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Registration number: 09966381

Robins Plant Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

Robins Plant Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Robins Plant Ltd

Company Information

Director

Mr A L Robins

Company secretary

Mrs D Wickfield

Registered office

2 Pines Close
Hartland
Bideford
EX39 6BR

Accountants

H K Smith Accountancy Services
Plyms Farmhouse
Manor Road
Landkey
Barnstaple
Devon
EX32 0JL

 

Robins Plant Ltd

(Registration number: 09966381)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,200

5,600

Tangible assets

5

52,636

65,307

 

56,836

70,907

Current assets

 

Debtors

6

12,959

11,882

Cash at bank and in hand

 

16,466

12,982

 

29,425

24,864

Prepayments and accrued income

 

914

984

Creditors: Amounts falling due within one year

7

(37,011)

(33,494)

Net current liabilities

 

(6,672)

(7,646)

Total assets less current liabilities

 

50,164

63,261

Creditors: Amounts falling due after more than one year

8

(3,158)

(12,375)

Provisions for liabilities

(9,748)

(12,032)

Accruals and deferred income

 

(1,100)

(1,000)

Net assets

 

36,158

37,854

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

1,331

3,114

Retained earnings

34,727

34,640

Shareholders' funds

 

36,158

37,854

 

Robins Plant Ltd

(Registration number: 09966381)
Abridged Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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.

Approved and authorised by the director on 27 October 2023
 

.........................................
Mr A L Robins
Director

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
2 Pines Close
Hartland
Bideford
EX39 6BR
England

These financial statements were authorised for issue by the director on 27 October 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The performance model has been sued to account for governments grants received relating to COVID-19

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant

20% written down value

Motor vehicles

20% written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 February 2022

14,000

At 31 January 2023

14,000

Amortisation

At 1 February 2022

8,400

Amortisation charge

1,400

At 31 January 2023

9,800

Carrying amount

At 31 January 2023

4,200

At 31 January 2022

5,600

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

793

10,550

103,839

115,182

Additions

-

-

420

420

At 31 January 2023

793

10,550

104,259

115,602

Depreciation

At 1 February 2022

468

6,973

42,434

49,875

Charge for the year

65

715

12,311

13,091

At 31 January 2023

533

7,688

54,745

62,966

Carrying amount

At 31 January 2023

260

2,862

49,514

52,636

At 31 January 2022

325

3,577

61,405

65,307

Revaluation

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

The fair value of the company's Plant and machinery was revalued on 1 February 2016. An independent valuer was not involved.
Upon incorporation the plant and machinery were revalued by the director to the market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £17 (2022 - £21).

The fair value of the company's Vehicles was revalued on 1 February 2016. An independent valuer was not involved.
Upon incorporation the vehicles were revalued by the director to the market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £17 (2022 - £21).

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £9,216.87 (2022 - £8,790.68).

8

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,158.12 (2022 - £12,374.99).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Robins Plant Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

1,783

1,783

Surplus/deficit on revaluation of other assets

(1,783)

-

(1,783)

(1,783)

1,783

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

479

479

Surplus/deficit on revaluation of other assets

(479)

-

(479)

(479)

479

-

Property, plant and equipment
2023
£

Total amount of revalued assets

1,331

Amount of revaluation brought forward

3,114