Mat & Ant Grab Hire Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10599617 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

MAT & ANT GRAB HIRE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Coffin

A J Coffin

REGISTERED OFFICE:

Orchard Farm

The Ridgeway

Astwood Bank

Redditch

Worcestershire

B96 6LX

REGISTERED NUMBER:

10599617 (England and Wales)

ACCOUNTANTS:

Burman & Co

Brunswick House

Birmingham Road

Redditch

Worcestershire

B97 6DY

FIXED ASSETS

Tangible assets

4

167,692

202,069

CURRENT ASSETS

Debtors

24,271

8,852

Cash at bank and in hand

8,981

2,859

33,252

11,711

CREDITORS

Amounts falling due within one year

66,975

73,427

NET CURRENT LIABILITIES

(33,723

)

(61,716

)

TOTAL ASSETS LESS CURRENT LIABILITIES

133,969

140,353

CREDITORS

Amounts falling due after more than one year

5

197,569

191,504

NET LIABILITIES

(63,600

)

(51,151

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(63,700

)

(51,251

)

SHAREHOLDERS' FUNDS

(63,600

)

(51,151

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28 February 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2021 and were signed on its behalf by:

M P Coffin - Director

A J Coffin - Director

1.	STATUTORY INFORMATION

Mat & Ant Grab Hire Ltd 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.

The financial statements have been prepared on a going concern basis in anticipation of continued support from the company's shareholders.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

15% on cost

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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2020

273,583

Additions

8,500

Disposals

(2,009

)

At 28 February 2021

280,074

DEPRECIATION

At 1 March 2020

71,514

Charge for year

42,877

Eliminated on disposal

(2,009

)

At 28 February 2021

112,382

NET BOOK VALUE

At 28 February 2021

167,692

At 29 February 2020

202,069

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 March 2020

261,013

Transfer to ownership

(103,250

)

At 28 February 2021

157,763

DEPRECIATION

At 1 March 2020

65,700

Charge for year

23,664

Transfer to ownership

(31,810

)

At 28 February 2021

57,554

NET BOOK VALUE

At 28 February 2021

100,209

At 29 February 2020

195,313

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

28.2.21

29.2.20

£

£

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Hire purchase contracts

83,371

136,214