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COMPANY REGISTRATION NUMBER: 01496192
Read Plant (Hire and Sales) Limited
Filleted Unaudited Financial Statements
31 July 2024
Read Plant (Hire and Sales) Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
372,683
432,400
Current assets
Stocks
35,000
33,250
Debtors
6
106,974
125,458
Cash at bank and in hand
218,742
81,156
---------
---------
360,716
239,864
Creditors: amounts falling due within one year
7
178,706
130,170
---------
---------
Net current assets
182,010
109,694
---------
---------
Total assets less current liabilities
554,693
542,094
Creditors: amounts falling due after more than one year
8
195,306
234,861
---------
---------
Net assets
359,387
307,233
---------
---------
Capital and reserves
Called up share capital
120
120
Profit and loss account
359,267
307,113
---------
---------
Shareholders funds
359,387
307,233
---------
---------
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 income statement has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Read Plant (Hire and Sales) Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
M S Barrett
Director
Company registration number: 01496192
Read Plant (Hire and Sales) Limited
Notes to the Financial Statements
Year ended 31 July 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 Ashley House, Tregarn Road, Langstone, Newport, South Wales, NP18 2JS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
552,473
10,053
780,591
1,816
1,344,933
Additions
5,000
786
5,786
---------
--------
---------
-------
------------
At 31 July 2024
557,473
10,053
780,591
2,602
1,350,719
---------
--------
---------
-------
------------
Depreciation
At 1 August 2023
426,156
9,927
474,764
1,686
912,533
Charge for the year
18,947
15
46,403
138
65,503
---------
--------
---------
-------
------------
At 31 July 2024
445,103
9,942
521,167
1,824
978,036
---------
--------
---------
-------
------------
Carrying amount
At 31 July 2024
112,370
111
259,424
778
372,683
---------
--------
---------
-------
------------
At 31 July 2023
126,317
126
305,827
130
432,400
---------
--------
---------
-------
------------
6. Debtors
2024
2023
£
£
Trade debtors
106,974
125,458
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
394
Trade creditors
21,712
30,554
Social security and other taxes
32,867
44,299
Other creditors
124,127
54,923
---------
---------
178,706
130,170
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,000
12,500
Other creditors
191,306
222,361
---------
---------
195,306
234,861
---------
---------
9. Directors' advances, credits and guarantees
The Directors are owed the following amounts:
2024 2023
£ £
M S Barrett 9,036 9,036
M M Barrett 20 20
M Prothero (1,541)
10. Related party transactions
The company was under the control of M S Barrett during the current and previous year.