Folly Hire Ltd. 10131384 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of the hire of furniture. Digita Accounts Production Advanced 6.30.9574.0 true false true 10131384 2023-05-01 2024-04-30 10131384 2024-04-30 10131384 bus:OrdinaryShareClass1 2024-04-30 10131384 core:CurrentFinancialInstruments 2024-04-30 10131384 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 10131384 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 10131384 core:FurnitureFittingsToolsEquipment 2024-04-30 10131384 bus:SmallEntities 2023-05-01 2024-04-30 10131384 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10131384 bus:FilletedAccounts 2023-05-01 2024-04-30 10131384 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10131384 bus:RegisteredOffice 2023-05-01 2024-04-30 10131384 bus:Director4 2023-05-01 2024-04-30 10131384 bus:Director5 2023-05-01 2024-04-30 10131384 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 10131384 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10131384 core:FurnitureFittings 2023-05-01 2024-04-30 10131384 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 10131384 1 2023-05-01 2024-04-30 10131384 countries:AllCountries 2023-05-01 2024-04-30 10131384 2023-04-30 10131384 core:FurnitureFittingsToolsEquipment 2023-04-30 10131384 2022-05-01 2023-04-30 10131384 2023-04-30 10131384 bus:OrdinaryShareClass1 2023-04-30 10131384 core:CurrentFinancialInstruments 2023-04-30 10131384 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 10131384 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 10131384 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10131384

Folly Hire Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Folly Hire Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Folly Hire Ltd.

Company Information

Directors

Mr T Basnett

Mr T E Bucknell

Registered office

Creative House Station Road
Theale
Reading
RG7 4PD

Accountants

EJBC Chartered Accountants
2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Folly Hire Ltd.

(Registration number: 10131384)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

5,315

7,567

Current assets

 

Debtors

16,413

28,558

Cash at bank and in hand

 

2,025

2,480

 

18,438

31,038

Creditors: Amounts falling due within one year

(206,499)

(128,657)

Net current liabilities

 

(188,061)

(97,619)

Total assets less current liabilities

 

(182,746)

(90,052)

Creditors: Amounts falling due after more than one year

(10,873)

(14,700)

Net liabilities

 

(193,619)

(104,752)

Capital and reserves

 

Called up share capital

4

150

150

Retained earnings

(193,769)

(104,902)

Shareholders' deficit

 

(193,619)

(104,752)

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

 

Folly Hire Ltd.

(Registration number: 10131384)
Balance Sheet as at 30 April 2024

.........................................
Mr T Basnett
Director

.........................................
Mr T E Bucknell
Director

 

Folly Hire Ltd.

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

1

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.

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

Fixtures & Fittings

25% reducing balance

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.

 

Folly Hire Ltd.

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

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.

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Folly Hire Ltd.

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

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

30,413

30,413

At 30 April 2024

30,413

30,413

Depreciation

At 1 May 2023

22,846

22,846

Charge for the year

2,252

2,252

At 30 April 2024

25,098

25,098

Carrying amount

At 30 April 2024

5,315

5,315

At 30 April 2023

7,567

7,567

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

150

150

150

150

       

5

Parent and ultimate parent undertaking

The company's immediate parent is Creative Structures Group Limited, incorporated in England & Wales.

 The ultimate parent is CSG Global Limited, incorporated in England & Wales.