1 June 2023 false No description of principal activity Taxfiler 2024.6 SC231262business:PrivateLimitedCompanyLtd2023-06-012024-05-31 SC2312622023-05-31 SC2312622023-06-012024-05-31 SC231262business:AuditExemptWithAccountantsReport2023-06-012024-05-31 SC231262business:FilletedAccounts2023-06-012024-05-31 SC2312622024-05-31 SC231262business:Director12023-06-012024-05-31 SC231262business:RegisteredOffice2023-06-012024-05-31 SC2312622023-05-31 SC231262core:WithinOneYear2024-05-31 SC231262core:WithinOneYear2023-05-31 SC231262core:AfterOneYear2024-05-31 SC231262core:AfterOneYear2023-05-31 SC231262core:ShareCapitalcore:PreviouslyStatedAmount2024-05-31 SC231262core:ShareCapitalcore:PreviouslyStatedAmount2023-05-31 SC231262core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2024-05-31 SC231262core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2023-05-31 SC231262core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-05-31 SC231262core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-05-31 SC231262core:PreviouslyStatedAmount2024-05-31 SC231262core:PreviouslyStatedAmount2023-05-31 SC231262business:SmallEntities2023-06-012024-05-31 SC231262countries:Scotland2023-06-012024-05-31 SC231262core:PlantMachinery2023-06-012024-05-31 SC231262core:MotorVehicles2023-06-012024-05-31 SC231262core:FurnitureFittings2023-06-012024-05-31 SC231262core:ComputerEquipment2023-06-012024-05-31 SC231262core:Goodwill2023-05-31 SC231262core:Goodwill2024-05-31 SC231262core:PlantMachinery2023-05-31 SC231262core:MotorVehicles2023-05-31 SC231262core:FurnitureFittings2023-05-31 SC231262core:ComputerEquipment2023-05-31 SC231262core:PlantMachinery2024-05-31 SC231262core:MotorVehicles2024-05-31 SC231262core:FurnitureFittings2024-05-31 SC231262core:ComputerEquipment2024-05-31 SC2312622022-06-012023-05-31 iso4217:GBP xbrli:pure
Company Registration No. SC231262 (Scotland)
Basically Tool Hire Limited Unaudited accounts for the year ended 31 May 2024
Basically Tool Hire Limited Unaudited accounts Contents
Page
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Basically Tool Hire Limited Company Information for the year ended 31 May 2024
Director
Colin Cassidy
Company Number
SC231262 (Scotland)
Registered Office
Old Bridge House Newbattle Road Dalkeith EH22 3LH Scotland
Accountants
Bridge of Allan Enterprise Ltd "The Summerhouse" 29A Kenilworth Road, Bridge of Allan Stirling FK9 4EH
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Basically Tool Hire Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
484,121 
175,286 
Current assets
Inventories
21,021 
37,144 
Debtors
45,938 
44,787 
Cash at bank and in hand
10,254 
27,588 
77,213 
109,519 
Creditors: amounts falling due within one year
(72,210)
(68,644)
Net current assets
5,003 
40,875 
Total assets less current liabilities
489,124 
216,161 
Creditors: amounts falling due after more than one year
(72,390)
(46,277)
Provisions for liabilities
Deferred tax
(76,954)
(2,226)
Net assets
339,780 
167,658 
Capital and reserves
Called up share capital
1 
1 
Fair value reserve
230,862 
- 
Profit and loss account
108,917 
167,657 
Shareholders' funds
339,780 
167,658 
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 29 August 2024 and were signed on its behalf by
Colin Cassidy Director Company Registration No. SC231262
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Basically Tool Hire Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Basically Tool Hire Limited is a private company, limited by shares, registered in Scotland, registration number SC231262. The registered office is Old Bridge House , Newbattle Road , Dalkeith, EH22 3LH, Scotland.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Tangible fixed assets and depreciation
The company's management revalued the plant & machinery and motor vehicles of the company as at the 1st June 2023 and restated these assets at their fair value. Other tangible fixed assets continue to be measured at cost less accumulated depreciation and any accumulated impairment losses. .Thereafter depreciation has been provided at the following rates in order to write off the assets over their remaining estimated useful lives:
Plant & machinery
25% straight line on the revalued amount
Motor vehicles
25% straight line on the revalued amount
Fixtures & fittings
20% reducing balance method
Computer equipment
20% reducing balance method
Intangible fixed assets
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life .
Leased assets
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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Basically Tool Hire Limited Notes to the Accounts for the year ended 31 May 2024
Stock and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Taxation
Corporation tax represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Government grants
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2023
30,000 
At 31 May 2024
30,000 
Amortisation
At 1 June 2023
30,000 
At 31 May 2024
30,000 
Net book value
At 31 May 2024
- 
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Basically Tool Hire Limited Notes to the Accounts for the year ended 31 May 2024
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 June 2023
1,011,078 
256,097 
4,160 
1,971 
1,273,306 
Additions
130,318 
- 
- 
- 
130,318 
Revaluations
(639,289)
(143,226)
- 
- 
(782,515)
Disposals
(43,000)
(22,371)
- 
- 
(65,371)
At 31 May 2024
459,107 
90,500 
4,160 
1,971 
555,738 
Depreciation
At 1 June 2023
894,579 
201,124 
832 
1,485 
1,098,020 
Charge for the year
45,911 
22,625 
666 
97 
69,299 
Surplus on revaluation
(894,579)
(197,253)
- 
- 
(1,091,832)
On disposals
- 
(3,870)
- 
- 
(3,870)
At 31 May 2024
45,911 
22,626 
1,498 
1,582 
71,617 
Net book value
At 31 May 2024
413,196 
67,874 
2,662 
389 
484,121 
At 31 May 2023
116,499 
54,973 
3,328 
486 
175,286 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
30,554 
42,252 
Other debtors
15,384 
2,535 
45,938 
44,787 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
15,323 
15,323 
VAT
2,348 
10,321 
Obligations under finance leases and hire purchase contracts
33,583 
32,552 
Trade creditors
12,791 
8,455 
Taxes and social security
2,895 
1,287 
Other creditors
815 
706 
Loans from directors
421 
- 
Accruals
4,034 
- 
72,210 
68,644 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
13,128 
28,453 
Obligations under finance leases and hire purchase contracts
59,262 
17,824 
72,390 
46,277 
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Basically Tool Hire Limited Notes to the Accounts for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 9 (2023: 12).
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