Registered number
10247639
FIRST CALL HIRE LIMITED
Filleted Accounts
30 June 2023
FIRST CALL HIRE LIMITED
Registered number: 10247639
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 759,833 574,283
Current assets
Debtors 4 831,277 810,657
Cash at bank and in hand 33,242 96,487
864,519 907,144
Creditors: amounts falling due within one year 5 (434,746) (360,514)
Net current assets 429,773 546,630
Total assets less current liabilities 1,189,606 1,120,913
Creditors: amounts falling due after more than one year 6 (460,176) (406,546)
Net assets 729,430 714,367
Capital and reserves
Called up share capital 100 100
Profit and loss account 729,330 714,267
Shareholders' funds 729,430 714,367
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
0
Director
Approved by the board on 22 August 2024
FIRST CALL HIRE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 166,155 747,763 913,918
Additions 30,095 61,647 276,232 367,974
At 30 June 2023 30,095 227,802 1,023,995 1,281,892
Depreciation
At 1 July 2022 - 87,129 252,506 339,635
Charge for the year - 28,134 154,290 182,424
At 30 June 2023 - 115,263 406,796 522,059
Net book value
At 30 June 2023 30,095 112,539 617,199 759,833
At 30 June 2022 - 79,026 495,257 574,283
4 Debtors 2023 2022
£ £
Trade debtors - (828)
Other debtors 831,277 811,485
831,277 810,657
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 38,975 67,904
Obligations under finance lease and hire purchase contracts 132,848 -
Trade creditors 26,802 (420)
Taxation and social security costs 37,454 53,986
Other creditors 198,667 239,044
434,746 360,514
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 460,176 406,546
7 Other information
FIRST CALL HIRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
9 Ewell Downs Road
Epsom
KT17 3BP
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