22,624)

286,092

13,333

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Interest free loan account

(257,669)

(60,668)

68,202

(250,135)