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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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GROUND EQUIPMENT HIRE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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FOR |
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GROUND EQUIPMENT HIRE LIMITED |
GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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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 | 4 |
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GROUND EQUIPMENT HIRE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
67 March Road |
Edinburgh |
EH4 3SU |
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BANKERS: |
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4 Almondvale South |
Livingston |
EH4 6NB |
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SOLICITORS: |
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1 Rutland Court |
Edinburgh |
EH3 8EY |
GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2018 |
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28.2.18 | 28.2.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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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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SHAREHOLDERS' FUNDS |
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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. |
GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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STATEMENT OF FINANCIAL POSITION - continued |
28 FEBRUARY 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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1. | STATUTORY INFORMATION |
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Ground Equipment Hire Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. |
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Revenue is recognised as follows: |
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Sales of goods are recognised when the company has delivered products to the customer, the customer has |
accepted the products, and collectability of the related receivables is fairly assured.In respect of products sold |
with a right of return, accumulated experience is used to estimate and provide for such returns at the time of sale. |
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Service revenues are recognised as those services are provided to customers. |
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Goodwill |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of |
the financial instrument. The company holds the following basic financial instruments. |
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Financial assets |
Cash and cash equivalents - comprise cash in hand and deposits held with banks. |
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Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is |
normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for |
objective evidence of impairment. If such evidence is found an impairment loss is recognised. |
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Financial liabilities |
Trade and other creditors are initially measured at the transaction price, including any transaction costs. |
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Directors loans are initially measured at the transaction price and are subsequently measured at the undiscounted |
amount of the cash expected to be paid within the appropriate period of creditors falling due within one year and |
creditors falling due after more than one year. |
GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
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AMORTISATION |
At 1 March 2017 |
and 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2017 |
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Additions |
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Disposals |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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Included in cost of land and buildings is freehold land of £ 146,916 (2017 - £ 135,782 ) which is not depreciated. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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GROUND EQUIPMENT HIRE LIMITED (REGISTERED NUMBER: SC298984) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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28.2.18 | 28.2.17 |
£ | £ |
Hire purchase contracts | 839,466 | 2,016,508 |
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Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets |
concerned. |
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10. | RELATED PARTY DISCLOSURES |
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At the year end, a balance of £1,783,149 (2017: £1,651,036) was due to Peter Nicholas, Director, which is |
included in creditors amounts falling due after more than one year. |