Company registration number 02023913 (England and Wales)
HAWES PLANT AND TOOL HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAWES PLANT AND TOOL HIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HAWES PLANT AND TOOL HIRE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
785,354
2,177,170
Current assets
Stocks
43,214
73,395
Debtors
4
2,085,822
1,524,869
Cash at bank and in hand
19,299
35,596
2,148,335
1,633,860
Creditors: amounts falling due within one year
5
(1,974,751)
(1,608,061)
Net current assets
173,584
25,799
Total assets less current liabilities
958,938
2,202,969
Creditors: amounts falling due after more than one year
6
(195,591)
(891,584)
Provisions for liabilities
41,981
(285,548)
Net assets
805,328
1,025,837
Capital and reserves
Called up share capital
8
4,001
4,001
Profit and loss reserves
801,327
1,021,836
Total equity
805,328
1,025,837

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HAWES PLANT AND TOOL HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
K Hawes
Director
Company registration number 02023913 (England and Wales)
HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hawes Plant and Tool Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rendering of services

Revenue arises from the provision of plant and tool hire.

Revenue is recognised on an ongoing basis whilst the plant is on hire.

 

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over 20 years straight line
Plant and equipment
17% - 20% reducing balance
Motor vehicles
20% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
22
HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
43,619
3,706,656
3,750,275
Additions
-
0
240,879
240,879
Disposals
-
0
(2,532,954)
(2,532,954)
At 31 March 2024
43,619
1,414,581
1,458,200
Depreciation and impairment
At 1 April 2023
23,762
1,549,343
1,573,105
Depreciation charged in the year
2,181
226,322
228,503
Eliminated in respect of disposals
-
0
(1,128,762)
(1,128,762)
At 31 March 2024
25,943
646,903
672,846
Carrying amount
At 31 March 2024
17,676
767,678
785,354
At 31 March 2023
19,857
2,157,313
2,177,170
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
340,754
460,666
Amounts owed by group undertakings
1,451,837
854,146
Other debtors
293,231
210,057
2,085,822
1,524,869
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
50,000
54,167
Obligations under finance leases
348,443
708,929
Other borrowings
7
14,526
309,276
Trade creditors
165,577
236,027
Amounts owed to group undertakings
1,214,173
224,114
Corporation tax
6,205
17,136
Other taxation and social security
57,099
43,602
Other creditors
80,476
3,435
Accruals and deferred income
38,252
11,375
1,974,751
1,608,061
HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included in other borrowings, £10,700 (2023: £305,570) relates to an invoice discounting facility which is secured over the company's debtor book.

 

Hire purchase creditors of £348,443 (2023: £708,929) are secured on the assets to which they relate.

 

The bank holds a legal first charge over the commercial properties within the Group.

 

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
12,500
58,333
Obligations under finance leases
183,091
833,251
195,591
891,584

Hire purchase creditors of £183,091 (2023: £833,251) are secured on the assets to which they relate.

 

The bank holds an unlimited guarantee from all companies within the Group.

 

7
Loans and overdrafts
2024
2023
£
£
Bank loans
62,500
112,500
Other loans
14,526
309,276
77,026
421,776
Payable within one year
64,526
363,443
Payable after one year
12,500
58,333

The bank holds an unlimited guarantee from all companies in the group, namely Hawes Holdings Limited, Hawes Plant and Tool Hire Limited, Hawes Skip Hire Limited and Hawes Waste Management Limited, in respect of bank borrowings.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,001
4,001
4,001
4,001
HAWES PLANT AND TOOL HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Related party transactions

The company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 not to disclose transactions with wholly owned group entities.

 

The directors owed the company a combined total of £81,135 (2023: £69,100).

 

At the balance-sheet date, individuals who were a related party by virtue of being close family members of the shareholders and directors of the company owed £36,938 (2023: £53,289).

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