TSP KAR HIRE LIMITED

Company Registration Number:
03568324 (England and Wales)

Unaudited abridged accounts for the year ended 31 January 2023

Period of accounts

Start date: 01 February 2022

End date: 31 January 2023

TSP KAR HIRE LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2023

Balance sheet
Notes

TSP KAR HIRE LIMITED

Balance sheet

As at 31 January 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 62,735 0
Tangible assets: 4 2,411,739 574,724
Total fixed assets: 2,474,474 574,724
Current assets
Stocks: 83,270 0
Debtors:   399,152 191,293
Cash at bank and in hand: 17,827 40,457
Total current assets: 500,249 231,750
Creditors: amounts falling due within one year: 5 (1,304,782) (227,346)
Net current assets (liabilities): (804,533) 4,404
Total assets less current liabilities: 1,669,941 579,128
Creditors: amounts falling due after more than one year: 6 (1,286,466) (337,434)
Provision for liabilities: 0 (40,000)
Total net assets (liabilities): 383,475 201,694
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 383,473 201,692
Shareholders funds: 383,475 201,694

The notes form part of these financial statements

TSP KAR HIRE LIMITED

Balance sheet statements

For the year ending 31 January 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 April 2024
and signed on behalf of the board by:

Name: Q Naqvi
Status: Director

The notes form part of these financial statements

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:Plant and Machinery - 25% reducing balanceMotor Vehicles - 10% straight lineFixtures and Fittings - 25% reducing balanceThe 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. During the current period, the depreciation methodology for motor vehicles has been changed from 25% reducing balance to 10% straight line. The directors have reviewed the profits generated from disposals of motor vehicles during both the current and previous period and noted that the average sale price of these motor vehicles relative to the original cost was 95% which is as a result of the significant discounts given to the company on original purchase of motor vehicles due to license arrangements. This change in depreciation methodology better reflects the actual depreciation rate of these vehicles and should result in lower and more appropriate profits being recognised on disposal of motor vehicles in the future.

Intangible fixed assets and amortisation policy

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.

Valuation and information policy

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Other accounting policies

Impairment of Fixed AssetsAt each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Retirement BenefitsPayments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

2. Employees

2023 2022
Average number of employees during the period 10 5

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

3. Intangible Assets

Total
Cost £
At 01 February 2022 0
Additions 66,037
At 31 January 2023 66,037
Amortisation
At 01 February 2022 0
Charge for year 3,302
At 31 January 2023 3,302
Net book value
At 31 January 2023 62,735
At 31 January 2022 0

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Tangible Assets

Total
Cost £
At 01 February 2022 974,591
Additions 2,204,940
Disposals (259,199)
Transfers (76,373)
At 31 January 2023 2,843,959
Depreciation
At 01 February 2022 399,867
Charge for year 166,115
On disposals (106,033)
Other adjustments (27,729)
At 31 January 2023 432,220
Net book value
At 31 January 2023 2,411,739
At 31 January 2022 574,724

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Creditors: amounts falling due within one year note

Creditors - amounts falling due within one year includes £1,147,582 (2022: £184,094) in relation to net obligations under finance leases and hire purchase contracts.

TSP KAR HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

6. Creditors: amounts falling due after more than one year note

Creditors - amounts falling due after one year includes £1,286,466 (2022: £312,622) in relation to net obligations under finance leases and hire purchase contracts.