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Registration number: 04628012

Inkerman Hire Services Ltd

Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

 

Inkerman Hire Services Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Inkerman Hire Services Ltd

(Registration number: 04628012)
Statement of Financial Position
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

833,557

775,245

Current assets

 

Stocks

5

130

130

Debtors

6

249,727

202,169

Cash at bank and in hand

 

16,874

36,233

 

266,731

238,532

Creditors: Amounts falling due within one year

7

(736,114)

(622,694)

Net current liabilities

 

(469,383)

(384,162)

Total assets less current liabilities

 

364,174

391,083

Creditors: Amounts falling due after more than one year

7

(337,469)

(356,823)

Net assets

 

26,705

34,260

Capital and reserves

 

Called up share capital

100

100

Retained earnings

26,605

34,160

Shareholders' funds

 

26,705

34,260

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

 

Inkerman Hire Services Ltd

(Registration number: 04628012)
Statement of Financial Position
31 December 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 September 2024
 

.........................................
C D Garnade
Director

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

1

General information

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

The address of its registered office is:
34 Oxted Green
Milford
Godalming
Surrey
GU8 5DE

These financial statements were authorised for issue by the director on 3 September 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.

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

between 4 and 7 years

Motor vehicles

over 4 years

Office equipment

between 2 and 5 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position 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.

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Financial instruments

Classification
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

63,944

285,407

1,318,505

1,667,856

Additions

-

-

208,510

208,510

At 31 December 2023

63,944

285,407

1,527,015

1,876,366

Depreciation

At 1 January 2023

63,322

238,247

591,042

892,611

Charge for the year

346

19,347

130,505

150,198

At 31 December 2023

63,668

257,594

721,547

1,042,809

Carrying amount

At 31 December 2023

276

27,813

805,468

833,557

At 31 December 2022

622

47,160

727,463

775,245

5

Stocks

2023
£

2022
£

Other inventories

130

130

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

232,757

196,493

Prepayments

-

964

Other debtors

16,970

4,712

 

249,727

202,169

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

199,535

179,988

Trade creditors

 

51,531

73,749

Taxation and social security

 

7,337

26,105

Other creditors

 

477,711

342,852

 

736,114

622,694

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

337,469

356,823

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

76,834

114,167

Hire purchase contracts

195,079

242,656

Finance lease liabilities

65,556

-

337,469

356,823

 

Inkerman Hire Services Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

8

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

37,334

37,334

Hire purchase contracts

120,797

142,654

Finance lease liabilities

41,404

-

199,535

179,988