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REGISTERED NUMBER: 01130746 (England and Wales)















Financial Statements for the Year Ended 28 February 2023

for

Skipton Hire Centre Limited

Skipton Hire Centre Limited (Registered number: 01130746)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Skipton Hire Centre Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: R J Palmer
L Hallsworth
M Wilson





REGISTERED OFFICE: Carleton Business Park
Carleton New Road
Skipton
North Yorkshire
BD23 2DE





REGISTERED NUMBER: 01130746 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Skipton Hire Centre Limited (Registered number: 01130746)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,945,524 1,897,141

CURRENT ASSETS
Stocks 291,576 267,345
Debtors 5 6,030,430 3,919,962
Cash at bank and in hand 60,278 28,550
6,382,284 4,215,857
CREDITORS
Amounts falling due within one year 6 2,392,095 1,587,558
NET CURRENT ASSETS 3,990,189 2,628,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,935,713

4,525,440

CREDITORS
Amounts falling due after more than one
year

7

(2,079,829

)

(908,732

)

PROVISIONS FOR LIABILITIES (477,578 ) (353,934 )
NET ASSETS 3,378,306 3,262,774

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 3,377,806 3,262,274
3,378,306 3,262,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Skipton Hire Centre Limited (Registered number: 01130746)

Balance Sheet - continued
28 February 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:




R J Palmer - Director



M Wilson - Director


Skipton Hire Centre Limited (Registered number: 01130746)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Skipton Hire Centre 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 represents income from sale of goods and from hire of plant and equipment. It 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.
Tenants alterations - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% 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.

Financial instruments
Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit & loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Skipton Hire Centre Limited (Registered number: 01130746)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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 34 (2022 - 36 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Tenants Plant and and Motor
alterations machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 239,441 4,682,484 331,259 460,557 5,713,741
Additions - 627,444 14,733 85,381 727,558
Disposals - (444,833 ) - (52,592 ) (497,425 )
At 28 February 2023 239,441 4,865,095 345,992 493,346 5,943,874
DEPRECIATION
At 1 March 2022 239,441 2,972,157 319,304 285,698 3,816,600
Charge for year - 512,674 3,647 55,496 571,817
Eliminated on disposal - (337,475 ) - (52,592 ) (390,067 )
At 28 February 2023 239,441 3,147,356 322,951 288,602 3,998,350
NET BOOK VALUE
At 28 February 2023 - 1,717,739 23,041 204,744 1,945,524
At 28 February 2022 - 1,710,327 11,955 174,859 1,897,141

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 610,351 632,800
Amounts owed by group undertakings 5,187,022 3,258,168
Other debtors 233,057 28,994
6,030,430 3,919,962

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 60,000 60,000
Hire purchase contracts and finance leases (see note 8)
717,788

425,760
Trade creditors 495,704 448,333
Amounts owed to group undertakings 548,947 430,600
Taxation and social security 182,600 103,342
Other creditors 387,056 119,523
2,392,095 1,587,558

Skipton Hire Centre Limited (Registered number: 01130746)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 135,000 195,000
Hire purchase contracts and finance leases (see note 8)
1,944,829

713,732
2,079,829 908,732

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Net obligations repayable:
Within one year 454,867 416,840 262,921 8,920
Between one and five years 679,960 713,732 1,264,869 -
1,134,827 1,130,572 1,527,790 8,920

Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 164,750 164,750
Between one and five years 659,000 659,000
In more than five years 123,563 288,313
947,313 1,112,063

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Other loans 286,444 10,120

Close Brothers Limited hold a fixed and floating charge over the assets of the company.

Neil Eric Bravery holds a fixed and floating charge over the assets of the company.

Skipton Hire Centre Limited (Registered number: 01130746)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
R J Palmer
Balance outstanding at start of year - -
Amounts advanced 65,439 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,439 -