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REGISTERED NUMBER: 01394300 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NICHOLAS PLANT HIRE LIMITED

NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NICHOLAS PLANT HIRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: M Nicholas





SECRETARY: L D Nicholas





REGISTERED OFFICE: Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ





REGISTERED NUMBER: 01394300 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 617,417 595,372
617,417 595,372

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 6 30,018 53,045
Cash at bank 10,957 39,898
43,475 95,443
CREDITORS
Amounts falling due within one year 7 166,053 217,767
NET CURRENT LIABILITIES (122,578 ) (122,324 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

494,839

473,048

CREDITORS
Amounts falling due after more than one year 8 (57,542 ) (54,376 )

PROVISIONS FOR LIABILITIES 11 (115,487 ) (146,773 )
NET ASSETS 321,810 271,899

CAPITAL AND RESERVES
Called up share capital 97 97
Retained earnings 321,713 271,802
SHAREHOLDERS' FUNDS 321,810 271,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





M Nicholas - Director


NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year arising from ordinary activities of the business. The revenue streams are: equipment hire without operator.

Revenue comprises the agreed fees and is recognised over the period that the service relates to. The revenue is recognised when it is probable that the company will receive the consideration due under the transaction.

Rental income is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenants improvements - 20% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period using the sum of digits method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Acquired goodwill was written off in equal annual instalments over its estimated useful economic life.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2022
and 31 October 2023 12,400
AMORTISATION
At 1 November 2022
and 31 October 2023 12,400
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 November 2022 10,354 1,015,342 1,025,696
Additions - 158,095 158,095
Disposals - (176,210 ) (176,210 )
At 31 October 2023 10,354 997,227 1,007,581
DEPRECIATION
At 1 November 2022 10,354 419,970 430,324
Charge for year - 65,342 65,342
Eliminated on disposal - (105,502 ) (105,502 )
At 31 October 2023 10,354 379,810 390,164
NET BOOK VALUE
At 31 October 2023 - 617,417 617,417
At 31 October 2022 - 595,372 595,372

The net book value of tangible fixed assets includes £263,784 (2022 - £268,893) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 28,514 52,752
Other debtors 1,504 293
30,018 53,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Hire purchase contracts (see note 9) 64,815 74,318
Trade creditors 11,794 10,602
Taxation and social security 722 18,493
Other creditors 88,722 114,354
166,053 217,767

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Hire purchase contracts (see note 9) 57,542 54,376

NICHOLAS PLANT HIRE LIMITED (REGISTERED NUMBER: 01394300)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 64,815 74,318
Between one and five years 57,542 54,376
122,357 128,694

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 122,357 128,694

The hire purchase contracts are secured over the assets they relate to.

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 115,487 146,773

Deferred tax
£
Balance at 1 November 2022 146,773
Accelerated capital allowances (31,286 )
Balance at 31 October 2023 115,487