QED Plant Hire Limited 10625160 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the renting of machinery and equipment. Digita Accounts Production Advanced 6.30.9574.0 true 10625160 2023-01-01 2023-12-31 10625160 2023-12-31 10625160 core:RetainedEarningsAccumulatedLosses 2023-12-31 10625160 core:ShareCapital 2023-12-31 10625160 core:CurrentFinancialInstruments 2023-12-31 10625160 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10625160 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 10625160 bus:SmallEntities 2023-01-01 2023-12-31 10625160 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10625160 bus:AbridgedAccounts 2023-01-01 2023-12-31 10625160 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10625160 bus:RegisteredOffice 2023-01-01 2023-12-31 10625160 bus:Director1 2023-01-01 2023-12-31 10625160 bus:Director2 2023-01-01 2023-12-31 10625160 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10625160 core:MotorVehicles 2023-01-01 2023-12-31 10625160 core:PlantMachinery 2023-01-01 2023-12-31 10625160 countries:EnglandWales 2023-01-01 2023-12-31 10625160 2022-12-31 10625160 2022-01-01 2022-12-31 10625160 2022-12-31 10625160 core:RetainedEarningsAccumulatedLosses 2022-12-31 10625160 core:ShareCapital 2022-12-31 10625160 core:CurrentFinancialInstruments 2022-12-31 10625160 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10625160 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 10625160

QED Plant Hire Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

QED Plant Hire Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

QED Plant Hire Limited

Company Information

Directors

Mr P G Turner

Mr I A Ashton

Registered office

Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

 

QED Plant Hire Limited

(Registration number: 10625160)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

308,463

197,256

Current assets

 

Debtors

49,307

34,327

Cash at bank and in hand

 

51,402

21,683

 

100,709

56,010

Creditors: Amounts falling due within one year

(34,052)

(9,822)

Net current assets

 

66,657

46,188

Total assets less current liabilities

 

375,120

243,444

Creditors: Amounts falling due after more than one year

(289,221)

(187,935)

Provisions for liabilities

(51,526)

(25,422)

Accruals and deferred income

 

(9,897)

(5,743)

Net assets

 

24,476

24,344

Capital and reserves

 

Called up share capital

1

1

Retained earnings

24,475

24,343

Shareholders' funds

 

24,476

24,344

 

QED Plant Hire Limited

(Registration number: 10625160)
Abridged Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr P G Turner
Director

 

QED Plant Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

The principal place of business is:
Larch House
Lindle Business Park
Lindle Lane
Hutton
Preston
PR4 4AQ

These financial statements were authorised for issue by the Board on 4 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

QED Plant Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £308,463 (2022 -£197,256).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

 

QED Plant Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

QED Plant Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 2).

 

QED Plant Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

506,371

Additions

203,898

Disposals

(44,000)

At 31 December 2023

666,269

Depreciation

At 1 January 2023

309,118

Charge for the year

83,308

Eliminated on disposal

(34,620)

At 31 December 2023

357,806

Carrying amount

At 31 December 2023

308,463

At 31 December 2022

197,256