Registered number
08436213
G.B.U Hire Limited
Filleted Accounts
31 May 2024
G.B.U Hire Limited
Registered number: 08436213
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 475,961 476,299
Investments 4 968,664 993,664
1,444,625 1,469,963
Current assets
Debtors 5 2,830 49,161
Cash at bank and in hand 8,225 25,784
11,055 74,945
Creditors: amounts falling due within one year 6 (190,533) (164,406)
Net current liabilities (179,478) (89,461)
Total assets less current liabilities 1,265,147 1,380,502
Provisions for liabilities (118,990) (119,074)
Net assets 1,146,157 1,261,428
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,146,055 1,261,326
Shareholders' funds 1,146,157 1,261,428
The director is 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 director acknowledges his 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.
K Bainbridge
Director
Approved by the board on 11 February 2025
G.B.U Hire Limited
Notes to the Accounts
for the year ended 31 May 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 value added taxes. Turnover includes revenue earned from the hire of equipment and machinery and from the rendering of services.
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 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in the profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price),
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 589,264 200,970 790,234
Additions 6,683 189,063 195,746
Disposals (66,095) (123,364) (189,459)
At 31 May 2024 529,852 266,669 796,521
Depreciation
At 1 June 2023 230,932 83,003 313,935
Charge for the year 30,552 31,402 61,954
On disposals (31,275) (24,054) (55,329)
At 31 May 2024 230,209 90,351 320,560
Net book value
At 31 May 2024 299,643 176,318 475,961
At 31 May 2023 358,332 117,967 476,299
4 Investments
Other
investments
£
Cost
At 1 June 2023 993,664
Disposals (25,000)
At 31 May 2024 968,664
5 Debtors 2024 2023
£ £
Trade debtors 68 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,508 1,208
Taxation and social security costs - -
Other debtors 1,254 47,953
2,830 49,161
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 137,520 96,425
Trade creditors 2,147 5,175
Taxation and social security costs 13,260 16,964
Directors loan account 37,606 45,842
190,533 164,406
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Bainbridge
Directors loan account 30,999 (103,560) 92,653 20,092
30,999 (103,560) 92,653 20,092
8 Controlling party
The Company was controlled by the Director.
9 Other information
G.B.U Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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