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Registration number: 04730935

1st Choice Skip Hire North East Ltd

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

image-name
 

1st Choice Skip Hire North East Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

1st Choice Skip Hire North East Ltd

Company Information

Directors

Mrs Laura Jean Rutherford

Mr Keith Rutherford

Registered office

7 Lorton Road
Redcar
Cleveland
TS10 4LY

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA

 

1st Choice Skip Hire North East Ltd

(Registration number: 04730935)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,370

Tangible assets

5

395,795

461,698

Investments

1

1

 

395,796

463,069

Current assets

 

Debtors

6

878,527

490,996

Cash at bank and in hand

 

178,924

91,231

 

1,057,451

582,227

Creditors: Amounts falling due within one year

7

(193,285)

(85,883)

Net current assets

 

864,166

496,344

Total assets less current liabilities

 

1,259,962

959,413

Creditors: Amounts falling due after more than one year

7

(385,167)

(42,278)

Provisions for liabilities

(66,051)

(66,051)

Net assets

 

808,744

851,084

Capital and reserves

 

Called up share capital

2

2

Retained earnings

808,742

851,082

Shareholders' funds

 

808,744

851,084

 

1st Choice Skip Hire North East Ltd

(Registration number: 04730935)
Balance Sheet as at 5 April 2024 (continued)

For the financial year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 August 2024 and signed on its behalf by:
 

.........................................
Mrs Laura Jean Rutherford
Director

.........................................
Mr Keith Rutherford
Director

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Lorton Road
Redcar
Cleveland
TS10 4LY

These financial statements were authorised for issue by the Board on 26 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

10% Straight Line

Plant & Machinery

15% Reducing Balance

Office Equipment

10% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 6 April 2023

13,700

13,700

At 5 April 2024

13,700

13,700

Amortisation

At 6 April 2023

12,330

12,330

Amortisation charge

1,370

1,370

At 5 April 2024

13,700

13,700

Carrying amount

At 5 April 2024

-

-

At 5 April 2023

1,370

1,370

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 6 April 2023

64,704

761,428

11,697

837,829

Additions

-

57,595

608

58,203

Disposals

-

(196,624)

-

(196,624)

At 5 April 2024

64,704

622,399

12,305

699,408

Depreciation

At 6 April 2023

58,230

310,766

7,135

376,131

Charge for the year

6,474

38,723

517

45,714

Eliminated on disposal

-

(118,232)

-

(118,232)

At 5 April 2024

64,704

231,257

7,652

303,613

Carrying amount

At 5 April 2024

-

391,142

4,653

395,795

At 5 April 2023

6,474

450,662

4,562

461,698

Included within the net book value of land and buildings above is £Nil (2023 - £6,474) in respect of freehold land and buildings.
 

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

78,110

90,469

Amounts owed by related parties

9

800,335

397,521

Other debtors

 

82

3,006

   

878,527

490,996

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

114,826

32,497

Trade creditors

 

12,677

29,424

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

5,658

-

Taxation and social security

 

37,144

17,108

Accruals and deferred income

 

20,716

7,053

Other creditors

 

2,264

(199)

 

193,285

85,883

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

385,167

42,278

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,658

42,278

Hire purchase contracts

16,051

-

Other borrowings

356,458

-

385,167

42,278

Current loans and borrowings

 

1st Choice Skip Hire North East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

8

Loans and borrowings (continued)

2024
£

2023
£

Bank borrowings

35,483

32,497

Bank overdrafts

681

-

Hire purchase contracts

24,401

-

Other borrowings

54,261

-

114,826

32,497

9

Related party transactions

The company operates from premises owned by the directors. During the year rent was charged to the company at £47,083 (2023 £22,600).

Included in debtors is £800,335 (2023 £380,335) owed by another company also controlled by the directors. This loan is interest free and repayable on demand.

1st Choice Skip Hire North East Ltd also provided security on a loan for the other company in the form of a guarantee.