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Company No: 05351534 (England and Wales)

ACLAND PLANT HIRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ACLAND PLANT HIRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ACLAND PLANT HIRE LIMITED

BALANCE SHEET

As at 31 March 2024
ACLAND PLANT HIRE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 12,250 24,500
Tangible assets 4 4,704,398 4,592,262
4,716,648 4,616,762
Current assets
Stocks 122,870 128,950
Debtors 5 566,822 434,893
Cash at bank and in hand 210,572 60,725
900,264 624,568
Creditors: amounts falling due within one year 6 ( 893,924) ( 909,075)
Net current assets/(liabilities) 6,340 (284,507)
Total assets less current liabilities 4,722,988 4,332,255
Creditors: amounts falling due after more than one year 7 ( 225,791) ( 490,498)
Provision for liabilities ( 869,927) ( 714,346)
Net assets 3,627,270 3,127,411
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 3,627,268 3,127,409
Total shareholders' funds 3,627,270 3,127,411

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Acland Plant Hire Limited (registered number: 05351534) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mr D J Heller
Director
Mrs D J Heller
Director
ACLAND PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ACLAND PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Acland Plant Hire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell, Torquay, Devon, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 245,000 245,000
At 31 March 2024 245,000 245,000
Accumulated amortisation
At 01 April 2023 220,500 220,500
Charge for the financial year 12,250 12,250
At 31 March 2024 232,750 232,750
Net book value
At 31 March 2024 12,250 12,250
At 31 March 2023 24,500 24,500

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 68,699 7,361,570 1,003,875 248,013 71,311 8,753,468
Additions 0 1,365,265 84,900 21,722 4,351 1,476,238
Disposals 0 ( 1,141,375) ( 47,900) ( 24,155) ( 2,456) ( 1,215,886)
At 31 March 2024 68,699 7,585,460 1,040,875 245,580 73,206 9,013,820
Accumulated depreciation
At 01 April 2023 28,488 3,442,776 453,287 178,096 58,559 4,161,206
Charge for the financial year 6,870 896,694 118,043 15,171 3,114 1,039,892
Disposals 0 ( 849,637) ( 20,220) ( 19,498) ( 2,321) ( 891,676)
At 31 March 2024 35,358 3,489,833 551,110 173,769 59,352 4,309,422
Net book value
At 31 March 2024 33,341 4,095,627 489,765 71,811 13,854 4,704,398
At 31 March 2023 40,211 3,918,794 550,588 69,917 12,752 4,592,262

5. Debtors

2024 2023
£ £
Trade debtors 473,822 384,893
Accrued income 68,000 25,000
Other debtors 25,000 25,000
566,822 434,893

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 234,160 122,441
Amounts owed to directors 116,208 186,208
Accruals 51,478 34,156
Other taxation and social security 85,639 34,995
Obligations under finance leases and hire purchase contracts (secured) 390,531 518,368
Other creditors 15,908 12,907
893,924 909,075

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 225,791 490,498

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

The company uses land and buildings owned by the directors but no rent is payable.