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COMPANY REGISTRATION NUMBER: 04798229
Banks Skip Hire Limited
Filleted Unaudited Abridged Financial Statements
30 September 2023
Banks Skip Hire Limited
Abridged Financial Statements
Year ended 30 September 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
Banks Skip Hire Limited
Abridged Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
382,695
425,906
Current Assets
Stocks
600
600
Debtors
146,562
93,512
Cash at bank and in hand
172,839
189,134
---------
---------
320,001
283,246
Creditors: amounts falling due within one year
115,987
151,225
---------
---------
Net Current Assets
204,014
132,021
---------
---------
Total Assets Less Current Liabilities
586,709
557,927
Provisions
Taxation including deferred tax
95,674
106,477
---------
---------
Net Assets
491,035
451,450
---------
---------
Banks Skip Hire Limited
Abridged Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
6
1,000
1,000
Profit and loss account
490,035
450,450
---------
---------
Shareholders Funds
491,035
451,450
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr J Banks
Director
Company registration number: 04798229
Banks Skip Hire Limited
Notes to the Abridged Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 93-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The company's place of business is Station Lane, Old Whittington, Chesterfield, Derbyshire, S41 9QX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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
-
20% reducing balance
Office equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 16 ).
5. Tangible assets
£
Cost
At 1 October 2022
1,503,055
Additions
60,298
------------
At 30 September 2023
1,563,353
------------
Depreciation
At 1 October 2022
1,077,149
Charge for the year
103,509
------------
At 30 September 2023
1,180,658
------------
Carrying amount
At 30 September 2023
382,695
------------
At 30 September 2022
425,906
------------
6. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
750
750
750
750
Ordinary B shares of £ 1 each
150
150
150
150
Ordinary C shares of £ 1 each
100
100
100
100
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
7. Directors' advances, credit and guarantees
There are no director's advances, credits or guarantees requiring disclosure.
8. Controlling party
The ultimate parent company is Meadowland Holdings Limited, a company incorporated in England and Wales. The registered office address is 91-97 Saltergate, Chesterfield, S40 1LA.