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REGISTERED NUMBER: 06980771 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ECONOMY HIRE (SOUTHERN) LIMITED

ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ECONOMY HIRE (SOUTHERN) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: E P Smith
D R Smith
A D Smith
M E Smith
M L Smith





REGISTERED OFFICE: Endeavour House
Crow Arch Lane
Ringwood
Hampshire
BH24 1HP





REGISTERED NUMBER: 06980771 (England and Wales)

ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,419,664 1,869,235

CURRENT ASSETS
Stocks 236,935 197,665
Debtors 5 125,825 243,134
Cash at bank and in hand 166,397 83,514
529,157 524,313
CREDITORS
Amounts falling due within one year 6 619,334 485,959
NET CURRENT (LIABILITIES)/ASSETS (90,177 ) 38,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,329,487

1,907,589

CREDITORS
Amounts falling due after more than one
year

7

(563,301

)

(344,248

)

PROVISIONS FOR LIABILITIES (400,362 ) (349,651 )
NET ASSETS 1,365,824 1,213,690

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,365,724 1,213,590
1,365,824 1,213,690

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)

BALANCE SHEET - continued
31 MARCH 2024


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 Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:




D R Smith - Director



E P Smith - Director


ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Economy Hire (Southern) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 etc - 33% on cost, 25% on cost and 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 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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 14 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 2,476,792
Additions 1,275,958
Disposals (517,837 )
At 31 March 2024 3,234,913
DEPRECIATION
At 1 April 2023 607,557
Charge for year 324,652
Eliminated on disposal (116,960 )
At 31 March 2024 815,249
NET BOOK VALUE
At 31 March 2024 2,419,664
At 31 March 2023 1,869,235

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 1,107,256
Additions 1,043,552
Disposals (50,642 )
Transfer to ownership (353,401 )
At 31 March 2024 1,746,765
DEPRECIATION
At 1 April 2023 155,166
Charge for year 174,691
Eliminated on disposal (3,658 )
Transfer to ownership (74,788 )
At 31 March 2024 251,411
NET BOOK VALUE
At 31 March 2024 1,495,354
At 31 March 2023 952,090

ECONOMY HIRE (SOUTHERN) LIMITED (REGISTERED NUMBER: 06980771)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 69,481 217,719
Other debtors 56,344 25,415
125,825 243,134

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 515,967 275,137
Trade creditors 33,688 79,997
Amounts owed to participating interests - 100,000
Taxation and social security 38,965 16,925
Other creditors 20,714 3,900
619,334 485,959

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 14,167 24,167
Hire purchase contracts (see note 8) 549,134 320,081
563,301 344,248

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 515,967 275,137
Between one and five years 549,134 320,081
1,065,101 595,218

At the year end the company had total commitments under operating leases expiring within 1 year of £30,000 (2023: £30,000).

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 1,065,101 595,218

The hire purchase agreements are secured on the assets in which they relate.

Lloyds bank PLC have a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery of the company. Full details can be found on the Companies House website.