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Company No: 04620554 (England and Wales)

G & J STEELE PLANT HIRE LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 31 March 2024

G & J STEELE PLANT HIRE LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

G & J STEELE PLANT HIRE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
G & J STEELE PLANT HIRE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Charles Goodwin
Jamie Steele
Leanne Steele
REGISTERED OFFICE Hillside Works
Old Mill Lane
Aylesford
ME20 7DT
United Kingdom
COMPANY NUMBER 04620554 (England and Wales)
ACCOUNTANT Synergee
Pluto House
6 Vale Avenue
Tunbridge Wells
TN1 1DJ
G & J STEELE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
G & J STEELE PLANT HIRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 4 21,164 15,398
21,164 15,398
Current assets
Debtors 1,290,868 1,134,204
Cash at bank and in hand 538,204 776,090
1,829,072 1,910,294
Creditors: amounts falling due within one year ( 786,870) ( 719,378)
Net current assets 1,042,202 1,190,916
Total assets less current liabilities 1,063,366 1,206,314
Creditors: amounts falling due after more than one year ( 55,781) ( 108,888)
Net assets 1,007,585 1,097,426
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 1,007,485 1,097,326
Total shareholder's funds 1,007,585 1,097,426

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of G & J Steele Plant Hire Limited (registered number: 04620554) were approved and authorised for issue by the Board of Directors on 28 February 2025. They were signed on its behalf by:

Leanne Steele
Director
G & J STEELE PLANT HIRE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
G & J STEELE PLANT HIRE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

G & J Steele Plant Hire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hillside Works, Old Mill Lane, Aylesford, ME20 7DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due
within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Tangible fixed assets

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

Government grants
Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash is represented by cash in hand and bank current and short term deposit accounts.

2. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Interest receivable and interest payable

31.03.2024 31.03.2023
£ £
Interest receivable and similar income 0 448
Interest payable and similar expenses ( 23,113) ( 4,962)
(23,113) (4,514)

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 606,156 606,156
Additions 11,052 11,052
At 31 March 2024 617,208 617,208
Accumulated depreciation
At 01 April 2023 590,758 590,758
Charge for the financial year 5,287 5,287
Rounding ( 1) ( 1)
At 31 March 2024 596,044 596,044
Net book value
At 31 March 2024 21,164 21,164
At 31 March 2023 15,398 15,398

5. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

6. Related party transactions

G & J Steele Plant Hire Limited is a subsidiary of G & J Steele (Holdings) Limited.
In respect of various loans at the year end G & J Steele Plant Hire Limited was owed £278,110 (2023: 238,068) by G & J Steele (Holdings) Limited and £493,178 by G&J Steele Ltd.

7. Ultimate controlling party

Parent Company:

The company is under the control of G A Steele who owns the controlling share of G & J Steele (Holdings) Limited, the parent company.