4 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08295468 2023-01-01 2023-12-31 08295468 2023-12-31 08295468 2022-12-31 08295468 2022-01-01 2022-12-31 08295468 2022-12-31 08295468 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 08295468 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08295468 core:PlantMachinery 2023-01-01 2023-12-31 08295468 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08295468 core:MotorVehicles 2023-01-01 2023-12-31 08295468 core:OnerousContractsExcludingVacantProperties 2023-01-01 2023-12-31 08295468 bus:Director1 2023-01-01 2023-12-31 08295468 core:WithinOneYear 2023-12-31 08295468 core:WithinOneYear 2022-12-31 08295468 core:ShareCapital 2023-12-31 08295468 core:ShareCapital 2022-12-31 08295468 core:RetainedEarningsAccumulatedLosses 2023-12-31 08295468 core:RetainedEarningsAccumulatedLosses 2022-12-31 08295468 bus:SmallEntities 2023-01-01 2023-12-31 08295468 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08295468 bus:AbridgedAccounts 2023-01-01 2023-12-31 08295468 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08295468 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08295468 core:ComputerEquipment 2023-01-01 2023-12-31
Company registration number: 08295468
TPS Hire Limited
Unaudited filleted abridged financial statements
for the Year ended
31 December 2023
TPS Hire Limited
Contents
Abridged balance sheet
Notes to the financial statements
TPS Hire Limited
Abridged Balance Sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 14,844 -
Tangible assets 6 1,611,285 1,634,469
_______ _______
1,626,129 1,634,469
Current assets
Stocks 13,000 13,000
Debtors 205,022 190,759
Cash at bank and in hand 562,634 435,844
_______ _______
780,656 639,603
Creditors: amounts falling due
within one year ( 183,266) ( 269,544)
_______ _______
Net current assets 597,390 370,059
_______ _______
Total assets less current liabilities 2,223,519 2,004,528
Provisions for liabilities ( 165,200) ( 177,000)
Accruals and deferred income ( 2,250) ( 2,200)
_______ _______
Net assets 2,056,069 1,825,328
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 2,056,059 1,825,318
_______ _______
Shareholder funds 2,056,069 1,825,328
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 Profit and Loss Account has not been delivered.
All of the members have consented to the preparation of the abridged Balance Sheet for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2024 , and are signed on behalf of the board by:
S C Tysoe
Director
Company registration number: 08295468
TPS Hire Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 18 Leeside, Merrylees, Desford, Leicestershire, LE9 9FS.
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'.
These are the first financial statements that comply with FRS 102 1A. The company transitioned from FRS 105 on 1 January 2021.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Private registration plates - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold property - 2 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % 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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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 4 (2022: 3 ).
5. Intangible assets
£
Cost
At 1 January 2023 1,000,000
Additions 16,493
_______
At 31 December 2023 1,016,493
_______
Amortisation
At 1 January 2023 1,000,000
Charge for the year 1,649
_______
At 31 December 2023 1,001,649
_______
Carrying amount
At 31 December 2023 14,844
_______
At 31 December 2022 -
_______
6. Tangible assets
£
Cost
At 1 January 2023 2,682,577
Additions 247,525
Disposals ( 14,800)
_______
At 31 December 2023 2,915,302
_______
Depreciation
At 1 January 2023 1,048,108
Charge for the year 255,909
_______
At 31 December 2023 1,304,017
_______
Carrying amount
At 31 December 2023 1,611,285
_______
At 31 December 2022 1,634,469
_______