2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06116748 2022-03-01 2023-02-28 06116748 2023-02-28 06116748 2022-02-28 06116748 2021-03-01 2022-02-28 06116748 2022-02-28 06116748 2021-02-28 06116748 core:MotorVehicles 2022-03-01 2023-02-28 06116748 bus:Director1 2022-03-01 2023-02-28 06116748 core:PlantMachinery 2022-02-28 06116748 core:MotorVehicles 2022-02-28 06116748 core:PlantMachinery 2023-02-28 06116748 core:MotorVehicles 2023-02-28 06116748 core:WithinOneYear 2023-02-28 06116748 core:WithinOneYear 2022-02-28 06116748 core:AfterOneYear 2023-02-28 06116748 core:AfterOneYear 2022-02-28 06116748 core:ShareCapital 2023-02-28 06116748 core:ShareCapital 2022-02-28 06116748 core:RetainedEarningsAccumulatedLosses 2023-02-28 06116748 core:RetainedEarningsAccumulatedLosses 2022-02-28 06116748 core:PlantMachinery 2022-03-01 2023-02-28 06116748 core:PlantMachinery 2022-02-28 06116748 core:MotorVehicles 2022-02-28 06116748 bus:SmallEntities 2022-03-01 2023-02-28 06116748 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 06116748 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 06116748 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06116748 bus:FullAccounts 2022-03-01 2023-02-28 06116748 core:ComputerEquipment 2022-03-01 2023-02-28 06116748 core:ComputerEquipment 2023-02-28 06116748 core:ComputerEquipment 2022-02-28
COMPANY REGISTRATION NUMBER: 06116748
SPEAKS HIRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
SPEAKS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
11,122
14,635
CURRENT ASSETS
Debtors
6
387
372
Cash at bank and in hand
34,502
60,121
---------
---------
34,889
60,493
CREDITORS: amounts falling due within one year
7
44,402
61,553
---------
---------
NET CURRENT LIABILITIES
9,513
1,060
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,609
13,575
CREDITORS: amounts falling due after more than one year
8
7,010
9,971
PROVISIONS
Taxation including deferred tax
152
-------
---------
NET (LIABILITIES)/ASSETS
( 5,401)
3,452
-------
---------
SPEAKS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 6,401)
2,452
-------
-------
SHAREHOLDERS (DEFICIT)/FUNDS
( 5,401)
3,452
-------
-------
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 28 February 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 .
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
K Whittam
Director
Company registration number: 06116748
SPEAKS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT. It also includes hire charges for modular units where the income is spread equally over the period of the contract.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
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:
Equipment for hire
-
Over the period of the contract
Motor vehicles
-
20% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
23,773
18,000
3,236
45,009
---------
---------
-------
---------
Depreciation
At 1 March 2022
22,273
7,031
1,070
30,374
Charge for the year
2,742
771
3,513
---------
---------
-------
---------
At 28 February 2023
22,273
9,773
1,841
33,887
---------
---------
-------
---------
Carrying amount
At 28 February 2023
1,500
8,227
1,395
11,122
---------
---------
-------
---------
At 28 February 2022
1,500
10,969
2,166
14,635
---------
---------
-------
---------
6. DEBTORS
2023
2022
£
£
Other debtors
387
372
----
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,954
2,893
Social security and other taxes
723
222
Other creditors
40,725
58,438
---------
---------
44,402
61,553
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,010
9,971
-------
-------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured interest free loans with the Company. The loan accounts were in credit throughout the year and are repayable on demand.