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Registered number: 08619431










ITS FOR HIRE (YORKSHIRE) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
ITS FOR HIRE (YORKSHIRE) LIMITED
REGISTERED NUMBER:08619431

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
116,984
119,964

Current assets
  

Debtors: amounts falling due within one year
 5 
91,941
88,653

Cash at bank and in hand
  
48,500
76,207

  
140,441
164,860

Creditors: amounts falling due within one year
 6 
(44,307)
(78,952)

Net current assets
  
 
 
96,134
 
 
85,908

Total assets less current liabilities
  
213,118
205,872

Creditors: amounts falling due after more than one year
 7 
(11,667)
(21,667)

Provisions for liabilities
  

Deferred tax
  
(4,425)
-

Net assets
  
197,026
184,205


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
197,025
184,204

  
197,026
184,205


Page 1

 
ITS FOR HIRE (YORKSHIRE) LIMITED
REGISTERED NUMBER:08619431
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.




A K Waddington
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Its For Hire (Yorkshire) Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 08619431). Its registered office is Cedar House, 63 Napier Street, Sheffield, S11 8HA. The principal activity of the Company throughout the year continued to be that of the hire of plant and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in  the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 7).

Page 5

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
176,448
178,205
9,132
1,521
365,306


Additions
57,318
-
-
375
57,693


Disposals
(46,963)
-
-
-
(46,963)



At 31 July 2024

186,803
178,205
9,132
1,896
376,036



Depreciation


At 1 August 2023
124,629
110,376
9,132
1,205
245,342


Charge for the year on owned assets
22,010
25,332
-
67
47,409


Disposals
(33,699)
-
-
-
(33,699)



At 31 July 2024

112,940
135,708
9,132
1,272
259,052



Net book value



At 31 July 2024
73,863
42,497
-
624
116,984



At 31 July 2023
51,819
67,829
-
316
119,964

Page 6

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
74,872
88,278

Other debtors
17,069
375

91,941
88,653



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
26,352
10,068

Other taxation and social security
2,586
54,457

Other creditors
2,219
3,427

Accruals and deferred income
3,150
1,000

44,307
78,952



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667


Page 7

 
ITS FOR HIRE (YORKSHIRE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Deferred taxation




2024


£






Charged to the Statement of Income and Retained Earnings
4,425



At end of year
4,425

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
22,227
-

Tax losses carried forward
(17,785)
-

Pension surplus
(17)
-

4,425
-


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,691 (2023: £2,934). Contributions totalling £91 (2023: £194) were payable to the fund at the Balance Sheet date and are included in creditors.

 
Page 8