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REGISTERED NUMBER: 05372599 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Indi-Pendent Plant Sales Limited

Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Indi-Pendent Plant Sales Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr J K Clark
Mr I S Dhariwal



REGISTERED OFFICE: 8 Bowbank Close
Littleover
Derby
DE26 3YE



BUSINESS ADDRESS: The Old Dairy
Mill Street
Packington
Ashby-de-la-Zouch
Leicestershire
LE65 1WN



REGISTERED NUMBER: 05372599 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Virgin Money
1 Frederick Street
Rotherham
S60 1QP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Indi-Pendent Plant Sales Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Indi-Pendent Plant Sales Limited for the year ended 28 February 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Indi-Pendent Plant Sales Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Indi-Pendent Plant Sales Limited and state those matters that we have agreed to state to the Board of Directors of Indi-Pendent Plant Sales Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Indi-Pendent Plant Sales Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Indi-Pendent Plant Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Indi-Pendent Plant Sales Limited. You consider that Indi-Pendent Plant Sales Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Indi-Pendent Plant Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


15 November 2023

Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Balance Sheet
28 February 2023

28/2/23 28/2/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 703,453 660,615

CURRENT ASSETS
Stocks 72,878 37,378
Debtors 5 36,023 95,480
Cash at bank 42,930 14,751
151,831 147,609
CREDITORS
Amounts falling due within one year 6 (266,137 ) (233,968 )
NET CURRENT LIABILITIES (114,306 ) (86,359 )
TOTAL ASSETS LESS CURRENT LIABILITIES 589,147 574,256

CREDITORS
Amounts falling due after more than one
year

7

(235,030

)

(192,024

)

PROVISIONS FOR LIABILITIES (154,376 ) (152,405 )
NET ASSETS 199,741 229,827

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 198,741 228,827
199,741 229,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 November 2023 and were signed on its behalf by:





Mr I S Dhariwal - Director


Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Indi-Pendent Plant Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Government grants
Grants which are received by the company for compensation for expenses or losses are recognised in
the same period as the related expenditure.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities.


Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2022 988,254
Additions 232,000
Disposals (135,000 )
At 28 February 2023 1,085,254
DEPRECIATION
At 1 March 2022 327,639
Charge for year 134,255
Eliminated on disposal (80,093 )
At 28 February 2023 381,801
NET BOOK VALUE
At 28 February 2023 703,453
At 28 February 2022 660,615

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2022 205,000
Additions 232,000
Transfer to ownership (205,000 )
At 28 February 2023 232,000
DEPRECIATION
At 1 March 2022 84,733
Charge for year 11,600
Transfer to ownership (84,733 )
At 28 February 2023 11,600
NET BOOK VALUE
At 28 February 2023 220,400
At 28 February 2022 120,267

Indi-Pendent Plant Sales Limited (Registered number: 05372599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors - 33,740
Other debtors 36,023 61,740
36,023 95,480

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts 32,209 28,713
Hire purchase contracts 39,267 51,152
Trade creditors 129,955 49,647
Other creditors 64,706 104,456
266,137 233,968

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans 58,150 90,357
Hire purchase contracts 140,491 -
Other creditors 36,389 101,667
235,030 192,024

8. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Other loans 99,445 164,723
Hire purchase contracts 179,758 51,152
279,203 215,875

As at the year end date the company has hire purchase and other loan liabilities totalling £279,203 (2022 - £215,875) for which it has given security.

The security given is against the assets of the company.

The bank loan is unsecured, but guaranteed by the UK government under the Coronavirus Business Interruption Loan Scheme.