Hire and Supplies Limited 08936198 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Retail and hire of various plant, equipment and tools Digita Accounts Production Advanced 6.30.9574.0 true 08936198 2022-04-01 2023-03-31 08936198 2023-03-31 08936198 bus:OrdinaryShareClass1 2023-03-31 08936198 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 08936198 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 08936198 core:CurrentFinancialInstruments 2023-03-31 08936198 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08936198 core:Non-currentFinancialInstruments 2023-03-31 08936198 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08936198 core:FurnitureFittingsToolsEquipment 2023-03-31 08936198 core:LandBuildings 2023-03-31 08936198 core:MotorVehicles 2023-03-31 08936198 core:OtherPropertyPlantEquipment 2023-03-31 08936198 bus:SmallEntities 2022-04-01 2023-03-31 08936198 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08936198 bus:AbridgedAccounts 2022-04-01 2023-03-31 08936198 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08936198 bus:RegisteredOffice 2022-04-01 2023-03-31 08936198 bus:Director2 2022-04-01 2023-03-31 08936198 bus:Director3 2022-04-01 2023-03-31 08936198 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08936198 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08936198 core:RevaluationReserve 2022-04-01 2023-03-31 08936198 core:FurnitureFittings 2022-04-01 2023-03-31 08936198 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08936198 core:LandBuildings 2022-04-01 2023-03-31 08936198 core:MotorVehicles 2022-04-01 2023-03-31 08936198 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 08936198 core:PlantMachinery 2022-04-01 2023-03-31 08936198 core:Vehicles 2022-04-01 2023-03-31 08936198 countries:England 2022-04-01 2023-03-31 08936198 2022-03-31 08936198 core:FurnitureFittingsToolsEquipment 2022-03-31 08936198 core:LandBuildings 2022-03-31 08936198 core:MotorVehicles 2022-03-31 08936198 core:OtherPropertyPlantEquipment 2022-03-31 08936198 2021-04-01 2022-03-31 08936198 2022-03-31 08936198 bus:OrdinaryShareClass1 2022-03-31 08936198 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 08936198 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 08936198 core:CurrentFinancialInstruments 2022-03-31 08936198 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08936198 core:Non-currentFinancialInstruments 2022-03-31 08936198 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08936198 core:FurnitureFittingsToolsEquipment 2022-03-31 08936198 core:LandBuildings 2022-03-31 08936198 core:MotorVehicles 2022-03-31 08936198 core:OtherPropertyPlantEquipment 2022-03-31 08936198 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 08936198 core:RevaluationReserve 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08936198

Hire and Supplies Limited

trading as Hire and Supplies Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Company Information

Directors

Mr David Chandler

Mr Bruce Anderson

Registered office

1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

Accountants

MI Accountancy Solutions Limited
1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

(Registration number: 08936198)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,446,334

6,220,096

Current assets

 

Stocks

5

502,573

475,567

Debtors

6

797,762

877,491

Cash at bank and in hand

 

62,510

91,458

 

1,362,845

1,444,516

Prepayments and accrued income

 

87,780

59,270

Creditors: Amounts falling due within one year

7

(2,245,027)

(644,908)

Net current (liabilities)/assets

 

(794,402)

858,878

Total assets less current liabilities

 

7,651,932

7,078,974

Creditors: Amounts falling due after more than one year

8

(3,414,762)

(3,717,717)

Provisions for liabilities

(434,678)

(477,042)

Accruals and deferred income

 

(112,986)

(385,865)

Net assets

 

3,689,506

2,498,350

Capital and reserves

 

Called up share capital

9

263

230

Share premium reserve

1,388,813

399,770

Capital redemption reserve

30

-

Revaluation reserve

150,213

137,849

Retained earnings

2,150,187

1,960,501

Shareholders' funds

 

3,689,506

2,498,350

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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

(Registration number: 08936198)
Abridged Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................

Mr David Chandler

Director

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
1st Floor Offices
2 Whitebridge Lane
Stone
Staffordshire
ST15 8LQ

These financial statements were authorised for issue by the Board on 20 November 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged 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

Plant and machinery

25% reducing balance for brand new items

Vehicles

20% reducing balance

Fixtures and fittings

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

Notes to the Unaudited Abridged 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2022 - 27).

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

50,000

35,167

228,066

6,802,064

7,115,297

Additions

-

7,597

319,588

2,879,326

3,206,511

Disposals

-

(3,344)

(86,760)

(504,036)

(594,140)

At 31 March 2023

50,000

39,420

460,894

9,177,354

9,727,668

Depreciation

At 1 April 2022

-

29,731

68,793

796,677

895,201

Charge for the year

-

3,159

23,391

570,496

597,046

Eliminated on disposal

-

(3,345)

(62,001)

(145,567)

(210,913)

At 31 March 2023

-

29,545

30,183

1,221,606

1,281,334

Carrying amount

At 31 March 2023

50,000

9,875

430,711

7,955,748

8,446,334

At 31 March 2022

50,000

5,436

159,273

6,005,387

6,220,096

Included within the net book value of land and buildings above is £50,000 (2022 - £50,000) in respect of freehold land and buildings.
 

 

Hire and Supplies Limited

trading as Hire and Supplies Limited

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

5

Stocks

2023
£

2022
£

Other inventories

502,573

475,567

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

1,833

Hire purchase contracts

1,570,275

(10,256)

Other borrowings

212,179

200,940

1,782,454

192,517

8

Creditors: amounts falling due after more than one year

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

3,046,389

3,018,412

Other borrowings

368,373

699,305

3,414,762

3,717,717

Included in the loans and borrowings are the following amounts due after more than five years:

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 (2022 - £1) each

26,250

263

230

230

         
 

Hire and Supplies Limited

trading as Hire and Supplies Limited

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

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

12,364

12,364

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(38,000)

(38,000)