Company Registration No. 04012806 (England and Wales)
TECHNICAL MAINS HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
490,976
521,771
Current assets
Debtors
4
892
908
Cash at bank and in hand
71,602
1,464
72,494
2,372
Creditors: amounts falling due within one year
5
(131,070)
(118,433)
Net current liabilities
(58,576)
(116,061)
Total assets less current liabilities
432,400
405,710
Creditors: amounts falling due after more than one year
6
(86,203)
(39,203)
Provisions for liabilities
(88,885)
(93,770)
Net assets
257,312
272,737
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
61,740
77,165
Total equity
257,312
272,737
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 2020 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.
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 2020
31 December 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 December 2021
J Singleton
Director
Company Registration No. 04012806
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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 10 Henley Park, Pirbright Road, Normandy, Surrey, GU3 2AR.
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
true
year
end, the company has net
current
liabilities of £
58,576 (2019: £116,
0
61)
. 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 2020
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.
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
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
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.
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
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
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.
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 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:
2020
2019
Number
Number
Total
1
1
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2020
1,375,641
25,126
59,102
1,459,869
Additions
29,547
48,795
78,342
Disposals
(33,372)
(33,372)
At 31 December 2020
1,405,188
25,126
74,525
1,504,839
Depreciation and impairment
At 1 January 2020
882,070
25,126
30,902
938,098
Depreciation charged in the year
94,881
7,450
102,331
Eliminated in respect of disposals
(26,566)
(26,566)
At 31 December 2020
976,951
25,126
11,786
1,013,863
Carrying amount
At 31 December 2020
428,237
62,739
490,976
At 31 December 2019
493,571
28,200
521,771
The carrying amount of the
plant
and
machinery
has been arrived at on the basis of a valuation carried out at 31 December
2020
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 £
1,051,130
(201
9
: £
1,006,160
)
The net book value of tangible fixed assets includes £
125
,
097
(201
9
: £
94,190
) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £1
7
,
888
(201
9
: £1
3
,
009
) for the year.
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
892
908
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
131,070
118,433
TECHNICAL MAINS HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
20,000
Other creditors
66,203
39,203
86,203
39,203
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
65
65
65
65
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Entities under common control
89,121
88,300