Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true2023-05-0155The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseEquipment hiretrue 02366840 2023-05-01 2024-04-30 02366840 2022-05-01 2023-04-30 02366840 2024-04-30 02366840 2023-04-30 02366840 c:Director1 2023-05-01 2024-04-30 02366840 d:Buildings 2023-05-01 2024-04-30 02366840 d:Buildings 2024-04-30 02366840 d:Buildings 2023-04-30 02366840 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02366840 d:Buildings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 02366840 d:PlantMachinery 2023-05-01 2024-04-30 02366840 d:PlantMachinery 2024-04-30 02366840 d:PlantMachinery 2023-04-30 02366840 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 02366840 d:MotorVehicles 2023-05-01 2024-04-30 02366840 d:MotorVehicles 2024-04-30 02366840 d:MotorVehicles 2023-04-30 02366840 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 02366840 d:OfficeEquipment 2023-05-01 2024-04-30 02366840 d:OfficeEquipment 2024-04-30 02366840 d:OfficeEquipment 2023-04-30 02366840 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02366840 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 02366840 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02366840 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 02366840 d:LeaseholdInvestmentProperty 2024-04-30 02366840 d:LeaseholdInvestmentProperty 2023-04-30 02366840 d:LeaseholdInvestmentProperty 2 2023-05-01 2024-04-30 02366840 d:CurrentFinancialInstruments 2024-04-30 02366840 d:CurrentFinancialInstruments 2023-04-30 02366840 d:Non-currentFinancialInstruments 2024-04-30 02366840 d:Non-currentFinancialInstruments 2023-04-30 02366840 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02366840 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02366840 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02366840 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02366840 d:ShareCapital 2024-04-30 02366840 d:ShareCapital 2023-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2023-05-01 2024-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2024-04-30 02366840 d:InvestmentPropertiesRevaluationReserve 2023-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2024-04-30 02366840 d:RetainedEarningsAccumulatedLosses 2023-04-30 02366840 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02366840 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02366840 d:RetirementBenefitObligationsDeferredTax 2024-04-30 02366840 d:RetirementBenefitObligationsDeferredTax 2023-04-30 02366840 d:OtherDeferredTax 2024-04-30 02366840 d:OtherDeferredTax 2023-04-30 02366840 c:OrdinaryShareClass1 2023-05-01 2024-04-30 02366840 c:OrdinaryShareClass1 2024-04-30 02366840 c:OrdinaryShareClass1 2023-04-30 02366840 c:FRS102 2023-05-01 2024-04-30 02366840 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02366840 c:FullAccounts 2023-05-01 2024-04-30 02366840 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02366840 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 02366840 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 02366840 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 02366840 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 02366840 2 2023-05-01 2024-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 02366840 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 02366840 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 d:LeasedAssetsHeldAsLessee 2024-04-30 02366840 d:LeasedAssetsHeldAsLessee 2023-04-30 02366840 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02366840










HIRE EQUIPMENT (LUDLOW) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
HIRE EQUIPMENT (LUDLOW) LIMITED
REGISTERED NUMBER: 02366840

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
855,571
857,210

Investment property
 6 
800,000
750,000

  
1,655,571
1,607,210

Current assets
  

Stocks
 7 
11,000
10,960

Debtors: amounts falling due within one year
 8 
114,883
145,292

Cash at bank and in hand
 9 
719,710
696,745

  
845,593
852,997

Creditors: amounts falling due within one year
 10 
(316,859)
(325,290)

Net current assets
  
 
 
528,734
 
 
527,707

Total assets less current liabilities
  
2,184,305
2,134,917

Creditors: amounts falling due after more than one year
 11 
(43,619)
(56,130)

Provisions for liabilities
  

Deferred tax
 13 
(312,704)
(300,389)

  
 
 
(312,704)
 
 
(300,389)

Net assets
  
1,827,982
1,778,398


Capital and reserves
  

Called up share capital 
 14 
10,000
10,000

Investment property reserve
 15 
404,819
367,319

Profit and loss account
 15 
1,413,163
1,401,079

  
1,827,982
1,778,398

Page 1

 
HIRE EQUIPMENT (LUDLOW) LIMITED
REGISTERED NUMBER: 02366840
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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

The Company has opted not to file the statement of comprehensive income 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 14 August 2024.




R S Jones
Director

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Hire Equipment (Ludlow) Limited, 02366840, is a private company limited by shares, incorporating in England and Wales, with its registered office and principal place of business at Orleton Road, Ludlow Business Park, Ludlow, Shropshire, SY8 1XF.
The principal activity of the Company is equipment hire.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

Page 4

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance
Office equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Investment property

Investment property is carried at fair value determined annually by the Directors and 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 profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

Page 5

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

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.

Page 6

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
152,904
1,346,006
212,675
17,646
1,729,231


Additions
-
192,018
112,399
-
304,417


Disposals
-
(94,695)
(101,048)
-
(195,743)



At 30 April 2024

152,904
1,443,329
224,026
17,646
1,837,905



Depreciation


At 1 May 2023
28,800
740,649
87,428
15,144
872,021


Charge for the year on owned assets
1,200
117,005
11,558
375
130,138


Charge for the year on financed assets
-
43,708
1,875
-
45,583


Disposals
-
(53,427)
(11,981)
-
(65,408)



At 30 April 2024

30,000
847,935
88,880
15,519
982,334



Net book value



At 30 April 2024
122,904
595,394
135,146
2,127
855,571



At 30 April 2023
124,104
605,357
125,247
2,502
857,210

Page 7

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
111,391
163,799

Motor vehicles
43,120
46,833

154,511
210,632


6.


Investment property


Long term leasehold investment property

£



Valuation


At 1 May 2023
750,000


Surplus on revaluation
50,000



At 30 April 2024
800,000

The 2024 valuations were made by the Directors, 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:

2024
2023
£
£


Historic cost
265,603
265,603

265,603
265,603

Page 8

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
11,000
10,960

11,000
10,960



8.


Debtors

2024
2023
£
£


Trade debtors
72,405
99,513

Other debtors
6,927
15,764

Prepayments and accrued income
35,551
30,015

114,883
145,292



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
719,710
696,745

Less: bank overdrafts
(8,864)
(28,001)

710,846
668,744


Page 9

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
8,864
28,001

Trade creditors
175,708
175,530

Amounts owed to group undertakings
7,103
7,793

Other taxation and social security
17,919
12,960

Obligations under finance lease and hire purchase contracts
25,867
33,968

Other creditors
50,613
52,120

Accruals and deferred income
30,785
14,918

316,859
325,290


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
8,864
28,001

Hire purchase contracts
25,867
33,968

34,731
61,969

Details of security provided:

Bank overdraft is secured upon the assets of the company, and hire purchase contracts are secured against the assets they relate to.

Page 10

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
43,619
56,130

43,619
56,130


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
43,619
56,130

43,619
56,130

Details of security provided:

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


12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
25,867
33,968

Between 1-5 years
43,619
56,130

69,486
90,098


13.


Deferred taxation




2024


£






At beginning of year
300,389


Charged to profit or loss
12,315



At end of year
312,704

Page 11

 
HIRE EQUIPMENT (LUDLOW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
13.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
183,167
183,277

Pension timing
(41)
34

Other item - user input 1
129,578
117,078

312,704
300,389


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



15.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents the revaluation of the Investment property, over the cost of the asset, to bring it in line with the current market value. 

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders. 


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,206 (2023: £2,178). Contributions totalling £396 (2023: £326) were payable to the fund at the balance sheet date and are included in creditors.


17.


Controlling party

The ultimate holding company is LRCM Limited, 06704446, which own 100% of the issued share capital, and is a UK registered company with its registered office and principal place of business at Three Brooks, Harthall, Tenbury Wells, Worcestershire, WR15 8HN.
 
Page 12