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Registered Number: 05735437
England and Wales

 

 

 


Abridged Accounts

for the period ended 31 December 2023

for

EURO TOOL HIRE AND SALES (SOUTH WEST) LIMITED

 
 
Notes
 
2023
£
  2023
£
Fixed assets      
Tangible fixed assets 4 463,737    543,055 
463,737    543,055 
Current assets      
Stocks 9,000    22,500 
Debtors 158,467    292,418 
Cash at bank and in hand 44,523    14,972 
211,990    329,890 
Creditors: amount falling due within one year (328,512)   (384,629)
Net current assets (116,522)   (54,739)
 
Total assets less current liabilities 347,215    488,316 
Creditors: amount falling due after more than one year (264,541)   (244,682)
Provisions for liabilities (8,307)  
Net assets 74,367    243,634 
 

Capital and reserves
     
Called up share capital 5 50,000    50,000 
Profit and loss account 24,367    193,634 
Shareholders' funds 74,367    243,634 
 


For the period ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 September 2024 and were signed on its behalf by:


-------------------------------
J Laycock
Director
1
General Information
Euro Tool Hire and Sales (South West) Limited is a private company, limited by shares, registered in England and Wales, registration number 05735437, registration address 7 Curlew Park, Threemilestone , Truro, Cornwall, TR4 9LE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Over term Straight Line
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Computer Equipment 33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the period was 22 (2023 : 22).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 81,576    81,576 
Additions  
Disposals  
At 31 December 2023 81,576    81,576 
Amortisation
At 01 April 2023 81,576    81,576 
Charge for period  
On disposals  
At 31 December 2023 81,576    81,576 
Net book values
At 31 December 2023  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Leasehold   Plant and Machinery   Motor Vehicles   Computer Equipment   Improvements to property   Total
  £   £   £   £   £   £
At 01 April 2023 3,790    2,352,479    408,595    37,108    5,134    2,807,106 
Additions   37,735    63,525        101,260 
Disposals   (59,542)   (105,755)       (165,297)
At 31 December 2023 3,790    2,330,672    366,365    37,108    5,134    2,743,069 
Depreciation
At 01 April 2023 1,895    1,916,663    311,172    34,319    770    2,264,819 
Charge for period 284    105,246    53,396    1,383      160,309 
On disposals   (40,041)   (105,755)       (145,796)
At 31 December 2023 2,179    1,981,868    258,813    35,702    770    2,279,332 
Net book values
Closing balance as at 31 December 2023 1,611    348,804    107,552    1,406    4,364    463,737 
Opening balance as at 01 April 2023 1,895    435,816    97,421    2,789    5,134    543,055 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2023
£
50,000 ordinary shares of £1.00 each 50,000    50,000 
50,000    50,000 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2023
£
 2023
£
 2023
£
Alliance Tool Hire (South West) Ltd(231,637)

On 2 October 2023 Alliance Tool Hire (South West) Ltd purchased 100% shareholding of Euro Tool Hire & Sales (South West) Ltd. During the initial months the company loaned the company funds to support the transition. This loan doesn't have any fixed terms.
2