Registered number: 01006015
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Ward Bros. (Plant Hire) Limited
Financial statements
Information for filing with the registrar
30 April 2023
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Ward Bros. (Plant Hire) Limited
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Balance sheet
At 30 April 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Ward Bros. (Plant Hire) Limited
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Balance sheet (continued)
At 30 April 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2023.
Company registered number: 01006015
The notes on pages 3 to 8 form part of these financial statements.
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thistle Road, Littleburn Industrial Estate, Langley Moor, Durham, DH7 8HZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
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.
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stock is valued as follows:-
Fuel - lower of cost and net realisable value
Tyres - at directors' estimated value, being the lower of cost and net realisable value.
Spare parts - at the lower of cost and net realisable value after making due allowance for obsolete stocks.
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Provisions for liabilities
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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.
Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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The average monthly number of employees, including directors, during the year was 38 (2022 - 34).
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
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Freehold investment property
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Obligations under hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Obligations under hire purchase contracts
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Details of security provided:
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The bank loan is secured by a fixed charge over the land included in investment properties. The hire purchase agreements are secured on the assets to which they relate.
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Ward Bros. (Plant Hire) Limited
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Notes to the financial statements
Year ended 30 April 2023
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Creditors: amounts falling due after more than one year
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Net obligations under hire purchase contracts
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The following liabilities were secured:
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Net obligations under hire purrchase contracts
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Details of security provided:
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The bank loan is secured by a fixed charge over the land included in investment properties. The hire purchase agreements are secured on the assets to which they relate
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Related party transactions
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During the year an inter company account was operated between the company and Ward Bros (Durham) Limited to record normal trading transactions. At the year end the amount due to Ward Bros (Durham) Limited was £53,225 (2022 - £103,685).
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