Clements Plant & Tool Hire Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00848176 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

CLEMENTS PLANT & TOOL HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A N Hutchinson

S Willy

REGISTERED OFFICE:

Ferry House

New Hythe Lane

Aylesford

ME20 7PW

REGISTERED NUMBER:

00848176 (England and Wales)

AUDITORS:

TGFP

Chartered Accountants & Statutory Auditors

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

4

2,000

3,000

Tangible assets

5

3,543,439

3,622,486

Investments

6

2

2

3,545,441

3,625,488

CURRENT ASSETS

Stocks

11,006

14,652

Debtors

7

660,014

785,833

Cash at bank and in hand

785,081

598,338

1,456,101

1,398,823

CREDITORS

Amounts falling due within one year

8

933,579

938,458

NET CURRENT ASSETS

522,522

460,365

TOTAL ASSETS LESS CURRENT LIABILITIES

4,067,963

4,085,853

CREDITORS

Amounts falling due after more than one year

9

(700,539

)

(993,186

)

PROVISIONS FOR LIABILITIES

(880,025

)

(555,501

)

NET ASSETS

2,487,399

2,537,166

CAPITAL AND RESERVES

Called up and paid share capital

150

150

Capital redemption reserve

5,387

5,387

Retained earnings

2,481,862

2,531,629

2,487,399

2,537,166

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:

A N Hutchinson - Director

1.	STATUTORY INFORMATION

Clements Plant & Tool Hire 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tools and equipment

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

5,000

AMORTISATION

At 1 May 2022

2,000

Charge for year

1,000

At 30 April 2023

3,000

NET BOOK VALUE

At 30 April 2023

2,000

At 30 April 2022

3,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2022

6,294,983

Additions

763,390

Disposals

(626,487

)

At 30 April 2023

6,431,886

DEPRECIATION

At 1 May 2022

2,672,497

Charge for year

628,957

Eliminated on disposal

(413,007

)

At 30 April 2023

2,888,447

NET BOOK VALUE

At 30 April 2023

3,543,439

At 30 April 2022

3,622,486

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 May 2022

and 30 April 2023

12,000

PROVISIONS

At 1 May 2022

and 30 April 2023

11,998

NET BOOK VALUE

At 30 April 2023

2

At 30 April 2022

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

476,628

622,247

Amounts owed by group undertakings

61,450

61,450

Other debtors

121,936

102,136

660,014

785,833

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

409,838

566,852

Trade creditors

341,141

202,878

Taxation and social security

142,582

69,171

Other creditors

40,018

99,557

933,579

938,458

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

700,539

993,186

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin R. Reynolds (Senior Statutory Auditor)

for and on behalf of TGFP