Registered number
02800025
Island Crane Hire Limited
Unaudited Filleted Accounts
31 March 2024
Island Crane Hire Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Island Crane Hire Limited
Company Information
Director
C Parker
S Parker
Secretary
Mrs S Parker
Accountants
Cochrane & Co
38 Kings Road
Lee-on-the Solent
Hampshire
PO13 9NU
Registered office
Comers Mill
Forest Road
Newport
Isle of Wight
PO30 5LY
Registered number
02800025
Island Crane Hire Limited
Registered number: 02800025
Director's Report
The director presents his report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be that of the hiring of cranes.
Directors
The following persons served as directors during the year:
C Parker
S Parker
Third party indemnity provisions
The company buys director's indemnity insurance.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 5 November 2024 and signed on its behalf.
Mr C Parker
Director
Island Crane Hire Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Island Crane Hire Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Island Crane Hire Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.
Cochrane & Co
Chartered Accountants
38 Kings Road
Lee-on-the Solent
Hampshire
PO13 9NU
27 November 2024
Island Crane Hire Limited
Registered number: 02800025
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,206,214 1,003,397
Current assets
Stocks 3,500 3,500
Debtors 4 473,938 427,507
Cash at bank and in hand 26,087 73
503,525 431,080
Creditors: amounts falling due within one year 5 (314,060) (377,852)
Net current assets 189,465 53,228
Total assets less current liabilities 1,395,679 1,056,625
Creditors: amounts falling due after more than one year 6 (407,646) (123,951)
Provisions for liabilities (297,455) (223,448)
Net assets 690,578 709,226
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 999 999
Profit and loss account 689,479 708,127
Shareholder's funds 690,578 709,226
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Parker
Director
Approved by the board on 5 November 2024
Island Crane Hire Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance and 7% straight line
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,788,322
Additions 425,000
Disposals (282,809)
At 31 March 2024 1,930,513
Depreciation
At 1 April 2023 784,925
Charge for the year 102,838
On disposals (163,464)
At 31 March 2024 724,299
Net book value
At 31 March 2024 1,206,214
At 31 March 2023 1,003,397
4 Debtors 2024 2023
£ £
Trade debtors 161,895 115,477
Amounts owed by group undertakings and undertakings in which the company has a participating interest 182,342 182,329
Other debtors 129,701 129,701
473,938 427,507
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 90,108 46,582
Obligations under finance lease and hire purchase contracts 196,458 165,705
Trade creditors 15,298 20,145
Corporation tax (13,982) 38,175
Other taxes and social security costs (22,449) 31,396
Other creditors 48,627 75,849
314,060 377,852
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,613 48,988
Obligations under finance lease and hire purchase contracts 317,039 74,963
Other creditors 54,994 -
407,646 123,951
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Parker
Advanced 76,087 76,087
S Parker
Advanced 21,000 - 21,000
97,087 - - 97,087
The above loans are interest free. The loan is repayable on demand.
8 Controlling party
The company's ultimate parent company is Island Crane Hire (IOW) Limited, of Comers Mill, Forest Road, Newport, Isle of Wight, PO30 5LY, a company incorporated in England. Mr C Parker has the controlling interest in Island Crane Hire (IOW) Limited.
9 Other information
Island Crane Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
Comers Mill
Forest Road
Newport
Isle of Wight
PO30 5LY
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