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Registration number: 02864526

Lock Bros (Plant Hire) Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Lock Bros (Plant Hire) Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

283,461

386,391

Current assets

 

Debtors

5

202,646

275,960

Cash at bank and in hand

 

165,504

60,589

 

368,150

336,549

Creditors: Amounts falling due within one year

6

(111,108)

(141,694)

Net current assets

 

257,042

194,855

Total assets less current liabilities

 

540,503

581,246

Creditors: Amounts falling due after more than one year

6

(10,683)

(43,303)

Provisions for liabilities

(75,117)

(74,742)

Net assets

 

454,703

463,201

Capital and reserves

 

Called up share capital

100

100

Retained earnings

454,603

463,101

Shareholders' funds

 

454,703

463,201

For the financial year ending 31 May 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Lock Bros (Plant Hire) Limited

Statement of Financial Position as at 31 May 2024

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

.........................................

S J Lock

Director

.........................................

C J Lock

Director

Company registration number: 02864526

 

Lock Bros (Plant Hire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Marchants Yard
Scabharbour Road
Weald
Kent
TN14 6NL

The principal activity of the company is that of plant hire and demolition contractors.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 May 2024 amounting to £454,703 including cash at bank of £165,504.

The company has continued to trade profitably since 31 May 2024 and the directors are confident that the current global conflicts and economic uncertainties in the UK will have no effect on the company.

On the basis of the above and having made enquires the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Turnover arising from plant hire is recognised over the period of hire and other turnover derived from contract work is recognised based upon the stage of completion of the contract.

 

Lock Bros (Plant Hire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 statement of financial position 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 and Machinery

20% Straight Line

Finance leases and hire purchase

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 Statement of Financial Position as a finance lease obligation.

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

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Lock Bros (Plant Hire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 during the year, was 5 (2023 - 5).

4

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 June 2023

1,765,326

Additions

33,750

Disposals

(29,400)

At 31 May 2024

1,769,676

Depreciation

At 1 June 2023

1,378,935

Charge for the year

136,675

Eliminated on disposal

(29,395)

At 31 May 2024

1,486,215

Carrying amount

At 31 May 2024

283,461

At 31 May 2023

386,391

 

Lock Bros (Plant Hire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

2024
£

2023
£

Trade debtors

152,646

175,960

Other debtors

50,000

100,000

202,646

275,960

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

32,619

51,522

Trade creditors

 

23,728

41,555

Taxation and social security

 

13,480

19,876

Other creditors

 

41,281

28,741

 

111,108

141,694

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

10,683

43,303

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase liabilities

32,619

51,522

2024
£

2023
£

Non-current loans and borrowings

Hire purchase liabilities

10,683

43,303

Obligations under hire purchase agreements are secured on the assets concerned.

8

Financial commitments, guarantees and contingencies

Operating leases

The total amount of financial commitments under non-cancellable operating leases not included in the statement of financial position is £Nil (2023 - £3,033).