Company Registration No. 14086909 (England and Wales)
WQF Tool Hire Ltd
Unaudited accounts
for the year ended 31 May 2024
WQF Tool Hire Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
26,763
33,454
Cash at bank and in hand
2,719
10,322
Creditors: amounts falling due within one year
(84,887)
(39,476)
Net current liabilities
(81,518)
(19,505)
Total assets less current liabilities
(54,755)
13,949
Creditors: amounts falling due after more than one year
(8,696)
(22,553)
Provisions for liabilities
Deferred tax
(5,085)
(6,356)
Net liabilities
(68,536)
(14,960)
Called up share capital
1
1
Profit and loss account
(68,537)
(14,961)
Shareholders' funds
(68,536)
(14,960)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 February 2025 and were signed on its behalf by
Tom Phillips
Director
Company Registration No. 14086909
WQF Tool Hire Ltd
Notes to the Accounts
for the year ended 31 May 2024
WQF Tool Hire Ltd is a private company, limited by shares, registered in England and Wales, registration number 14086909. The registered office is Sopers House, Sopers Road, Cuffley, EN6 4RY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Reducing Balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
WQF Tool Hire Ltd
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Motor vehicles
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
13,857
12,631
Loans from directors
70,230
26,045
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
8,696
22,553
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).