1
1 April 2025
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false
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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 |
|
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:
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.