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REGISTERED NUMBER: 13052293 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Economy Plant Hire and Aggregate Ltd

Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £ £
Fixed assets
Tangible assets 5 1,452,397 907,340

Current assets
Stocks 10,000 11,000
Debtors 6 119,381 223,525
Cash at bank 64,055 132,944
193,436 367,469
Creditors
Amounts falling due within one year 7 (941,990 ) (717,028 )
Net current liabilities (748,554 ) (349,559 )
Total assets less current liabilities 703,843 557,781

Creditors
Amounts falling due after more than one
year

8

(58,541

)

(68,215

)

Provisions for liabilities (154,400 ) (122,800 )
Net assets 490,902 366,766

Capital and reserves
Called up share capital 2 2
Retained earnings 10 490,900 366,764
490,902 366,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Balance Sheet - continued
30 November 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 17 July 2024 and were signed by:





Mr L W Page - Director


Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. Statutory information

Economy Plant Hire and Aggregate Ltd 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: 13052293

Registered office: 44 Syderstone Business Park
Mill Lane
Syderstone
King's Lynn
Norfolk
PE31 8SE

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for annual depreciation, as described below.

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 at the point of delivery of sold plant or aggregate and at the time of usage of hired plant.

Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost
Plant and machinery - 20% on cost

Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Freehold land, included in freehold property, is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued
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.

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.

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

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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.

4. Employees and directors

The average number of employees during the year was 3 (2022 - 2 ) .

Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


5. Tangible fixed assets
Freehold Plant and
property machinery Totals
£ £ £
Cost
At 1 December 2022 132,463 970,596 1,103,059
Additions 155,521 1,068,427 1,223,948
Disposals - (355,920 ) (355,920 )
At 30 November 2023 287,984 1,683,103 1,971,087
Depreciation
At 1 December 2022 1,600 194,119 195,719
Charge for year 1,600 336,621 338,221
Eliminated on disposal - (15,250 ) (15,250 )
At 30 November 2023 3,200 515,490 518,690
Net book value
At 30 November 2023 284,784 1,167,613 1,452,397
At 30 November 2022 130,863 776,477 907,340

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and
machinery
£
Cost
At 1 December 2022 178,930
Additions 146,974
At 30 November 2023 325,904
Depreciation
At 1 December 2022 35,786
Charge for year 65,181
At 30 November 2023 100,967
Net book value
At 30 November 2023 224,937
At 30 November 2022 143,144

Economy Plant Hire and Aggregate Ltd (Registered number: 13052293)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. Debtors: amounts falling due within one year
30.11.23 30.11.22
£ £
Trade debtors 113,439 165,707
Other debtors 5,942 57,818
119,381 223,525

7. Creditors: amounts falling due within one year
30.11.23 30.11.22
£ £
Finance leases 73,006 52,891
Trade creditors 21,113 -
Taxation and social security 13,882 2,070
Other creditors 833,989 662,067
941,990 717,028

8. Creditors: amounts falling due after more than one year
30.11.23 30.11.22
£ £
Finance leases 58,541 68,215

9. Secured debts

The following secured debts are included within creditors:

30.11.23 30.11.22
£ £
Finance leases 131,547 121,106

10. Reserves

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.