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No description of principal activity
2019-03-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
NI025520
2019-03-01
2020-02-29
NI025520
2020-02-29
NI025520
2019-02-28
NI025520
2018-03-01
2019-02-28
NI025520
2019-02-28
NI025520
core:PlantMachinery
2019-03-01
2020-02-29
NI025520
core:FurnitureFittings
2019-03-01
2020-02-29
NI025520
bus:LeadAgentIfApplicable
2019-03-01
2020-02-29
NI025520
bus:Director1
2019-03-01
2020-02-29
NI025520
bus:Director2
2019-03-01
2020-02-29
NI025520
core:WithinOneYear
2020-02-29
NI025520
core:WithinOneYear
2019-02-28
NI025520
core:ShareCapital
2020-02-29
NI025520
core:ShareCapital
2019-02-28
NI025520
core:RetainedEarningsAccumulatedLosses
2020-02-29
NI025520
core:RetainedEarningsAccumulatedLosses
2019-02-28
NI025520
bus:SmallEntities
2019-03-01
2020-02-29
NI025520
bus:AuditExemptWithAccountantsReport
2019-03-01
2020-02-29
NI025520
bus:AbridgedAccounts
2019-03-01
2020-02-29
NI025520
bus:SmallCompaniesRegimeForAccounts
2019-03-01
2020-02-29
NI025520
bus:PrivateLimitedCompanyLtd
2019-03-01
2020-02-29
COMPANY REGISTRATION NUMBER:
NI025520
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Year ended 29 February 2020
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
|
1
|
|
|
Abridged statement of financial position
|
2
|
|
|
Notes to the abridged financial statements
|
4
|
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
J.B. Plant Hire Limited
|
|
Year ended 29 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of J.B. Plant Hire Limited for the year ended 29 February 2020, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of J.B. Plant Hire Limited, as a body. Our work has been undertaken solely to prepare for your approval the abridged financial statements of J.B. Plant Hire Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.B. Plant Hire Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that J.B. Plant Hire Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.B. Plant Hire Limited. You consider that J.B. Plant Hire Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of J.B. Plant Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CLAREMOUNT
Chartered Accountants
1b Brookmount Crescent
Omagh
Co Tyrone
BT78 5HG
5 November 2020
Abridged Statement of Financial Position
|
|
29 February 2020
Fixed assets
Tangible assets
|
5
|
|
3,615,996
|
3,366,123
|
|
|
|
|
|
Current assets
Debtors
|
650,934
|
|
560,214
|
Cash at bank and in hand
|
986,121
|
|
934,314
|
|
------------
|
|
------------
|
|
1,637,055
|
|
1,494,528
|
|
|
|
|
Creditors: amounts falling due within one year
|
795,180
|
|
1,189,571
|
|
------------
|
|
------------
|
Net current assets
|
|
841,875
|
304,957
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
4,457,871
|
3,671,080
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
299,234
|
221,493
|
|
|
------------
|
------------
|
Net assets
|
|
4,158,637
|
3,449,587
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
2
|
2
|
Profit and loss account
|
|
4,158,635
|
3,449,585
|
|
|
------------
|
------------
|
Shareholders funds
|
|
4,158,637
|
3,449,587
|
|
|
------------
|
------------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
29 February 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
5 November 2020
, and are signed on behalf of the board by:
Mr B Toal
|
Mrs E Toal
|
Director
|
Director
|
|
|
Company registration number:
NI025520
Notes to the Abridged Financial Statements
|
|
Year ended 29 February 2020
1.
General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 168 Doogary Road, Omagh, Co Tyrone, BT79 0HF.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery (For Hire)
|
-
|
15% reducing balance
|
|
Fixtures & Fittings
|
-
|
15% reducing balance
|
|
Plant & Machinery (Non Hire)
|
-
|
15% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2019:
20
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 March 2019
|
6,494,213
|
Additions
|
993,965
|
Disposals
|
(
109,071)
|
|
------------
|
At 29 February 2020
|
7,379,107
|
|
------------
|
Depreciation
|
|
At 1 March 2019
|
3,128,090
|
Charge for the year
|
635,021
|
|
------------
|
At 29 February 2020
|
3,763,111
|
|
------------
|
Carrying amount
|
|
At 29 February 2020
|
3,615,996
|
|
------------
|
At 28 February 2019
|
3,366,123
|
|
------------
|
|
|
6.
Related party transactions
The company was under the control of Mr Brian & Mrs Elizabeth Toal throughout the current year, both of whom are the only directors and sole shareholders of the Company.