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Registered number:  08904335














NATIONAL TOOL HIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


 
NATIONAL TOOL HIRE LIMITED
REGISTERED NUMBER: 08904335

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,866
7,990

  
11,866
7,990

Current assets
  

Debtors: amounts falling due within one year
 5 
666,605
499,241

Cash at bank and in hand
 6 
178,026
86,161

  
844,631
585,402

Creditors: amounts falling due within one year
 7 
(704,530)
(432,393)

Net current assets
  
 
 
140,101
 
 
153,009

Total assets less current liabilities
  
151,967
160,999

Creditors: amounts falling due after more than one year
 8 
(76,383)
(129,183)

Provisions for liabilities
  

Deferred tax
 11 
(2,737)
(1,550)

  
 
 
(2,737)
 
 
(1,550)

Net assets
  
72,847
30,266


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
72,748
30,167

  
72,847
30,266


Page 1

 
NATIONAL TOOL HIRE LIMITED
REGISTERED NUMBER: 08904335
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J J Hughes
Director

Date: 30 October 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 08904335). The registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of tool and equipment hire.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
On cost
Office equipment
-
25%
On cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 17).

Page 7

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
133
26,925
27,058


Additions
-
11,249
11,249



At 29 February 2024

133
38,174
38,307



Depreciation


At 1 March 2023
44
19,024
19,068


Charge for the year on owned assets
33
7,340
7,373



At 29 February 2024

77
26,364
26,441



Net book value



At 29 February 2024
56
11,810
11,866



At 28 February 2023
89
7,901
7,990


5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
2,570
708

Other debtors
611,961
465,665

Prepayments and accrued income
52,074
32,868

666,605
499,241


Page 8

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
178,026
86,161

178,026
86,161



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
52,800
52,800

Trade creditors
140,478
115,900

Corporation tax
13,027
17,868

Other taxation and social security
46,171
30,505

Other creditors
235,768
72,735

Accruals and deferred income
216,286
142,585

704,530
432,393


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
52,800
52,800

52,800
52,800

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.

Page 9

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
76,383
129,183

76,383
129,183


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
76,383
129,183

76,383
129,183

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.


9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
52,800
52,800

Amounts falling due 1-2 years

Bank loans
52,800
52,800

Amounts falling due 2-5 years

Bank loans
23,583
76,383


129,183
181,983


Page 10

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
178,026
21,470

Financial assets measured at amortised costs
534,395
525,105

712,421
546,575


Financial liabilities


Financial assets measured at amortised costs
350,658
373,381


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, accruals and other creditors.

Page 11

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Deferred taxation






2024


£






At beginning of year
(1,550)


Charged to profit or loss
(1,187)



At end of year
(2,737)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(2,737)
(1,550)

(2,737)
(1,550)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,213 (2023 - £9,109). Contributions totalling £2,148 (2023 - £1,656) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
NATIONAL TOOL HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Related party transactions

The following amounts within other debtors and other creditors were due to/(from) the Company at the balance sheet date:


29 February
28 February
2024
2023
£
£

Trade Gear Limited
14,578
6,314
Easiweb Ltd
572,092
459,061
Canbe Ltd
290
-
586,960
465,375

Trade Gear Limited and Canbe Ltd are connected companies.
Easiweb Ltd is the parent company.
The loans are repayable on demand and no interest has been charged.


14.


Controlling party

The Company is a subsidiary of Easiweb Limited, a company incorporated in England whose registered office is C/o Langtons, 11th Floor The Plaza, Old Hall Street, Liverpool, England, L3 9QJ.
 The Company is controlled by J Hughes, a director and ultimate shareholder.

 
Page 13