Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30truefalse2022-05-01Equipment hire56trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02366840 2022-05-01 2023-04-30 02366840 2021-05-01 2022-04-30 02366840 2023-04-30 02366840 2022-04-30 02366840 c:Director1 2022-05-01 2023-04-30 02366840 d:Buildings 2022-05-01 2023-04-30 02366840 d:Buildings 2023-04-30 02366840 d:Buildings 2022-04-30 02366840 d:Buildings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02366840 d:Buildings d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02366840 d:PlantMachinery 2022-05-01 2023-04-30 02366840 d:PlantMachinery 2023-04-30 02366840 d:PlantMachinery 2022-04-30 02366840 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02366840 d:MotorVehicles 2022-05-01 2023-04-30 02366840 d:MotorVehicles 2023-04-30 02366840 d:MotorVehicles 2022-04-30 02366840 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02366840 d:OfficeEquipment 2022-05-01 2023-04-30 02366840 d:OfficeEquipment 2023-04-30 02366840 d:OfficeEquipment 2022-04-30 02366840 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02366840 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02366840 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02366840 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02366840 d:LeaseholdInvestmentProperty 2023-04-30 02366840 d:LeaseholdInvestmentProperty 2022-04-30 02366840 d:CurrentFinancialInstruments 2023-04-30 02366840 d:CurrentFinancialInstruments 2022-04-30 02366840 d:Non-currentFinancialInstruments 2023-04-30 02366840 d:Non-currentFinancialInstruments 2022-04-30 02366840 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02366840 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 02366840 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02366840 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 02366840 d:ShareCapital 2023-04-30 02366840 d:ShareCapital 2022-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2022-05-01 2023-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2023-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2022-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2023-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2022-04-30 02366840 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02366840 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 02366840 d:RetirementBenefitObligationsDeferredTax 2023-04-30 02366840 d:RetirementBenefitObligationsDeferredTax 2022-04-30 02366840 d:OtherDeferredTax 2023-04-30 02366840 d:OtherDeferredTax 2022-04-30 02366840 c:OrdinaryShareClass1 2022-05-01 2023-04-30 02366840 c:OrdinaryShareClass1 2023-04-30 02366840 c:OrdinaryShareClass1 2022-04-30 02366840 c:FRS102 2022-05-01 2023-04-30 02366840 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 02366840 c:FullAccounts 2022-05-01 2023-04-30 02366840 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 02366840 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 02366840 d:HirePurchaseContracts d:WithinOneYear 2022-04-30 02366840 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 02366840 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-04-30 02366840 2 2022-05-01 2023-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-30 02366840 d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 d:LeasedAssetsHeldAsLessee 2022-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02366840










HIRE EQUIPMENT (LUDLOW) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
HIRE EQUIPMENT (LUDLOW) LIMITED
REGISTERED NUMBER: 02366840

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
857,211
707,949

Investment property
 6 
750,000
750,000

  
1,607,211
1,457,949

Current assets
  

Stocks
  
10,960
10,300

Debtors: amounts falling due within one year
 7 
145,292
110,793

Cash at bank and in hand
 8 
696,745
741,551

  
852,997
862,644

Creditors: amounts falling due within one year
 9 
(325,291)
(332,772)

Net current assets
  
 
 
527,706
 
 
529,872

Total assets less current liabilities
  
2,134,917
1,987,821

Creditors: amounts falling due after more than one year
 10 
(56,130)
(58,813)

Provisions for liabilities
  

Deferred tax
 12 
(300,389)
(268,616)

  
 
 
(300,389)
 
 
(268,616)

Net assets
  
1,778,398
1,660,392


Capital and reserves
  

Called up share capital 
 13 
10,000
10,000

Investment property reserve
 14 
367,319
367,319

Profit and loss account
 14 
1,401,079
1,283,073

  
1,778,398
1,660,392


Page 1

 
HIRE EQUIPMENT (LUDLOW) LIMITED
REGISTERED NUMBER: 02366840
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.




Mr R S Jones
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Hire Equipment (Ludlow) Limited, 02366840, is a private company limited by shares, incorporating in England and Wales, with its registered office and principal place of business at Orleton Road, Ludlow Business Park, Ludlow, Shropshire, SY8 1XF.
The principal activity of the Company is equipment hire.

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.

Page 3

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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 4

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance
Office equipment
-
15%
Reducing balance

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.

Page 5

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.10

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Stocks

Stocks are 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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 6).

Page 7

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
152,904
1,191,726
184,280
15,503
1,544,413


Additions
-
306,277
92,798
2,143
401,218


Disposals
-
(151,997)
(64,402)
-
(216,399)



At 30 April 2023

152,904
1,346,006
212,676
17,646
1,729,232



Depreciation


At 1 May 2022
27,600
703,929
89,886
15,049
836,464


Charge for the year on owned assets
1,200
70,316
12,167
95
83,778


Charge for the year on financed assets
-
44,976
9,708
-
54,684


Disposals
-
(78,572)
(24,333)
-
(102,905)



At 30 April 2023

28,800
740,649
87,428
15,144
872,021



Net book value



At 30 April 2023
124,104
605,357
125,248
2,502
857,211



At 30 April 2022
125,304
487,797
94,394
454
707,949

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


2023
2022
£
£



Plant and machinery
163,799
187,810

Motor vehicles
46,833
14,041

210,632
201,851

Page 8

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Investment property


Long term leasehold investment property

£



Valuation


At 1 May 2022
750,000



At 30 April 2023
750,000

The 2023 valuations were made by  the Directors, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Trade debtors
99,513
80,714

Other debtors
15,764
5,987

Prepayments and accrued income
30,015
24,092

145,292
110,793



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
696,745
741,551

Less: bank overdrafts
(28,001)
(24,864)

668,744
716,687


Page 9

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
28,001
24,864

Trade creditors
175,531
192,338

Amounts owed to group undertakings
7,793
7,745

Other taxation and social security
12,960
13,315

Obligations under finance lease and hire purchase contracts
33,968
38,150

Other creditors
52,120
42,156

Accruals and deferred income
14,918
14,204

325,291
332,772


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts
28,001
24,864

Hire purchase contracts
33,968
38,150

61,969
63,014

Details of security provided:

Bank overdraft is secured upon the assets of the company, and hire purchase contracts are secured against the assets they relate to.

Page 10

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
56,130
58,813

56,130
58,813


The following liabilities were secured:

2023
2022
£
£



Hire purchase contracts
56,130
58,813

56,130
58,813

Details of security provided:

Hire purchase contracts are secured against the assets they relate to.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
33,968
38,150

Between 1-5 years
56,130
58,813

90,098
96,963

Page 11

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Deferred taxation




2023


£






At beginning of year
268,616


Charged to profit or loss
31,773



At end of year
300,389

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
183,277
151,503

Pension contributions
34
35

Capital gains on investment property
117,078
117,078

300,389
268,616


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



14.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents the revaluation of the Investment property, over the cost of the asset, to bring it in line with the current market value. 

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders. 

Page 12

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,178 (2022: £2,081) . Contributions totalling £135 (2022: £140) were payable to the fund at the balance sheet date and are included in creditors.


16.


Controlling party

The ultimate holding company is LRCM Limited, 06704446, which own 100% of the issued share capital, and is a UK registered company with its registered office and principal place of business at Three Brooks, Harthall, Tenbury Wells, Worcestershire, WR15 8HN.

 
Page 13