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Registration number: 07093570

Latta Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Latta Hire Limited
(Registration number: 07093570)

Company Information

Director

Mr Mathew Latta

Registered office

Bridge Farm
Holme Fen Drove
Colne
Huntingdon
Cambridgeshire
PE28 3RE

Registered number

07093570

 

Latta Hire Limited
(Registration number: 07093570)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

1,349,349

1,208,946

Current assets

 

Debtors

5

594,102

580,895

Cash at bank and in hand

 

22

80,907

 

594,124

661,802

Creditors: Amounts falling due within one year

6

(377,406)

(420,443)

Net current assets

 

216,718

241,359

Total assets less current liabilities

 

1,566,067

1,450,305

Creditors: Amounts falling due after more than one year

6

(214,384)

(171,579)

Provisions for liabilities

(337,337)

(304,128)

Net assets

 

1,014,346

974,598

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

1,014,246

974,498

Shareholders' funds

 

1,014,346

974,598

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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 June 2025
 

.........................................
Mr Mathew Latta
Director

 

Latta Hire Limited
(Registration number: 07093570)

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 and Wales.

The address of its registered office is:
Bridge Farm
Holme Fen Drove
Colne
Huntingdon
Cambridgeshire
PE28 3RE

These financial statements were authorised for issue by the director on 11 June 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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

The financial statements have been prepared on a going concern basis.

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.

 

Latta Hire Limited
(Registration number: 07093570)

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Equipment for hire

5-10% Straight line

Motor vehicles

25% Reducing balance

Office equipment

15% Reducing balance

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.

 

Latta Hire Limited
(Registration number: 07093570)

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 13).

 

Latta Hire Limited
(Registration number: 07093570)

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

12,611

333,282

1,390,925

1,736,818

Additions

3,294

131,286

177,269

311,849

Disposals

-

-

(46,875)

(46,875)

At 31 December 2024

15,905

464,568

1,521,319

2,001,792

Depreciation

At 1 January 2024

6,782

178,910

342,181

527,873

Charge for the year

1,123

62,581

72,282

135,986

Eliminated on disposal

-

-

(11,416)

(11,416)

At 31 December 2024

7,905

241,491

403,047

652,443

Carrying amount

At 31 December 2024

8,000

223,077

1,118,272

1,349,349

At 31 December 2023

5,829

154,373

1,048,744

1,208,946

5

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

2024
£

2023
£

Trade Debtors

125,854

134,024

Prepayments

17,053

49,100

Other debtors

451,195

397,771

 

594,102

580,895

 

Latta Hire Limited
(Registration number: 07093570)

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

163,146

126,984

Trade Creditors

 

77,499

140,364

Taxation and social security

 

94,778

111,406

Accruals and deferred income

 

8,030

9,247

Other creditors

 

33,953

32,442

 

377,406

420,443

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

214,384

171,579

 

Latta Hire Limited
(Registration number: 07093570)

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

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

39,812

-

Hire purchase contracts

113,334

116,984

163,146

126,984

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

20,000

Hire purchase contracts

204,384

151,579

214,384

171,579

The total of the net obligations under finance leases and hire purchase contracts outstanding at the year end and the previous year end were secured on the assets concerned.

The bank loan relates to a government backed bounce back loan, which is repayable in monthly instalments and interest is charged at a fixed rate of 2.5%.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £250,000 (2023 - £250,000).