Registered number
11815196
MTRS Hire Limited
Unaudited Filleted Accounts
29 February 2024
MTRS Hire Limited
Registered number: 11815196
Balance Sheet
as at 29 February 2024
Notes 2024 2023
(as restated)
£ £
Fixed assets
Tangible assets 3 869,241 943,265
Current assets
Debtors 4 150,204 246,518
Cash at bank and in hand 429,064 506,743
579,268 753,261
Creditors: amounts falling due within one year 5 (193,831) (314,939)
Net current assets 385,437 438,322
Total assets less current liabilities 1,254,678 1,381,587
Creditors: amounts falling due after more than one year 6 (13,189) (23,189)
Provisions for liabilities (217,310) (179,220)
Net assets 1,024,179 1,179,178
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,023,179 1,178,178
Shareholders' funds 1,024,179 1,179,178
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Rikki Harris
Director
Approved by the board on 27 August 2024
MTRS Hire Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Change in Accounting Policy
Accounts for year end 28th February 2023 were originally prepared under FRS105. Due to the size of the business over the last 2 years, the current years figures have been prepared under FRS 102(1a) and the 2023 figures have been restated to reflect this.
As a result of the restatement of the 2023 figures:
Year end 28/02/2023 28/02/2023
Accounting regime FRS105 FRS102 1A
Before/after restatement Before After
Deferred tax charge profit and loss - 179,220
Deferred tax liability balance sheet - 179,220
Profit and loss reserve c-fwd 28/02/2023 1,357,398 1,178,178
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 March 2023 1,219,906 84,995 1,304,901
Additions 146,575 - 146,575
At 29 February 2024 1,366,481 84,995 1,451,476
Depreciation
At 1 March 2023 329,279 32,357 361,636
Charge for the year 207,440 13,159 220,599
At 29 February 2024 536,719 45,516 582,235
Net book value
At 29 February 2024 829,762 39,479 869,241
At 28 February 2023 890,627 52,638 943,265
4 Debtors 2024 2023
£ £
Trade debtors 150,204 195,876
Other debtors - 50,642
150,204 246,518
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 52,368 221,972
Taxation and social security costs 126,585 78,028
Other creditors 4,878 4,939
193,831 314,939
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,189 23,189
7 Other information
MTRS Hire Limited is a private company limited by shares and incorporated in England. Its registered office is 51 South Street, Isleworth, Middlesex, TW7 7AA.
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