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L.Smith Plant Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

Registration number: 10419482

 

L.Smith Plant Hire Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

L.Smith Plant Hire Limited

(Registration number: 10419482)
Statement of financial position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

416,435

373,344

Current assets

 

Debtors

5

23,681

31,243

Cash at bank and in hand

 

120,406

44,451

 

144,087

75,694

Creditors: Amounts falling due within one year

6

(239,175)

(197,898)

Net current liabilities

 

(95,088)

(122,204)

Total assets less current liabilities

 

321,347

251,140

Creditors: Amounts falling due after more than one year

6

(5,667)

(10,379)

Provisions for liabilities

(65,106)

(43,272)

Net assets

 

250,574

197,489

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

250,573

197,488

Shareholders' funds

 

250,574

197,489

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr L Smith
Director

 

L.Smith Plant Hire Limited

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.

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 have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

L.Smith Plant Hire Limited

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

Asset class

Depreciation method and rate

Plant and machinery

10% Reducing balance

Office equipment

25% Reducing balance

Commercial vehicles

25% Reducing balance

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.

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

L.Smith Plant Hire Limited

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

4

Tangible assets

Plant and machinery
£

Commercial vehicles
£

Total
£

Cost or valuation

At 1 May 2023

494,557

106,765

601,322

Additions

96,721

-

96,721

At 30 April 2024

591,278

106,765

698,043

Depreciation

At 1 May 2023

196,605

31,373

227,978

Charge for the year

34,782

18,848

53,630

At 30 April 2024

231,387

50,221

281,608

Carrying amount

At 30 April 2024

359,891

56,544

416,435

At 30 April 2023

297,952

75,392

373,344

5

Debtors

Current

2024
£

2023
£

Trade debtors

21,307

24,140

Prepayments

2,334

2,287

Other debtors

40

4,816

 

23,681

31,243

 

L.Smith Plant Hire Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,712

10,756

Taxation and social security

 

10,586

-

Accruals and deferred income

 

2,100

2,070

Other creditors

 

221,777

185,072

 

239,175

197,898

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,667

10,379

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

L.Smith Plant Hire Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,667

9,067

Hire purchase contracts

-

1,312

5,667

10,379

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,400

3,400

Hire purchase contracts

1,312

7,356

4,712

10,756