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Hoist Hire Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2024

Registration number: 02398442

 

Hoist Hire Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Hoist Hire Services Limited

Balance Sheet

31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

-

-

Tangible assets

4

5,159,942

4,406,466

 

5,159,942

4,406,466

Current assets

 

Stocks

145,457

116,349

Debtors

5

1,240,739

966,659

Cash at bank and in hand

 

232,866

339,519

 

1,619,062

1,422,527

Creditors: Amounts falling due within one year

6

(1,333,883)

(1,109,995)

Net current assets

 

285,179

312,532

Total assets less current liabilities

 

5,445,121

4,718,998

Creditors: Amounts falling due after more than one year

6

(1,250,175)

(1,128,641)

Provisions for liabilities

(1,211,395)

(1,022,293)

Net assets

 

2,983,551

2,568,064

Capital and reserves

 

Called up share capital

8

30,150

30,150

Profit and loss account

2,953,401

2,537,914

Shareholders' funds

 

2,983,551

2,568,064

 

Hoist Hire Services Limited

Balance Sheet

31 May 2024

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
Mrs K Williamson
Director

   
     

Company Registration Number: 02398442

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 115 South Liberty Lane
Ashton Vale trading Estate
Bristol
BS3 2SZ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

Tax

Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

5-10% straight line

Fixtures & fittings

20% reducing balance

Motor vehicles

20% straight line

Major plant

5% straight line

Leasehold improvements

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short-term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 35).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

94,870

109,685

195,011

6,574,661

6,974,227

Additions

4,441

37,966

73,985

956,608

1,073,000

Disposals

-

(7,336)

(60,983)

(39,405)

(107,724)

At 31 May 2024

99,311

140,315

208,013

7,491,864

7,939,503

Depreciation

At 1 June 2023

59,441

49,666

167,080

2,291,575

2,567,762

Charge for the year

14,875

15,038

16,562

266,862

313,337

Eliminated on disposal

-

(3,999)

(60,983)

(36,556)

(101,538)

At 31 May 2024

74,316

60,705

122,659

2,521,881

2,779,561

Carrying amount

At 31 May 2024

24,995

79,610

85,354

4,969,983

5,159,942

At 31 May 2023

35,430

60,019

27,931

4,283,086

4,406,466

Included within the net book value of land and buildings above is £24,995 (2023 - £35,430) in respect of short-leasehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

886,460

583,039

Amounts due from group undertakings

10

324,696

346,801

Prepayments

 

19,823

29,759

Other debtors

 

9,760

7,060

 

1,240,739

966,659

Carrying amount of trade debtors pledged as security for liabilities amounted to £3,400 (2023 - £48,265). This security is in relation to invoice factoring liability.

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

738,977

589,874

Trade creditors

 

210,760

109,231

Taxation and social security

 

155,773

153,759

Accruals and deferred income

 

210,045

176,151

Other creditors

 

18,328

80,980

 

1,333,883

1,109,995

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,250,175

1,128,641

7

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

60,063

120,136

HP and finance lease liabilities

1,190,112

1,008,505

1,250,175

1,128,641

Current loans and borrowings

2024
£

2023
£

Bank borrowings

60,073

60,077

HP and finance lease liabilities

678,904

529,797

738,977

589,874

HP and finance lease liabilities are secured against the assets to which they relate.

 

Hoist Hire Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

650

650

650

650

Ordinary B shares of £1 each

4,500

4,500

4,500

4,500

Ordinary C shares of £1 each

25,000

25,000

25,000

25,000

30,150

30,150

30,150

30,150

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £510,807 (2023 - £632,425).

10

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosure" from disclosing transactions with wholly owned members of the group.