REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Newman Hire Co. Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Newman Hire Co. Ltd |
Newman Hire Co. Ltd (Registered number: 01038997) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Newman Hire Co. Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Hampstead Gate |
1 A Frognal |
Hampstead |
London |
NW3 6AL |
Newman Hire Co. Ltd (Registered number: 01038997) |
Abridged Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Newman Hire Co. Ltd (Registered number: 01038997) |
Abridged Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Newman Hire Co. Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Included in plant & machinery are goods for hire. Although it is a departure from the Companies Act depreciation policy these goods have not been depreciated, as in the opinion of the directors the realisable value of the assets are higher than cost. |
Land & buildings consists of an owner occupied property which has been capitalised at cost. This has not been depreciated, as in the opinion of the directors the realisable value of the property is higher than cost. |
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 tax |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial assets |
Basic financial assets, including trade and other receivables and cash & bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
Financial liabilities |
Basic financial liabilities, including trade and other payable, bank loans, loans from connected individuals are initially recognised at transaction price and subsequently measured at amortised cost. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction price and subsequently measured at amortised cost. |
Derecognition of financial assets and liabilities |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
A fixed charge is held in favour of Barclays Plc dated 4 December 2015, over the property Unit 5, Dawley distribution Park, Swallowfield Way, Hayes. |
A floating charge is held in favour of Barclays Plc dated 16 April 2013, over all the uncharged assets of the company. |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 85,690 |
DEPRECIATION |
At 1 April 2023 | 21,423 |
Charge for year | 21,422 |
At 31 March 2024 | 42,845 |
NET BOOK VALUE |
At 31 March 2024 | 42,845 |
At 31 March 2023 | 64,267 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,267,987 | 1,295,790 |
6. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The company has two Barclays bank loans as at 31 March 2023:- |
Barclays bank loan repayable by 280 monthly instalments commencing on 1 September 2017. At a fixed interest rate of 4.160% pa for 5 year secured on the company's assets as detailed in note 5 above. |
Barclays Coronavirus business interruption loan ("CBIL") repayable by 60 instalments commencing 4 July 2021 after 12 months repayment holiday. At a floating interest rate of 3.64% margin for 5 years. Guaranteed by UK Government under CBIL scheme. |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | RELATED PARTY DISCLOSURES |
Newman Hire Co. Ltd Pension Scheme |
As at 31 March 2024 a loan in the sum of £Nil (2024: £112,924) was payable to Newman Hire Co.Ltd Pension scheme . This was extended on 1 October 2020, in the sum of £299,960 repayable by 60 monthly installments commencing on 1 November 2021.Interest is payable in arrears at 4% per annum. Interest paid £16,094 (2023: £11,461). This was repaid in full on 24 October 2023 |
As at 31 March 2024 a loan in the sum of £Nil (2023: £27,364) was payable to Newman Hire Co.Ltd Pension scheme . This was extended on 16 March 2021, in the sum of £50,000 repayable by 60 monthly installments commencing on 30 April 2021. Interest is payable in arrears at 4% per annum. Interest paid £2,270 (2023: £2,020). This loan was repaid in full on 24 October 2023 |
As at 31 March 2024 a loan in the sum of £13,710 (2023: £257,000) was payable to Newman Hire Co.Ltd Pension scheme . This was extended on 16 March 2021, in the sum of £322,000 repayable by 5 Annual instalments commencing on 16 March 2022. Interest is payable in arrears at 4% per annum. Interest paid £13,710 (2023: £9,313).This loan was repaid in full on 24 October 2023 |
A Loan was extended to Newman Hire Co.Ltd on 31 August 2021 by Newman Hire Co. Ltd Pension Scheme, in the sum of £Nil (2023: £10,000) repayable by 49 monthly installments. Interest is payable in arrears at 4% + bank of england base rate per annum. Interest paid £162 (2023: £1,571). This loan was repaid in full on 9 August 2023. |
As at 31 March 2024 a loan in the sum of £113,000 (2023: £Nil) was payable to Newman Hire Co.Ltd Pension scheme. This was extended on 26 January 2024 in the sum of £131,250 (2023: £Nil) repayable by 5 annual installments commencing 26 January 2025. Interest is payable in arrears at 4% + bank of england base rate per annum. Interest paid £820 (2023: £Nil). |
History Made Simple Ltd |
Associated Entity |
As at 31 March 2024 the company was owed £21,603 (2023: £36,003) by it's connected company History Made Simple Ltd. This balance is interest free and repayable on demand. |
Chilli Cheeze Hire Ltd |
Associated Entity |
As at 31 March 2023 the company was owed £4,090 (2022: £Nil) by it's connected company Chilli Cheeze Hire Ltd. This balance is interest free and repayable on demand. |
Nick Shaw |
Related Party |
As at 31 March 2023 Loans in the sum of £64,141 (2023: £85,141) were payable to Nick Shaw the husband of Erle Shaw. |
A loan was provided to Newman Hire Co. Ltd on 31 March 2018 by Nick Shaw, in the sum of £125,000 with a 5 year term repayable on demand. Interest is payable 4.5% per annum. £21,000 (2023: £16,000) was repaid during the year. |
A loan was provided to Newman Hire Co. Ltd on 28 February 2019 by Nick Shaw, in the sum of £35,000 with a 5 year term repayable on demand. Interest is payable 4.5% per annum. |
Interest paid to Nick Shaw during the year was £3,175 (2024: £3,175). |
Newman Hire Co. Ltd (Registered number: 01038997) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
Erle Shaw |
Ultimate controlling party |
As at 31 March 2024 Newman Hire Co. Ltd owed £734,312 (2023: £191,769) to Erle Shaw, 76% shareholder in the company. This is interest free and repayable on demand. |
As at 31 March 2024 Erle Shaw (executor of Mr A A Newman), owed £72,671 (2023: £72,671) to Newman Hire Co. Ltd. This is interest free and repayable on demand. S455 Income tax paid and recoverable by the company in relation to this is £18,168 (2023: £18,168). |
Max Shaw |
Director |
As at 31 March 2024 Newman Hire Co. Ltd owed £27,080 (2023: £Nil) to Max Shaw. 7% shareholder in the company. This is interest free and repayable on demand. |
Associated Entites |
During the year Newman Hire Co. Ltd. entered into transactions under normal commercial terms with Blind Pass LLP, Chilli Cheeze Hire Ltd and Chilli Cheeze Holdings Ltd. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Erle Shaw by virtue of her 76% ownership in the issued share capital of Newman Hire Co.Ltd. |
10. | PENSION COSTS |
The company operates a defined contribution pension schemes for its directors the assets of which are held in a separate independently administered fund. Contributions paid during the year amounted to Nil (2022: £40,000). |
The company operates a defined contribution pension schemes for its employees the assets of which are held in a separate independently administered fund. Contributions paid during the year amounted to £5,797 (2023: £7,988). |