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Registered number: 547164





 
Carfox Plant Hire Co. Limited          
 
Financial statements          

For the year ended 31 October 2023          

 
Carfox Plant Hire Co. Limited
Registered number:547164

Balance sheet
As at 31 October 2023


2023 

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Investment property
 4 
1,800,000
1,800,000

Current assets
  

Debtors
 5 
42,403
44,494

Cash at bank and in hand
 6 
13,323
45,990

  
55,726
90,484

Creditors: amounts falling due within one year
 7 
(242,999)
(230,140)

Net current liabilities
  
 
 
(187,273)
 
 
(139,656)

Total assets less current liabilities
  
1,612,727
1,660,344

Provisions for liabilities
  

Deferred tax
 8 
(126,588)
(126,588)

Net assets
  
1,486,139
1,533,756


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Investment property revaluation reserve
  
1,365,574
1,365,574

Profit and loss account
  
114,565
162,182

  
1,486,139
1,533,756


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 23 July 2024.


P B Carter
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
Carfox Plant Hire Co. Limited
 

Statement of changes in equity
For the year ended 31 October 2023


Called up share capital
Investment
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
6,000
1,365,574
162,182
1,533,756



Profit for the year
-
-
102,383
102,383

Dividends: Equity capital
-
-
(150,000)
(150,000)


At 31 October 2023
6,000
1,365,574
114,565
1,486,139



 
 
 
 
 
 
Statement of changes in equity
For the year ended 31 October 2022


Called up share capital
Investment
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2021
6,000
1,365,574
171,815
1,543,389



Profit for the year
-
-
110,367
110,367

Dividends: Equity capital
-
-
(120,000)
(120,000)


At 31 October 2022
6,000
1,365,574
162,182
1,533,756









The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
Carfox Plant Hire Co. Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

1.


General information

Carfox Plant Hire Co. Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors, having regard to professional advice taken personally, and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss account.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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.

Page 3

 
Carfox Plant Hire Co. Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 
Carfox Plant Hire Co. Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
1,800,000



At 31 October 2023
1,800,000

The 2023 valuations were made by the directors, having regard to professional advice taken personally, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
307,838
307,838

Accumulated depreciation and impairments
-
-

307,838
307,838


5.


Debtors

2023
2022
£
£


Other debtors
42,403
44,406

Prepayments and accrued income
-
88

42,403
44,494



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,323
45,990


Page 5

 
Carfox Plant Hire Co. Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
389
397

Amounts owed to associated companies
197,500
197,500

Corporation tax
29,755
25,888

Other creditors
1,500
1,500

Accruals and deferred income
13,855
4,855

242,999
230,140



8.


Deferred taxation




2023
2022


£

£






At beginning of year
126,588
126,588


Charge for the year
-
-



At end of year
126,588
126,588

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised surplus on revalued investment property
126,588
126,588


9.


Related party transactions

During the year the company purchased services totalling £3,209 (2022 - £2,884) from Carter & Ward of Wickford Limited, an associated company.
At the balance sheet date, the company owed Carter & Ward of Wickford Limited £197,500 
(2022 - £197,500). The loan is not subject to any interest charge.

 



 

Page 6