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REGISTERED NUMBER: 11433365 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

M & R TOOL HIRE LTD

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M & R TOOL HIRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M S Deol
R E Webb
A A Cross
R Hayward
Mrs S Deol
D A Stockley





REGISTERED OFFICE: Unit 2
Woodingdean Business Park
Sea View Way
Brighton
East Sussex
BN2 6NX





REGISTERED NUMBER: 11433365 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 3,090,527 3,830,488

CURRENT ASSETS
Stocks 25,946 24,249
Debtors 5 1,735,742 1,826,429
Cash at bank 356,194 324,947
2,117,882 2,175,625
CREDITORS
Amounts falling due within one year 6 4,000,971 4,285,929
NET CURRENT LIABILITIES (1,883,089 ) (2,110,304 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,207,438

1,720,184

CREDITORS
Amounts falling due after more than one
year

7

(411,184

)

(637,764

)

PROVISIONS FOR LIABILITIES 10 (184,156 ) (394,506 )
NET ASSETS 612,098 687,914

CAPITAL AND RESERVES
Called up share capital 11 166 166
Share premium 18,084 18,084
Retained earnings 593,848 669,664
SHAREHOLDERS' FUNDS 612,098 687,914

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

BALANCE SHEET - continued
31 DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





M S Deol - Director


M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

M & R Tool Hire Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared using a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company relies on the support of connected companies and of its directors, whom have indicated that they will continue to support the trading activities of the company. On that basis the directors are satisfied that the going concern basis of preparing the financial statements is appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates or other similar allowances, customer returns and value added tax.

Plant and tool hire revenue and rehire revenue is recognised over the period to which the hire relates.

Revenue for the sale of stock or of previously hired equipment is recognised when the goods have been delivered and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the lease term
Improvements to property - over the lease term
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation less accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 45 ) .

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2024 14,284 78,648 7,803,338
Additions - 1,500 796,230
Disposals - - (200,598 )
At 31 December 2024 14,284 80,148 8,398,970
DEPRECIATION
At 1 January 2024 8,453 23,566 4,310,321
Charge for year 2,451 27,338 1,452,171
Eliminated on disposal - - (218,500 )
At 31 December 2024 10,904 50,904 5,543,992
NET BOOK VALUE
At 31 December 2024 3,380 29,244 2,854,978
At 31 December 2023 5,831 55,082 3,493,017

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 59,745 492,943 36,865 8,485,823
Additions 3,073 103,725 5,447 909,975
Disposals - (272,158 ) - (472,756 )
At 31 December 2024 62,818 324,510 42,312 8,923,042
DEPRECIATION
At 1 January 2024 40,779 248,563 23,653 4,655,335
Charge for year 8,179 54,747 5,320 1,550,206
Eliminated on disposal - (154,526 ) - (373,026 )
At 31 December 2024 48,958 148,784 28,973 5,832,515
NET BOOK VALUE
At 31 December 2024 13,860 175,726 13,339 3,090,527
At 31 December 2023 18,966 244,380 13,212 3,830,488

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 1,115,258 379,280 1,494,538
Additions 154,100 103,725 257,825
Disposals - (158,970 ) (158,970 )
Transfer to ownership - (75,840 ) (75,840 )
At 31 December 2024 1,269,358 248,195 1,517,553
DEPRECIATION
At 1 January 2024 357,186 184,269 541,455
Charge for year 232,953 50,229 283,182
Eliminated on disposal - (85,955 ) (85,955 )
Transfer to ownership - (75,840 ) (75,840 )
At 31 December 2024 590,139 72,703 662,842
NET BOOK VALUE
At 31 December 2024 679,219 175,492 854,711
At 31 December 2023 758,072 195,011 953,083

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,570,475 1,639,205
Amounts owed by connected companies 11,627 6,094
Other debtors 113,639 141,129
1,695,741 1,786,428

Amounts falling due after more than one year:
Other debtors 40,001 40,001

Aggregate amounts 1,735,742 1,826,429

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 58,333 100,000
Hire purchase contracts (see note 8) 333,055 336,421
Trade creditors 770,197 754,417
Amounts owed to connected companies 2,367,523 2,698,000
Taxation and social security 265,922 198,550
Other creditors 205,941 198,541
4,000,971 4,285,929

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 58,333
Hire purchase contracts (see note 8) 411,184 579,431
411,184 637,764

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 333,055 336,421
Between one and five years 411,184 579,431
744,239 915,852

Non-cancellable operating leases
2024 2023
£    £   
Within one year 212,379 228,416
Between one and five years 75,475 282,642
287,854 511,058

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 58,333 158,333

The bank loan is secured by a fixed charge and floating charge over all assets of the company by way of a debenture registered on 4 August 2020.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 184,156 394,506

Deferred
tax
£   
Balance at 1 January 2024 394,506
Credit to Statement of Income and Retained Earnings during year (210,350 )
Balance at 31 December 2024 184,156

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
33 A Ordinary £1 33 33
33 B Ordinary £1 33 33
166 166

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
A A Cross
Balance outstanding at start of year 16,655 16,655
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,655 16,655

R Hayward
Balance outstanding at start of year 23,771 23,271
Amounts advanced - 500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,771 23,771

Included within amounts advanced to the directors are loans of £9,075 made in 2020 to each director (A. Cross and R Hayward) to purchase shares in the company. The loans are interest free and shall be repaid immediately on the occurrence of any sale, transfer or any other disposal of the shares. Otherwise, the amounts advanced to the directors are subject to interest (at a rate o 3% per annum) and repayable on demand.

M & R TOOL HIRE LTD (REGISTERED NUMBER: 11433365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


13. RELATED PARTY DISCLOSURES

Including within 'Creditors: amounts falling due within one year' the following balances were outstanding with connected companies. Of these balances only the amount due over £1 million to Avante Ltd is subject to interest. All other loans are interest-free and all loans are repayable on demand.

2024 2023
£ £
Beachfront Leisure Ltd (11,627 ) (6,094 )
Linwood Investments Limited - -
Welstead Properties Ltd - 100,000
Avante Ltd 2,367,523 2,598,000
2,355,896 2,691,906

During the year the following transactions took place between the connected companies.

2024 2023
£ £
Management charges
Beachfront Leisure Ltd 117,500 169,750
Avante Ltd 90,000 100,000
269,750 269,750
Interest payable
Avante Ltd 41,250 45,000