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REGISTERED NUMBER: 04418118 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

P J LEE HIRE & SALES LTD

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P J LEE HIRE & SALES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mr P J Lee
Mr S J Lee





SECRETARY: Mr S J Lee





REGISTERED OFFICE: 33 Staithe Road
Bungay
Suffolk
NR35 1ET





REGISTERED NUMBER: 04418118 (England and Wales)





ACCOUNTANTS: Berry & Warren Ltd
Chartered Accountants
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 689,969 676,731
Investment property 5 302,000 302,000
991,969 978,731

CURRENT ASSETS
Stocks 61,228 58,312
Debtors 6 101,972 89,754
Cash at bank 138,124 176,041
301,324 324,107
CREDITORS
Amounts falling due within one year 7 128,262 150,818
NET CURRENT ASSETS 173,062 173,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,165,031

1,152,020

CREDITORS
Amounts falling due after more than one
year

8

(297,033

)

(352,485

)

PROVISIONS FOR LIABILITIES (98,945 ) (90,860 )
NET ASSETS 769,053 708,675

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 768,953 708,575
769,053 708,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

BALANCE SHEET - continued
31ST MAY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th September 2023 and were signed on its behalf by:





Mr S J Lee - Director


P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

P J Lee Hire & Sales Ltd 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.

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.

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

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 is recognised once the company has entitlement to the income, which for hire agreements is on a straight line basis over the course of the agreement, and for other work on completion or delivery of the product or service.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

Depreciation is not charged on property and improvements to property as the directors are of the opinion that the property is maintained to a standard whereby the useful economic life exceeds the cost.

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 the Statement of Income and retained earnings.

Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and data, with any change recognised in the Statement of income and retained earnings. No depreciation is provided.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first in, first out method.

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Rental income is credited to profit or loss on a straight line basis over the lease term.

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.

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2022 385,144 1,163,270 1,548,414
Additions - 194,023 194,023
Disposals - (94,262 ) (94,262 )
At 31st May 2023 385,144 1,263,031 1,648,175
DEPRECIATION
At 1st June 2022 - 871,683 871,683
Charge for year - 86,523 86,523
At 31st May 2023 - 958,206 958,206
NET BOOK VALUE
At 31st May 2023 385,144 304,825 689,969
At 31st May 2022 385,144 291,587 676,731

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st June 2022
and 31st May 2023 27,200
DEPRECIATION
At 1st June 2022 10,226
Charge for year 4,243
At 31st May 2023 14,469
NET BOOK VALUE
At 31st May 2023 12,731
At 31st May 2022 16,974

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2022
and 31st May 2023 302,000
NET BOOK VALUE
At 31st May 2023 302,000
At 31st May 2022 302,000

Fair value at 31st May 2023 is represented by:
£   
Valuation in 2022 48,317
Cost 253,683
302,000

The 2022 valuation was made by the directors at fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 89,523 76,621
Other debtors 12,449 13,133
101,972 89,754

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 8,974 9,681
Trade creditors 19,512 29,125
Taxation and social security 48,546 61,554
Other creditors 41,230 40,458
128,262 150,818

Included within other creditors above is other loans amounting to £36,479 (2022 - £36,002.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 26,667 36,667
Hire purchase contracts - 8,974
Other creditors 270,366 306,844
297,033 352,485

P J LEE HIRE & SALES LTD (REGISTERED NUMBER: 04418118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 119,422 157,938

Included within other creditors above is other loans amounting to £270,366 (2022 - £306,844).

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 306,845 342,846
Hire purchase contracts 8,974 18,655
315,819 361,501

10. RELATED PARTY TRANSACTIONS

Included within other creditors is a loan from one of the directors amounting to £138,131 (2022 - £153,131) which is interest free.