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COMPANY REGISTRATION NUMBER: 07879031
SHL HIRE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
SHL HIRE LTD
FINANCIAL STATEMENTS
Year ended 29 February 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
SHL HIRE LTD
BALANCE SHEET
29 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
2,773,401
2,650,179
Investments
6
7,500
7,500
------------
------------
2,780,901
2,657,679
CURRENT ASSETS
Debtors
7
768,239
455,374
Cash at bank and in hand
28,335
116,483
---------
---------
796,574
571,857
CREDITORS: amounts falling due within one year
8
( 1,034,305)
( 840,432)
------------
---------
NET CURRENT LIABILITIES
( 237,731)
( 268,575)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,543,170
2,389,104
CREDITORS: amounts falling due after more than one year
9
( 841,682)
( 1,147,849)
PROVISIONS
( 503,084)
( 385,840)
------------
------------
NET ASSETS
1,198,404
855,415
------------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
1,198,403
855,414
------------
---------
SHAREHOLDERS FUNDS
1,198,404
855,415
------------
---------
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 profit and loss account 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SHL HIRE LTD
BALANCE SHEET (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr L J Shillibier
Director
Company registration number: 07879031
SHL HIRE LTD
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 & Wales. The address of the registered office is Hendir Uchaf Farm, Rhiwceiliog Pencoed, Bridgend, CF35 6NS. The address of the principal place of business is 43 Village Farm Industrial Estate, Pyle, Mid Glamorgan, CF33 6NU.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
10% reducing balance
Plant and machinery
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 March 2023
119,461
3,944,442
4,063,903
Additions
982,800
982,800
Disposals
( 361,450)
( 361,450)
---------
------------
------------
At 29 February 2024
119,461
4,565,792
4,685,253
---------
------------
------------
Depreciation
At 1 March 2023
22,698
1,391,026
1,413,724
Charge for the year
9,676
616,751
626,427
Disposals
( 128,299)
( 128,299)
---------
------------
------------
At 29 February 2024
32,374
1,879,478
1,911,852
---------
------------
------------
Carrying amount
At 29 February 2024
87,087
2,686,314
2,773,401
---------
------------
------------
At 28 February 2023
96,763
2,553,416
2,650,179
---------
------------
------------
6. INVESTMENTS
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
7,500
-------
Impairment
At 1 March 2023 and 29 February 2024
-------
Carrying amount
At 29 February 2024
7,500
-------
At 28 February 2023
7,500
-------
7. DEBTORS
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
737,324
443,736
Other debtors
30,915
11,638
---------
---------
768,239
455,374
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,994
9,507
Trade creditors
20,114
402
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,000
Social security and other taxes
50,715
1,876
Other creditors
953,482
827,647
------------
---------
1,034,305
840,432
------------
---------
Included within other creditors falling due within one year is £741,626 (2023 - £618,408) in respect of finance lease and hire purchase contracts. The amounts are secured on the assets which they relate to.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,752
30,986
Other creditors
820,930
1,116,863
---------
------------
841,682
1,147,849
---------
------------
Included within other creditors due after more than one year is £820,930 (2022 - £1,116,863) in respect of finance lease and hire purchase contracts. The amounts are secured on the assets which they relate to.
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within other creditors due within one year is £175,525 (2023 - £175,525) due to a director. The loans are interest free and repayable on demand.
11. RELATED PARTY TRANSACTIONS
The company has taken the advantage of the exemption, under FRS 102 Section 1A, not to disclose related party transactions entered into between two members of a group, where any subsidiary which is party to the transaction is wholly owned by such a member.
12. CONTROLLING PARTY
The company is a wholly owned subsidiary of SHL 1 Limited, who it regards as its ultimate parent undertaking. Their registered office is Hendir Uchaf Farm, Rhiwceiliog Pencoed, Bridgend, CF35 6NS and principal place of business is 43 Village Farm Industrial Estate, Pyle, Mid Glamorgan, CF33 6NU.