IRIS Accounts Production v24.2.0.383 06160720 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh061607202022-12-31061607202023-12-31061607202023-01-012023-12-31061607202021-12-31061607202022-01-012022-12-31061607202022-12-3106160720ns15:EnglandWales2023-01-012023-12-3106160720ns14:PoundSterling2023-01-012023-12-3106160720ns10:Director12023-01-012023-12-3106160720ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106160720ns10:SmallEntities2023-01-012023-12-3106160720ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3106160720ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106160720ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106160720ns10:FullAccounts2023-01-012023-12-3106160720ns10:Director22023-01-012023-12-3106160720ns10:RegisteredOffice2023-01-012023-12-3106160720ns5:CurrentFinancialInstruments2023-12-3106160720ns5:CurrentFinancialInstruments2022-12-3106160720ns5:Non-currentFinancialInstruments2023-12-3106160720ns5:Non-currentFinancialInstruments2022-12-3106160720ns5:ShareCapital2023-12-3106160720ns5:ShareCapital2022-12-3106160720ns5:RetainedEarningsAccumulatedLosses2023-12-3106160720ns5:RetainedEarningsAccumulatedLosses2022-12-3106160720ns5:PlantMachinery2023-01-012023-12-3106160720ns5:FurnitureFittings2023-01-012023-12-3106160720ns5:PlantMachinery2022-12-3106160720ns5:FurnitureFittings2022-12-3106160720ns5:MotorVehicles2022-12-3106160720ns5:MotorVehicles2023-01-012023-12-3106160720ns5:PlantMachinery2023-12-3106160720ns5:FurnitureFittings2023-12-3106160720ns5:MotorVehicles2023-12-3106160720ns5:PlantMachinery2022-12-3106160720ns5:FurnitureFittings2022-12-3106160720ns5:MotorVehicles2022-12-3106160720ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3106160720ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3106160720ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3106160720ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-12-3106160720ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3106160720ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3106160720ns5:Secured2023-12-3106160720ns5:Secured2022-12-3106160720ns10:Director222022-12-3106160720ns10:Director222021-12-3106160720ns10:Director222023-01-012023-12-3106160720ns10:Director222022-01-012022-12-3106160720ns10:Director222023-12-3106160720ns10:Director222022-12-31
REGISTERED NUMBER: 06160720 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Richmond Plant Hire Limited

Richmond Plant Hire Limited (Registered number: 06160720)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Richmond Plant Hire Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D E Balfe
J E Boyle





REGISTERED OFFICE: Richmond House Brant Road
Fulbeck
GRANTHAM
Lincolnshire
NG32 3JF





REGISTERED NUMBER: 06160720 (England and Wales)





ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

Richmond Plant Hire Limited (Registered number: 06160720)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,103,564 1,264,544

CURRENT ASSETS
Stocks 27,310 25,275
Debtors 5 309,060 396,443
Cash at bank and in hand 8,275 236
344,645 421,954
CREDITORS
Amounts falling due within one year 6 513,185 531,039
NET CURRENT LIABILITIES (168,540 ) (109,085 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

935,024

1,155,459

CREDITORS
Amounts falling due after more than
one year

7

(282,623

)

(489,069

)

PROVISIONS FOR LIABILITIES (261,294 ) (191,113 )
NET ASSETS 391,107 475,277

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 390,107 474,277
391,107 475,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Richmond Plant Hire Limited (Registered number: 06160720)

Balance Sheet - continued
31 December 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 Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





J E Boyle - Director


Richmond Plant Hire Limited (Registered number: 06160720)

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

1. STATUTORY INFORMATION

Richmond 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 15% on cost and at varying rates on cost
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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.

Richmond Plant Hire Limited (Registered number: 06160720)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 2,654,521 36,106 67,904 2,758,531
Additions 121,073 6,317 - 127,390
Disposals (189,676 ) - - (189,676 )
At 31 December 2023 2,585,918 42,423 67,904 2,696,245
DEPRECIATION
At 1 January 2023 1,392,330 33,753 67,904 1,493,987
Charge for year 231,697 2,168 - 233,865
Eliminated on disposal (135,171 ) - - (135,171 )
At 31 December 2023 1,488,856 35,921 67,904 1,592,681
NET BOOK VALUE
At 31 December 2023 1,097,062 6,502 - 1,103,564
At 31 December 2022 1,262,191 2,353 - 1,264,544

Richmond Plant Hire Limited (Registered number: 06160720)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 217,416 263,202
Bad debt provision - (41,954 )
Directors' current accounts - 71,588
Tax 22,750 22,750
Prepayments and accrued income 68,894 80,857
309,060 396,443

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 180,135 196,146
Finance leases 54,937 182,888
Trade creditors 114,920 105,121
Tax 465 465
Social security and other taxes 10,230 9,776
VAT 33,711 32,682
Other creditors 1,238 805
Directors' current accounts 103,550 -
Accrued expenses 13,999 3,156
513,185 531,039

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 70,485 100,000
Bank loans - 2-5 years - 20,485
Finance leases 151,821 259,267
Other creditors 60,317 109,317
282,623 489,069

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 130,135 146,146
Bank loans 120,485 170,485
Finance leases 206,758 442,155
457,378 758,786

Richmond Plant Hire Limited (Registered number: 06160720)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D E Balfe
Balance outstanding at start of year 71,588 70,158
Amounts advanced - 1,430
Amounts repaid (71,588 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 71,588

10. RELATED PARTY DISCLOSURES

Included in creditors are amounts owing to directors totalling £103,550 (2022: £0). This loan is unsecured and interest free.

The company owes £60,317 (2022: £109,317) to a company owned by the sole shareholder.The loan is classed as falling due after more than one year.

Sales and purchase of goods with the related party were made at usual list prices.
Sales £316,654 (2022: £729,734)
Purchases £66,447 (2022: £89,625)
Amounts due from the related party £67,455 (2022: £97,215)
Amounts due to the related party £13,032 (2022: £12,329)