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Registration number: NI643942

KC Hire & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

KC Hire & Sons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

KC Hire & Sons Limited

Company Information

Directors

Mr Gary Clarke

Mr Gavin Clarke

Registered office

35 Flagstaff Road
Cloughoge
Newry
Co. Down
BT35 8NR

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

KC Hire & Sons Limited

(Registration number: NI643942)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,953,636

1,757,561

Current assets

 

Stocks

5

400,000

400,000

Debtors

6

826,754

722,127

Cash at bank and in hand

 

7,587

3,796

 

1,234,341

1,125,923

Creditors: Amounts falling due within one year

7

(1,107,876)

(1,173,547)

Net current assets/(liabilities)

 

126,465

(47,624)

Total assets less current liabilities

 

2,080,101

1,709,937

Creditors: Amounts falling due after more than one year

7

(608,095)

(505,744)

Provisions for liabilities

(344,050)

(210,593)

Net assets

 

1,127,956

993,600

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,127,856

993,500

Shareholders' funds

 

1,127,956

993,600

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 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.

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

.........................................
Mr Gary Clarke
Director

.........................................
Mr Gavin Clarke
Director

 
     
 

KC Hire & Sons 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 Northern Ireland.

The address of its registered office is:
35 Flagstaff Road
Cloughoge
Newry
Co. Down
BT35 8NR

These financial statements were authorised for issue by the Board on 19 December 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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

KC Hire & Sons 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

15% Reducing balance basis

Motor Vehicles

20% Reducing balance basis

Office Equipment

12.5% Straight Line basis

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.

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.

 

KC Hire & Sons Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

KC Hire & Sons Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

2,154

49,000

2,702,843

2,753,997

Additions

320

26,500

615,896

642,716

Disposals

-

-

(49,800)

(49,800)

At 29 February 2024

2,474

75,500

3,268,939

3,346,913

Depreciation

At 1 March 2023

441

18,888

977,107

996,436

Charge for the year

309

11,322

404,080

415,711

Eliminated on disposal

-

-

(18,870)

(18,870)

At 29 February 2024

750

30,210

1,362,317

1,393,277

Carrying amount

At 29 February 2024

1,724

45,290

1,906,622

1,953,636

At 28 February 2023

1,713

30,112

1,725,736

1,757,561

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

5

Stocks

2024
£

2023
£

Other inventories

400,000

400,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

367,007

336,876

Amounts owed by related parties

11

440,468

370,875

Other debtors

 

19,279

14,376

   

826,754

722,127

 

KC Hire & Sons Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

441,934

387,929

Trade creditors

 

226,815

308,952

Taxation and social security

 

4,342

17,686

Accruals and deferred income

 

7,366

10,062

Other creditors

 

427,419

448,918

 

1,107,876

1,173,547

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

608,095

505,744

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,726

24,646

Hire purchase contracts

593,369

481,098

608,095

505,744

Current loans and borrowings

 

KC Hire & Sons Limited

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

2024
£

2023
£

Bank borrowings

11,067

9,410

Bank overdrafts

39,772

51,567

Hire purchase contracts

391,095

326,952

441,934

387,929

Bank borrowings

Bounce Back Loan is denominated in £ stg with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £24,136 (2023 - £34,056).

10

Dividends

11

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

48,276

42,025

 

KC Hire & Sons Limited

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

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Gary Clarke

Directors loan repayable on demand

418,652

(63,743)

34,775

389,685

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Gary Clarke

Directors loan repayable on demand

399,809

(16,975)

35,818

418,652

 

KC Hire & Sons Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

44,605

39,016

In respect of the highest paid director:

2024
£

2023
£

Remuneration

32,035

26,446