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COMPANY REGISTRATION NUMBER: 10050792
London Climate Hire Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2023
London Climate Hire Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
584,888
493,600
Current assets
Debtors
6
1,046,260
542,390
Cash at bank and in hand
40,567
81,671
------------
---------
1,086,827
624,061
Creditors: amounts falling due within one year
7
1,500,215
744,366
------------
---------
Net current liabilities
413,388
120,305
---------
---------
Total assets less current liabilities
171,500
373,295
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
171,400
373,195
---------
---------
Shareholder funds
171,500
373,295
---------
---------
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 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his 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 4 March 2024 , and are signed on behalf of the board by:
R J Morgan
Director
Company registration number: 10050792
London Climate Hire Limited
Notes to the Financial Statements
Year ended 30 April 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 1-2 Twyford Road Ind Estate, Twyford Road, Bishops Stortford, Hertfordshire.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income 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.
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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2022
772,484
18,517
4,200
27,153
822,354
Additions
153,424
8,423
161,847
---------
--------
-------
--------
---------
At 30 April 2023
925,908
18,517
4,200
35,576
984,201
---------
--------
-------
--------
---------
Depreciation
At 1 May 2022
303,892
8,805
3,203
12,854
328,754
Charge for the year
62,201
2,428
249
5,681
70,559
---------
--------
-------
--------
---------
At 30 April 2023
366,093
11,233
3,452
18,535
399,313
---------
--------
-------
--------
---------
Carrying amount
At 30 April 2023
559,815
7,284
748
17,041
584,888
---------
--------
-------
--------
---------
At 30 April 2022
468,592
9,712
997
14,299
493,600
---------
--------
-------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
963,126
495,798
Other debtors
83,134
46,592
------------
---------
1,046,260
542,390
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
43,286
Trade creditors
1,052,520
550,762
Corporation tax
150,976
115,887
Social security and other taxes
253,363
76,075
Other creditors
70
1,642
------------
---------
1,500,215
744,366
------------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R J Morgan
( 1,642)
1,573
( 69)
-------
-------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R J Morgan
209,556
( 211,198)
( 1,642)
---------
---------
-------
9. Related party transactions
Dividends totalling £461,000 (2022: £484,547) were paid in the year respect of shares held by the company's director.