IRIS Accounts Production v24.3.0.553 01319148 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013191482023-01-31013191482024-01-31013191482023-02-012024-01-31013191482022-01-31013191482022-02-012023-01-31013191482023-01-3101319148ns15:EnglandWales2023-02-012024-01-3101319148ns14:PoundSterling2023-02-012024-01-3101319148ns10:Director12023-02-012024-01-3101319148ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3101319148ns10:SmallEntities2023-02-012024-01-3101319148ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3101319148ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3101319148ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3101319148ns10:FullAccounts2023-02-012024-01-3101319148ns10:OrdinaryShareClass12023-02-012024-01-3101319148ns10:Director22023-02-012024-01-3101319148ns10:Director32023-02-012024-01-3101319148ns10:Director42023-02-012024-01-3101319148ns10:CompanySecretary12023-02-012024-01-3101319148ns10:RegisteredOffice2023-02-012024-01-3101319148ns5:CurrentFinancialInstruments2024-01-3101319148ns5:CurrentFinancialInstruments2023-01-3101319148ns5:Non-currentFinancialInstruments2024-01-3101319148ns5:Non-currentFinancialInstruments2023-01-3101319148ns5:ShareCapital2024-01-3101319148ns5:ShareCapital2023-01-3101319148ns5:RevaluationReserve2024-01-3101319148ns5:RevaluationReserve2023-01-3101319148ns5:RetainedEarningsAccumulatedLosses2024-01-3101319148ns5:RetainedEarningsAccumulatedLosses2023-01-3101319148ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-02-012024-01-3101319148ns5:LeaseholdImprovements2023-02-012024-01-3101319148ns5:PlantMachinery2023-02-012024-01-3101319148ns5:FurnitureFittings2023-02-012024-01-3101319148ns5:MotorVehicles2023-02-012024-01-3101319148ns5:LandBuildings2023-01-3101319148ns5:LeaseholdImprovements2023-01-3101319148ns5:PlantMachinery2023-01-3101319148ns5:LandBuildings2023-02-012024-01-3101319148ns5:LandBuildings2024-01-3101319148ns5:LeaseholdImprovements2024-01-3101319148ns5:PlantMachinery2024-01-3101319148ns5:LandBuildings2023-01-3101319148ns5:LeaseholdImprovements2023-01-3101319148ns5:PlantMachinery2023-01-3101319148ns5:FurnitureFittings2023-01-3101319148ns5:MotorVehicles2023-01-3101319148ns5:FurnitureFittings2024-01-3101319148ns5:MotorVehicles2024-01-3101319148ns5:FurnitureFittings2023-01-3101319148ns5:MotorVehicles2023-01-3101319148ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3101319148ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3101319148ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-3101319148ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3101319148ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3101319148ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3101319148ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-01-3101319148ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-01-3101319148ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3101319148ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3101319148ns5:HirePurchaseContracts2024-01-3101319148ns5:HirePurchaseContracts2023-01-3101319148ns5:WithinOneYear2024-01-3101319148ns5:WithinOneYear2023-01-3101319148ns5:BetweenOneFiveYears2024-01-3101319148ns5:BetweenOneFiveYears2023-01-3101319148ns5:AllPeriods2024-01-3101319148ns5:AllPeriods2023-01-3101319148ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: 01319148 (England and Wales)















JOHN REEVE (PLANT HIRE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


JOHN REEVE (PLANT HIRE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr J Reeve
Mrs J Reeve
Mr C J Reeve
Mrs L J Reeve





SECRETARY: Mrs J Reeve





REGISTERED OFFICE: Old Chalk Pit
Heronden Road
Eastry
Sandwich
Kent
CT13 0ET





REGISTERED NUMBER: 01319148 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,040,695 2,117,016

CURRENT ASSETS
Stocks 6 8,097 14,425
Debtors 7 424,853 668,727
Cash at bank 670,018 469,134
1,102,968 1,152,286
CREDITORS
Amounts falling due within one year 8 322,513 345,275
NET CURRENT ASSETS 780,455 807,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,821,150

2,924,027

CREDITORS
Amounts falling due after more than one
year

9

(87,685

)

(53,177

)

PROVISIONS FOR LIABILITIES (432,550 ) (439,338 )
NET ASSETS 2,300,915 2,431,512

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 93,952 93,952
Retained earnings 2,206,863 2,337,460
SHAREHOLDERS' FUNDS 2,300,915 2,431,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





Mrs J Reeve - Director


JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

John Reeve (Plant Hire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover represents the value, net of value added tax and discounts, relating to the hire of machines with operators, self drive machines, lorries for muckaway, transportation of materials, low loader moves, the sale of materials and operating tips.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land - not provided
Improvements to property - 2% on cost
Plant and equipment - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 10% on reducing balance

Government grants
Government grants are recognised when the performance related conditions imposed upon the receipt of the
grant have been met. Where these have not been satisfied, these grants are recognised as liabilities. If grants are not conditional on future performance related conditions, then income is recognised when the grant proceeds are receivable. During the year the company received the following grants:

Employment allowance to contribute towards the Employers National Insurance costs of employing staff.

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value using the FIFO standard method, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs
Contributions in respect of the company's workplace pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme.

Going concern
The directors are confident that the company will be able to deliver positive cashflows and that the company will be able to service its liabilities as and when they fall due. Accordingly, the directors consider the company will manage its business risks successfully and therefore continue to adopt the going concern basis in preparing the financial statements.

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 24 ) .

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
land property equipment
£    £    £   
COST
At 1 February 2023 149,000 105,696 1,622,156
Additions - - 33,940
Disposals - - (68,000 )
At 31 January 2024 149,000 105,696 1,588,096
DEPRECIATION
At 1 February 2023 - 27,100 553,698
Charge for year - 2,114 107,174
Eliminated on disposal - - (44,582 )
At 31 January 2024 - 29,214 616,290
NET BOOK VALUE
At 31 January 2024 149,000 76,482 971,806
At 31 January 2023 149,000 78,596 1,068,458

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 9,647 1,149,104 3,035,603
Additions 255 138,695 172,890
Disposals (284 ) (44,500 ) (112,784 )
At 31 January 2024 9,618 1,243,299 3,095,709
DEPRECIATION
At 1 February 2023 6,113 331,676 918,587
Charge for year 380 93,429 203,097
Eliminated on disposal (163 ) (21,925 ) (66,670 )
At 31 January 2024 6,330 403,180 1,055,014
NET BOOK VALUE
At 31 January 2024 3,288 840,119 2,040,695
At 31 January 2023 3,534 817,428 2,117,016

Freehold land was valued on an open market basis on 31 January 1993 by the directors and the directors consider the fair value at 31 January 2024 to be equal to that valuation.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 187,000
Additions 122,700
Transfer to ownership (75,000 )
At 31 January 2024 234,700
DEPRECIATION
At 1 February 2023 17,208
Charge for year 24,138
Transfer to ownership (22,148 )
At 31 January 2024 19,198
NET BOOK VALUE
At 31 January 2024 215,502
At 31 January 2023 169,792

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. STOCKS
31.1.24 31.1.23
£    £   
Stocks 8,097 14,425

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 389,954 612,165
Corporation tax refund - 24,535
Prepayments 34,899 32,027
424,853 668,727

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts (see note 10) 57,789 41,354
Trade creditors 184,918 253,555
Other creditors 23,566 24,961
Other taxes and paye 54,179 23,490
Directors' current accounts 2,061 1,915
322,513 345,275

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts (see note 10) 87,685 53,177

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Net obligations repayable:
Within one year 57,789 41,354
Between one and five years 87,685 53,177
145,474 94,531

JOHN REEVE (PLANT HIRE) LIMITED (REGISTERED NUMBER: 01319148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 176,820 175,763
Between one and five years 480,685 649,501
657,505 825,264

11. SECURED DEBTS

Legal mortgage for the property at The Old Chalk Pit, Heronden Road, Eastry, Sandwich, Kent.

Debenture over the undertaking and all property and assets present and future, including goodwill bookdebts, uncalled capital, buildings, fixtures fixed and plant and machinery.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100