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Company Registration number: 09454330

Easy Hire North East Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Easy Hire North East Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Easy Hire North East Limited

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

267,997

315,520

Current assets

 

Stocks

5

3,368

3,195

Debtors

6

98,756

139,747

Cash at bank and in hand

 

132,419

124,510

 

234,543

267,452

Creditors: Amounts falling due within one year

7

(228,191)

(271,571)

Net current assets/(liabilities)

 

6,352

(4,119)

Total assets less current liabilities

 

274,349

311,401

Creditors: Amounts falling due after more than one year

7

(151,952)

(176,643)

Provisions for liabilities

(53,259)

(48,644)

Net assets

 

69,138

86,114

Capital and reserves

 

Called up share capital

100

100

Retained earnings

69,038

86,014

Shareholders' funds

 

69,138

86,114

 

Easy Hire North East Limited

Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 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 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 09454330

Approved and authorised by the director on 10 January 2024
 

.........................................
Mr M Simpson
Director

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 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:

Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the director on 10 January 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 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 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 entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 current and 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.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.


 

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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% reducing balance

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statement of income and retained earnings on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

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.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

4

TANGIBLE ASSETS

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

3,600

-

719,949

723,549

Additions

3,500

17,810

22,693

44,003

Disposals

(2,900)

-

(30,355)

(33,255)

At 30 June 2023

4,200

17,810

712,287

734,297

Depreciation

At 1 July 2022

3,600

-

404,429

408,029

Charge for the year

219

1,855

61,120

63,194

Eliminated on disposal

(2,900)

-

(2,023)

(4,923)

At 30 June 2023

919

1,855

463,526

466,300

Carrying amount

At 30 June 2023

3,281

15,955

248,761

267,997

At 30 June 2022

-

-

315,520

315,520

5

STOCKS

2023
£

2022
£

Other inventories

3,368

3,195

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

83,254

114,842

Prepayments

2,722

6,147

Other debtors

12,780

18,758

 

98,756

139,747

 

Easy Hire North East Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

7

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

66,620

77,776

Trade creditors

 

82,795

156,607

Taxation and social security

 

66,819

27,016

Accruals and deferred income

 

4,200

2,750

Other creditors

 

7,757

7,422

 

228,191

271,571


Creditors include net obligations under hire purchase contracts which are secured of £61,620 (2022 - £72,776).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

151,952

176,643


Creditors include net obligations under hire purchase contracts which are secured of £117,151 (2022 - £137,020).