REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
SKELTON PLANT HIRE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
SKELTON PLANT HIRE LIMITED |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SKELTON PLANT HIRE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westgate House |
87 St Dunstans Street |
Canterbury |
Kent |
CT2 8AE |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
BALANCE SHEET |
30TH NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
BALANCE SHEET - continued |
30TH NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Skelton Plant Hire Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's functional currency is the Pound Sterling (£). |
The principal activity of the Company is that of hire of plant, machinery and operators to the Construction Industry. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow in the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Government Grants |
Government grants have been received by the company in the year. Grant income is not recognised until there is reasonable assurance that the entity will adhere to the conditions which are attached to the grant. There must also be reasonable assurance that the grant will be received by the entity in order to recognise the grant in the financial statements, |
The accounting policy for recognising grant income adopted by the company is the accrual model:- |
Revenue-based grant |
Grant monies receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs have been recognised in the period in which they are received or become receivable. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Buildings | - not provided |
Plant and machinery | - 15% Reducing Balance Method |
Equipmentt | - 15% Reducing Balance Method |
Motor Vehicles | - 20% reducing Balance method |
The Company does not provide for depreciation on freehold buildings as required by Financial Reporting Standard 102. It is considered, however, that non-compliance with the Standard does not have a material effect on the Financial Statements since it is the company's policy to maintain its freehold buildings to a standard which will prolong their useful life indefinitely and hence make any charge for depreciation immaterial. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable / payable within one year |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st December 2022 |
and 30th November 2023 |
AMORTISATION |
At 1st December 2022 |
Charge for year |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
Buildings | machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th November 2023 |
DEPRECIATION |
At 1st December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st December 2022 |
Additions |
Transfer to ownership | - | (134,317 | ) | (256,500 | ) | (390,817 | ) |
At 30th November 2023 |
DEPRECIATION |
At 1st December 2022 |
Charge for year |
Transfer to ownership | - | (52,730 | ) | (105,040 | ) | (157,770 | ) |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 32,848 | - |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 414,827 | 319,758 |
Other creditors |
Commercial Finance | 354,707 | 400,076 |
Directors' loan accounts | - | 12,134 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Fixed Rate Loan - 1-2 years |
Fixed Rate Loan - 2-5 years |
Other Loan |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 3,823,304 | 4,335,013 |
The Bank Overdraft is secured by a Debenture incorporating a fixed and floating charge. |
The Hire Purchase contracts are secured over the asset concerned. |
The Lloyds Bank Plc Bounce Back Loan is guaranteed by the government. |
SKELTON PLANT HIRE LIMITED (REGISTERED NUMBER: 03552143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B Non - Voting | £1 | 904,000 | 904,000 |
904,100 | 904,100 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st December 2022 | 1,317,644 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30th November 2023 | 1,404,509 |
13. | OTHER FINANCIAL COMMITMENTS |
Pension |
The company contributes to personal pension plans for each individual employee. The amount outstanding at year end amounted to £3,497 (2022: £1,787). |
14. | GOING CONCERN |
The Financial Statements have been prepared on a going concern basis. This basis may not be appropriate because the Company is showing net current liabilities of £2,147,080 (2022 £2,540,323) as at 30th November 2023. The Company therefore relies upon the continued support of the Director and his family. |
The Director is satisfied this continued support will be forthcoming. Therefore the Director considers it appropriate to prepare the financial statements on the going concern basis. |