7 7 Down Hire Centre Ltd NI064677 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is renting and leasing of agricultural machinery and equipment Digita Accounts Production Advanced 6.30.9574.0 true NI064677 2023-05-01 2024-04-30 NI064677 2024-04-30 NI064677 bus:Director1 1 2024-04-30 NI064677 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 NI064677 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 NI064677 core:CurrentFinancialInstruments 2024-04-30 NI064677 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI064677 core:Non-currentFinancialInstruments 2024-04-30 NI064677 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 NI064677 core:Goodwill 2024-04-30 NI064677 core:FurnitureFittingsToolsEquipment 2024-04-30 NI064677 core:LandBuildings 2024-04-30 NI064677 core:OtherPropertyPlantEquipment 2024-04-30 NI064677 bus:SmallEntities 2023-05-01 2024-04-30 NI064677 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI064677 bus:FilletedAccounts 2023-05-01 2024-04-30 NI064677 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI064677 bus:RegisteredOffice 2023-05-01 2024-04-30 NI064677 bus:Director1 2023-05-01 2024-04-30 NI064677 bus:Director1 1 2023-05-01 2024-04-30 NI064677 bus:Director2 2023-05-01 2024-04-30 NI064677 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI064677 core:Goodwill 2023-05-01 2024-04-30 NI064677 core:Buildings 2023-05-01 2024-04-30 NI064677 core:FurnitureFittings 2023-05-01 2024-04-30 NI064677 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI064677 core:LandBuildings 2023-05-01 2024-04-30 NI064677 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 NI064677 core:PlantMachinery 2023-05-01 2024-04-30 NI064677 countries:NorthernIreland 2023-05-01 2024-04-30 NI064677 2023-04-30 NI064677 bus:Director1 1 2023-04-30 NI064677 core:Goodwill 2023-04-30 NI064677 core:FurnitureFittingsToolsEquipment 2023-04-30 NI064677 core:LandBuildings 2023-04-30 NI064677 core:OtherPropertyPlantEquipment 2023-04-30 NI064677 2022-05-01 2023-04-30 NI064677 2023-04-30 NI064677 bus:Director1 1 2023-04-30 NI064677 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 NI064677 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 NI064677 core:CurrentFinancialInstruments 2023-04-30 NI064677 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI064677 core:Non-currentFinancialInstruments 2023-04-30 NI064677 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 NI064677 core:Goodwill 2023-04-30 NI064677 core:FurnitureFittingsToolsEquipment 2023-04-30 NI064677 core:LandBuildings 2023-04-30 NI064677 core:OtherPropertyPlantEquipment 2023-04-30 NI064677 bus:Director1 1 2022-05-01 2023-04-30 NI064677 bus:Director1 1 2022-04-30 xbrli:pure iso4217:GBP

Registration number: NI064677

Down Hire Centre Ltd

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Down Hire Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Down Hire Centre Ltd

Company Information

Directors

Ken Turley

Catherine Turley

Registered office

3 Cloonagh Road
Downpatrick
Down
BT30 6LJ

 

Down Hire Centre Ltd

(Registration number: NI064677)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,000

24,000

Tangible assets

5

828,830

851,812

 

849,830

875,812

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

55,512

54,343

Cash at bank and in hand

 

79,468

55,281

 

139,980

114,624

Creditors: Amounts falling due within one year

8

(135,376)

(106,054)

Net current assets

 

4,604

8,570

Total assets less current liabilities

 

854,434

884,382

Creditors: Amounts falling due after more than one year

8

(84,968)

(109,616)

Net assets

 

769,466

774,766

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

769,366

774,666

Shareholders' funds

 

769,466

774,766

For the financial year ending 30 April 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 and 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.

 

Down Hire Centre Ltd

(Registration number: NI064677)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................
Ken Turley
Director

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
3 Cloonagh Road
Downpatrick
Down
BT30 6LJ
Northern Ireland

These financial statements were authorised for issue by the Board on 9 January 2025.

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.

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.

Tax

The tax expense for the period comprises current 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.

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.

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Freehold property

Nil

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 7 (2023 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

30,000

30,000

At 30 April 2024

30,000

30,000

Amortisation

At 1 May 2023

6,000

6,000

Amortisation charge

3,000

3,000

At 30 April 2024

9,000

9,000

Carrying amount

At 30 April 2024

21,000

21,000

At 30 April 2023

24,000

24,000

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

66,468

19,460

1,710,878

1,796,806

Additions

-

-

123,835

123,835

Disposals

-

-

(56,800)

(56,800)

At 30 April 2024

66,468

19,460

1,777,913

1,863,841

Depreciation

At 1 May 2023

-

15,837

929,157

944,994

Charge for the year

-

906

127,355

128,261

Eliminated on disposal

-

-

(38,244)

(38,244)

At 30 April 2024

-

16,743

1,018,268

1,035,011

Carrying amount

At 30 April 2024

66,468

2,717

759,645

828,830

At 30 April 2023

66,468

3,623

781,721

851,812

Included within the net book value of land and buildings above is £66,468 (2023 - £66,468) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

7

Debtors

2024
£

2023
£

Trade debtors

55,512

49,811

Other debtors

-

4,532

55,512

54,343

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

73,769

73,463

Trade creditors

 

22,728

15,902

Taxation and social security

 

33,722

11,640

Accruals and deferred income

 

4,000

4,000

Other creditors

 

1,157

1,049

 

135,376

106,054

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

84,968

109,616

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,299

28,620

Hire purchase contracts

66,669

80,996

84,968

109,616

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,885

9,450

Hire purchase contracts

63,058

62,332

Other borrowings

826

1,681

73,769

73,463

 

Down Hire Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Ken Turley

Directors' loan account

1,681

(855)

826

       
     

 

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Ken Turley

Directors' loan account

1,431

250

1,681

       
     

 

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100