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COMPANY REGISTRATION NUMBER: 06921762
BLOCKS 4 HIRE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
BLOCKS 4 HIRE LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
24,509
31,419
CURRENT ASSETS
Debtors
6
42,719
33,594
Cash at bank and in hand
41,340
35,118
--------
--------
84,059
68,712
CREDITORS: amounts falling due within one year
7
14,507
6,668
--------
--------
NET CURRENT ASSETS
69,552
62,044
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
94,061
93,463
PROVISIONS
4,657
6,060
--------
--------
NET ASSETS
89,404
87,403
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
10
Revaluation reserve
9,000
9,000
Profit and loss account
80,394
78,393
--------
--------
SHAREHOLDERS FUNDS
89,404
87,403
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BLOCKS 4 HIRE LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mrs A Baker
Director
Company registration number: 06921762
BLOCKS 4 HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Station Road, Rushton, Kettering, Northants, NN14 1RL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment
-
20% reducing balance
Office Equipment
-
25% reducing balance and 33.33% straight line
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. TANGIBLE ASSETS
Plant & Equipment
Office Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 April 2022
145,979
3,050
31,291
180,320
Additions
540
540
---------
-------
--------
---------
At 31 March 2023
145,979
3,590
31,291
180,860
---------
-------
--------
---------
Depreciation
At 1 April 2022
126,148
1,814
20,939
148,901
Charge for the year
3,966
896
2,588
7,450
---------
-------
--------
---------
At 31 March 2023
130,114
2,710
23,527
156,351
---------
-------
--------
---------
Carrying amount
At 31 March 2023
15,865
880
7,764
24,509
---------
-------
--------
---------
At 31 March 2022
19,831
1,236
10,352
31,419
---------
-------
--------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
42,619
33,000
Other debtors
100
594
--------
--------
42,719
33,594
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,135
329
Corporation tax
4,019
1,281
Social security and other taxes
2,565
2,978
Other creditors
2,788
2,080
--------
-------
14,507
6,668
--------
-------