Company registration number 08483138 (England and Wales)
WEST COUNTRY MACHINERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WEST COUNTRY MACHINERY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WEST COUNTRY MACHINERY LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
162,749
165,575
Current assets
Stocks
8,000
8,000
Debtors
4
14,638
27,591
Cash at bank and in hand
3,620
2,465
26,258
38,056
Creditors: amounts falling due within one year
5
(110,186)
(117,214)
Net current liabilities
(83,928)
(79,158)
Total assets less current liabilities
78,821
86,417
Creditors: amounts falling due after more than one year
6
(33,303)
(48,282)
Provisions for liabilities
(22,106)
(21,629)
Net assets
23,412
16,506
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
23,411
16,505
Total equity
23,412
16,506
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WEST COUNTRY MACHINERY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr R K Foss
Mr K H Foss
Director
Director
Company registration number 08483138 (England and Wales)
WEST COUNTRY MACHINERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
West Country Machinery Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Steam Shop, Pottery Road, Bovey Tracey, Devon, TQ13 9TZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and settlement discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Period of the lease
Containers
Straight line over 15 years
Fixtures, fittings & equipment
25% per annum on cost
Plant & machinery
15% per annum on cost
Motor vehicles
25% per annum reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WEST COUNTRY MACHINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
WEST COUNTRY MACHINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
81,328
140,610
221,938
Additions
3,310
6,889
10,199
At 31 March 2023
84,638
147,499
232,137
Depreciation and impairment
At 1 April 2022
19,147
37,216
56,363
Depreciation charged in the year
4,215
8,810
13,025
At 31 March 2023
23,362
46,026
69,388
Carrying amount
At 31 March 2023
61,276
101,473
162,749
At 31 March 2022
62,181
103,394
165,575
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,021
3,134
Other debtors
9,617
24,457
14,638
27,591
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Trade creditors
7,768
2,893
Taxation and social security
2,464
926
Other creditors
93,954
107,395
110,186
117,214
Included in other creditors is £4,420 (2022 £5,080) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned and £4,559 (2022 £4,547) of creditors which are secured on the assets of the company.
WEST COUNTRY MACHINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,000
19,000
Other creditors
20,303
29,282
33,303
48,282
Included in other creditors is £nil (2022 £4,420) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned and £20,303 (2022 £24,862) of creditors which are secured on the assets of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
1,752
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
32,000
32,000
Between two and five years
128,000
128,000
In over five years
232,000
264,000
392,000
424,000