Registered number
05791418
IH Equipment Limited
Filleted Accounts
30 June 2024
IH Equipment Limited
Registered number: 05791418
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 60,000 60,000
Tangible assets 4 447,974 451,321
507,974 511,321
Current assets
Stocks 5,500 5,500
Debtors 5 30,388 62,789
Cash at bank and in hand 45,865 72,699
81,753 140,988
Creditors: amounts falling due within one year 6 (37,274) (71,109)
Net current assets 44,479 69,879
Total assets less current liabilities 552,453 581,200
Creditors: amounts falling due after more than one year 7 (15,851) (42,761)
Net assets 536,602 538,439
Capital and reserves
Called up share capital 2 2
Profit and loss account 536,600 538,437
Shareholders' funds 536,602 538,439
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Hobson
Director
Approved by the board on 6 February 2025
IH Equipment Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 10% reducing balance
Plant and machinery 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 60,000
At 30 June 2024 60,000
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 60,000
At 30 June 2023 60,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 197,509 311,699 134,192 643,400
Additions - 7,849 44,449 52,298
Disposals - (46,770) - (46,770)
At 30 June 2024 197,509 272,778 178,641 648,928
Depreciation
At 1 July 2023 - 112,220 79,859 192,079
Charge for the year - 19,948 7,009 26,957
On disposals - (18,082) - (18,082)
At 30 June 2024 - 114,086 86,868 200,954
Net book value
At 30 June 2024 197,509 158,692 91,773 447,974
At 30 June 2023 197,509 199,479 54,333 451,321
5 Debtors 2024 2023
£ £
Trade debtors 27,388 59,789
Other debtors 3,000 3,000
30,388 62,789
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,980 20,900
Taxation and social security costs 25,294 40,209
37,274 71,109
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,164 19,170
Directors' loan accounts 6,687 23,591
15,851 42,761
8 Other information
IH Equipment Limited is a private company limited by shares and incorporated in England. Its registered office is:
49a Lidgate Crescent
South Kirkby
Pontefract
West Yorkshire
WF9 3NR
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