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REGISTERED NUMBER: 03552143 (England and Wales)















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: T J Skelton





SECRETARY: Mrs D Skelton





REGISTERED OFFICE: Skelton Plant Hire Limited
Cooting Road
Aylesham
Canterbury
Kent
CT3 3EP





REGISTERED NUMBER: 03552143 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
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 4 901 1,201
Tangible assets 5 6,676,181 7,143,716
6,677,082 7,144,917

CURRENT ASSETS
Stocks 6 48,946 48,946
Debtors 7 569,595 561,861
Cash at bank and in hand 69,051 13,225
687,592 624,032
CREDITORS
Amounts falling due within one year 8 2,834,672 3,164,355
NET CURRENT LIABILITIES (2,147,080 ) (2,540,323 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,530,002

4,604,594

CREDITORS
Amounts falling due after more than one
year

9

2,221,393

2,382,850
NET ASSETS 2,308,609 2,221,744

CAPITAL AND RESERVES
Called up share capital 11 904,100 904,100
Revaluation reserve 12 10,000 10,000
Retained earnings 12 1,394,509 1,307,644
SHAREHOLDERS' FUNDS 2,308,609 2,221,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

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


The 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.

The financial statements were approved by the director and authorised for issue on 24th September 2024 and were signed by:





T J Skelton - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

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 18 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st December 2022
and 30th November 2023 6,001
AMORTISATION
At 1st December 2022 4,800
Charge for year 300
At 30th November 2023 5,100
NET BOOK VALUE
At 30th November 2023 901
At 30th November 2022 1,201

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 100,000 8,808,879 786,877 986,628 10,682,384
Additions - 924,945 46,626 47,917 1,019,488
Disposals - (821,110 ) - (136,031 ) (957,141 )
At 30th November 2023 100,000 8,912,714 833,503 898,514 10,744,731
DEPRECIATION
At 1st December 2022 - 2,682,510 458,715 397,443 3,538,668
Charge for year - 820,686 56,252 59,986 936,924
Eliminated on disposal - (311,019 ) - (96,023 ) (407,042 )
At 30th November 2023 - 3,192,177 514,967 361,406 4,068,550
NET BOOK VALUE
At 30th November 2023 100,000 5,720,537 318,536 537,108 6,676,181
At 30th November 2022 100,000 6,126,369 328,162 589,185 7,143,716

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 4,939,972 275,546 547,584 5,763,102
Additions 875,745 10,426 47,917 934,088
Transfer to ownership - (134,317 ) (256,500 ) (390,817 )
At 30th November 2023 5,815,717 151,655 339,001 6,306,373
DEPRECIATION
At 1st December 2022 746,687 86,143 110,009 942,839
Charge for year 426,178 17,476 26,413 470,067
Transfer to ownership - (52,730 ) (105,040 ) (157,770 )
At 30th November 2023 1,172,865 50,889 31,382 1,255,136
NET BOOK VALUE
At 30th November 2023 4,642,852 100,766 307,619 5,051,237
At 30th November 2022 4,193,285 189,403 437,575 4,820,263

6. STOCKS
2023 2022
£    £   
Stocks 48,946 48,946

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 513,829 546,338
Other debtors 18,407 10,599
Directors' loan accounts 32,848 -
Prepayments 4,511 4,924
569,595 561,861

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 19,542
Hire purchase contracts 1,789,825 2,165,997
Trade creditors 203,116 160,915
Social security and other taxes 45,700 70,313
VAT 414,827 319,758
Other creditors 3,497 1,787
Commercial Finance 354,707 400,076
Directors' loan accounts - 12,134
Accrued expenses 13,000 13,833
2,834,672 3,164,355

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Fixed Rate Loan - 1-2 years 10,000 10,000
Fixed Rate Loan - 2-5 years 5,000 15,000
Other Loan 172,914 188,834
Hire purchase contracts 2,033,479 2,169,016
2,221,393 2,382,850

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 9,542
Hire purchase contracts 3,823,304 4,335,013
3,823,304 4,344,555

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: £    £   
100 Ordinary A £1 100 100
904,000 Ordinary B Non - Voting £1 904,000 904,000
904,100 904,100

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st December 2022 1,307,644 10,000 1,317,644
Profit for the year 112,635 112,635
Dividends (25,770 ) (25,770 )
At 30th November 2023 1,394,509 10,000 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.