REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Moortown Plant Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Moortown Plant Limited |
Moortown Plant Limited (Registered number: 04111724) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Moortown Plant Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
BANKERS: |
33 Park Row |
Leeds |
West Yorkshire |
LS1 1LD |
SOLICITORS: |
Yorkshire House |
East Parade |
Leeds |
LS1 5BD |
Moortown Plant Limited (Registered number: 04111724) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Moortown Plant Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 |
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to |
the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when |
there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year |
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign exchange |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of |
inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest |
elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the |
remaining balance of the liability. |
Going concern |
The directors have considered the impact of the energy crisis, cost of living crisis and other current economic issues on the Company’s trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the directors are confident that they have in place plans to deal with any financial losses that may arise. In addition, the directors consider the strong cash reserves of the group further support the going concern assumption. The directors therefore continue to adopt the going concern basis of preparation for these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2022 |
Additions |
Transfer to ownership | (2,074,756 | ) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Transfer to ownership | (371,519 | ) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
10. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The group has an unlimited multilateral guarantee with its fellow group companies. At the balance sheet date |
total group borrowings amounted to £nil (2022: £nil). |
The bank holds a fixed and floating charge over all the assets of the company in respect of all monies |
borrowed. |
Moortown Plant Limited (Registered number: 04111724) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
11. | PARENT COMPANY |
On 31 January 2022, the immediate controlling parent company change from Moortown Group Limited to |
McManus Group Holdings Limited. |
The ultimate controlling company is McManus Group Holdings Limited and the ultimate controlling party is Mr |
A T McManus by virtue of his majority shareholding of that company. |
McManus Group Holdings prepare group accounts which can be obtained from Companies House, Crown |
Way, Cardiff, CF14 3UZ. |