Company Registration No. 03816091 (England and Wales)
Gorringe Plant Limited
Unaudited accounts
for the year ended 31 July 2023
Gorringe Plant Limited
Unaudited accounts
Contents
Gorringe Plant Limited
Company Information
for the year ended 31 July 2023
Directors
F A Gorringe
P J Gorringe
Company Number
03816091 (England and Wales)
Registered Office
Broomfield Farm, South Lane
Dallington
Heathfield
East Sussex
TN21 9NJ
United Kingdom
Accountants
Worthweld PT Limited
5 Field End
Maresfield
Uckfield
East Sussex
TN22 2DJ
Gorringe Plant Limited
Statement of financial position
as at 31 July 2023
Tangible assets
805,988
686,095
Investment property
250,781
250,781
Cash at bank and in hand
212,727
213,955
Creditors: amounts falling due within one year
(169,434)
(164,705)
Net current assets
209,282
132,916
Total assets less current liabilities
1,266,051
1,069,792
Creditors: amounts falling due after more than one year
(32,671)
(27,110)
Provisions for liabilities
Deferred tax
(201,497)
(130,358)
Net assets
1,031,883
912,324
Called up share capital
2
2
Profit and loss account
1,031,881
912,322
Shareholders' funds
1,031,883
912,324
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by
P J Gorringe
Director
Company Registration No. 03816091
Gorringe Plant Limited
Notes to the Accounts
for the year ended 31 July 2023
Gorringe Plant Limited is a private company, limited by shares, registered in England and Wales, registration number 03816091. The registered office is Broomfield Farm, South Lane, Dallington, Heathfield, East Sussex, TN21 9NJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Gorringe Plant Limited
Notes to the Accounts
for the year ended 31 July 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 August 2022
1,134,978
297,147
1,432,125
Additions
167,743
91,200
258,943
Disposals
(28,113)
(30,700)
(58,813)
At 31 July 2023
1,274,608
357,647
1,632,255
At 1 August 2022
539,519
206,511
746,030
Charge for the year
102,365
25,743
128,108
On disposals
(22,505)
(25,366)
(47,871)
At 31 July 2023
619,379
206,888
826,267
At 31 July 2023
655,229
150,759
805,988
At 31 July 2022
595,459
90,636
686,095
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
147,428
102,244
- Motor vehicles
26,520
48,714
Fair value at 1 August 2022
250,781
Gorringe Plant Limited
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Trade debtors
103,868
38,439
Accrued income and prepayments
31,115
27,286
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
50,160
44,522
Trade creditors
26,188
36,339
Taxes and social security
45,319
53,696
Other creditors
44,698
25,841
Loans from directors
-
1,412
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
32,671
27,110
9
Deferred taxation
2023
2022
Accelerated capital allowances
201,497
130,358
Provision at start of year
130,358
147,966
Charged/(credited) to the profit and loss account
71,139
(17,608)
Provision at end of year
201,497
130,358
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Gorringe Plant Limited
Notes to the Accounts
for the year ended 31 July 2023
11
Operating lease commitments
2023
2022
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
50,160
62,022
Later than one year and not later than five years
32,671
42,610
12
Transactions with related parties
The company is controlled by the Directors.
At the 31 July 2023 the Directors had made loans to the company of £0 (2022: £1412).
The Directors during the year were paid dividends totalling £76750 (2022: £88550).
The Directors received rent totalling £15000 (2022: £15000).
No other transactions required reporting during the year.
13
Average number of employees
During the year the average number of employees was 10 (2022: 9).