2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06116748 2023-03-01 2024-02-29 06116748 2024-02-29 06116748 2023-02-28 06116748 2022-03-01 2023-02-28 06116748 2023-02-28 06116748 2022-02-28 06116748 core:MotorVehicles 2023-03-01 2024-02-29 06116748 bus:Director1 2023-03-01 2024-02-29 06116748 core:PlantMachinery 2023-02-28 06116748 core:MotorVehicles 2023-02-28 06116748 core:PlantMachinery 2024-02-29 06116748 core:MotorVehicles 2024-02-29 06116748 core:WithinOneYear 2024-02-29 06116748 core:WithinOneYear 2023-02-28 06116748 core:AfterOneYear 2024-02-29 06116748 core:AfterOneYear 2023-02-28 06116748 core:ShareCapital 2024-02-29 06116748 core:ShareCapital 2023-02-28 06116748 core:RetainedEarningsAccumulatedLosses 2024-02-29 06116748 core:RetainedEarningsAccumulatedLosses 2023-02-28 06116748 core:PlantMachinery 2023-03-01 2024-02-29 06116748 core:PlantMachinery 2023-02-28 06116748 core:MotorVehicles 2023-02-28 06116748 bus:SmallEntities 2023-03-01 2024-02-29 06116748 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06116748 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06116748 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06116748 bus:FullAccounts 2023-03-01 2024-02-29 06116748 core:ComputerEquipment 2023-03-01 2024-02-29 06116748 core:ComputerEquipment 2024-02-29 06116748 core:ComputerEquipment 2023-02-28
COMPANY REGISTRATION NUMBER: 06116748
SPEAKS HIRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
SPEAKS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
8,294
11,122
CURRENT ASSETS
Debtors
6
401
387
Cash at bank and in hand
13,529
34,502
---------
---------
13,930
34,889
CREDITORS: amounts falling due within one year
7
42,308
44,402
---------
---------
NET CURRENT LIABILITIES
28,378
9,513
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 20,084)
1,609
CREDITORS: amounts falling due after more than one year
8
3,919
7,010
---------
-------
NET LIABILITIES
( 24,003)
( 5,401)
---------
-------
SPEAKS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 25,003)
( 6,401)
---------
-------
SHAREHOLDERS DEFICIT
( 24,003)
( 5,401)
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
K Whittam
Director
Company registration number: 06116748
SPEAKS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT. It also includes hire charges for modular units where the income is spread equally over the period of the contract.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment for hire
-
Over the period of the contract
Motor vehicles
-
20% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
23,773
18,000
3,236
45,009
---------
---------
-------
---------
Depreciation
At 1 March 2023
22,273
9,773
1,841
33,887
Charge for the year
2,057
771
2,828
---------
---------
-------
---------
At 29 February 2024
22,273
11,830
2,612
36,715
---------
---------
-------
---------
Carrying amount
At 29 February 2024
1,500
6,170
624
8,294
---------
---------
-------
---------
At 28 February 2023
1,500
8,227
1,395
11,122
---------
---------
-------
---------
6. DEBTORS
2024
2023
£
£
Other debtors
401
387
----
----
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,029
2,954
Social security and other taxes
1,948
723
Other creditors
37,331
40,725
---------
---------
42,308
44,402
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,919
7,010
-------
-------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured interest free loans with the Company. The loan accounts were in credit throughout the year and are repayable on demand.