Registered number
05791418
IH Equipment Limited
Filleted Accounts
30 June 2023
IH Equipment Limited
Registered number: 05791418
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 60,000 60,000
Tangible assets 4 451,321 478,292
511,321 538,292
Current assets
Stocks 5,500 5,500
Debtors 5 62,789 84,291
Cash at bank and in hand 72,699 55,906
140,988 145,697
Creditors: amounts falling due within one year 6 (71,109) (95,501)
Net current assets 69,879 50,196
Total assets less current liabilities 581,200 588,488
Creditors: amounts falling due after more than one year 7 (42,761) (88,699)
Net assets 538,439 499,789
Capital and reserves
Called up share capital 2 2
Profit and loss account 538,437 499,787
Shareholders' funds 538,439 499,789
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Hobson
Director
Approved by the board on 28 February 2024
IH Equipment Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 10% reducing balance
Plant and machinery 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 60,000
At 30 June 2023 60,000
Amortisation
At 30 June 2023 -
Net book value
At 30 June 2023 60,000
At 30 June 2022 60,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 197,509 312,844 134,192 644,545
Additions - 11,355 - 11,355
Disposals - (12,500) - (12,500)
At 30 June 2023 197,509 311,699 134,192 643,400
Depreciation
At 1 July 2022 - 92,431 73,822 166,253
Charge for the year - 22,164 6,037 28,201
On disposals - (2,375) - (2,375)
At 30 June 2023 - 112,220 79,859 192,079
Net book value
At 30 June 2023 197,509 199,479 54,333 451,321
At 30 June 2022 197,509 220,413 60,370 478,292
5 Debtors 2023 2022
£ £
Trade debtors 59,789 84,005
Other debtors 3,000 286
62,789 84,291
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 9,992
Trade creditors 20,900 59,320
Taxation and social security costs 40,209 26,189
71,109 95,501
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,170 29,183
Directors' loan accounts 23,591 59,516
42,761 88,699
8 Other information
IH Equipment Limited is a private company limited by shares and incorporated in England. Its registered office is:
49a Lidgate Crescent
South Kirkby
Pontefract
West Yorkshire
WF9 3NR
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