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COMPANY REGISTRATION NUMBER: 04717854
Classic Hire Limited
Unaudited financial statements
31 October 2023
Classic Hire Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
247,828
198,614
Current assets
Stocks
26,559
28,133
Debtors
6
40,261
40,284
Cash at bank and in hand
246,710
235,038
---------
---------
313,530
303,455
Creditors: Amounts falling due within one year
7
( 66,428)
( 111,519)
---------
---------
Net current assets
247,102
191,936
---------
---------
Total assets less current liabilities
494,930
390,550
Provisions
Taxation including deferred tax
( 61,958)
( 37,737)
---------
---------
Net assets
432,972
352,813
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
432,970
352,811
---------
---------
Shareholders funds
432,972
352,813
---------
---------
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.
For the year ending 31 October 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 .
Classic Hire Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
P W Noton
Director
Company registration number: 04717854
Classic Hire Limited
Notes to the financial statements
Year ended 31 October 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 The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The trading address Unit 19 Shepherds Grove Industrial Estate West, Stanton, Bury St Edmunds, Suffolk, IP31 2AR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income directly in equity, 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 differences.
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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
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 stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 7 (2022: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
364,566
136,933
10,653
512,152
Additions
12,380
93,990
898
107,268
Disposals
( 31,995)
( 7,167)
( 39,162)
---------
---------
-------
---------
At 31 October 2023
344,951
223,756
11,551
580,258
---------
---------
-------
---------
Depreciation
At 1 November 2022
203,961
99,464
10,113
313,538
Charge for the year
21,771
26,966
516
49,253
Disposals
( 23,194)
( 7,167)
( 30,361)
---------
---------
-------
---------
At 31 October 2023
202,538
119,263
10,629
332,430
---------
---------
-------
---------
Carrying amount
At 31 October 2023
142,413
104,493
922
247,828
---------
---------
-------
---------
At 31 October 2022
160,605
37,469
540
198,614
---------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
34,205
35,063
Other debtors
6,056
5,221
-------
-------
40,261
40,284
-------
-------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
12,651
9,448
Social security and other taxes
34,879
36,502
Other creditors
18,898
65,569
-------
---------
66,428
111,519
-------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,500
18,500
Later than 1 year and not later than 5 years
18,500
-------
-------
18,500
37,000
-------
-------