Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 SC352183 Lorna Clark Rory Deans iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC352183 2022-12-31 SC352183 2023-12-31 SC352183 2023-01-01 2023-12-31 SC352183 frs-core:CurrentFinancialInstruments 2023-12-31 SC352183 frs-core:FurnitureFittings 2023-12-31 SC352183 frs-core:FurnitureFittings 2023-01-01 2023-12-31 SC352183 frs-core:FurnitureFittings 2022-12-31 SC352183 frs-core:MotorVehicles 2023-12-31 SC352183 frs-core:MotorVehicles 2023-01-01 2023-12-31 SC352183 frs-core:MotorVehicles 2022-12-31 SC352183 frs-core:PlantMachinery 2023-12-31 SC352183 frs-core:PlantMachinery 2023-01-01 2023-12-31 SC352183 frs-core:PlantMachinery 2022-12-31 SC352183 frs-core:ShareCapital 2023-12-31 SC352183 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC352183 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC352183 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SC352183 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC352183 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC352183 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC352183 frs-bus:Director1 2023-01-01 2023-12-31 SC352183 frs-bus:Director2 2023-01-01 2023-12-31 SC352183 frs-countries:Scotland 2023-01-01 2023-12-31 SC352183 2021-12-31 SC352183 2022-12-31 SC352183 2022-01-01 2022-12-31 SC352183 frs-core:CurrentFinancialInstruments 2022-12-31 SC352183 frs-core:ShareCapital 2022-12-31 SC352183 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: SC352183
Genny Hire Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC352183
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 924,041 593,522
924,041 593,522
CURRENT ASSETS
Stocks 5 115,735 75,875
Debtors 6 501,575 348,101
Cash at bank and in hand 268,631 250,130
885,941 674,106
Creditors: Amounts Falling Due Within One Year 7 (299,201 ) (294,167 )
NET CURRENT ASSETS (LIABILITIES) 586,740 379,939
TOTAL ASSETS LESS CURRENT LIABILITIES 1,510,781 973,461
PROVISIONS FOR LIABILITIES
Deferred Taxation (231,171 ) (147,432 )
NET ASSETS 1,279,610 826,029
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 1,279,606 826,025
SHAREHOLDERS' FUNDS 1,279,610 826,029
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Lorna Clark
Director
26 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Genny Hire Limited is a private company, limited by shares, incorporated in Scotland, registered number SC352183 . The registered office is Genny Hire Limited, Unit 3A Craigearn Business Park, Morrison Way, Kintore, AB51 0TH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax. 
Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured.
Service revenues relating to hire of machines are recognised when those services are provided to customers.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Motor Vehicles 15% reducing balance
Fixtures & Fittings 25% straight line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Stocks comprise parts for the maintenance of machines and goods for resale.
Work in progress relates to work done but not completed or invoiced. Work in progress is recognised based on the stage of completion of the work at the balance sheet date.
2.6. Financial Instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, and directors' loans with the company.
Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.
Directors’ loans with the company are measured at the undiscounted amount of the cash expected to be paid.
Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, a specific bad debt provision is recognised in profit or loss.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 6)
7 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 1,888,363 152,775 21,545 2,062,683
Additions 438,005 95,746 4,868 538,619
Disposals (79,094 ) (18,125 ) - (97,219 )
As at 31 December 2023 2,247,274 230,396 26,413 2,504,083
Depreciation
As at 1 January 2023 1,335,031 117,473 16,657 1,469,161
Provided during the period 159,942 18,211 4,381 182,534
Disposals (65,083 ) (6,570 ) - (71,653 )
As at 31 December 2023 1,429,890 129,114 21,038 1,580,042
Net Book Value
As at 31 December 2023 817,384 101,282 5,375 924,041
As at 1 January 2023 553,332 35,302 4,888 593,522
Page 4
Page 5
5. Stocks
2023 2022
£ £
Stock 115,735 75,875
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 416,033 266,678
Prepayments and accrued income 2,716 5,859
Other debtors 19,539 14,539
Directors' loan account 63,287 61,025
501,575 348,101
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 92,988 88,155
Corporation tax 64,760 15,799
Other taxes and social security 8,314 6,129
VAT 109,381 60,031
Accruals and deferred income 21,758 19,438
Directors' loan accounts 2,000 104,615
299,201 294,167
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
9. Directors Advances, Credits and Guarantees
Included within debtors is a loan to a director of £63,287 (2022 - £61,025). Interest is paid on the loan. There are no fixed repayment terms.
10. Related Party Transactions
Included within creditors is a loan from a director of £2,000 (2022 - £104,615). There are no fixed repayment terms and no interest is paid.
Page 5