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REGISTERED NUMBER: 03178447 (England and Wales)















HINCH PLANT AND CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






HINCH PLANT AND CONTRACTORS LIMITED (REGISTERED NUMBER: 03178447)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


HINCH PLANT AND CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A C Hinch
Mrs A J F Hinch
E C Hinch
Miss N Hinch





SECRETARY: Mrs A J F Hinch





REGISTERED OFFICE: Glebe Farm
Empingham Road
Tinwell
Stamford
Lincolnshire
PE9 3UL





REGISTERED NUMBER: 03178447 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

HINCH PLANT AND CONTRACTORS LIMITED (REGISTERED NUMBER: 03178447)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,056,946 782,026

CURRENT ASSETS
Stocks 44,464 49,954
Debtors 5 691,522 863,497
Cash at bank 71,560 93,512
807,546 1,006,963
CREDITORS
Amounts falling due within one year 6 229,208 286,478
NET CURRENT ASSETS 578,338 720,485
TOTAL ASSETS LESS CURRENT LIABILITIES 1,635,284 1,502,511

CREDITORS
Amounts falling due after more than one year 7 (53,693 ) (59,434 )

PROVISIONS FOR LIABILITIES (233,978 ) (191,866 )
NET ASSETS 1,347,613 1,251,211

CAPITAL AND RESERVES
Called up share capital 9 21,000 21,000
Retained earnings 1,326,613 1,230,211
SHAREHOLDERS' FUNDS 1,347,613 1,251,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





A C Hinch - Director


HINCH PLANT AND CONTRACTORS LIMITED (REGISTERED NUMBER: 03178447)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Hinch Plant and Contractors 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.

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
Depreciation is provided at the following annual rates in order to write off 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
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and not provided
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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 Profit and Loss Account, 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.


HINCH PLANT AND CONTRACTORS LIMITED (REGISTERED NUMBER: 03178447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 1,350,681 16,620 352,281 13,230 1,732,812
Additions 439,149 5,574 117,500 2,264 564,487
Disposals (99,295 ) - (93,087 ) - (192,382 )
At 31 March 2023 1,690,535 22,194 376,694 15,494 2,104,917
DEPRECIATION
At 1 April 2022 749,729 9,627 180,483 10,947 950,786
Charge for year 164,767 1,430 46,396 1,969 214,562
Eliminated on disposal (67,168 ) - (50,209 ) - (117,377 )
At 31 March 2023 847,328 11,057 176,670 12,916 1,047,971
NET BOOK VALUE
At 31 March 2023 843,207 11,137 200,024 2,578 1,056,946
At 31 March 2022 600,952 6,993 171,798 2,283 782,026


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 86,066 281,652
Other debtors 605,456 581,845
691,522 863,497

HINCH PLANT AND CONTRACTORS LIMITED (REGISTERED NUMBER: 03178447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 70,410 42,695
Trade creditors 57,461 77,596
Taxation and social security 70,771 133,095
Other creditors 30,566 33,092
229,208 286,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 53,693 59,434

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 124,103 102,129

The hire purchase liabilities are secured on the assets to which they relate.

A C Hinch has given a personal guarantee up to a limit of £40,000 in respect of bank borrowings.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,500 Ordinary voting £1 10,500 10,500
10,500 Ordinary non-voting £1 10,500 10,500
21,000 21,000

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had operating lease commitments over the remaining life of the leases totalling £5,720 (2022: £7,800).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
A C Hinch
Balance outstanding at start of year 442,328 342,773
Amounts advanced 51,425 118,231
Amounts repaid (68,391 ) (18,676 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 425,362 442,328

Loans to directors are charged to interest at 2.0% per annum (2022: 2.0% per annum). Loans are repayable on demand.