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REGISTERED NUMBER: 04376791 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Grade 1 Hire & Sales Limited

Grade 1 Hire & Sales Limited (Registered number: 04376791)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Grade 1 Hire & Sales Limited (Registered number: 04376791)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,121 89,530

CURRENT ASSETS
Stocks 230,042 191,310
Debtors 5 274,014 294,029
Cash at bank 1,339 20,301
505,395 505,640
CREDITORS
Amounts falling due within one year 6 359,463 348,375
NET CURRENT ASSETS 145,932 157,265
TOTAL ASSETS LESS CURRENT LIABILITIES 207,053 246,795

CREDITORS
Amounts falling due after more than one year 7 (67,082 ) (134,468 )

PROVISIONS FOR LIABILITIES (10,259 ) (12,485 )
NET ASSETS 129,712 99,842

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 129,612 99,742
SHAREHOLDERS' FUNDS 129,712 99,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





Mr C D Playle - Director


Grade 1 Hire & Sales Limited (Registered number: 04376791)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Grade 1 Hire & Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04376791

Registered office: Unit 2 & 3
Agecroft Trading Estate
Langley Road
Salford
M6 6JD

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

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.
Fixtures, fittings, and office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Scaffolding - 10% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Grade 1 Hire & Sales Limited (Registered number: 04376791)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings,
and
office Motor
equipment vehicles Scaffolding Totals
£    £    £    £   
COST
At 1 February 2023 17,639 133,152 140,378 291,169
Additions 618 - - 618
At 31 January 2024 18,257 133,152 140,378 291,787
DEPRECIATION
At 1 February 2023 11,675 72,219 117,745 201,639
Charge for year 988 15,234 12,805 29,027
At 31 January 2024 12,663 87,453 130,550 230,666
NET BOOK VALUE
At 31 January 2024 5,594 45,699 9,828 61,121
At 31 January 2023 5,964 60,933 22,633 89,530

Grade 1 Hire & Sales Limited (Registered number: 04376791)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 80,107
Transfer to ownership (15,055 )
At 31 January 2024 65,052
DEPRECIATION
At 1 February 2023 21,329
Charge for year 13,107
Transfer to ownership (8,704 )
At 31 January 2024 25,732
NET BOOK VALUE
At 31 January 2024 39,320
At 31 January 2023 58,778

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 228,327 249,374
Amounts owed by group undertakings 35,401 35,401
Other debtors 10,286 9,254
274,014 294,029

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,354 47,646
Hire purchase contracts 15,032 17,540
Trade creditors 159,040 159,029
Taxation and social security 53,845 46,614
Other creditors 79,192 77,546
359,463 348,375

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 57,061 109,415
Hire purchase contracts 10,021 25,053
67,082 134,468

Grade 1 Hire & Sales Limited (Registered number: 04376791)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 25,053 42,593

Hire Purchase contracts are secured against the asset to which they relate to.

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £48,209 (2023 - 92,708). This financial commitment represents the total amount of payments remaining on a lease ending in 2025.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Grade 1 Holdings LImited.

The ultimate controlling party is C D Playle and Mrs J Playle.