Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31true32021-04-01falsePlant hire4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03697048 2021-04-01 2022-03-31 03697048 2020-04-01 2021-03-31 03697048 2022-03-31 03697048 2021-03-31 03697048 2020-04-01 03697048 c:Director2 2021-04-01 2022-03-31 03697048 d:PlantMachinery 2021-04-01 2022-03-31 03697048 d:PlantMachinery 2022-03-31 03697048 d:PlantMachinery 2021-03-31 03697048 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03697048 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 03697048 d:MotorVehicles 2021-04-01 2022-03-31 03697048 d:MotorVehicles 2022-03-31 03697048 d:MotorVehicles 2021-03-31 03697048 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03697048 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 03697048 d:OfficeEquipment 2021-04-01 2022-03-31 03697048 d:OfficeEquipment 2022-03-31 03697048 d:OfficeEquipment 2021-03-31 03697048 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03697048 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 03697048 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03697048 d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 03697048 d:Goodwill 2021-04-01 2022-03-31 03697048 d:Goodwill 2022-03-31 03697048 d:Goodwill 2021-03-31 03697048 d:CurrentFinancialInstruments 2022-03-31 03697048 d:CurrentFinancialInstruments 2021-03-31 03697048 d:Non-currentFinancialInstruments 2022-03-31 03697048 d:Non-currentFinancialInstruments 2021-03-31 03697048 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03697048 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 03697048 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03697048 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 03697048 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03697048 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-03-31 03697048 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 03697048 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-03-31 03697048 d:ShareCapital 2022-03-31 03697048 d:ShareCapital 2021-03-31 03697048 d:RetainedEarningsAccumulatedLosses 2022-03-31 03697048 d:RetainedEarningsAccumulatedLosses 2021-03-31 03697048 c:FRS102 2021-04-01 2022-03-31 03697048 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 03697048 c:FullAccounts 2021-04-01 2022-03-31 03697048 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 03697048 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03697048 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 03697048 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 03697048 d:TaxLossesCarry-forwardsDeferredTax 2021-03-31 03697048 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 03697048 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-03-31 03697048 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 03697048 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-03-31 03697048 d:LeasedAssetsHeldAsLessee 2022-03-31 03697048 d:LeasedAssetsHeldAsLessee 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 03697048










WESTFIELD PLANT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

 
WESTFIELD PLANT LIMITED
REGISTERED NUMBER: 03697048

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
226,167
214,696

  
226,168
214,697

Current assets
  

Debtors: amounts falling due within one year
 6 
21,665
27,323

Cash at bank and in hand
  
109,722
106,083

  
131,387
133,406

Creditors: amounts falling due within one year
 7 
(98,665)
(116,513)

Net current assets
  
 
 
32,722
 
 
16,893

Total assets less current liabilities
  
258,890
231,590

Creditors: amounts falling due after more than one year
 8 
(43,863)
(32,803)

Provisions for liabilities
  

Deferred tax
 10 
(40,253)
(32,507)

Net assets
  
174,774
166,280


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
174,674
166,180

  
174,774
166,280


Page 1

 
WESTFIELD PLANT LIMITED
REGISTERED NUMBER: 03697048
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2022.



M Flint
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Westfield Plant Limited is a private company limited by shares, incorporated in England and Wales (registered number: 03697048). Its registered office is West Field, 58 Mill Road, Magdalen, King's Lynn, PE34 3BZ. The principal activity of the Company throughout the year continued to be that of the hire of plant and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 4

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 3).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2021
1



At 31 March 2022

1






Net book value



At 31 March 2022
1



At 31 March 2021
1



Page 6

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2021
317,435
32,233
4,686
354,354


Additions
64,565
16,999
680
82,244


Disposals
(56,905)
-
-
(56,905)



At 31 March 2022

325,095
49,232
5,366
379,693



Depreciation


At 1 April 2021
118,138
20,186
1,334
139,658


Charge for the year on owned assets
25,402
2,904
596
28,902


Charge for the year on financed assets
10,561
1,062
-
11,623


Disposals
(26,657)
-
-
(26,657)



At 31 March 2022

127,444
24,152
1,930
153,526



Net book value



At 31 March 2022
197,651
25,080
3,436
226,167



At 31 March 2021
199,297
12,047
3,352
214,696

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
96,050
81,460

Motor vehicles
15,937
-

111,987
81,460

Page 7

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
14,342
26,455

Other debtors
1,430
-

Prepayments and accrued income
496
868

Tax recoverable
5,397
-

21,665
27,323



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
6,000
4,000

Trade creditors
3,648
7,794

Corporation tax
-
5,397

Other taxation and social security
491
15,213

Obligations under finance lease and hire purchase contracts
19,446
25,209

Other creditors
69,080
58,900

98,665
116,513



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
20,000
26,000

Net obligations under finance leases and hire purchase contracts
23,863
6,803

43,863
32,803


Included within creditors are secured liabilities in respect of obligations under hire purchase contracts as detailed above in creditors due in both less than one year and more than one year. 

Page 8

 
WESTFIELD PLANT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
6,000
4,000

Amounts falling due 1-2 years

Bank loans
6,000
6,000

Amounts falling due 2-5 years

Bank loans
14,000
20,000


26,000
30,000



10.


Deferred taxation




2022
2021


£

£






At beginning of year
32,507
31,628


Charged to profit or loss
7,746
879



At end of year
40,253
32,507

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
42,395
32,507

Tax losses carried forward
(2,142)
-

40,253
32,507

 
Page 9