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REGISTERED NUMBER: 04602430 (England and Wales)















THE PRODUCTION HIRE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE PRODUCTION HIRE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr M A Neil
Miss T Pyle





SECRETARY: Mr M A Neil





REGISTERED OFFICE: 15 High Street
Brackley
Northamptonshire
NN13 7DH





REGISTERED NUMBER: 04602430 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,715,818 5,514,983

CURRENT ASSETS
Debtors 5 190,686 52,070
Cash at bank 183,382 376,996
374,068 429,066
CREDITORS
Amounts falling due within one year 6 210,627 373,017
NET CURRENT ASSETS 163,441 56,049
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,879,259

5,571,032

CREDITORS
Amounts falling due after more than one
year

7

(11,250

)

(36,250

)

PROVISIONS FOR LIABILITIES (1,432,824 ) (1,327,267 )
NET ASSETS 4,435,185 4,207,515

CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 3,258,301 3,258,301
Retained earnings 1,176,882 949,212
SHAREHOLDERS' FUNDS 4,435,185 4,207,515

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

BALANCE SHEET - continued
29 FEBRUARY 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 Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





Mr M A Neil - Director


THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

The Production Hire Company 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.

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 is measured at the fair value of the consideration received or receivable net of VATand trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from services provided are recognised by reference to the stage of completion at the balance sheet date.

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 reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and software - 25% on reducing balance

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 taxation
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.

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures Computer
Plant and and Motor and
machinery fittings vehicles software Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 7,746,880 8,679 217,526 19,538 7,992,623
Additions 623,154 - 16,500 1,590 641,244
Disposals (224,833 ) - - - (224,833 )
At 29 February 2024 8,145,201 8,679 234,026 21,128 8,409,034
DEPRECIATION
At 1 March 2023 2,329,279 3,640 134,618 10,103 2,477,640
Charge for year 339,994 1,259 23,477 2,458 367,188
Eliminated on disposal (151,612 ) - - - (151,612 )
At 29 February 2024 2,517,661 4,899 158,095 12,561 2,693,216
NET BOOK VALUE
At 29 February 2024 5,627,540 3,780 75,931 8,567 5,715,818
At 28 February 2023 5,417,601 5,039 82,908 9,435 5,514,983

Cost or valuation at 29 February 2024 is represented by:

Fixtures Computer
Plant and and Motor and
machinery fittings vehicles software Totals
£    £    £    £    £   
Valuation in 2023 4,344,401 - - - 4,344,401
Cost 3,800,800 8,679 234,026 21,128 4,064,633
8,145,201 8,679 234,026 21,128 8,409,034

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 16,354 (2023 - £ 21,806 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 141,675 35,315
Other debtors 45,112 -
Social security and other taxes - 16,755
Prepayments and accrued income 3,899 -
190,686 52,070

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts - 8,698
Trade creditors 54,245 224,759
Tax 69 -
Social security and other taxes 6,064 -
VAT 40,885 33,971
Other creditors 21,436 17,882
Directors' current accounts 59,555 59,557
Accrued expenses 8,373 8,150
210,627 373,017

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 11,250 36,250

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 3,258,301

THE PRODUCTION HIRE COMPANY LIMITED (REGISTERED NUMBER: 04602430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. REVALUATION

During the previous year the company director reviewed the assets held by the company. The directors conclusion was that the asset values of the plant and equipment were under stated. On this basis a detailed assessment of the asset valuation was prepared by the director and as a consequence the assets were revalued by £4,344,402. The directors have reviewed the asset values as at 29th February 2024 and concluded they are at their market value.