REGISTERED NUMBER: |
GREATER LONDON HIRE LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
REGISTERED NUMBER: |
GREATER LONDON HIRE LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Strategic Report | 1 |
Report of the Directors | 2 | to | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Profit and Loss Account | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 | to | 19 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their strategic report for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
The principal activity of the Company during the period under review were that of private hire transport services and same day couriers. After the period with high inflation and rising interest rates the directors are satisfied with the results for the year and hope for the company's profitability and turnover to improve in the forthcoming years. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity Risk |
The company manages its cash and borrowings in order to ensure it has sufficient funds available for its operations .In this regard the company continues to have the benefit of the provision an invoice discounting facility of £1,000,000. |
Credit Risk |
As a standard policy, all customers who wish to trade on credit terms, are subject to our stringent credit verification procedures. Trade debtors, including amounts owed by our drivers , are reviewed on a regular basis and provision made for doubtful debts as deemed necessary. All new accounts are reviewed against Experian credit rating agency before Account Facility is granted. |
FINANCIAL POSITION |
The financial position of the company as at year just ended is strong. Shareholders funds increased by £72,347 to £1,990,309 as at 30th April 2023 |
The company expect the financial position to improve even further in the forthcoming year. |
FINANCIAL REVIEW |
The turnover of the company for the year ended increased by 14% (2022 37% ) |
The company expects the turnover to increase in the coming year.. |
CREDITOR PAYMENT POLICY |
The company prides itself on its reputation for paying suppliers promptly and strictly in accordance with terms agreed. On average, trade creditors at the year end represents 21 ( 29 in 2022) days purchase |
EQUAL OPPORTUNITY |
The company is committed to the principle of equal opportunity in employment by applying employment policies that are fair and equitable. |
FUTURE DEVELOPMENT |
The Company will continue to focus on growth in the current market through acquiring new customers. |
ON BEHALF OF THE BOARD: |
Director |
9 January 2024 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their report with the financial statements of the company for the year ended 30 April 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
AUDITORS |
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GREATER LONDON HIRE LIMITED |
Opinion |
We have audited the financial statements of Greater London Hire Limited (the 'company') for the year ended 30 April 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
In relation to the company's reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors' statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GREATER LONDON HIRE LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GREATER LONDON HIRE LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Obtaining an understanding of the nature of the industry and sector , including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks . |
Discussing with management matters of non-compliance with laws and regulations and how fraud might occur including assessing how the financial statements may be susceptible to fraud. |
We also otained confirmation from the company's solicitors as to potential litigation and claims. |
Obtaining and examining external documentary evidence , including external licence inspectors report, to assess compliance with laws and regulations. |
Our tests also included review financial statement ensuring compliance with FRS 102 , The Companies Acts 2006 , UK generally Accepted Accounting Practice and adequacy and appropriateness disclosures |
To ensure there was no management overide of controls we tested management journals, adjustments and reconciliations, for appropriateness , assessing whether the judgements made in making accounting estimates are indicative of potential bias ; and evaluating the business rationale of any significant transaction that are unusual or outside the normal course of business ; including testing for compliance with S455 of corporation tax ACT 2010. |
In relation to fraud , our objectives are to identify and assess the risk of material misstatement of the finanancial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate response and to respond appropriately to fraud or suspected fraud identified during the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(40,500 | ) | 56,106 |
Other operating income | 5 |
OPERATING (LOSS)/PROFIT | 7 | ( |
) |
Profit/loss on disposal of |
fixed assets | 8 |
164,759 | 243,449 |
Interest receivable and similar income |
177,005 | 255,701 |
Interest payable and similar expenses | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year | ( |
) |
Loan repayments in year |
Capital repayments in year |
Amount introduced by directors | 3,623 | 6,970 |
Amount withdrawn by directors | (22,922 | ) | (182 | ) |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
254,724 |
Cash and cash equivalents at end of year |
2 |
( |
) |
256,182 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Government grants | ( |
) |
Finance costs | 113,088 | 48,530 |
Finance income | (12,246 | ) | (12,252 | ) |
502,179 | 439,604 |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 294,306 | 256,182 |
Bank overdrafts | ( |
) |
(372,968 | ) | 256,182 |
Year ended 30 April 2022 |
30.4.22 | 1.5.21 |
£ | £ |
Cash and cash equivalents | 256,182 | 254,724 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.22 | Cash flow | At 30.4.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 256,182 | 38,124 | 294,306 |
Bank overdrafts | - | (667,274 | ) | (667,274 | ) |
256,182 | ( |
) | (372,968 | ) |
Debt |
Finance leases | (407,110 | ) | (942,915 | ) | (1,350,025 | ) |
Debts falling due within 1 year | (40,247 | ) | (194,861 | ) | (235,108 | ) |
Debts falling due after 1 year | (1,048,566 | ) | 112,859 | (935,707 | ) |
(1,495,923 | ) | (1,024,917 | ) | (2,520,840 | ) |
Total | (1,239,741 | ) | (1,654,067 | ) | (2,893,808 | ) |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Greater London Hire Limited is a |
Registered number: |
Registered office: |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the Company's accounting policies, management is required to make judgements,estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as described in note to the accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date. |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
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. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
5. | OTHER OPERATING INCOME |
Other operating income as stated includes JRS grant received from furloughing staff of £Nil (2022 £105,582) and EV grant of £Nil (2022 £40,843) as a result of acquisition of environmentally zero carbon emitting electric cars. |
6. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production staff | 63 | 55 |
Administrative staff | 10 | 8 |
Directors | 5 | 5 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Accrued pension at 30 April 2023 |
7. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
8. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Profit/loss on disposal of |
fixed assets |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
Hire purchase |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
11. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
AMORTISATION |
At 1 May 2022 |
Amortisation for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
12. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors | 34,927 | 48,395 |
Corporation tax repayable | 160,997 | 160,997 |
Directors' loan accounts | 625,940 | 606,641 |
Deferred tax asset |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
PAYE and NIC |
Wages control | 56,279 | 73,334 |
VAT | 540,112 | 614,627 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
Deferred government grants |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
16. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years by instalments |
812,789 |
880,012 |
Bank loans and overdrafts represents Bank loan £235,108 ( 2022 £40,247) |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
During the year the company entered into finance lease arrangements in respect of motor vehicles with a capital value at the inception of £1,181,569 ( 2022 £328,541). |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans and overdraft represents £935,706 (2022 1,048,566) 20 year term loan at a fixed interest of 6.225% for the first 5 years and thereafter flexible interest of 3.085% above Bank's base rate secured on freehold property 14-15 Gateway Mews, N11 2UT, and secured debt finance of up to £1,000,000. |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Other provisions | 88,390 | 59,626 |
Deferred |
tax |
£ |
Balance at 1 May 2022 | ( |
) |
Provided during year | ( |
) |
Balance at 30 April 2023 | ( |
) |
GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary share capital | £1 | 8,000 | 8,000 |
Class 1A ordinary shares | £1 | 22 | 22 |
8,022 | 8,022 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Directors' loan account includes amounts owed by the managing director to the company. In compliance with ICTA now Section 455 of corporation tax ACT 2010, 32.5% (2022 32.5% ) tax deposit is provided for on the amounts advanced and outstanding nine months after the company's accounting year end. |
22. | POST BALANCE SHEET EVENTS |
There are no adjusting or non-adjusting events after the end of the reporting period. |
23. | ULTIMATE CONTROLLING PARTY |
Mr R Scott, the managing director, controls the company by virtue of a controlling interest, directly or indirectly, of 99% of the ordinary voting share capital of the company. |