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REGISTERED NUMBER: 11148235 (England and Wales)















AVALON HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AVALON HIRE LIMITED

COMPANY INFORMATION
For The Year Ended 31 JANUARY 2024







DIRECTOR: Mrs M Williams





REGISTERED OFFICE: Oak Park
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ





REGISTERED NUMBER: 11148235 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 327,250 365,750
Tangible assets 5 421,232 363,530
748,482 729,280

CURRENT ASSETS
Stocks 24,600 1,500
Debtors 6 402,898 346,003
Cash at bank 23,221 104,945
450,719 452,448
CREDITORS
Amounts falling due within one year 7 692,270 587,907
NET CURRENT LIABILITIES (241,551 ) (135,459 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

506,931

593,821

CREDITORS
Amounts falling due after more than one
year

8

(38,807

)

(139,213

)

PROVISIONS FOR LIABILITIES (20,706 ) (18,283 )
NET ASSETS 447,418 436,325

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 214,673 214,673
Retained earnings 232,645 221,552
447,418 436,325

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 director acknowledges her 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.

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

BALANCE SHEET - 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 director and authorised for issue on 30 October 2024 and were signed by:





Mrs M Williams - Director


AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2024


1. STATUTORY INFORMATION

Avalon 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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 and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 385,000
AMORTISATION
At 1 February 2023 19,250
Charge for year 38,500
At 31 January 2024 57,750
NET BOOK VALUE
At 31 January 2024 327,250
At 31 January 2023 365,750

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 330,841 1,450 57,253 934 390,478
Additions 1 119,000 - 459 119,460
Disposals (6,329 ) - (17,813 ) - (24,142 )
At 31 January 2024 324,513 120,450 39,440 1,393 485,796
DEPRECIATION
At 1 February 2023 6,806 60 19,991 91 26,948
Charge for year 29,043 12,759 13,688 460 55,950
Eliminated on disposal (2,242 ) - (16,092 ) - (18,334 )
At 31 January 2024 33,607 12,819 17,587 551 64,564
NET BOOK VALUE
At 31 January 2024 290,906 107,631 21,853 842 421,232
At 31 January 2023 324,035 1,390 37,262 843 363,530

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 February 2023
and 31 January 2024 88,154
DEPRECIATION
At 1 February 2023 3,673
Charge for year 22,039
At 31 January 2024 25,712
NET BOOK VALUE
At 31 January 2024 62,442
At 31 January 2023 84,481

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 378,746 319,949
Other debtors 24,152 26,054
402,898 346,003

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 214,363 5,784
Hire purchase contracts (see note 9) 32,985 48,861
Trade creditors 116,852 215,190
Taxation and social security 133,718 97,017
Other creditors 194,352 221,055
692,270 587,907

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 35,133 40,910
Hire purchase contracts (see note 9) - 32,985
Other creditors 3,674 65,318
38,807 139,213

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,781 17,774

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Net obligations repayable:
Within one year 32,985 48,861
Between one and five years - 32,985
32,985 81,846

Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 243,890 243,851
Between one and five years 544,362 774,422
In more than five years 11,104 11,104
799,356 1,029,377

AVALON HIRE LIMITED (REGISTERED NUMBER: 11148235)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Invoice finance 208,579 -

On 23 August 2023 a fixed and floating charge (covering all property or undertaking of the company) was created in favour of Optimum SME Finance Limited.

11. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 214,673

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs M Williams.