Company Registration No. 07248944 (England and Wales)
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Unaudited financial statements
For the year ended 31 March 2019
Pages for filing with registrar
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Balance sheet
As at 31 March 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
984,095
424,289
Current assets
Debtors
4
138,870
40,862
Cash at bank and in hand
-
18,889
138,870
59,751
Creditors: amounts falling due within one year
5
(436,384)
(210,502)
Net current liabilities
(297,514)
(150,751)
Total assets less current liabilities
686,581
273,538
Creditors: amounts falling due after more than one year
6
(428,575)
(29,517)
Provisions for liabilities
(57,970)
(54,575)
Net assets
200,036
189,446
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
199,936
189,346
Total equity
200,036
189,446
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Year ended 31 March 2019 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.
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Balance sheet (continued)
As at 31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2019 and are signed on its behalf by:
Mr A J Annandale
Director
Company Registration No. 07248944
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Notes to the financial statements
For the year ended 31 March 2019
- 3 -
1
Accounting policies
Company information
Tractor Hire UK (2010) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hendomen Farmhouse, Hendomen, Montgomery, Powys, SY15 6HB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Tractors and diggers
10% straight line
Other plant and equipment
25% reducing balance
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
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Notes to the financial statements (continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 profit and loss account 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.
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Notes to the financial statements (continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
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 balance sheet 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.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was 1 (2018 - 1).
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Notes to the financial statements (continued)
For the year ended 31 March 2019
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
673,000
Additions
682,489
Disposals
(87,000)
At 31 March 2019
1,268,489
Depreciation and impairment
At 1 April 2018
248,711
Depreciation charged in the Year
85,526
Eliminated in respect of disposals
(49,843)
At 31 March 2019
284,394
Carrying amount
At 31 March 2019
984,095
At 31 March 2018
424,289
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
48,202
39,612
Other debtors
89,399
1,250
Prepayments and accrued income
1,269
-
138,870
40,862
Trade debtors disclosed above are measured at amortised cost.
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
29,487
-
Obligations under finance leases
161,276
91,601
Other loan
180,748
86,148
Trade creditors and accruals
14,873
14,725
Taxation and social security
-
18,028
Directors loan
50,000
-
436,384
210,502
TRACTOR HIRE UK (2010) LTD
(FORMERLY TYSSINGTON LIMITED)
Notes to the financial statements (continued)
For the year ended 31 March 2019
- 7 -
6
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
428,575
29,517
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2018
£
£
£
Fixed assets
Tangible assets
447,269
(22,980)
424,289
Provisions for liabilities
Deferred tax
(59,955)
5,380
(54,575)
Net assets
207,046
(17,600)
189,446
Capital and reserves
Profit and loss
206,946
(17,600)
189,346