Iron & Earth Equipment Ltd 10134529 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of purchase and sale of commercial equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 10134529 2023-05-01 2024-04-30 10134529 2024-04-30 10134529 core:RetainedEarningsAccumulatedLosses 2024-04-30 10134529 core:ShareCapital 2024-04-30 10134529 core:CurrentFinancialInstruments 2024-04-30 10134529 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 10134529 core:Non-currentFinancialInstruments 2024-04-30 10134529 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 10134529 core:FurnitureFittings 2024-04-30 10134529 core:MotorVehicles 2024-04-30 10134529 core:OfficeEquipment 2024-04-30 10134529 core:PlantMachinery 2024-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-04-30 10134529 bus:SmallEntities 2023-05-01 2024-04-30 10134529 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10134529 bus:FilletedAccounts 2023-05-01 2024-04-30 10134529 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10134529 bus:RegisteredOffice 2023-05-01 2024-04-30 10134529 bus:Director1 2023-05-01 2024-04-30 10134529 bus:Director2 2023-05-01 2024-04-30 10134529 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10134529 core:FurnitureFittings 2023-05-01 2024-04-30 10134529 core:MotorVehicles 2023-05-01 2024-04-30 10134529 core:OfficeEquipment 2023-05-01 2024-04-30 10134529 core:PlantMachinery 2023-05-01 2024-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-01 2024-04-30 10134529 countries:EnglandWales 2023-05-01 2024-04-30 10134529 2023-04-30 10134529 core:FurnitureFittings 2023-04-30 10134529 core:MotorVehicles 2023-04-30 10134529 core:OfficeEquipment 2023-04-30 10134529 core:PlantMachinery 2023-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 10134529 2022-05-01 2023-04-30 10134529 2023-04-30 10134529 core:RetainedEarningsAccumulatedLosses 2023-04-30 10134529 core:ShareCapital 2023-04-30 10134529 core:CurrentFinancialInstruments 2023-04-30 10134529 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 10134529 core:Non-currentFinancialInstruments 2023-04-30 10134529 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 10134529 core:FurnitureFittings 2023-04-30 10134529 core:MotorVehicles 2023-04-30 10134529 core:OfficeEquipment 2023-04-30 10134529 core:PlantMachinery 2023-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-01 2023-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 10134529 2022-04-30 10134529 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-30 10134529 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 10134529

Iron & Earth Equipment Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Iron & Earth Equipment Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Iron & Earth Equipment Ltd

Company Information

Directors

Mr BJ Oakhill

Mr P Shiner

Registered office

The Stockyard Alkington Lane
Berkeley
Gloucestershire
GL13 9PL

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Iron & Earth Equipment Ltd

(Registration number: 10134529)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

189,821

191,902

Current assets

 

Stocks

5

1,110,128

1,135,522

Debtors

6

633,275

535,858

Cash at bank and in hand

 

363,415

298,527

 

2,106,818

1,969,907

Creditors: Amounts falling due within one year

7

(469,616)

(371,642)

Net current assets

 

1,637,202

1,598,265

Total assets less current liabilities

 

1,827,023

1,790,167

Creditors: Amounts falling due after more than one year

7

(200,957)

(251,193)

Provisions for liabilities

(47,456)

(48,975)

Net assets

 

1,578,610

1,489,999

Capital and reserves

 

Called up share capital

1,100

1,100

Retained earnings

1,577,510

1,488,899

Shareholders' funds

 

1,578,610

1,489,999

 

Iron & Earth Equipment Ltd

(Registration number: 10134529)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr BJ Oakhill
Director

   
     
 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Stockyard Alkington Lane
Berkeley
Gloucestershire
GL13 9PL
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated
with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Finance income and costs policy

Finance costs are charged to the profit and loss account 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.

Tax

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

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

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight Line.

Plant & machinery

10 Years Straight Line.

Motor vehicles

25% Reducing Balance.

Fixtures & fittings

10 Years Straight Line.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

10,078

196,392

10,001

66,583

283,054

Additions

-

19,028

848

20,663

40,539

Disposals

-

-

-

(13,951)

(13,951)

At 30 April 2024

10,078

215,420

10,849

73,295

309,642

Depreciation

At 1 May 2023

2,380

50,622

5,334

32,816

91,152

Charge for the year

1,008

21,542

1,680

12,014

36,244

Eliminated on disposal

-

-

-

(7,575)

(7,575)

At 30 April 2024

3,388

72,164

7,014

37,255

119,821

Carrying amount

At 30 April 2024

6,690

143,256

3,835

36,040

189,821

At 30 April 2023

7,698

145,770

4,667

33,767

191,902

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Stocks

2024
£

2023
£

Raw materials and consumables

1,110,128

1,135,522

6

Debtors

Current

2024
£

2023
£

Trade debtors

302,840

249,628

Prepayments

21,731

14,285

Other debtors

308,704

271,945

 

633,275

535,858

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

58,983

64,218

Trade creditors

 

182,716

214,914

Taxation and social security

 

96,514

85,757

Accruals and deferred income

 

82,200

6,057

Other creditors

 

49,203

696

 

469,616

371,642

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

200,957

251,193

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

95,833

145,833

Directors loan account

105,124

105,360

200,957

251,193

9

Related party transactions

Summary of transactions with entities with joint control or significant interest


Charles Florence Limited

 
Charles Florence Limited owns the trading premises that Iron & Earth Equipment Limited operate form, the Company pays a rent £60,400 ( 2023 £38,400).

 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

265,973

265,973

Advanced

41,044

41,044

Repaid

(25,000)

(25,000)

At end of period

282,017

282,017

2023

Entities with joint control or significant influence
£

Total
£

At start of period

263,393

263,393

Advanced

2,580

2,580

At end of period

265,973

265,973

 

Iron & Earth Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Related party transactions (continued)

Terms of loans to related parties


Charles Florence Limited owes Iron & Earth Equipment Limited a loan as detailed above there are no terms of repayment or interest charged.

 

Loans from related parties

2024

Key management
£

Total
£

At start of period

105,360

105,360

Advanced

199,998

199,998

Repaid

(200,234)

(200,234)

At end of period

105,124

105,124

2023

Key management
£

Total
£

At start of period

341,336

341,336

Repaid

(235,976)

(235,976)

At end of period

105,360

105,360