1 1 April 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 618,148 67,500 84,920 600,728 200,048 133,920 60,105 273,863 326,865 418,100 xbrli:pure xbrli:shares iso4217:GBP 11317143 2023-06-01 2024-11-30 11317143 2024-11-30 11317143 2023-05-31 11317143 2022-06-01 2023-05-31 11317143 2023-05-31 11317143 2022-05-31 11317143 core:PlantMachinery 2023-06-01 2024-11-30 11317143 bus:Director3 2023-06-01 2024-11-30 11317143 core:PlantMachinery 2023-05-31 11317143 core:PlantMachinery 2024-11-30 11317143 core:WithinOneYear 2024-11-30 11317143 core:WithinOneYear 2023-05-31 11317143 core:AfterOneYear 2024-11-30 11317143 core:AfterOneYear 2023-05-31 11317143 core:ShareCapital 2024-11-30 11317143 core:ShareCapital 2023-05-31 11317143 core:RetainedEarningsAccumulatedLosses 2024-11-30 11317143 core:RetainedEarningsAccumulatedLosses 2023-05-31 11317143 core:PlantMachinery 2023-05-31 11317143 bus:Director1 2023-06-01 2024-11-30 11317143 bus:SmallEntities 2023-06-01 2024-11-30 11317143 bus:Audited 2023-06-01 2024-11-30 11317143 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-11-30 11317143 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-11-30 11317143 bus:FullAccounts 2023-06-01 2024-11-30
COMPANY REGISTRATION NUMBER: 11317143
Loosegate Plant Hire Limited
Filleted Financial Statements
For the period ended
30 November 2024
Loosegate Plant Hire Limited
Statement of Financial Position
30 November 2024
30 Nov 24
31 May 23
Note
£
£
£
Fixed assets
Tangible assets
5
326,865
418,100
Current assets
Debtors
6
78,876
65,834
Cash at bank and in hand
668
7,312
--------
--------
79,544
73,146
Creditors: amounts falling due within one year
7
71,939
45,341
--------
--------
Net current assets
7,605
27,805
---------
---------
Total assets less current liabilities
334,470
445,905
Creditors: amounts falling due after more than one year
8
224,214
325,757
Provisions
Taxation including deferred tax
62,104
93,768
---------
---------
Net assets
48,152
26,380
---------
---------
Loosegate Plant Hire Limited
Statement of Financial Position (continued)
30 November 2024
30 Nov 24
31 May 23
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
48,052
26,280
--------
--------
Shareholders funds
48,152
26,380
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
A Mayer
Director
Company registration number: 11317143
Loosegate Plant Hire Limited
Notes to the Financial Statements
Period from 1 June 2023 to 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Browns Yard Seas End Road, Moulton Seas End, Spalding, PE12 6JX, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounts. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. this is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 June 2023
618,148
618,148
Additions
67,500
67,500
Disposals
( 84,920)
( 84,920)
---------
---------
At 30 November 2024
600,728
600,728
---------
---------
Depreciation
At 1 June 2023
200,048
200,048
Charge for the period
133,920
133,920
Disposals
( 60,105)
( 60,105)
---------
---------
At 30 November 2024
273,863
273,863
---------
---------
Carrying amount
At 30 November 2024
326,865
326,865
---------
---------
At 31 May 2023
418,100
418,100
---------
---------
6. Debtors
30 Nov 24
31 May 23
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
61,839
Other debtors
17,037
65,834
--------
--------
78,876
65,834
--------
--------
7. Creditors: amounts falling due within one year
30 Nov 24
31 May 23
£
£
Trade creditors
2,353
Social security and other taxes
11,359
Other creditors
60,580
42,988
--------
--------
71,939
45,341
--------
--------
Included in other creditors are hire purchase liabilities which are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
30 Nov 24
31 May 23
£
£
Other creditors
224,214
325,757
---------
---------
Included in other creditors are hire purchase liabilities which are secured on the assets to which they relate.
9. Summary audit opinion
The auditor's report dated 1 April 2025 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
10. Related party transactions
The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the Loosegate Holdings Limited group.
11. Controlling party
During the period, the immediate and ultimate controlling party became Loosegate Holdings Limited, company registration number 11317173, a company registered in England and Wales. The financial statements of Loosegate Holdings Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. There is no ultimate controlling party.