REGISTERED NUMBER: |
MIDA Plant Hire Limited |
Financial Statements For The Year Ended 31st March 2024 |
REGISTERED NUMBER: |
MIDA Plant Hire Limited |
Financial Statements For The Year Ended 31st March 2024 |
MIDA Plant Hire Limited (Registered number: 12707338) |
Contents of the Financial Statements |
For The Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
MIDA Plant Hire Limited |
Company Information |
For The Year Ended 31st March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
310 Wellingborough Road |
Northampton |
NN1 4EP |
MIDA Plant Hire Limited (Registered number: 12707338) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
MIDA Plant Hire Limited (Registered number: 12707338) |
Notes to the Financial Statements |
For The Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
MIDA Plant Hire Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company`s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
In preparing these financial statements , the directors have made the following judgements: |
Recoverability and consideration of the impairment of the fixed assets |
The assets which are rented out to the group companies are considered as to whether there would be any impairment on the assets and if there is a material difference between net carrying value, the use of the future economic benefits of the assets and the recoverable amount if these were to be realised. |
Provisions |
A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material , provisions are determined by discounting the expected future cash flow that reflects the time value of money and the risks specific to the liability. |
Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ, the directors' judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. |
Turnover |
Turnover represents the monies charged for rentals invoiced and earned for the period and are net of any Value Added Tax, rebates and discounts. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
MIDA Plant Hire Limited (Registered number: 12707338) |
Notes to the Financial Statements - continued |
For The Year Ended 31st March 2024 |
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 |
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. |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
MIDA Plant Hire Limited (Registered number: 12707338) |
Notes to the Financial Statements - continued |
For The Year Ended 31st March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 2,769,787 | 3,202,752 |
MIDA Plant Hire Limited (Registered number: 12707338) |
Notes to the Financial Statements - continued |
For The Year Ended 31st March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
There were no contingent liabilities as 31st March 2024 or 31st March 2023. |
11. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The ultimate controlling party are the shareholders of the parent company, MIDA Holdings limited. This is the direct and ultimate parent company and a copy of the parent company consolidated financial statements can be obtained from the business address as shown on the company information on request. |
13. | SUPPORT FROM THE OTHER GROUP COMPANIES |
The balance sheet of the company shows net current liabilities of £2,632,103 at 31st March 2024 ( £1,631,693 at 31st March 2023). Of these amounts group companies were owed £1,561,499 at 31st March 2024 ( £1,136,534 at 31st March 2023). The group companies concerned have indicated their willingness to support the company for the foreseeable future especially as it owns all the plant for the group which the other companies need to use to carry on their trade. The next years' turnover for this company is anticipated to service the hire purchase and other debt adequately. |