Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-318false2022-04-01No description of principal activity7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04351244 2022-04-01 2023-03-31 04351244 2021-04-01 2022-03-31 04351244 2023-03-31 04351244 2022-03-31 04351244 c:Director1 2022-04-01 2023-03-31 04351244 d:PlantMachinery 2022-04-01 2023-03-31 04351244 d:PlantMachinery 2023-03-31 04351244 d:PlantMachinery 2022-03-31 04351244 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04351244 d:MotorVehicles 2022-04-01 2023-03-31 04351244 d:MotorVehicles 2023-03-31 04351244 d:MotorVehicles 2022-03-31 04351244 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04351244 d:OfficeEquipment 2022-04-01 2023-03-31 04351244 d:OfficeEquipment 2023-03-31 04351244 d:OfficeEquipment 2022-03-31 04351244 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04351244 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04351244 d:Goodwill 2022-04-01 2023-03-31 04351244 d:Goodwill 2023-03-31 04351244 d:Goodwill 2022-03-31 04351244 d:CurrentFinancialInstruments 2023-03-31 04351244 d:CurrentFinancialInstruments 2022-03-31 04351244 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04351244 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04351244 d:ShareCapital 2023-03-31 04351244 d:ShareCapital 2022-03-31 04351244 d:CapitalRedemptionReserve 2023-03-31 04351244 d:CapitalRedemptionReserve 2022-03-31 04351244 d:RetainedEarningsAccumulatedLosses 2023-03-31 04351244 d:RetainedEarningsAccumulatedLosses 2022-03-31 04351244 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04351244 c:OrdinaryShareClass1 2023-03-31 04351244 c:OrdinaryShareClass1 2022-03-31 04351244 c:FRS102 2022-04-01 2023-03-31 04351244 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04351244 c:FullAccounts 2022-04-01 2023-03-31 04351244 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04351244 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04351244










T W PLANT SALES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
T W PLANT SALES LIMITED
REGISTERED NUMBER: 04351244

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
833,411
1,087,367

  
833,411
1,087,367

Current assets
  

Stocks
  
1,073,000
909,900

Debtors: amounts falling due within one year
 6 
392,015
379,735

Cash at bank and in hand
 7 
805,089
829,026

  
2,270,104
2,118,661

Creditors: amounts falling due within one year
 8 
(177,407)
(290,851)

Net current assets
  
 
 
2,092,697
 
 
1,827,810

Total assets less current liabilities
  
2,926,108
2,915,177

Provisions for liabilities
  

Deferred tax
  
(158,348)
(186,644)

  
 
 
(158,348)
 
 
(186,644)

Net assets
  
2,767,760
2,728,533


Capital and reserves
  

Called up share capital 
 9 
100
100

Capital redemption reserve
  
1
1

Profit and loss account
  
2,767,659
2,728,432

  
2,767,760
2,728,533


Page 1

 
T W PLANT SALES LIMITED
REGISTERED NUMBER: 04351244
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 director acknowledges his 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 profit and loss account 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 by: 




Paul Hughes
Director

Date: 6 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

T W Plant Sales Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office at Belmont House, Shrewsbury Business Park, Shrewsbury, SY2 6LG and its principal place of business at Ifton Industrial Estate, St Martins, Oswestry, Shropshire, SY11 3DA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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.

Page 4

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

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:

Plant and machinery
-
15% straight line
Motor vehicles
-
15% straight line
Office equipment
-
15% straight line

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Page 6

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
47,500



At 31 March 2023

47,500



Amortisation


At 1 April 2022
47,500



At 31 March 2023

47,500



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
1,876,040
193,973
6,263
2,076,276


Additions
105,950
8,167
433
114,550


Disposals
(414,925)
(23,830)
-
(438,755)



At 31 March 2023

1,567,065
178,310
6,696
1,752,071



Depreciation


At 1 April 2022
838,850
147,193
2,865
988,908


Charge for the year on owned assets
139,465
13,286
575
153,326


Disposals
(201,534)
(22,040)
-
(223,574)



At 31 March 2023

776,781
138,439
3,440
918,660



Net book value



At 31 March 2023
790,284
39,871
3,256
833,411



At 31 March 2022
1,037,190
46,779
3,398
1,087,367


6.


Debtors

2023
2022
£
£


Trade debtors
369,211
370,849

Other debtors
9,110
2,197

Prepayments and accrued income
13,694
6,689

392,015
379,735


Page 8

 
T W PLANT SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
805,089
829,026

805,089
829,026



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
80,840
155,258

Taxation and social security
79,913
105,453

Other creditors
2,929
3,815

Accruals and deferred income
13,725
26,325

177,407
290,851



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

Included in other debtors is a loan to the directors of £5,201 (2022: £2,197). 

 
Page 9