Registered number
06392854
Peak Hire Limited
Filleted Accounts
31 December 2024
Peak Hire Limited
Registered number: 06392854
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 368,735 239,295
Current assets
Debtors 4 49,269 25,982
Cash at bank and in hand 60,678 152,013
109,947 177,995
Creditors: amounts falling due within one year 5 (51,342) (50,971)
Net current assets 58,605 127,024
Total assets less current liabilities 427,340 366,319
Provisions for liabilities - (60,369)
Net assets 427,340 305,950
Capital and reserves
Called up share capital 200 200
Profit and loss account 427,140 305,750
Shareholders' funds 427,340 305,950
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Ashman
Director
Approved by the board on 31 March 2025
Peak Hire Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements over 4 years
Equipment and fitures over 4 years
Motor vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Property improvements Equipment and fitures Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 4,315 808,677 42,740 855,732
Additions - 324,031 14,995 339,026
At 31 December 2024 4,315 1,132,708 57,735 1,194,758
Depreciation
At 1 January 2024 4,315 584,254 27,868 616,437
Charge for the year - 198,399 11,187 209,586
At 31 December 2024 4,315 782,653 39,055 826,023
Net book value
At 31 December 2024 - 350,055 18,680 368,735
At 31 December 2023 - 224,423 14,872 239,295
4 Debtors 2024 2023
£ £
Trade debtors 24,475 5,299
Other debtors 24,794 20,683
49,269 25,982
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 47,166 509
Taxation and social security costs - 28,800
Directors loan account 1,816 19,302
Other creditors 2,360 2,360
51,342 50,971
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 39,332 33,255
7 Controlling party
The company is controlled by the director.
8 Other information
Peak Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6
Churchill Industrial Estate
Cheltenham
Glos
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