Acceleration (Hire) Ltd 01622450 false 2016-09-01 2017-08-31 2017-08-31 The principal activity of the company is those of motor vehicle hiring and industrial machinery dealers Digita Accounts Production Advanced 6.21.8540.0 Software true 01622450 2016-09-01 2017-08-31 01622450 2017-08-31 01622450 core:RetainedEarningsAccumulatedLosses 2017-08-31 01622450 core:ShareCapital 2017-08-31 01622450 core:CurrentFinancialInstruments 2017-08-31 01622450 core:CurrentFinancialInstruments core:WithinOneYear 2017-08-31 01622450 core:FurnitureFittingsToolsEquipment 2017-08-31 01622450 core:LandBuildings 2017-08-31 01622450 core:MotorVehicles 2017-08-31 01622450 core:OtherPropertyPlantEquipment 2017-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2017-08-31 01622450 bus:SmallEntities 2016-09-01 2017-08-31 01622450 bus:AuditExemptWithAccountantsReport 2016-09-01 2017-08-31 01622450 bus:FullAccounts 2016-09-01 2017-08-31 01622450 bus:RegisteredOffice 2016-09-01 2017-08-31 01622450 bus:Director1 2016-09-01 2017-08-31 01622450 bus:PrivateLimitedCompanyLtd 2016-09-01 2017-08-31 01622450 core:FurnitureFittingsToolsEquipment 2016-09-01 2017-08-31 01622450 core:LandBuildings 2016-09-01 2017-08-31 01622450 core:MotorVehicles 2016-09-01 2017-08-31 01622450 core:OfficeEquipment 2016-09-01 2017-08-31 01622450 core:OtherPropertyPlantEquipment 2016-09-01 2017-08-31 01622450 core:PlantMachinery 2016-09-01 2017-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2016-09-01 2017-08-31 01622450 countries:AllCountries 2016-09-01 2017-08-31 01622450 2016-08-31 01622450 core:FurnitureFittingsToolsEquipment 2016-08-31 01622450 core:LandBuildings 2016-08-31 01622450 core:MotorVehicles 2016-08-31 01622450 core:OtherPropertyPlantEquipment 2016-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2016-08-31 01622450 2016-08-31 01622450 core:RetainedEarningsAccumulatedLosses 2016-08-31 01622450 core:ShareCapital 2016-08-31 01622450 core:CurrentFinancialInstruments 2016-08-31 01622450 core:CurrentFinancialInstruments core:WithinOneYear 2016-08-31 01622450 core:FurnitureFittingsToolsEquipment 2016-08-31 01622450 core:LandBuildings 2016-08-31 01622450 core:MotorVehicles 2016-08-31 01622450 core:OtherPropertyPlantEquipment 2016-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2016-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2015-09-01 2016-08-31 01622450 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2015-08-31 iso4217:GBP

Registration number: 01622450

Acceleration (Hire) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

 

Acceleration (Hire) Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Acceleration (Hire) Ltd

(Registration number: 01622450)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

15,314

16,717

Current assets

 

Debtors

4

2,754

2,463

Cash at bank and in hand

 

3

1,195

 

2,757

3,658

Creditors: Amounts falling due within one year

5

(43,923)

(43,538)

Net current liabilities

 

(41,166)

(39,880)

Total assets less current liabilities

 

(25,852)

(23,163)

Provisions for liabilities

(6)

(6)

Net liabilities

 

(25,858)

(23,169)

Capital and reserves

 

Called up share capital

500

500

Profit and loss account

(26,358)

(23,669)

Total equity

 

(25,858)

(23,169)

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 May 2018
 

.........................................

Mr J B Fletcher

Director

 

Acceleration (Hire) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
5 Leighton Avenue
Smithybridge
Littleborough
Lancashire
OL15 0BW
Great Britain

These financial statements were authorised for issue by the director on 31 May 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% Straight line

Plant and machinery

25% Reducing balance

Office equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Acceleration (Hire) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Acceleration (Hire) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2017

3

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2016

26,454

717

109,923

6,826

143,920

Disposals

-

-

(69,107)

-

(69,107)

At 31 August 2017

26,454

717

40,816

6,826

74,813

Depreciation

At 1 September 2016

11,408

715

108,598

6,482

127,203

Charge for the year

529

-

179

86

794

Eliminated on disposal

-

-

(68,498)

-

(68,498)

At 31 August 2017

11,937

715

40,279

6,568

59,499

Carrying amount

At 31 August 2017

14,517

2

537

258

15,314

At 31 August 2016

15,046

2

1,325

344

16,717

Included within the net book value of land and buildings above is £14,517 (2016 - £15,046) in respect of freehold land and buildings.
 

 

Acceleration (Hire) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Debtors

Note

2017
£

2016
£

Amounts owed by related parties

6

2,516

2,266

Other debtors

 

238

197

Total current trade and other debtors

 

2,754

2,463

5

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

796

-

Other creditors

 

43,127

43,538

 

43,923

43,538

6

Related party transactions

Summary of transactions with entities with joint control or significant interest

Acceleration (Elan) Limited
 The company provided Acceleration (Elan) Limited with a loan of £2,516 (£2,266 - 2016) a company that is under the control of Mr John Fletcher and Mrs Carole Fletcher
 The loan is interest free and repayable on demand
 

Loans to related parties

2017

Entities with joint control or significant influence
£

At start of period

2,266

Advanced

250

At end of period

2,516

2016

Entities with joint control or significant influence
£

At start of period

1,866

Advanced

400

At end of period

2,266