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Company registration number: 09593280
Ross Plant Midlands Limited
Unaudited filleted financial statements
31 July 2023
Ross Plant Midlands Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ross Plant Midlands Limited
Directors and other information
Directors Mr. Gary Hayden
Mrs Catherine Hayden
Company number 09593280
Registered office Holbeche House
437 Shirley Road
Acocks Green
Birmingham
B27 7NX
Business address 60a Hayes Lane
Lye
Stourbridge
DY9 8RD
Bankers Lloyds Bank
32-34 Alcester Road South
Kings Heath
Birmingham
B14 7PU
Ross Plant Midlands Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 1,411,621 1,552,216
Investments 5 102 102
_______ _______
1,411,723 1,552,318
Current assets
Stocks 25,000 15,000
Debtors 6 1,131,777 906,525
Cash at bank and in hand 49,531 63,401
_______ _______
1,206,308 984,926
Creditors: amounts falling due
within one year 7 ( 362,851) ( 419,565)
_______ _______
Net current assets 843,457 565,361
_______ _______
Total assets less current liabilities 2,255,180 2,117,679
Creditors: amounts falling due
after more than one year 8 ( 297,542) ( 458,972)
Provisions for liabilities ( 262,899) ( 217,511)
_______ _______
Net assets 1,694,739 1,441,196
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,694,639 1,441,096
_______ _______
Shareholders funds 1,694,739 1,441,196
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr. Gary Hayden
Director
Company registration number: 09593280
Ross Plant Midlands Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Holbeche House, 437 Shirley Road, Acocks Green, Birmingham, B27 7NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - not depreciated
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2022 360,024 2,100,387 10,500 433,148 2,904,059
Additions - 244,800 - 95,808 340,608
Disposals - ( 301,800) - ( 74,285) ( 376,085)
_______ _______ _______ _______ _______
At 31 July 2023 360,024 2,043,387 10,500 454,671 2,868,582
_______ _______ _______ _______ _______
Depreciation
At 1 August 2022 - 1,126,227 7,278 218,338 1,351,843
Charge for the year - 282,426 805 67,299 350,530
Disposals - ( 212,548) - ( 32,864) ( 245,412)
_______ _______ _______ _______ _______
At 31 July 2023 - 1,196,105 8,083 252,773 1,456,961
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 360,024 847,282 2,417 201,898 1,411,621
_______ _______ _______ _______ _______
At 31 July 2022 360,024 974,160 3,222 214,810 1,552,216
_______ _______ _______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2022 and 31 July 2023 102 102
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 102 102
_______ _______
At 31 July 2022 102 102
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Drumlisch Limited 437 Shirley Road Acocks Green Birmingham B27 7NX ordinary 100
Churchstoke Homes Limited 437 Shirley Road Acocks Green Birmingham B27 7NX ordinary 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2023 2022 2023 2022
£ £ £ £
Subsidiary undertakings
Drumlisch Limited 849,359 832,447 16,912 237,219
Churchstoke Homes Limited 100 100 - -
6. Debtors
2023 2022
£ £
Trade debtors 846,863 715,791
Amounts owed by group undertakings and undertakings in which the company has a participating interest 284,914 184,414
Other debtors - 6,320
_______ _______
1,131,777 906,525
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 24,093 26,273
Corporation tax 114,922 47,926
Social security and other taxes 7,876 16,454
Other creditors 215,960 328,912
_______ _______
362,851 419,565
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 297,542 458,972
_______ _______
The company has provided Natwest Bank with a fixed and floating charge over all it's assets.
Included within creditors: amounts falling due after more than one year is an amount of £ 106,000 (2022 £ 125,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is repayable in instalments and attracts interest at 1.75% above base rate.
9. Related party transactions
During the year the company hired plant and equipment to a subsidiary Drumlisch Limited for the sum of £842,362 (2022: £786,270). It also rented trading premises for £23,160 (2022: £21,540). All transactions were carried out at market value and the balance owed to by Drumlisch Limited at year end was £825,262 (2022: £696,516) and this sum is shown in debtors. The company also provided loans to a subsidiary, Churchstoke Homes Limited for £284,914 (2022: £184,414) and this sum is shown in debtors. The loan attracts variable rates of interest and no security is held.It also carried out works for this company in the sum of £12,000 (2022:nil) and this sum is shown in debtors.