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REGISTERED NUMBER: 06634498 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Scotts Hire Limited

Scotts Hire Limited (Registered number: 06634498)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Scotts Hire Limited (Registered number: 06634498)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,709,547 21,736,418

CURRENT ASSETS
Debtors 5 2,985,954 2,793,185
Cash at bank 202,360 2,155,602
3,188,314 4,948,787
CREDITORS
Amounts falling due within one year 6 4,334,966 5,869,909
NET CURRENT LIABILITIES (1,146,652 ) (921,122 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,562,895 20,815,296

CREDITORS
Amounts falling due after more than one year 7 (1,539,000 ) (4,285,948 )

PROVISIONS FOR LIABILITIES (3,228,137 ) (3,007,786 )
NET ASSETS 13,795,758 13,521,562

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 2,173,865 2,306,597
Retained earnings 11,621,793 11,214,865
SHAREHOLDERS' FUNDS 13,795,758 13,521,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mr M R Smithson - Director


Scotts Hire Limited (Registered number: 06634498)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Scotts Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06634498

Registered office: Unit 1 Arclid Green Industrial Estate
Arclid Green
Sandbach
Cheshire
CW11 4SY

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


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the net sale of services, excluding VAT. Turnover from the supply of services represents the value of services provided, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.

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 property - NIL % per annum
Short leasehold - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Scotts Hire Limited (Registered number: 06634498)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 571,500 79,217 34,023,588 51,292 34,725,597
Additions - - 1,675,465 - 1,675,465
Disposals - - (1,928,443 ) - (1,928,443 )
Revaluations 378,500 - - - 378,500
At 30 June 2024 950,000 79,217 33,770,610 51,292 34,851,119
DEPRECIATION
At 1 July 2023 - 79,217 12,875,574 34,388 12,989,179
Charge for year - - 2,917,427 2,536 2,919,963
Eliminated on disposal - - (767,570 ) - (767,570 )
At 30 June 2024 - 79,217 15,025,431 36,924 15,141,572
NET BOOK VALUE
At 30 June 2024 950,000 - 18,745,179 14,368 19,709,547
At 30 June 2023 571,500 - 21,148,014 16,904 21,736,418

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Short Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
Valuation in 2021 - - 4,216,395 - 4,216,395
Valuation in 2024 378,500 - - - 378,500
Cost 571,500 79,217 29,554,215 51,292 30,256,224
950,000 79,217 33,770,610 51,292 34,851,119

Plant & Machinery were valued on an open market basis on 30 June 2021 by the directors.

Block 8 Nobel Road, Dundee, DD2 4UH was valued on an open market basis on 30 June 2024 by the directors.

Scotts Hire Limited (Registered number: 06634498)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 July 2023 21,372,472
Additions 1,322,116
Transfer to ownership (4,599,682 )
At 30 June 2024 18,094,906
DEPRECIATION
At 1 July 2023 6,520,824
Charge for year 2,355,733
Transfer to ownership (1,774,902 )
At 30 June 2024 7,101,655
NET BOOK VALUE
At 30 June 2024 10,993,251
At 30 June 2023 14,851,648

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,032,026 2,024,763
Amounts owed by group undertakings 113,686 205,284
Other debtors 840,242 563,138
2,985,954 2,793,185

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,497,393 4,790,928
Trade creditors 392,329 381,420
Taxation and social security 420,230 659,587
Other creditors 25,014 37,974
4,334,966 5,869,909

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,539,000 4,285,948

Scotts Hire Limited (Registered number: 06634498)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 5,036,393 9,076,876

The hire purchase contract creditor is secured on the asset to which it relates.

Lombard North Central PLC hold a fixed charge over the asset for which it relates.

9. RESERVES
Revaluation
reserve
£   
At 1 July 2023 2,306,597
Depreciation adjustment (511,232 )
Revaluation of Property 378,500

At 30 June 2024 2,173,865

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr M R Smithson
Balance outstanding at start of year 508,760 388,051
Amounts advanced 812,356 508,760
Amounts repaid (546,441 ) (388,051 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 774,675 508,760