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COMPANY REGISTRATION NUMBER: 10970694
Flintshire Grab Hire Ltd
Filleted Unaudited Financial Statements
31 March 2023
Flintshire Grab Hire Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
80,026
52,230
Current assets
Debtors
6
38,493
20,242
Cash at bank and in hand
16,857
29,406
--------
--------
55,350
49,648
Creditors: amounts falling due within one year
7
80,244
20,476
--------
--------
Net current (liabilities)/assets
( 24,894)
29,172
--------
--------
Total assets less current liabilities
55,132
81,402
Creditors: amounts falling due after more than one year
8
62,240
72,300
--------
--------
Net (liabilities)/assets
( 7,108)
9,102
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 7,208)
9,002
-------
-------
Shareholders (deficit)/funds
( 7,108)
9,102
-------
-------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Flintshire Grab 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 9 November 2023 , and are signed on behalf of the board by:
Mr M Roberts
Mr A Astbury
Director
Director
Company registration number: 10970694
Flintshire Grab 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 Woodview, Bryn Celyn, Greenfield Road, Holywell, Flintshire, CH8 7QF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
93,529
5,105
98,634
Additions
68,000
1,058
69,058
Disposals
( 14,750)
( 14,750)
---------
-------
---------
At 31 March 2023
146,779
6,163
152,942
---------
-------
---------
Depreciation
At 1 April 2022
42,315
4,089
46,404
Charge for the year
35,041
1,283
36,324
Disposals
( 9,812)
( 9,812)
---------
-------
---------
At 31 March 2023
67,544
5,372
72,916
---------
-------
---------
Carrying amount
At 31 March 2023
79,235
791
80,026
---------
-------
---------
At 31 March 2022
51,214
1,016
52,230
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
30,315
19,109
Other debtors
8,178
1,133
--------
--------
38,493
20,242
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,127
18,805
Social security and other taxes
149
511
Other creditors
57,968
1,160
--------
--------
80,244
20,476
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,107
47,650
Other creditors
24,133
24,650
--------
--------
62,240
72,300
--------
--------
9. Directors' advances, credits and guarantees
No advances, credits or guarantees were given to the Directors during the current financial period.