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NMT CRANE HIRE LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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28TH FEBRUARY 2020 |
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NMT CRANE HIRE LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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28TH FEBRUARY 2020 |
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NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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NMT CRANE HIRE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Woburn Court, 2 Railton Rd |
Woburn Road Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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STATEMENT OF FINANCIAL POSITION |
28TH FEBRUARY 2020 |
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28/2/20 | 28/2/19 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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NMT Crane Hire Limited is a
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2. | ACCOUNTING POLICIES |
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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. |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular in response to the COVID-19 pandemic, the Directors have adjusted working patterns to enable crane hire to continue whilst keeping a safe working environment. The Directors have tested their cash flow analysis to take into account the impact on the business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied at all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policy for the recognition of turnover is as follows: |
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Turnover from the rental of plant and machinery is recognised when the service has been provided and invoiced to the customer. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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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. |
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Holiday pay |
A provision for annual leave accrued by employees as a result of services rendered is recognised in the current year. The provision is measured at the salary cost payable for the period of absence. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/20 | 28/2/19 |
£ | £ |
Trade debtors |
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Doubtful debt provision | (11,845 | ) | (65,234 | ) |
Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/20 | 28/2/19 |
£ | £ |
Other loans |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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VAT | 336,402 | 418,061 |
Other creditors |
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Accruals and deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
28/2/20 | 28/2/19 |
£ | £ |
Other loans - 2-5 years |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | OTHER FINANCIAL COMMITMENTS |
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During the year, the company had other financial commitments of £34,138 (2019: £77,116) |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group. |
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10. | POST BALANCE SHEET EVENTS |
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Since the year end the UK entered into a lockdown period to mitigate the impacts of the COVID-19 pandemic. This resulted in the temporary closure of the business from the end of March 2020 until late May 2020. It is difficult to accurately assess the impact this pandemic will have on the clients of the company, and hence on its financial situation. |
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Although this gives rise to significant uncertainty the Directors took steps to utilise the Government financial support packages by furloughing staff and deferring VAT payable. |
NMT CRANE HIRE LIMITED (REGISTERED NUMBER: 04331882) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2020 |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is jointly controlled by its directors, Messrs M R Ambridge, N P Ambridge & T L Ambridge. |
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The parent company is NMT Plant Hire Limited, a company registered in the UK. Consolidated accounts are prepared by NMT Plant Hire Limited and are available at Companies House. |