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Registration number: 08736312

Hutton Hire Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Hutton Hire Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Hutton Hire Ltd

Company Information

Directors

Mrs Gail Hutton

Mr Peter John Hutton

Registered office

The Yard
North Way
Quintrell Downs
Newquay
TR8 4LA

Accountants

Peter Williams & Co
Chartered Certified AccountantsLatham Park
St Blazey Road
Par
Cornwall
PL24 2HY

 

Hutton Hire Ltd

(Registration number: 08736312)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,500

25,000

Tangible assets

5

365,196

355,415

 

387,696

380,415

Current assets

 

Stocks

6

45,252

45,246

Debtors

7

75,997

58,652

Cash at bank and in hand

 

196,554

128,878

 

317,803

232,776

Creditors: Amounts falling due within one year

8

(123,120)

(116,870)

Net current assets

 

194,683

115,906

Total assets less current liabilities

 

582,379

496,321

Creditors: Amounts falling due after more than one year

8

(14,779)

(24,167)

Net assets

 

567,600

472,154

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

567,598

472,152

Shareholders' funds

 

567,600

472,154

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 

.........................................
Mr Peter John Hutton
Director

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Yard
North Way
Quintrell Downs
Newquay
TR8 4LA

These financial statements were authorised for issue by the Board on 9 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

50,000

50,000

At 31 December 2024

50,000

50,000

Amortisation

At 1 January 2024

25,000

25,000

Amortisation charge

2,500

2,500

At 31 December 2024

27,500

27,500

Carrying amount

At 31 December 2024

22,500

22,500

At 31 December 2023

25,000

25,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

696,774

83,409

780,183

Additions

142,068

-

142,068

Disposals

(38,102)

-

(38,102)

At 31 December 2024

800,740

83,409

884,149

Depreciation

At 1 January 2024

380,555

44,213

424,768

Charge for the year

112,980

9,799

122,779

Eliminated on disposal

(28,594)

-

(28,594)

At 31 December 2024

464,941

54,012

518,953

Carrying amount

At 31 December 2024

335,799

29,397

365,196

At 31 December 2023

316,219

39,196

355,415

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Other inventories

45,252

45,246

7

Debtors

Current

2024
£

2023
£

Trade debtors

68,712

51,336

Prepayments

7,285

7,316

 

75,997

58,652

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

19,242

21,306

Taxation and social security

36,171

24,123

Accruals and deferred income

3,829

3,152

Other creditors

63,878

68,289

123,120

116,870

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

14,779

24,167

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,779

24,167

Current loans and borrowings

2024
£

2023
£

11

Dividends

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024

2023

£

£

Interim dividend of £250.00 (2023 - £25,000.00) per ordinary share

500

50,000

 

 

12

Related party transactions

 

Hutton Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

2,520

9,980