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Filleted
Registration number: 05030482

Surrey Hire and Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Surrey Hire and Sales Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Surrey Hire and Sales Limited

Company Information

Directors

Mr S J Dormer

Mr R J Llewellin

Mr M J Williams

Registered office

Cambrian Park
Isaac Way
Pembroke Dock
SA72 4RW

Accountants

LHP Accountants Ltd
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Surrey Hire and Sales Limited

(Registration number: 05030482)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,277,507

1,651,347

Debtors

6

940,000

650,000

 

3,217,507

2,301,347

Current assets

 

Stocks

5

14,489

14,489

Debtors

6

672,492

461,130

Cash at bank and in hand

 

44,498

221,629

 

731,479

697,248

Creditors: Amounts falling due within one year

7

(2,224,281)

(1,181,022)

Net current liabilities

 

(1,492,802)

(483,774)

Total assets less current liabilities

 

1,724,705

1,817,573

Creditors: Amounts falling due after more than one year

7

(1,094,316)

(729,128)

Provisions for liabilities

(436,718)

(312,539)

Net assets

 

193,671

775,906

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

193,471

775,706

Shareholders' funds

 

193,671

775,906

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Surrey Hire and Sales Limited

(Registration number: 05030482)
Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

Mr M J Williams
Director

   
     
 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cambrian Park
Isaac Way
Pembroke Dock
SA72 4RW

The principal place of business is:
2a Woodham Lane
New Haw
Addlestone
Surrey
KT15 3NA

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery & vehicles

20-25% straight line

Leasehold improvements

6% straight line

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors due in more than one year are classified as a fixed asset item on the face of the balance sheet.

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 27).

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

63,843

3,150,089

8,750

451,488

3,674,170

Additions

-

1,309,289

-

193,424

1,502,713

Disposals

-

(360,186)

-

(58,111)

(418,297)

At 29 February 2024

63,843

4,099,192

8,750

586,801

4,758,586

Depreciation

At 1 March 2023

55,789

1,684,366

7,825

233,573

1,981,553

Charge for the year

3,950

641,560

185

126,655

772,350

Eliminated on disposal

-

(214,713)

-

(58,111)

(272,824)

At 29 February 2024

59,739

2,111,213

8,010

302,117

2,481,079

Carrying amount

At 29 February 2024

4,104

1,987,979

740

284,684

2,277,507

At 28 February 2023

8,054

1,465,723

925

176,645

1,651,347

Included within the net book value of land and buildings above is £4,104 (2023 - £8,054) in respect of long leasehold land and buildings.
 

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Other inventories

14,489

14,489

6

Debtors

Current

2024
£

2023
£

Trade debtors

492,102

321,533

Prepayments

22,421

2,401

Other debtors

157,969

137,196

 

672,492

461,130

Non-current

Note

2024
£

2023
£

Amounts owed by related parties

10

940,000

650,000

   

940,000

650,000

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

1,494,182

697,608

Trade creditors

 

421,206

355,343

Taxation and social security

 

196,788

122,716

Outstanding defined contribution pension costs

 

3,922

2,852

Other creditors

 

108,183

2,503

 

2,224,281

1,181,022

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £911,266 (2023 - £697,608). The liabilities are secured against the HP assets they represent.

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,094,316

729,128

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £896,753 (2023 - £729,128). The liabilities are secured against the HP assets they represent.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

B Ordinary of £1 each

100

100

100

100

200

200

200

200

 

Surrey Hire and Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

197,563

-

Hire purchase contracts

896,753

729,128

1,094,316

729,128

Current loans and borrowings

2024
£

2023
£

Bank borrowings

52,961

-

Hire purchase contracts

911,262

697,608

Other borrowings

529,959

-

1,494,182

697,608

10

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption within FRS102 Section 33.1A from the requirement to disclose transactions with other wholly owned members of the group.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Hirepro Holdings UK Limited, incorporated in England & Wales.