Company registration number 07080496 (England and Wales)
MACHINERY FINANCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MACHINERY FINANCE LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MACHINERY FINANCE LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
103,718
88,679
Current assets
Debtors
5
62,813
75,908
Investments
6
23,582
15,613
Cash at bank and in hand
7,472
5
93,867
91,526
Creditors: amounts falling due within one year
7
(100,150)
(95,774)
Net current liabilities
(6,283)
(4,248)
Total assets less current liabilities
97,435
84,431
Creditors: amounts falling due after more than one year
8
(66,478)
(74,304)
Provisions for liabilities
Deferred tax liability
10
19,706
11,486
(19,706)
(11,486)
Net assets/(liabilities)
11,251
(1,359)
Capital and reserves
Called up share capital
11
150
150
Profit and loss reserves
11,101
(1,509)
Total equity
11,251
(1,359)
MACHINERY FINANCE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 July 2025
Mr C P Smith
Director
Company registration number 07080496 (England and Wales)
MACHINERY FINANCE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
150
(46,182)
(46,032)
Year ended 30 November 2023:
Profit and total comprehensive income
-
183,163
183,163
Dividends
-
(138,490)
(138,490)
Balance at 30 November 2023
150
(1,509)
(1,359)
Year ended 30 November 2024:
Profit and total comprehensive income
-
112,610
112,610
Dividends
-
(100,000)
(100,000)
Balance at 30 November 2024
150
11,101
11,251
MACHINERY FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information

Machinery Finance Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Somerset Avenue, Wilpshire, Blackburn, Lancashire, England, BB1 9JD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MACHINERY FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2
MACHINERY FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,570
11,105
Company pension contributions to defined contribution schemes
190
145
12,760
11,250
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
876
19,845
86,334
107,055
Additions
2,291
729
26,700
29,720
At 30 November 2024
3,167
20,574
113,034
136,775
Depreciation and impairment
At 1 December 2023
606
11,350
6,420
18,376
Depreciation charged in the year
359
1,334
12,988
14,681
At 30 November 2024
965
12,684
19,408
33,057
Carrying amount
At 30 November 2024
2,202
7,890
93,626
103,718
At 30 November 2023
270
8,495
79,914
88,679
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,927
2,911
Other debtors
60,886
72,997
62,813
75,908
6
Current asset investments
2024
2023
Notes
£
£
Loans to associates
23,582
15,613
MACHINERY FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
9
5,556
8,355
Obligations under finance leases
8,949
7,001
Corporation tax
80,461
72,090
Other taxation and social security
1,142
773
Other creditors
1,864
4,037
Accruals and deferred income
2,178
3,518
100,150
95,774
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
9
25,463
31,019
Obligations under finance leases
41,015
43,285
66,478
74,304
9
Loans and overdrafts
2024
2023
£
£
Bank loans
31,019
36,575
Bank overdrafts
-
0
2,799
31,019
39,374
Payable within one year
5,556
8,355
Payable after one year
25,463
31,019
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
19,706
11,486
MACHINERY FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 December 2023
11,486
Charge to profit or loss
8,220
Liability at 30 November 2024
19,706

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
150
150
150
150
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