Registered number
05219410
ICL PLANT HIRE LTD
Financial Statements
For the Year Ended
30 September 2023
ICL PLANT HIRE LTD
Company Information
Director
I.Palmer
Secretary
Mrs M.Palmer
Accountants
RJT Accountancy Limited
4 Woodridge Avenue
Allesley Green
Coventry
CV5 7PN
Bankers
Barclays Bank plc
Registered office
6 Ashdown Drive
Stockingford
Nuneaton
Warwickshire
CV10 7HH
Registered number
05219410
ICL PLANT HIRE LTD
Registered number: 05219410
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 76,978 37,170
Current assets
Debtors 4 12,577 3,139
Cash at bank and in hand 11,621 8,185
24,198 11,324
Creditors: amounts falling due within one year 5 (20,221) (14,003)
Net current assets/(liabilities) 3,977 (2,679)
Total assets less current liabilities 80,955 34,491
Creditors: amounts falling due after more than one year 6 (30,435) (3,968)
Provisions for liabilities (14,626) (7,062)
Net assets 35,894 23,461
Capital and reserves
Called up share capital 1 1
Profit and loss account 35,893 23,460
Shareholder's funds 35,894 23,461
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 directors report and profit and loss account have not been delivered to the Registrar of Companies.
I.Palmer
Director
Approved by the board on 2 April 2024
ICL PLANT HIRE LTD
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102-Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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:
Plant and machinery over 5 years
Motor Vehicles 25% Reducing Balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 1 1
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 October 2022 49,571 14,000 63,571
Additions 74,000 - 74,000
Disposals (40,000) - (40,000)
At 30 September 2023 83,571 14,000 97,571
Depreciation
At 1 October 2022 18,401 8,000 26,401
Charge for the year 4,692 1,500 6,192
On disposals (12,000) - (12,000)
At 30 September 2023 11,093 9,500 20,593
Net book value
At 30 September 2023 72,478 4,500 76,978
At 30 September 2022 31,170 6,000 37,170
4 Debtors 2023 2022
£ £
Trade debtors 11,905 2,300
Other debtors 672 839
12,577 3,139
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,852 1,852
Obligations under finance lease and hire purchase contracts 8,789 -
Corporation tax - 4,617
Other taxes and social security costs 8,820 6,385
Other creditors 760 1,149
20,221 14,003
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,376 3,968
Obligations under finance lease and hire purchase contracts 28,059 -
30,435 3,968
7 Controlling party
The company is under the control of I.Palmer.
8 Other information
ICL PLANT HIRE LTD is a private company limited by shares and incorporated in England. Its registered office is:
6 Ashdown Drive
Stockingford
Nuneaton
Warwickshire
CV10 7HH
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