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Registration number: 00989338

Hoist Mec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Hoist Mec Limited

(Registration number: 00989338)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,732

3,036

Investment property

5

220,000

225,000

 

222,732

228,036

Current assets

 

Debtors

6

45,161

82,107

Cash at bank and in hand

 

152,310

161,650

 

197,471

243,757

Creditors: Amounts falling due within one year

7

(5,975)

(16,848)

Net current assets

 

191,496

226,909

Total assets less current liabilities

 

414,228

454,945

Provisions for liabilities

(20,150)

(21,476)

Net assets

 

394,078

433,469

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

392,078

431,469

Shareholders' funds

 

394,078

433,469

For the financial year ending 30 June 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.

 

Hoist Mec Limited

(Registration number: 00989338)
Balance Sheet as at 30 June 2023 (continued)

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.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 


Mr K P Hancock
Company secretary and director

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brook Farm
Drayton Road
Newton Longville
Milton Keynes
Buckinghamshire
MK17 0BH

These financial statements were authorised for issue by the Board on 27 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 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 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Turnover also comprises rents receivable. Income is recognised when the right to rent falls due under the terms of the tenancy agreements.

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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

10% reducing balance

Fixtures & fittings

15% reducing balance

Equipment

15% reducing balance

Motor vehicles

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 or rents from tenants in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and subsequently adjusted for any 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.

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Plant and equipment etc
£

Cost or valuation

At 1 July 2022

10,749

At 30 June 2023

10,749

Depreciation

At 1 July 2022

7,713

Charge for the year

304

At 30 June 2023

8,017

Carrying amount

At 30 June 2023

2,732

At 30 June 2022

3,036

5

Investment properties

2023
£

At 1 July

225,000

Fair value adjustments

(5,000)

At 30 June

220,000

The investment property consists of a residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 June 2023 by the directors. The valuation has been made on an open market value basis by reference to market evidence of transaction price for similar properties.

There has been no valuation of investment property by an independent valuer.

 

Hoist Mec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

42,120

47,585

Other debtors

3,041

34,522

 

45,161

82,107

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

2,969

Taxation and social security

390

8,394

Other creditors

5,585

5,485

5,975

16,848

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         

9

Transition to FRS 102

During the prior year the company transitioned from FRS 105 to FRS 102 1A. Transitional adjustments made in the prior year included restating investment properties at fair value and providing for deferred tax where material.