Company Registration No. 06840159 (England and Wales)
Reecer Hire Limited
Unaudited accounts
for the year ended 30 September 2023
Reecer Hire Limited
Unaudited accounts
Contents
Reecer Hire Limited
Company Information
for the year ended 30 September 2023
Directors
Steve Reece
Helen Reece
Company Number
06840159 (England and Wales)
Registered Office
Ashwell Grange House
Stroat
Chepstow
Monmouthshire
NP16 7LS
United Kingdom
Accountants
Evans Entwistle
Venta House
Maes-glas
Newport
NP20 2NS
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Reecer Hire Limited
for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reecer Hire Limited for the year ended 30 September 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
Venta House
Maes-glas
Newport
NP20 2NS
19 December 2023
Reecer Hire Limited
Statement of financial position
as at 30 September 2023
Tangible assets
1,470,889
1,026,437
Cash at bank and in hand
621,445
587,203
Creditors: amounts falling due within one year
(196,532)
(253,558)
Net current assets
1,601,581
1,114,078
Total assets less current liabilities
3,072,470
2,140,515
Creditors: amounts falling due after more than one year
(23,723)
(167,776)
Provisions for liabilities
Deferred tax
(256,261)
(173,420)
Net assets
2,792,486
1,799,319
Called up share capital
1
1
Profit and loss account
2,792,485
1,799,318
Shareholders' funds
2,792,486
1,799,319
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2023 and were signed on its behalf by
Steve Reece
Director
Company Registration No. 06840159
Reecer Hire Limited
Notes to the Accounts
for the year ended 30 September 2023
Reecer Hire Limited is a private company, limited by shares, registered in England and Wales, registration number 06840159. The registered office is Ashwell Grange House, Stroat, Chepstow, Monmouthshire, NP16 7LS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10 years straight line
Motor vehicles
4 years straight line
Computer equipment
5 years straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Reecer Hire Limited
Notes to the Accounts
for the year ended 30 September 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 October 2022
1,807,999
134,210
1,942,209
Additions
169,465
6,341
175,806
At 30 September 2023
1,977,464
140,551
2,118,015
At 1 October 2022
839,885
75,887
915,772
Charge for the year
(245,417)
(23,229)
(268,646)
At 30 September 2023
594,468
52,658
647,126
At 30 September 2023
1,382,996
87,893
1,470,889
At 30 September 2022
968,114
58,323
1,026,437
Amounts falling due within one year
Trade debtors
171,153
288,016
Amounts due from group undertakings etc.
1,004,265
451,862
Other debtors
1,250
40,555
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
19,860
15,799
Obligations under finance leases and hire purchase contracts
76,338
78,616
Trade creditors
45,641
34,934
Taxes and social security
-
69,540
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
17,006
125,103
Loans from directors
6,717
12,883
Reecer Hire Limited
Notes to the Accounts
for the year ended 30 September 2023
8
Deferred taxation
2023
2022
Accelerated capital allowances
256,261
173,420
Provision at start of year
173,420
154,355
Charged to the profit and loss account
82,841
19,065
Provision at end of year
256,261
173,420
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Transactions with related parties
At the balance sheet date the company was owed £904,265 by Reecer Space Ltd (2022: £451,862).
At the balance sheet date the company was owed £100,000 by Reecer Group Ltd (2022: £nil).
The company is wholly owned by the Reecer Group Ltd, a company registered in England and Wales (number 09750344) whose place of business is Ashwell Grange House, Stroat, Chepstow, Monmouthshire NP16 7LS.
12
Average number of employees
During the year the average number of employees was 0 (2022: 0).