Europlant Rentals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02640557 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

FOR

EUROPLANT RENTALS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J R Mortley

SECRETARY:

D R Mortley

REGISTERED OFFICE:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

REGISTERED NUMBER:

02640557 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

1,672,415

1,658,233

CURRENT ASSETS

Stocks

5

11,650

3,600

Debtors

6

205,120

303,478

Cash at bank and in hand

203,419

69,381

420,189

376,459

CREDITORS

Amounts falling due within one year

7

555,209

595,936

NET CURRENT LIABILITIES

(135,020

)

(219,477

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,537,395

1,438,756

CREDITORS

Amounts falling due after more than one year

8

(592,897

)

(500,974

)

PROVISIONS FOR LIABILITIES

(291,969

)

(270,456

)

NET ASSETS

652,529

667,326

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

11

652,229

667,026

SHAREHOLDERS' FUNDS

652,529

667,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 30 April 2021 and were signed by:

J R Mortley - Director

1.	STATUTORY INFORMATION

Europlant Rentals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

Accounting standards requires the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has positive reserves and cash balances and agreed finance facilities in place.

The Company has been open and operating since the start of the Covid-19 crisis and plans to continue to do so, unless otherwise directed by HM Government.

The company is making use of the Government schemes available and the continued support of its finance providers.

When taking account of the measures above and the current performance of the business the director believes that it is appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when the plant hire is invoiced at the end of each month and at the cessation of the hire term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

Straight line over 7 to 8 years

Motor vehicles

-

Straight line over 3 to 8 years

Computer equipment

-

Straight line over 7 to 8 years

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by the hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Operating leases

Rentals under operating leases are charges to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Government Grants

Grants relate to amounts received under the government Coronavirus Job Retention Scheme and rates relief and are accounted for on an accruals basis. These are recognised in the Income Statement as Other operating income.

Additionally, the company took advantage of the VAT deferral scheme offered by HMRC.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with significant risk of change in value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at the transaction price.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2019

3,268,910

191,833

2,791

3,463,534

Additions

340,473

100,001

-

440,474

Disposals

(185,300

)

(10,683

)

-

(195,983

)

At 31 August 2020

3,424,083

281,151

2,791

3,708,025

DEPRECIATION

At 1 September 2019

1,666,021

136,489

2,791

1,805,301

Charge for year

377,482

43,735

-

421,217

Eliminated on disposal

(183,048

)

(7,860

)

-

(190,908

)

At 31 August 2020

1,860,455

172,364

2,791

2,035,610

NET BOOK VALUE

At 31 August 2020

1,563,628

108,787

-

1,672,415

At 31 August 2019

1,602,889

55,344

-

1,658,233

The net book value of assets held under finance leases or hire purchase contracts, included above is £1,539,180 (2019: £1,392,449).

5.

STOCKS

2020

2019

£

£

Stocks

11,650

3,600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

172,335

279,144

Other debtors

32,785

24,334

205,120

303,478

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,666

102,714

Hire purchase contracts (see note 9)

423,462

428,972

Trade creditors

43,031

43,851

Taxation and social security

72,664

6,910

Other creditors

14,386

13,489

555,209

595,936

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

48,334

-

Hire purchase contracts (see note 9)

544,563

500,974

592,897

500,974

Obligations under finance leases and hire purchase contracts are secured on the underlying asset and are repayable within 5 years.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

423,462

428,972

Between one and five years

544,563

500,974

968,025

929,946

Non-cancellable

operating leases

2020

2019

£

£

Within one year

42,000

42,000

Between one and five years

168,000

168,000

In more than five years

76,000

118,000

286,000

328,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

'A' Ordinary

1

100

100

100

'B' Ordinary

1

100

100

100

'C' Ordinary

1

100

100

300

300

'B' and 'C' shares have no voting rights.

11.

RESERVES

Retained

earnings

£

At 1 September 2019

667,026

Profit for the year

80,123

Dividends

(94,920

)

At 31 August 2020

652,229

12.	ULTIMATE CONTROLLING PARTY

The controlling party is J R Mortley.