Company registration number 04012806 (England and Wales)
TECHNICAL MAINS HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,060,431
759,428
Current assets
Debtors
4
2,285
931
Cash at bank and in hand
5,234
1,049
7,519
1,980
Creditors: amounts falling due within one year
5
(227,177)
(212,110)
Net current liabilities
(219,658)
(210,130)
Total assets less current liabilities
840,773
549,298
Creditors: amounts falling due after more than one year
6
(88,361)
(49,894)
Provisions for liabilities
(249,257)
(140,683)
Net assets
503,155
358,721
Capital and reserves
Called up share capital
7
65
65
Revaluation reserve
195,472
195,472
Capital redemption reserve
35
35
Profit and loss reserves
307,583
163,149
Total equity
503,155
358,721
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
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 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2023
J Singleton
Director
Company Registration No. 04012806
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 14 Henley Business Park, Pirbright Road, Normandy, Surrey, GU3 2DX.
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 amounts 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
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.
1.3
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.
1.4
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.
1.5
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.
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 payments 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
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 2022
1
Accounting policies
(Continued)
- 5 -
1.8
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
1,805,642
25,126
74,525
1,905,293
Additions
448,612
18,995
467,607
At 31 December 2022
2,254,254
25,126
93,520
2,372,900
Depreciation and impairment
At 1 January 2022
1,101,500
25,126
19,239
1,145,865
Depreciation charged in the year
157,252
9,352
166,604
At 31 December 2022
1,258,752
25,126
28,591
1,312,469
Carrying amount
At 31 December 2022
995,502
64,929
1,060,431
At 31 December 2021
704,142
55,286
759,428
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
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 2022 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 £1,919,191 (2021: £1,451,584 )
The net book value of tangible fixed assets includes £159,995 (2021: £107,209) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £25,103 (2021: £17,888) for the year.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
2,285
931
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
227,177
212,110
On 8 February 2023, National Westminster Bank PLC registered a fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
14,256
18,108
Other creditors
74,105
31,786
88,361
49,894
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
65
65
65
65
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Entities under common control
190,879
177,555