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COMPANY REGISTRATION NUMBER: 08685537
EcoDynamic Plant and Equipment Hire Limited
Filleted Unaudited Financial Statements
31 January 2024
EcoDynamic Plant and Equipment Hire Limited
Financial Statements
Year ended 31 January 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
EcoDynamic Plant and Equipment Hire Limited
Officers and Professional Advisers
The board of directors
Mr J Gregory
Mr O Smith
Registered office
Hardwick Farm
Five Lanes
Caewent
Newport
Monmouthshire
Wales
NP23 5PH
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
EcoDynamic Plant and Equipment Hire Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
809,637
715,384
Investments
6
2
2
---------
---------
809,639
715,386
CURRENT ASSETS
Debtors
7
30,000
83,314
Cash at bank and in hand
1,567
5,620
--------
--------
31,567
88,934
CREDITORS: amounts falling due within one year
8
265,128
235,004
---------
---------
NET CURRENT LIABILITIES
233,561
146,070
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
576,078
569,316
CREDITORS: amounts falling due after more than one year
9
500,057
430,527
PROVISIONS
75,196
63,196
---------
---------
NET ASSETS
825
75,593
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
2
2
Profit and loss account
823
75,591
----
--------
SHAREHOLDERS FUNDS
825
75,593
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EcoDynamic Plant and Equipment Hire Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr Julian Gregory
Julian Gregory
Director
Company registration number: 08685537
EcoDynamic Plant and Equipment Hire Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. GENERAL INFORMATION
EcoDynamic Plant and Equipment Hire Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is the hire of equipment for the use in environmentally friendly site preparation.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 January 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(iii) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(iv) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from hire of equipment is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Dividends receivable Dividend income is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Freehold Property - 0%
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Finance leases and hire purchase contracts
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
866,573
441
379,234
1,246,248
Additions
27,180
314,025
36,649
377,854
Disposals
( 441)
( 441)
Transfers
(14,362)
14,362
--------
-----------
----
---------
-----------
At 31 January 2024
27,180
1,166,236
430,245
1,623,661
--------
-----------
----
---------
-----------
Depreciation
At 1 February 2023
431,899
441
98,524
530,864
Charge for the year
191,677
91,924
283,601
Disposals
( 441)
( 441)
--------
-----------
----
---------
-----------
At 31 January 2024
623,576
190,448
814,024
--------
-----------
----
---------
-----------
Carrying amount
At 31 January 2024
27,180
542,660
239,797
809,637
--------
-----------
----
---------
-----------
At 31 January 2023
434,674
280,710
715,384
--------
-----------
----
---------
-----------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
2
----
Impairment
At 1 February 2023 and 31 January 2024
----
Carrying amount
At 31 January 2024
2
----
At 31 January 2023
2
----
The company owns more than 20% of the issued share capital of the following companies:
Shares
Nature of Country of held/Class
Name Business Registration Percentage
Site Preparation
EcoVigour and Wales 2 £1.00
Limited Environmental Consulting Ordinary Shares
Activities (100%)
7. DEBTORS
2024
2023
£
£
Trade debtors
30,000
44,946
Amounts owed by group undertakings and undertakings in which the company has a participating interest
16,000
Other debtors
22,368
--------
--------
30,000
83,314
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,682
43,199
Corporation tax
8,471
8,471
Social security and other taxes
1,517
Other creditors
240,458
183,334
---------
---------
265,128
235,004
---------
---------
The hire purchase contracts are secured. The aggregate amount of secured liabilities is £206,528 (2023 : £135,664).
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
500,057
430,527
---------
---------
The hire purchase contracts are secured. The aggregate amount of secured liabilities is £500,057 (2023 : £430,526).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. RELATED PARTY TRANSACTIONS
Key Management Personnel The total amount owing to/ (from) key management personnel is £30,387 Cr (2023 : £47,667 Cr). No interest has been incurred in relation to this balance. Entities over which the entity has control, joint control or significant influence Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. EXCEPTIONAL ITEMS
Included within other charges in the year is an exceptional item for an intercompany write off of £14,384