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REGISTERED NUMBER: 02761701 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

Pasuda (Hire) Limited

Pasuda (Hire) Limited (Registered number: 02761701)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pasuda (Hire) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr Gordon Jones
Mr Benjamin Graham Jones



SECRETARY: Mrs Susan Jones



REGISTERED OFFICE: The Old Airfield
Belton Road
Sandtoft
Doncaster
South Yorkshire
DN8 5SX



REGISTERED NUMBER: 02761701 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Handelsbanken
7th Floor
3 St Pauls Place
129 Norfolk Street
Sheffield
South Yorkshire
S1 2JE

Pasuda (Hire) Limited (Registered number: 02761701)

Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,234,042 3,546,556

CURRENT ASSETS
Debtors 5 385,646 543,183
Cash at bank 208,832 146,001
594,478 689,184
CREDITORS
Amounts falling due within one year 6 (246,246 ) (268,118 )
NET CURRENT ASSETS 348,232 421,066
TOTAL ASSETS LESS CURRENT LIABILITIES 3,582,274 3,967,622

CREDITORS
Amounts falling due after more than one
year

7

-

(18,382

)

PROVISIONS FOR LIABILITIES (353,701 ) (368,490 )
NET ASSETS 3,228,573 3,580,750

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 412,200 534,461
Retained earnings 2,816,371 3,046,287
3,228,573 3,580,750

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





Mr Gordon Jones - Director


Pasuda (Hire) Limited (Registered number: 02761701)

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


1. STATUTORY INFORMATION

Pasuda (Hire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments 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.

Key sources of estimation uncertainty

Tangible fixed assets are a significant balance on the company's balance sheet and the method chosen to value the hire fleet assets has a material effect on the company's reporting position and performance. The hire fleet is carried at fair value and assessed annually by the directors opinion of its income generation and depreciated replacement cost. Factors which are taken into consideration in arriving at the valuation include current market value, condition, experience and age.

Turnover
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 represents the manufacture and sale of site cabins and related equipment. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Turnover from the sale of services represents the hire of site cabins and related equipment.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of service provided to date, based on the stage of completion of the contract activity at the balance sheet date.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included within creditors.

Pasuda (Hire) Limited (Registered number: 02761701)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pasuda (Hire) Limited (Registered number: 02761701)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 3,549,274 6,496 51,999 3,607,769
Additions 457,538 2,096 - 459,634
Disposals (375,898 ) (2,856 ) (34,479 ) (413,233 )
Revaluations (358,247 ) - - (358,247 )
At 30 June 2023 3,272,667 5,736 17,520 3,295,923
DEPRECIATION
At 1 July 2022 35,173 4,041 21,999 61,213
Charge for year 370,552 1,229 6,875 378,656
Eliminated on disposal (5,130 ) (2,793 ) (11,354 ) (19,277 )
Revaluation adjustments (358,711 ) - - (358,711 )
At 30 June 2023 41,884 2,477 17,520 61,881
NET BOOK VALUE
At 30 June 2023 3,230,783 3,259 - 3,234,042
At 30 June 2022 3,514,101 2,455 30,000 3,546,556

Pasuda (Hire) Limited (Registered number: 02761701)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. TANGIBLE FIXED ASSETS - continued

Within the plant and machinery asset category is the hire fleet which has a net book value of £3,228,858 (2022 - £3,503,001).

The fair value of the company's hire fleet was revalued on 30 June 2023. An independent valuer was not involved. The hire fleet has been revalued at current fair value by the group finance director on an individual basis by reference to his opinion of its income generation and depreciated replacement cost.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,679,258 (2022 - £2,790,386).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 July 2022 30,000
Disposals (30,000 )
At 30 June 2023 -
DEPRECIATION
Charge for year 6,875
Eliminated on disposal (6,875 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 30,000

5. DEBTORS
30/6/23 30/6/22
£    £   
Amounts falling due within one year:
Trade debtors 356,483 475,097
Amounts owed by group undertakings - 38,779
Other debtors 28,918 26,772
385,401 540,648

Amounts falling due after more than one year:
Trade debtors 245 2,535

Aggregate amounts 385,646 543,183

Pasuda (Hire) Limited (Registered number: 02761701)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Hire purchase contracts - 8,618
Trade creditors 73,208 58,254
Amounts owed to group undertakings 33,401 24,852
Taxation and social security 123,340 156,295
Other creditors 16,297 20,099
246,246 268,118

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/23 30/6/22
£    £   
Hire purchase contracts - 18,382

8. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Hire purchase contracts - 27,000

9. RESERVES
Revaluation
reserve
£   
At 1 July 2022 534,461
Other movements (122,261 )

At 30 June 2023 412,200

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Hampstead (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co

11. OTHER FINANCIAL COMMITMENTS

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £nil (2022 - £nil). The company has provided an intercompany cross guarantee in respect of the bank borrowings of Liberty Group Holdings Limited, Pasuda Buildings Limited, Liberty Guard (UK) Limited, Speakeasy Co Limited and Speakeasy Enterprises Limited.

Pasuda (Hire) Limited (Registered number: 02761701)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


12. RELATED PARTY DISCLOSURES

Summary of transactions with other related parties

The Pasuda Self Administered Pension Scheme: of which the company's director, Mr Gordon Jones and his wife, are the sole beneficiaries, owns the company's trading premises at Highfield Lane, Orgreave, Sheffield S13 9NA

During the year the company paid rent charges to the value of £9,600 (2022 - £8,000) in respect of the above property.

At the balance sheet date the amount due to The Pasuda Self Administered Pension Scheme was £nil (2022 - £nil).

13. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Liberty Group Holdings Limited, incorporated in England & Wales.

These financial statements are available upon request from The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX.

The ultimate controlling party is Mr Gordon Jones and Mrs Susan Jones by virtue of their shareholding in the parent company.