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REGISTERED NUMBER: 01364047 (England and Wales)













Audited Financial Statements

for the Year Ended 31 May 2024

for

T.J.S. Hire Co. (Humberside) Limited

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


T.J.S. Hire Co. (Humberside) Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: Ms F E Sayles
Mr N D J Sayles
Mr J Raynor



SECRETARY: Ms F E Sayles



REGISTERED OFFICE: 7 Hebden Road
SCUNTHORPE
South Humberside
DN15 8DT



REGISTERED NUMBER: 01364047 (England and Wales)



AUDITORS: Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: HSBC
84 High Street
SCUNTHORPE
DN15 6HQ



SOLICITORS: Mason Baggott & Garton
13/19 Wells Street
SCUNTHORPE
South Humberside
DN15 6HN

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Statement of Financial Position
31 May 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,892,960 10,793,370

CURRENT ASSETS
Stocks 75,025 66,339
Debtors 5 1,226,025 824,473
Cash at bank and in hand 792,351 882,714
2,093,401 1,773,526
CREDITORS
Amounts falling due within one year 6 2,457,184 2,468,065
NET CURRENT LIABILITIES (363,783 ) (694,539 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,529,177

10,098,831

CREDITORS
Amounts falling due after more than
one year

7

(1,392,260

)

(1,451,864

)

PROVISIONS FOR LIABILITIES 10 (1,357,780 ) (1,542,491 )
NET ASSETS 7,779,137 7,104,476

CAPITAL AND RESERVES
Called up share capital 10,200 10,200
Revaluation reserve 1,299,276 1,660,073
Retained earnings 6,469,661 5,434,203
SHAREHOLDERS' FUNDS 7,779,137 7,104,476

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 15 August 2024 and were signed on its behalf by:



Ms F E Sayles - Director


T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

T.J.S. Hire Co. (Humberside) 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sale of goods and rental of vehicles, excluding value added tax. Revenue is recognised when the entity satisfies their performance obligation by transferring a promised good or service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 14% to 17% on cost
Plant and machinery - 15% to 25% on reducing balance
Fixtures and fittings - 10% to 50% on reducing balance
Motor vehicles - 1% to 45% on cost

Motor vehicles have been subject to revaluation reviews to bring them inline with latest market valuations.

In revaluing the assets, the carrying value of the asset was compared with its fair value less costs to sell. If the fair value exceeded the carrying amount then the asset was revalued upwards. However, should the fair value be lower than the carrying amount then the asset is written down to its fair value less costs to sell and an impairment loss is recognised.

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 statement of financial position date.


T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and finance leases are capitalised as tangible assets. Finance leases are depreciated over the shorter of the lease term and their useful lives and HP assets are depreciated over their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Assets held for use in operating leases are included in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

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.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 17 ) .

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Property Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 88,267 216,708 236,139 10,709,732 11,250,846
Additions 71,257 4,193 7,138 3,551,638 3,634,226
Disposals - - (4,100 ) (1,759,585 ) (1,763,685 )
Revaluations - - - (1,752,733 ) (1,752,733 )
At 31 May 2024 159,524 220,901 239,177 10,749,052 11,368,654
DEPRECIATION
At 1 June 2023 51,906 204,968 200,602 - 457,476
Charge for year 5,434 4,138 11,056 2,166,273 2,186,901
Eliminated on disposal - - (2,410 ) (131,025 ) (133,435 )
Revaluation adjustments - - - (2,035,248 ) (2,035,248 )
At 31 May 2024 57,340 209,106 209,248 - 475,694
NET BOOK VALUE
At 31 May 2024 102,184 11,795 29,929 10,749,052 10,892,960
At 31 May 2023 36,361 11,740 35,537 10,709,732 10,793,370

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Property Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
Cost 159,524 220,901 239,177 10,749,052 11,368,654

The cost of fixed assets includes assets which are held under hire purchase agreements, these amount to £6,876,311 (2023: £5,706,513) accumulated depreciation £1,150,510 (2023: £1,019,558).

The written down value of motor vehicles includes amount of £9,856,873 (2023: £10,633,173) in respect of assets held for use under operating leases.

The valuation of the motor vehicles was conducted inline with the CAPS values which serve as a measure of assessing the retail value of the vehicles. This method of valuation is widely regarded and trusted amongst motor trade professionals. The valuation method provides an independent benchmark based on useful life, demand, risk of fleet and vehicle manufacturing.

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 668,866 624,158
Other debtors 3,727 1,275
Directors' current accounts 396,692 -
Prepayments and accrued income 156,740 199,040
1,226,025 824,473

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 8)
1,830,622

1,698,455
Payments on account - 49,920
Trade creditors 69,767 44,760
Corporation tax 295,621 281,521
Social security and other taxes 17,747 20,672
VAT 157,387 145,765
Other creditors 484 1,886
Directors' current accounts - 200,614
Accruals and deferred income 85,556 24,472
2,457,184 2,468,065

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 8)
1,392,260

1,451,864

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 1,830,622 1,698,455
Between one and five years 1,392,260 1,451,864
3,222,882 3,150,319

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Debts due within 1 year 1,830,622 1,698,455
Debts due between 2 - 5 years 1,392,260 1,451,864
3,222,882 3,150,319

The hire purchase liabilities are secured against the asset to which the loan relates.

10. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 1,357,780 1,542,491

Deferred
tax
£   
Balance at 1 June 2023 1,542,491
Provided during year (184,711 )
Accelerated capital allowances
Balance at 31 May 2024 1,357,780

T.J.S. Hire Co. (Humberside) Limited (Registered number: 01364047)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steve Robinson (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit (Statutory Auditor)

12. CAPITAL COMMITMENTS
2024 2023
as restated
£    £   
Contracted but not provided for in the
financial statements 953,754 675,000

The above amount relates to vehicles ordered before the year end but not received until after.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
as restated
£    £   
Mr N D J Sayles
Balance outstanding at start of year (100,686 ) (199,412 )
Amounts advanced 300,000 350,964
Amounts repaid (963 ) (252,238 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 198,351 (100,686 )

Ms F E Sayles
Balance outstanding at start of year (100,686 ) (199,442 )
Amounts advanced 300,000 425,994
Amounts repaid (973 ) (327,238 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 198,341 (100,686 )

The outstanding balance was unsecured and subject to interest at the HM Revenue and Customs approved rates.