Company registration number 04495682 (England and Wales)
CLACTON TOOL HIRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
CLACTON TOOL HIRE LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CLACTON TOOL HIRE LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
434,447
505,270
Current assets
Stocks
137,063
127,500
Debtors
6
221,844
263,755
Cash at bank and in hand
2,743,669
2,343,427
3,102,576
2,734,682
Creditors: amounts falling due within one year
7
(373,197)
(279,823)
Net current assets
2,729,379
2,454,859
Total assets less current liabilities
3,163,826
2,960,129
Provisions for liabilities
(72,590)
(96,001)
Net assets
3,091,236
2,864,128
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,091,136
2,864,028
Total equity
3,091,236
2,864,128
CLACTON TOOL HIRE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mr S Ruddy
Director
Company Registration No. 04495682
The notes on pages 4 to 7 form part of these financial statements
CLACTON TOOL HIRE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
2
Accounting policies
Company information
Clacton Tool Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 66-68 Oxford Road, Clacton on Sea, Essex, CO15 3TB.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CLACTON TOOL HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No charge
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold land and buildings are not depreciated because in the opinion of the directors, market value is in excess of cost.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.7
Defined contribution pension 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.
CLACTON TOOL HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
200,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
200,000
Carrying amount
At 31 August 2023
At 31 August 2022
CLACTON TOOL HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
114,847
1,077,704
7,619
134,782
1,334,952
Additions
7,800
33,664
41,464
Disposals
(54,619)
(2,376)
(16,200)
(73,195)
At 31 August 2023
114,847
1,030,885
5,243
152,246
1,303,221
Depreciation and impairment
At 1 September 2022
727,632
5,403
96,647
829,682
Depreciation charged in the year
85,653
522
11,799
97,974
Eliminated in respect of disposals
(42,591)
(2,252)
(14,039)
(58,882)
At 31 August 2023
770,694
3,673
94,407
868,774
Carrying amount
At 31 August 2023
114,847
260,191
1,570
57,839
434,447
At 31 August 2022
114,847
350,072
2,216
38,135
505,270
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
178,274
239,563
Other debtors
43,570
24,192
221,844
263,755
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
225,156
152,556
Taxation and social security
111,081
107,080
Other creditors
36,960
20,187
373,197
279,823