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Company registration number: 01011913
Bents Plant Hire Limited
Unaudited filleted financial statements
31 March 2023
Bents Plant Hire Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Bents Plant Hire Limited
Directors and other information
Directors P L Woods
M G Bent
Company number 01011913
Registered office Units 11 & 12 Heathway
Industrial Estate
Manchester Way
Dagenham
RM10 8PN
Bents Plant Hire Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 242,689 223,192
_______ _______
242,689 223,192
Current assets
Stocks 109,411 69,804
Debtors 6 646,496 659,000
Cash at bank and in hand 1,899,792 1,294,809
_______ _______
2,655,699 2,023,613
Creditors: amounts falling due
within one year 7 ( 685,526) ( 364,302)
_______ _______
Net current assets 1,970,173 1,659,311
_______ _______
Total assets less current liabilities 2,212,862 1,882,503
Creditors: amounts falling due
after more than one year 8 ( 4,410) ( 29,352)
_______ _______
Net assets 2,208,452 1,853,151
_______ _______
Capital and reserves
Called up share capital 96 96
Profit and loss account 2,208,356 1,853,055
_______ _______
Shareholders funds 2,208,452 1,853,151
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
P L Woods
Director
Company registration number: 01011913
Bents Plant Hire Limited
Notes to the financial statements
Year ended 31 March 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 Units 11 & 12 Heathway, Industrial Estate, Manchester Way, Dagenham, RM10 8PN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Short leasehold property - straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15% to 33% reducing balance
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 24 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 16,266 371,791 634,401 377,187 1,399,645
Additions - - 269,183 - 269,183
Disposals - - ( 128,047) - ( 128,047)
_______ _______ _______ _______ _______
At 31 March 2023 16,266 371,791 775,537 377,187 1,540,781
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 16,266 368,661 520,301 271,225 1,176,453
Charge for the year - 626 124,726 44,352 169,704
Disposals - - ( 48,065) - ( 48,065)
_______ _______ _______ _______ _______
At 31 March 2023 16,266 369,287 596,962 315,577 1,298,092
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 - 2,504 178,575 61,610 242,689
_______ _______ _______ _______ _______
At 31 March 2022 - 3,130 114,100 105,962 223,192
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 441,124 472,578
Other debtors 205,372 186,422
_______ _______
646,496 659,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 209,509 91,145
Corporation tax 156,054 72,887
Social security and other taxes 229,373 100,762
Other creditors 90,590 99,508
_______ _______
685,526 364,302
_______ _______
Barclays Bank Plc holds a debenture dated 30 June 1994 over all monies due or to become due from the company.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 4,410 29,352
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 25,317 123,304
Later than 1 year and not later than 5 years 618,004 36,617
_______ _______
643,321 159,921
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M G Bent 65,000 ( 2,600) 62,400
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M G Bent - 65,000 65,000
_______ _______ _______