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REGISTRAR
Company registration number: 09053925
Plant Hire Now Ltd
Trading as Plant Hire Now
Unaudited filleted financial statements
31 May 2024
Plant Hire Now Ltd
Contents
Statement of financial position
Notes to the financial statements
Plant Hire Now Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 51,287 51,391
_______ _______
51,287 51,391
Current assets
Cash at bank and in hand 6,469 6,960
_______ _______
6,469 6,960
Creditors: amounts falling due
within one year 6 ( 23,560) ( 43,729)
_______ _______
Net current liabilities ( 17,091) ( 36,769)
_______ _______
Total assets less current liabilities 34,196 14,622
_______ _______
Net assets 34,196 14,622
_______ _______
Capital and reserves
Called up share capital 7 1 1
Profit and loss account 34,195 14,621
_______ _______
Shareholders funds 34,196 14,622
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Christopher O'Donnell
Director
Company registration number: 09053925
Plant Hire Now Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, West Midlands, B16 9HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.The accounts are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 June 2023 96,048 96,048
Additions 10,557 10,557
_______ _______
At 31 May 2024 106,605 106,605
_______ _______
Depreciation
At 1 June 2023 44,657 44,657
Charge for the year 10,661 10,661
_______ _______
At 31 May 2024 55,318 55,318
_______ _______
Carrying amount
At 31 May 2024 51,287 51,287
_______ _______
At 31 May 2023 51,391 51,391
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 4,760
Corporation tax 14,506 4,333
Other creditors 9,054 34,636
_______ _______
23,560 43,729
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______