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COMPANY REGISTRATION NUMBER: 7355437
NE Rental Limited
Filleted Unaudited Financial Statements
31 December 2023
NE Rental Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
NE Rental Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
37,500
43,750
Tangible assets
7
762
1,015
--------
--------
38,262
44,765
Current assets
Debtors
8
48,891
36,613
Cash at bank and in hand
391,689
386,972
---------
---------
440,580
423,585
Creditors: amounts falling due within one year
9
( 104,740)
( 132,355)
---------
---------
Net current assets
335,840
291,230
---------
---------
Total assets less current liabilities
374,102
335,995
---------
---------
Capital and reserves
Called up share capital
10
51
51
Profit and loss account
374,051
335,944
---------
---------
Shareholders funds
374,102
335,995
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr NM Evans
Director
Company registration number: 7355437
NE Rental Limited
Notes to the Financial Statements
Year ended 31 December 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 40 High Street, Haverfordwest, Pembrokeshire, SA61 2DA.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Other intangible asset
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Fixtures and fittings
-
25% reducing balance
Office equipment
-
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
11,993
17,028
--------
--------
Tax on profit
11,993
17,028
--------
--------
6. Intangible assets
Goodwill
Other intangible asset
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
4,812
57,688
62,500
-------
--------
--------
Amortisation
At 1 January 2023
1,444
17,306
18,750
Charge for the year
481
5,769
6,250
-------
--------
--------
At 31 December 2023
1,925
23,075
25,000
-------
--------
--------
Carrying amount
At 31 December 2023
2,887
34,613
37,500
-------
--------
--------
At 31 December 2022
3,368
40,382
43,750
-------
--------
--------
7. Tangible assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
228
7,919
8,147
----
-------
-------
Depreciation
At 1 January 2023
198
6,934
7,132
Charge for the year
7
246
253
----
-------
-------
At 31 December 2023
205
7,180
7,385
----
-------
-------
Carrying amount
At 31 December 2023
23
739
762
----
-------
-------
At 31 December 2022
30
985
1,015
----
-------
-------
8. Debtors
2023
2022
£
£
Trade debtors
38,014
25,393
Other debtors
10,877
11,220
--------
--------
48,891
36,613
--------
--------
Other debtors include an amount of £Nil (2022: £Nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,222
4,492
Corporation tax
12,038
17,073
Social security and other taxes
20,976
17,881
Other creditors
64,504
92,909
---------
---------
104,740
132,355
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
51
51
51
51
----
----
----
----
11. Related party transactions
The company was under the control of Mr NM Evans throughout the current and previous year. Mr NM Evans is the managing director and his wife, Mrs RI Evans is the majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.