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Registered number: 00870733










VHS PLANT HIRE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
VHS PLANT HIRE LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
VHS PLANT HIRE LIMITED
REGISTERED NUMBER: 00870733

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,085,930
4,852,526

Current assets
  

Stocks
  
21,922
22,853

Debtors: amounts falling due within one year
 5 
694,993
677,990

Cash at bank and in hand
  
421,151
562,327

  
1,138,066
1,263,170

Creditors: amounts falling due within one year
 6 
(1,800,115)
(1,611,225)

Net current liabilities
  
 
 
(662,049)
 
 
(348,055)

Total assets less current liabilities
  
4,423,881
4,504,471

Creditors: amounts falling due after more than one year
 7 
(43,827)
(143,686)

Provisions for liabilities
  

Deferred tax
  
(801,945)
(735,214)

Net assets
  
3,578,109
3,625,571


Capital and reserves
  

Called up share capital 
  
450
450

Share premium account
  
1,656
1,656

Other reserves
  
550
550

Profit and loss account
  
3,575,453
3,622,915

  
3,578,109
3,625,571


Page 1

 
VHS PLANT HIRE LIMITED
REGISTERED NUMBER: 00870733
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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 26 September 2024.




J.E. Woodall
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

VHS Plant Hire Limited (the company) is a private company limited by shares incorporated in England. The address of the registered office and principal place of business is 1180 Aldridge Road, Great Barr, Birmingham, B44 8PE.

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 financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors recognise that the balance sheet is showing net current liabilities of £662,049 and have given consideration to the position of the business and future cash flows and consider that due to increased turnover and profitability the company will be able to meet its liabilities as they fall due.
Accordingly, these financial statements have been prepared on a going concern basis.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of hire of plant for the period, excluding discounts, rebates and Value Added Tax. Revenue is recognised commencing on delivery of the rented asset to the customer and ceases on notification by the customer that the asset is available for collection.

 
2.5

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.

Page 3

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% or 30% on a reducing balance basis
Motor vehicles
-
25% on a reducing balance basis
Fixtures & fittings
-
10% on a reducing balance basis
Office equipment
-
10% on a reducing balance basis

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 profit or loss.

 
2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

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 profit or loss 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 5

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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, 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 16).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 May 2023
8,976,704
609,868
17,853
37,942
9,642,367


Additions
2,444,350
-
-
1,170
2,445,520


Disposals
(2,809,945)
(26,910)
-
-
(2,836,855)



At 30 April 2024

8,611,109
582,958
17,853
39,112
9,251,032



Depreciation


At 1 May 2023
4,415,071
338,309
9,421
27,040
4,789,841


Charge for the year on owned assets
1,349,741
67,890
843
1,162
1,419,636


Disposals
(2,020,907)
(23,468)
-
-
(2,044,375)



At 30 April 2024

3,743,905
382,731
10,264
28,202
4,165,102



Net book value



At 30 April 2024
4,867,204
200,227
7,589
10,910
5,085,930



At 30 April 2023
4,561,633
271,559
8,432
10,902
4,852,526


5.


Debtors

2024
2023
£
£


Trade debtors
665,611
664,882

Other debtors
12,875
500

Prepayments and accrued income
16,507
12,608

694,993
677,990


Page 7

 
VHS PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
45,139
201,227

Other taxation and social security
5,099
76,711

Obligations under hire purchase contracts - secured on related assets
1,459,555
1,083,244

Other creditors
237,000
210,000

Accruals and deferred income
53,322
40,043

1,800,115
1,611,225



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under hire purchase contracts - secured on related assets
43,827
143,686



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 £197,944 (2023: £111,927). Contributions totalling £17,694 (2023: £7,515) were payable to the fund at the balance sheet date.

 
Page 8