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REGISTERED NUMBER: 11563466 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

THE TOOL HIRE CENTRE LIMITED

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE TOOL HIRE CENTRE LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTOR: J A Stevens





REGISTERED OFFICE: The Nucleus Business & Innovation Centre
Brunel Way
Dartford
Kent
DA1 5GA





REGISTERED NUMBER: 11563466 (England and Wales)





AUDITORS: Denmark Forrester Limited
Office 12
The Bentalls Centre
Maldon
Essex
CM9 4GD

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,540,811 1,639,906

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 2,122,095 2,535,310
Cash at bank 293,651 318,091
2,418,246 2,855,901
CREDITORS
Amounts falling due within one year 6 2,461,817 2,784,567
NET CURRENT (LIABILITIES)/ASSETS (43,571 ) 71,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,497,240

1,711,240

CREDITORS
Amounts falling due after more than
one year

7

(985,381

)

(1,024,682

)

PROVISIONS FOR LIABILITIES (179,642 ) (169,078 )
NET ASSETS 332,217 517,480

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 332,117 517,380
SHAREHOLDERS' FUNDS 332,217 517,480

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





J A Stevens - Director


THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

The Tool Hire Centre Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11563466 and the registered office is The Nucleus Business and Innovation Centre, Brunel Way, Dartford, Kent, DA1 5GA.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts included in these financial statements are rounded to the nearest £.

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.

Going concern
The financial statements have been prepared on a going concern basis. In making their assessments, the directors have reviewed and considered relevant information, including post year end management accounts and forecasts and the confirmation of additional financial support from its parent company. Based on these assessments, and given the current resources available, the directors have concluded that it is appropriate to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Recoverability of trade debtors
Provision is made for any trade debtors that are considered to be irrecoverable. This is based on management's best estimate taking consideration of particular factors including credit insurance and expected recovery.

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

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.
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% 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.

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Impairment of financial assets
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow
group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 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 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.

Government grants
Where the company is entitled to receive government funds under the Coronavirus Job Retention Scheme (CJRS) the amounts receivable are recognised at the point at which the company is entitled to claim. The revenue receipt is accounted for on the accrual basis and matched in the financial statements with the related costs for which the grant is intended to compensate.

Operating leases
Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset is consumed.

Provisions
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the obligation.

Provisions are charged as an expense to income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 35 ) .

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 3,073,219 18,067 576,334 1,397 3,669,017
Additions 732,243 2,621 222,229 4,503 961,596
Disposals (533,988 ) - (158,016 ) - (692,004 )
At 30 September 2023 3,271,474 20,688 640,547 5,900 3,938,609
DEPRECIATION
At 1 October 2022 1,751,743 6,290 270,799 279 2,029,111
Charge for year 728,557 4,138 128,109 1,180 861,984
Eliminated on disposal (389,861 ) - (103,436 ) - (493,297 )
At 30 September 2023 2,090,439 10,428 295,472 1,459 2,397,798
NET BOOK VALUE
At 30 September 2023 1,181,035 10,260 345,075 4,441 1,540,811
At 30 September 2022 1,321,476 11,777 305,535 1,118 1,639,906

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 897,385 347,300 1,244,685
DEPRECIATION
At 1 October 2022
and 30 September 2023 373,371 137,208 510,579
NET BOOK VALUE
At 30 September 2023 524,014 210,092 734,106
At 30 September 2022 524,014 210,092 734,106

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,036,076 2,454,770
Amounts owed by group undertakings 38,709 -
Other debtors 13,628 46,858
Prepayments and accrued income 33,682 33,682
2,122,095 2,535,310

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 548,801 539,314
Hire purchase contracts (see note 8) 364,810 356,644
Trade creditors 1,301,044 1,640,409
Tax 27,420 2,412
Social security and other taxes 61,782 44,347
VAT 128,128 145,667
Other creditors 8,187 19,477
Accrued expenses 21,645 36,297
2,461,817 2,784,567

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 240,306 333,374
Amounts owed to group undertakings 745,075 691,308
985,381 1,024,682

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 364,810 356,644
Between one and five years 240,306 333,374
605,116 690,018

Non-cancellable operating leases
2023 2022
£    £   
Within one year 149,600 135,950
Between one and five years - 75,000
149,600 210,950

THE TOOL HIRE CENTRE LIMITED (REGISTERED NUMBER: 11563466)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 548,801 539,314
Hire purchase contracts 605,116 690,018
1,153,917 1,229,332

The company's borrowing facilities are secured by a fixed and floating charge over the current and future assets of the company and a legal charge over freehold property owned by the parent company.

Hire purchase contracts are individually secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Easby FCA (Senior Statutory Auditor)
for and on behalf of Denmark Forrester Limited

12. PENSION COMMITMENTS

The company is operating a defined contribution pension scheme. During the year the company contributed £85,018 (2022 - £70,275). At the year end the company had contributions totalling £8,315 (2022 - £6,164) outstanding.