IRIS Accounts Production v23.2.0.158 04602430 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure046024302022-02-28046024302023-02-28046024302022-03-012023-02-28046024302021-02-28046024302021-03-012022-02-28046024302022-02-2804602430ns16:EnglandWales2022-03-012023-02-2804602430ns15:PoundSterling2022-03-012023-02-2804602430ns11:Director12022-03-012023-02-2804602430ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2804602430ns11:SmallEntities2022-03-012023-02-2804602430ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-2804602430ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2804602430ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2804602430ns11:FullAccounts2022-03-012023-02-2804602430ns11:OrdinaryShareClass12022-03-012023-02-2804602430ns11:Director22022-03-012023-02-2804602430ns11:CompanySecretary12022-03-012023-02-2804602430ns11:RegisteredOffice2022-03-012023-02-2804602430ns6:CurrentFinancialInstruments2023-02-2804602430ns6:CurrentFinancialInstruments2022-02-2804602430ns6:Non-currentFinancialInstruments2023-02-2804602430ns6:Non-currentFinancialInstruments2022-02-2804602430ns6:ShareCapital2023-02-2804602430ns6:ShareCapital2022-02-2804602430ns6:RevaluationReserve2023-02-2804602430ns6:RevaluationReserve2022-02-2804602430ns6:RetainedEarningsAccumulatedLosses2023-02-2804602430ns6:RetainedEarningsAccumulatedLosses2022-02-2804602430ns6:PlantMachinery2022-03-012023-02-2804602430ns6:FurnitureFittings2022-03-012023-02-2804602430ns6:MotorVehicles2022-03-012023-02-2804602430ns6:ComputerEquipment2022-03-012023-02-2804602430ns6:PlantMachinery2022-02-2804602430ns6:FurnitureFittings2022-02-2804602430ns6:MotorVehicles2022-02-2804602430ns6:ComputerEquipment2022-02-2804602430ns6:PlantMachinery2023-02-2804602430ns6:FurnitureFittings2023-02-2804602430ns6:MotorVehicles2023-02-2804602430ns6:ComputerEquipment2023-02-2804602430ns6:PlantMachinery2022-02-2804602430ns6:FurnitureFittings2022-02-2804602430ns6:MotorVehicles2022-02-2804602430ns6:ComputerEquipment2022-02-2804602430ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2804602430ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2804602430ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-02-2804602430ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-02-2804602430ns11:OrdinaryShareClass12023-02-28
REGISTERED NUMBER: 04602430 (England and Wales)















THE PRODUCTION HIRE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)






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


THE PRODUCTION HIRE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr M A Neil
Miss T Pyle





SECRETARY: Mr M A Neil





REGISTERED OFFICE: 15 High Street
Brackley
Northamptonshire
NN13 7DH





REGISTERED NUMBER: 04602430 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,514,983 841,930

CURRENT ASSETS
Debtors 5 52,070 102,890
Cash at bank 376,996 335,253
429,066 438,143
CREDITORS
Amounts falling due within one year 6 373,017 410,549
NET CURRENT ASSETS 56,049 27,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,571,032

869,524

CREDITORS
Amounts falling due after more than one
year

7

(36,250

)

(71,502

)

PROVISIONS FOR LIABILITIES (1,327,267 ) (138,139 )
NET ASSETS 4,207,515 659,883

CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 3,258,301 -
Retained earnings 949,212 659,881
SHAREHOLDERS' FUNDS 4,207,515 659,883

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.

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Mr M A Neil - Director


THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

The Production Hire Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VATand trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from services provided are recognised by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and software - 25% on reducing balance

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

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures Computer
Plant and and Motor and
machinery fittings vehicles software Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2022 2,766,307 3,989 160,676 13,557 2,944,529
Additions 794,583 4,690 56,850 5,981 862,104
Disposals (158,412 ) - - - (158,412 )
Revaluations 4,344,402 - - - 4,344,402
At 28 February 2023 7,746,880 8,679 217,526 19,538 7,992,623
DEPRECIATION
At 1 March 2022 1,986,700 1,960 106,981 6,958 2,102,599
Charge for year 379,892 1,680 27,637 3,145 412,354
Eliminated on disposal (37,313 ) - - - (37,313 )
At 28 February 2023 2,329,279 3,640 134,618 10,103 2,477,640
NET BOOK VALUE
At 28 February 2023 5,417,601 5,039 82,908 9,435 5,514,983
At 28 February 2022 779,607 2,029 53,695 6,599 841,930

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2023 is represented by:

Fixtures Computer
Plant and and Motor and
machinery fittings vehicles software Totals
£    £    £    £    £   
Valuation in 2023 4,344,401 - - - 4,344,401
Cost 3,402,479 8,679 217,526 19,538 3,648,222
7,746,880 8,679 217,526 19,538 7,992,623

The net book value of tangible fixed assets includes £ 21,806 (2022 - £ 29,075 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,315 98,928
Social security and other taxes 16,755 3,962
52,070 102,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts 8,698 12,816
Trade creditors 224,759 95,514
Tax - 12,467
VAT 33,971 104,436
Other creditors 17,882 16,342
Directors' current accounts 59,557 64,160
Deferred income - 76,864
Accrued expenses 8,150 7,950
373,017 410,549

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 36,250 61,250
Hire purchase contracts - 10,252
36,250 71,502

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. RESERVES
Revaluation
reserve
£   
Fixed asset revaluation 4,344,401
Deferred tax on revaluation (1,086,100 )

At 28 February 2023 3,258,301

10. REVALUATION

During the year the company director reviewed the assets held by the company. The directors conclusion was that the asset values of the plant and equipment were under stated. On this basis a detailed assessment of the asset valuation has been prepared by the director and as a consequence the assets have been revalued by £4,344,402.