Registered number
13614293
D & K Plant Hire (North East) Limited
Filleted Accounts
31 December 2023
D & K Plant Hire (North East) Limited
Registered number: 13614293
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,293,864 1,023,995
Current assets
Stocks 24,636 27,072
Debtors 4 210,457 249,221
Cash at bank and in hand 14,666 39,381
249,759 315,674
Creditors: amounts falling due within one year 5 (963,477) (844,844)
Net current liabilities (713,718) (529,170)
Total assets less current liabilities 580,146 494,825
Creditors: amounts falling due after more than one year 6 (597,655) (487,513)
Provisions for liabilities (1,531) -
Net (liabilities)/assets (19,040) 7,312
Capital and reserves
Called up share capital 100 100
Profit and loss account (19,140) 7,212
Shareholders' funds (19,040) 7,312
The directors are 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 directors acknowledge their 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 S Makinson
Director
Approved by the board on 3 June 2024
D & K Plant Hire (North East) Limited
Notes to the Accounts
for the year ended 31 December 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 monthly.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 7 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 6 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,155,972 20,509 1,176,481
Additions 600,181 - 600,181
Disposals (151,470) - (151,470)
At 31 December 2023 1,604,683 20,509 1,625,192
Depreciation
At 1 January 2023 149,638 2,848 152,486
Charge for the year 190,977 2,871 193,848
On disposals (15,006) - (15,006)
At 31 December 2023 325,609 5,719 331,328
Net book value
At 31 December 2023 1,279,074 14,790 1,293,864
At 31 December 2022 1,006,334 17,661 1,023,995
4 Debtors 2023 2022
£ £
Trade debtors 188,812 240,451
Deferred tax asset - 5,241
Other debtors 21,645 3,529
210,457 249,221
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 326,693 233,512
Trade creditors 100,738 127,746
Amounts owed to group undertakings and undertakings in which the company has a participating interest 425,025 300,025
Taxation and social security costs 34,655 30,790
Other creditors 76,366 152,771
963,477 844,844
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 597,655 487,513
7 Related party transactions
At the balance sheet date the company owed the following to a company under common control.
2023 2022
£
Mechplant (North East) Limited 425,025 300,025
At the balance sheet date the company was owed the following from a company under common control.
Webster Plant Haulage (North East) Limited 18,144 -
8 Going concern
At the balance sheet date the company had net liabilities of £19,040. The company is supported by companies under the same ownership, the related companies have agreed to continue this support and not withdraw the loan agreements for at least a period of 12 months folllowing the date of signing of these accounts. The directors deem that the preparation of these accounts under the going concern concept is appropriate.
9 Other information
D & K Plant Hire (North East) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 19 Tyne Dock
Port of Tyne
South Shields
United Kingdom
NE34 5SP
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