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COMPANY REGISTRATION NUMBER: 11112494
I P Contracting and Plant Hire Limited
Filleted Unaudited Financial Statements
31 December 2022
I P Contracting and Plant Hire Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
I P Contracting and Plant Hire Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
312,254
298,874
Current assets
Stocks
99,061
70,077
Debtors
7
220,294
163,908
Cash at bank and in hand
50,770
11,687
---------
---------
370,125
245,672
Creditors: amounts falling due within one year
8
( 486,968)
( 356,355)
---------
---------
Net current liabilities
( 116,843)
( 110,683)
---------
---------
Total assets less current liabilities
195,411
188,191
Creditors: amounts falling due after more than one year
9
( 112,505)
( 187,893)
Provisions
10
( 49,340)
---------
---------
Net assets
33,566
298
---------
---------
Capital and reserves
Called up share capital
12
10
10
Profit and loss account
33,556
288
--------
----
Shareholders funds
33,566
298
--------
----
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.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I P Contracting and Plant Hire Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
Mr I T Price
Director
Company registration number: 11112494
I P Contracting and Plant Hire Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castell Farm, St. Davids, Haverfordwest, SA62 6PW, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 5 ).
5. Tax on profit/(loss)
Major components of tax expense
2022
2021
£
£
Current tax:
Adjustments in respect of prior periods
8,922
Deferred tax:
Origination and reversal of timing differences
49,340
--------
-------
Tax on profit/(loss)
49,340
8,922
--------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
366,630
37,101
403,731
Additions
84,352
115,417
790
200,559
Disposals
( 146,828)
( 146,828)
---------
---------
----
---------
At 31 December 2022
304,154
152,518
790
457,462
---------
---------
----
---------
Depreciation
At 1 January 2022
88,203
16,654
104,857
Charge for the year
37,017
33,966
197
71,180
Disposals
( 30,829)
( 30,829)
---------
---------
----
---------
At 31 December 2022
94,391
50,620
197
145,208
---------
---------
----
---------
Carrying amount
At 31 December 2022
209,763
101,898
593
312,254
---------
---------
----
---------
At 31 December 2021
278,427
20,447
298,874
---------
---------
----
---------
7. Debtors
2022
2021
£
£
Trade debtors
194,014
121,464
Other debtors
26,280
42,444
---------
---------
220,294
163,908
---------
---------
Other debtors includes an amount of £nil (2021: £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
12,108
Trade creditors
178,347
227,973
Hire purchase agreements (secured)
26,290
48,518
Corporation tax
9,435
8,922
Social security and other taxes
171,662
20,660
Other creditors
101,234
38,174
---------
---------
486,968
356,355
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
38,291
Hire purchase agreements (secured)
112,505
149,602
---------
---------
112,505
187,893
---------
---------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2022
Additions
49,340
--------
At 31 December 2022
49,340
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions (note 10)
49,340
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
59,328
Unused tax losses
( 9,988)
--------
----
49,340
--------
----
12. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
13. Related party transactions
The company was under the control of Mr I T Price , the managing director, throughout the current year and previous year by virtue of his majority shareholding. During the year the company paid dividends totalling £43,000 (2021: £14,500) to the shareholders of the company.