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COMPANY REGISTRATION NUMBER: 09991247
WELLSHILL CIVILS & PLANT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
WELLSHILL CIVILS & PLANT LIMITED
FINANCIAL STATEMENTS
Year ended 28 February 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
WELLSHILL CIVILS & PLANT LIMITED
BALANCE SHEET
28 February 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
4,727
9,226
CURRENT ASSETS
Debtors
6
136,614
26,214
Cash at bank and in hand
91,416
6,191
---------
--------
228,030
32,405
CREDITORS: amounts falling due within one year
7
( 240,185)
( 84,845)
---------
--------
NET CURRENT LIABILITIES
( 12,155)
( 52,440)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 7,428)
( 43,214)
PROVISIONS
( 1,182)
( 3,594)
-------
--------
NET LIABILITIES
( 8,610)
( 46,808)
-------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 8,710)
( 46,908)
-------
--------
SHAREHOLDERS FUNDS
( 8,610)
( 46,808)
-------
--------
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 profit and loss account has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mr B D Powell
Director
Company registration number: 09991247
WELLSHILL CIVILS & PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 28 February 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shillibier Haulage Ltd, Village Farm Road, Pyle, Bridgend, CF33 6BN, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 accounts have been prepared on the going concern basis. The accounts show that the company has net liabilities of £8,610. With the continued support of the related companies, this company is able to finance its operations. The director is confident that the company will be able to meet its obligations given the continuing support of its director and related companies. The director therefore considers it appropriate to prepare the accounts on a going concern basis.
Turnover
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
33.33% Straight line
Motor Vehicles
-
33.33% 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 balance sheet 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. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 March 2022 and 28 February 2023
58,966
--------
Amortisation
At 1 March 2022 and 28 February 2023
58,966
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
--------
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2022
26,711
25,000
3,922
55,633
Transfers
3,922
(3,922)
--------
--------
-------
--------
At 28 February 2023
30,633
25,000
55,633
--------
--------
-------
--------
Depreciation
At 1 March 2022
25,249
21,158
46,407
Charge for the year
3,218
1,281
4,499
--------
--------
-------
--------
At 28 February 2023
28,467
22,439
50,906
--------
--------
-------
--------
Carrying amount
At 28 February 2023
2,166
2,561
4,727
--------
--------
-------
--------
At 28 February 2022
1,462
3,842
3,922
9,226
--------
--------
-------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
103,617
Amounts owed by companies under common control
7,445
Other debtors
32,997
18,769
---------
--------
136,614
26,214
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,466
2,831
Amounts owed to companies under common control
118,867
35,952
Corporation tax
8,408
Social security and other taxes
8,582
Other creditors
59,444
37,480
---------
--------
240,185
84,845
---------
--------
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
16,329
16,329
Later than 1 year and not later than 5 years
7,244
23,573
--------
--------
23,573
39,902
--------
--------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is £1,900 (2022 - £1,900) due to directors. The balances are interest free and repayable on demand
10. RELATED PARTY TRANSACTIONS
At the year end a balance of £154,867 (2022: £35,952) was owed to companies related by common control. At the year end a balance of £nil (2022:£7,445) was owed by companies related by common control. These amounts are interest free and repayable on demand.