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Registration number: 07093570

Latta Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Latta Hire Limited
(Registration number: 07093570)

Company Information

Director

Mr Mathew Latta

Registered office

Bridge Farm
Holme Fen Drove
Colne
Huntingdon
PE28 3RE

Registered number

07093570

 

Latta Hire Limited
(Registration number: 07093570)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

1,208,946

1,162,093

Current assets

 

Debtors

5

580,895

517,808

Cash at bank and in hand

 

80,907

49

 

661,802

517,857

Creditors: Amounts falling due within one year

6

(420,443)

(344,462)

Net current assets

 

241,359

173,395

Total assets less current liabilities

 

1,450,305

1,335,488

Creditors: Amounts falling due after more than one year

6

(171,579)

(199,302)

Provisions for liabilities

(304,128)

(289,980)

Net assets

 

974,598

846,206

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

974,498

846,106

Shareholders' funds

 

974,598

846,206

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.

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 24 July 2024
 

 

Latta Hire Limited
(Registration number: 07093570)

Balance Sheet as at 31 December 2023

.........................................
Mr Mathew Latta
Director

 

Latta Hire Limited
(Registration number: 07093570)

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:
Bridge Farm
Holme Fen Drove
Colne
Huntingdon
PE28 3RE

These financial statements were authorised for issue by the director on 24 July 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

 

Latta Hire Limited
(Registration number: 07093570)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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

Equipment for hire

5-10% Straight line

Motor vehicles

25% Reducing balance

Office equipment

15% Reducing balance

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.

 

Latta Hire Limited
(Registration number: 07093570)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

 

Latta Hire Limited
(Registration number: 07093570)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

11,082

251,303

1,352,004

1,614,389

Additions

1,529

109,400

38,921

149,850

Disposals

-

(27,421)

-

(27,421)

At 31 December 2023

12,611

333,282

1,390,925

1,736,818

Depreciation

At 1 January 2023

5,914

172,956

273,426

452,296

Charge for the year

868

33,374

68,755

102,997

Eliminated on disposal

-

(27,421)

-

(27,421)

At 31 December 2023

6,782

178,909

342,181

527,872

Carrying amount

At 31 December 2023

5,829

154,373

1,048,744

1,208,946

At 31 December 2022

5,168

78,347

1,078,578

1,162,093

5

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2022 - £Nil)

All amounts are due within one year.

Current

2023
£

2022
£

Trade Debtors

134,024

151,176

Prepayments

49,100

21,632

Other debtors

397,771

345,000

 

580,895

517,808

 

Latta Hire Limited
(Registration number: 07093570)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

126,984

138,761

Trade Creditors

 

140,364

62,274

Taxation and social security

 

111,406

106,863

Accruals and deferred income

 

9,247

5,860

Other creditors

 

32,442

30,704

 

420,443

344,462

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

171,579

199,302

 

Latta Hire Limited
(Registration number: 07093570)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

-

13,990

Hire purchase contracts

116,984

114,771

126,984

138,761

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,000

29,167

Hire purchase contracts

151,579

170,135

171,579

199,302

The total of the net obligations under finance leases and hire purchase contracts outstanding at the year end and the previous year end were secured on the assets concerned.

The bank loan relates to a government backed bounce back loan, which is repayable in monthly instalments and interest is charged at a fixed rate of 2.5%.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £250,000 (2022 - £254,941).