Registered number
07271218
No1 Skip Hire Ltd
Filleted Accounts
31 August 2023
No1 Skip Hire Ltd
Registered number: 07271218
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 344,893 272,971
Current assets
Debtors 4 37,642 44,492
Cash at bank and in hand 623,154 415,632
660,796 460,124
Creditors: amounts falling due within one year 5 (537,567) (484,710)
Net current assets/(liabilities) 123,229 (24,586)
Total assets less current liabilities 468,122 248,385
Creditors: amounts falling due after more than one year 6 (21,181) (53,629)
Provisions for liabilities (76,112) (56,212)
Net assets 370,829 138,544
Capital and reserves
Called up share capital 100 100
Profit and loss account 370,729 138,444
Shareholders' funds 370,829 138,544
The director is 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 director acknowledges his 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.
Mr H Singh
Director
Approved by the board on 3 September 2024
No1 Skip Hire Ltd
Notes to the Accounts
for the year ended 31 August 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% Reducing balance
Fixtures, fittings, tools and equipment 20% 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.
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 32 31
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 379,992 237,301 617,293
Additions 115,653 42,500 158,153
At 31 August 2023 495,645 279,801 775,446
Depreciation
At 1 September 2022 190,490 153,832 344,322
Charge for the year 61,031 25,200 86,231
At 31 August 2023 251,521 179,032 430,553
Net book value
At 31 August 2023 244,124 100,769 344,893
At 31 August 2022 189,502 83,469 272,971
4 Debtors 2023 2022
£ £
Trade debtors 2,713 39,044
Other debtors 34,929 5,448
37,642 44,492
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Obligations under finance lease and hire purchase contracts - 14,030
Trade creditors 335,190 191,087
Taxation and social security costs 138,174 102,751
Other creditors 53,555 166,194
537,567 484,710
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,963 29,611
Other creditors 2,218 24,018
21,181 53,629
7 Related party transactions
The company operates from the premises controlled by the director, and a rental paid of £21925 during the year (2022: £20000)
8 Controlling party
The company is controlled by the director.
9 Other information
No1 Skip Hire Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bull Lane Works,
Brandon Way
West Bromwick
West Midlands,
B70 9PQ
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