Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-0117falseNo description of principal activity19truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08904335 2022-03-01 2023-02-28 08904335 2023-02-28 08904335 2021-03-01 2022-02-28 08904335 2022-02-28 08904335 c:Director1 2022-03-01 2023-02-28 08904335 d:FurnitureFittings 2022-03-01 2023-02-28 08904335 d:FurnitureFittings 2023-02-28 08904335 d:FurnitureFittings 2022-02-28 08904335 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08904335 d:OfficeEquipment 2022-03-01 2023-02-28 08904335 d:OfficeEquipment 2023-02-28 08904335 d:OfficeEquipment 2022-02-28 08904335 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08904335 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08904335 d:CurrentFinancialInstruments 2023-02-28 08904335 d:CurrentFinancialInstruments 2022-02-28 08904335 d:Non-currentFinancialInstruments 2023-02-28 08904335 d:Non-currentFinancialInstruments 2022-02-28 08904335 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08904335 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 08904335 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08904335 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 08904335 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 08904335 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 08904335 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 08904335 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 08904335 d:ShareCapital 2023-02-28 08904335 d:ShareCapital 2022-02-28 08904335 d:RetainedEarningsAccumulatedLosses 2023-02-28 08904335 d:RetainedEarningsAccumulatedLosses 2022-02-28 08904335 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 08904335 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 08904335 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-02-28 08904335 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-02-28 08904335 c:FRS102 2022-03-01 2023-02-28 08904335 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 08904335 c:FullAccounts 2022-03-01 2023-02-28 08904335 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08904335 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08904335 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number:  08904335














NATIONAL TOOL HIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


 
NATIONAL TOOL HIRE LIMITED
REGISTERED NUMBER: 08904335

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,990
20,316

  
7,990
20,316

Current assets
  

Debtors: amounts falling due within one year
 5 
499,241
469,002

Cash at bank and in hand
 6 
86,161
12,708

  
585,402
481,710

Creditors: amounts falling due within one year
 7 
(432,393)
(302,858)

Net current assets
  
 
 
153,009
 
 
178,852

Total assets less current liabilities
  
160,999
199,168

Creditors: amounts falling due after more than one year
 8 
(129,183)
(187,828)

Provisions for liabilities
  

Deferred tax
 11 
(1,550)
(3,369)

  
 
 
(1,550)
 
 
(3,369)

Net assets
  
30,266
7,971


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
30,167
7,872

  
30,266
7,971


Page 1

 
NATIONAL TOOL HIRE LIMITED
REGISTERED NUMBER: 08904335
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers 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 director acknowledges his 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 income and retained earnings 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 by: 




................................................
J J Hughes
Director

Date: 16 November 2023

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

Page 2

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 08904335). The registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of tool and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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:

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
On cost
Office equipment
-
25%
On cost

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

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

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.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 19).

Page 7

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
12,733
25,102
37,835


Additions
-
1,823
1,823


Disposals
(12,600)
-
(12,600)



At 28 February 2023

133
26,925
27,058



Depreciation


At 1 March 2022
4,619
12,900
17,519


Charge for the year on owned assets
3,143
6,124
9,267


Disposals
(7,718)
-
(7,718)



At 28 February 2023

44
19,024
19,068



Net book value



At 28 February 2023
89
7,901
7,990



At 28 February 2022
8,114
12,202
20,316


5.


Debtors

2023
2022
£
£


Trade debtors
708
25,696

Other debtors
465,665
418,980

Prepayments and accrued income
32,868
24,326

499,241
469,002


Page 8

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,161
12,708

86,161
12,708



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
52,800
46,967

Trade creditors
115,900
61,475

Corporation tax
17,868
3,794

Other taxation and social security
30,505
42,484

Other creditors
72,735
83,204

Accruals and deferred income
142,585
64,934

432,393
302,858


The following liabilities were secured:

2023
2022
£
£



Bank loans
52,800
46,967

52,800
46,967

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.

Page 9

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
129,183
187,828

129,183
187,828


The following liabilities were secured:

2023
2022
£
£



Bank loans
129,183
187,828

129,183
187,828

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
52,800
46,967

Amounts falling due 1-2 years

Bank loans
52,800
46,967

Amounts falling due 2-5 years

Bank loans
76,383
140,861


181,983
234,795


Page 10

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
21,470
12,708

Financial assets measured at amortised costs
525,105
466,600

546,575
479,308


Financial liabilities


Financial assets measured at amortised costs
373,381
384,052


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, accruals and other creditors.

Page 11

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Deferred taxation




2023


£






At beginning of year
(3,369)


Charged to profit or loss
1,819



At end of year
(1,550)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,550)
(3,369)

(1,550)
(3,369)


12.


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 £9,109 (2022 - £9,631). Contributions totalling £1,656 (2022 - £1,720) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The following amounts within other debtors and other creditors were due to / (from) the company at the balance sheet date:


2023
2022
£
£

Trade Gear Limited
6,314
1,838
Easiweb Limited
459,061
412,306
Simple Trade Solutions Ltd
-
4,836
465,375
418,980

Trade Gear Limited and Simple Trade Solutions Limited are connected companies.
Easiweb Limited is the parent company.
The loans are repayable on demand and no interest has been charged.

Page 12

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

14.


Controlling party

The Company is a subsidiary of Easiweb Limited, a company incorporated in England whose registered office is 11th Floor The Plaza, Old Hall Street, Liverpool, L3 9QJ.
 The Company is controlled by J Hughes, a director and ultimate shareholder.

 
Page 13