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Registered number: 08619431










ITS FOR HIRE (YORKSHIRE) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
ITS FOR HIRE (YORKSHIRE) LIMITED
REGISTERED NUMBER: 08619431

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
119,964
121,113

Current assets
  

Debtors: amounts falling due within one year
 5 
88,653
128,486

Cash at bank and in hand
  
76,207
26,490

  
164,860
154,976

Creditors: amounts falling due within one year
 6 
(78,952)
(73,129)

Net current assets
  
 
 
85,908
 
 
81,847

Total assets less current liabilities
  
205,872
202,960

Creditors: amounts falling due after more than one year
 7 
(21,667)
(32,373)

  

Net assets
  
184,205
170,587


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
184,204
170,586

  
184,205
170,587


Page 1

 
ITS FOR HIRE (YORKSHIRE) LIMITED
REGISTERED NUMBER: 08619431
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




A K Waddington
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Its For Hire (Yorkshire) Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 08619431). Its registered office is 8 Shepcote Office Village, Shepcote Lane, Sheffield, S9 1TG. The principal activity of the Company throughout the year continued to be that of the hire of plant and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to  the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in  the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

 
2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 5

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
169,642
148,210
9,132
1,200
328,184


Additions
13,806
29,995
-
321
44,122


Disposals
(7,000)
-
-
-
(7,000)



At 31 July 2023

176,448
178,205
9,132
1,521
365,306



Depreciation


At 1 August 2022
113,129
83,610
9,132
1,200
207,071


Charge for the year on owned assets
12,667
26,766
-
5
39,438


Disposals
(1,167)
-
-
-
(1,167)



At 31 July 2023

124,629
110,376
9,132
1,205
245,342



Net book value



At 31 July 2023
51,819
67,829
-
316
119,964



At 31 July 2022
56,513
64,600
-
-
121,113

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
15,417

Page 6

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
88,278
128,486

Other debtors
375
-

88,653
128,486



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
8,334

Trade creditors
10,068
37,831

Other taxation and social security
54,457
25,816

Obligations under finance lease and hire purchase contracts
-
417

Other creditors
3,427
731

Accruals and deferred income
1,000
-

78,952
73,129



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,667
32,373



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,934 (2022 - £3,462). Contributions totalling £194 (2022 - £nil) were payable to the fund at the Balance Sheet date and are included in creditors.

 
Page 7