Company Registration No. 04012806 (England and Wales)
TECHNICAL MAINS HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
TECHNICAL MAINS HIRE LIMITED
COMPANY INFORMATION
Director
J Singleton
Secretary
K Dunn
Company number
04012806
Registered office
Unit 17 The Pines Business Park
Broad Street
Guildford
Surrey
GU3 3BH
Accountants
Arram Berlyn Gardner LLP
30 City Road
London
EC1Y 2AB
TECHNICAL MAINS HIRE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
TECHNICAL MAINS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
481,715
519,243
Current assets
Debtors
5
1,546
1,489
Cash at bank and in hand
-
17
1,546
1,506
Creditors: amounts falling due within one year
6
(38,313)
(58,723)
Net current liabilities
(36,767)
(57,217)
Total assets less current liabilities
444,948
462,026
Creditors: amounts falling due after more than one year
7
(12,841)
(5,948)
Provisions for liabilities
(74,751)
(79,563)
Net assets
357,356
376,515
Capital and reserves
Called up share capital
8
65
65
Revaluation reserve
9
216,495
237,518
Capital redemption reserve
9
35
35
Profit and loss reserves
9
140,761
138,897
Total equity
357,356
376,515
The director of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
TECHNICAL MAINS HIRE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2018
J Singleton
Director
Company Registration No. 04012806
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Technical Mains Hire Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 17 The Pines Business Park, Broad Street, Guildford, Surrey, GU3 3BH.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the
year
end, the company has net
current
liabilities of £
36,767 (201
6
: £57
,
217)
. The company is dependent on the continued support of its creditors and the directors are confident of this support over the next 12 months.
Therefore t
he directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover is measured as the fair value of the consideration received or receivable for the hire of technical service equipment net of trade discounts.
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:
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% straight line
Motor vehicles
10% straight line
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement 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 0 (2016 - 0).
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
1,033
4,644
Deferred tax
Origination and reversal of timing differences
(4,812)
48,845
Total tax (credit)/charge
(3,779)
53,489
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2017
1,162,841
25,126
42,069
1,230,036
Additions
37,246
-
-
37,246
At 31 December 2017
1,200,087
25,126
42,069
1,267,282
Depreciation and impairment
At 1 January 2017
662,841
25,126
22,826
710,793
Depreciation charged in the year
72,654
-
2,120
74,774
At 31 December 2017
735,495
25,126
24,946
785,567
Carrying amount
At 31 December 2017
464,592
-
17,123
481,715
At 31 December 2016
500,000
-
19,243
519,243
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Tangible fixed assets
(Continued)
- 6 -
The carrying amount of the
plant
and
machinery
has been arrived at on the basis of a valuation carried out at 31 December 2017 by the director of the company.
As there is no reliable
open market value
the valuation is based on the depreciated replacement cost of all items classed as plant and machinery.
Plant and machinery includes a total revaluation of £428,583.
The historical cost
of
plant & machinery is £
813,574
(2016: £
776,328
)
The net book value of tangible fixed assets includes £61,298 (2016: £
56
,
569
) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £12,192 (2016: £
9
,
619
) for the year.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
1,546
1,489
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3
-
Other taxation and social security
5,708
4,644
Other creditors
32,602
54,079
38,313
58,723
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
12,841
5,948
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
65 ordinary of £1 each
65
65
65
65
9
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods.
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
10
Related party transactions
Transactions with related parties
The company has provided a cross company guarantee of £250,000 to secure a loan for an entity under common control.
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities under common control
24,412
42,920
The following amounts were outstanding at the reporting end date:
2017-12-31
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J Singleton
K Dunn
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