Silverfin false 31/05/2023 01/06/2022 31/05/2023 Julian Charles Porter 10/04/2003 Lisa Porter 10/04/2003 12 February 2024 The principal activity of the Company during the financial year is Plant Hire. 04729910 2023-05-31 04729910 bus:Director1 2023-05-31 04729910 bus:Director2 2023-05-31 04729910 2022-05-31 04729910 core:CurrentFinancialInstruments 2023-05-31 04729910 core:CurrentFinancialInstruments 2022-05-31 04729910 core:Non-currentFinancialInstruments 2023-05-31 04729910 core:Non-currentFinancialInstruments 2022-05-31 04729910 core:ShareCapital 2023-05-31 04729910 core:ShareCapital 2022-05-31 04729910 core:RetainedEarningsAccumulatedLosses 2023-05-31 04729910 core:RetainedEarningsAccumulatedLosses 2022-05-31 04729910 core:LandBuildings 2022-05-31 04729910 core:PlantMachinery 2022-05-31 04729910 core:Vehicles 2022-05-31 04729910 core:ComputerEquipment 2022-05-31 04729910 core:OtherPropertyPlantEquipment 2022-05-31 04729910 core:LandBuildings 2023-05-31 04729910 core:PlantMachinery 2023-05-31 04729910 core:Vehicles 2023-05-31 04729910 core:ComputerEquipment 2023-05-31 04729910 core:OtherPropertyPlantEquipment 2023-05-31 04729910 2022-06-01 2023-05-31 04729910 bus:FullAccounts 2022-06-01 2023-05-31 04729910 bus:SmallEntities 2022-06-01 2023-05-31 04729910 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 04729910 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04729910 bus:Director1 2022-06-01 2023-05-31 04729910 bus:Director2 2022-06-01 2023-05-31 04729910 core:PlantMachinery 2022-06-01 2023-05-31 04729910 core:Vehicles 2022-06-01 2023-05-31 04729910 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 04729910 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 04729910 2021-06-01 2022-05-31 04729910 core:LandBuildings 2022-06-01 2023-05-31 04729910 core:ComputerEquipment 2022-06-01 2023-05-31 04729910 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 04729910 (England and Wales)

J C PORTER PLANT LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

J C PORTER PLANT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

J C PORTER PLANT LTD

BALANCE SHEET

As at 31 May 2023
J C PORTER PLANT LTD

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,518,883 1,415,835
Investment property 4 450,652 450,652
1,969,535 1,866,487
Current assets
Stocks 5 50,000 33,000
Debtors 6 242,138 234,605
Cash at bank and in hand 99,813 70,116
391,951 337,721
Creditors: amounts falling due within one year 7 ( 167,126) ( 161,885)
Net current assets 224,825 175,836
Total assets less current liabilities 2,194,360 2,042,323
Creditors: amounts falling due after more than one year 8 ( 358,817) ( 345,770)
Provision for liabilities ( 320,199) ( 294,329)
Net assets 1,515,344 1,402,224
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,515,244 1,402,124
Total shareholders' funds 1,515,344 1,402,224

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J C Porter Plant Ltd (registered number: 04729910) were approved and authorised for issue by the Director on 12 February 2024. They were signed on its behalf by:

Julian Charles Porter
Director
J C PORTER PLANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
J C PORTER PLANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J C Porter Plant Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Meadows, Collingsfield, Burtle, Bridgwater, TA7 8ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line
Other property, plant and equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 June 2022 205,976 2,027,910 261,078 5,723 14,958 2,515,645
Additions 1,524 348,578 11,500 0 0 361,602
Disposals 0 ( 123,319) ( 10,356) 0 0 ( 133,675)
At 31 May 2023 207,500 2,253,169 262,222 5,723 14,958 2,743,572
Accumulated depreciation
At 01 June 2022 0 866,698 215,976 5,532 11,604 1,099,810
Charge for the financial year 0 188,254 13,105 70 0 201,429
Disposals 0 ( 68,461) ( 8,089) 0 0 ( 76,550)
At 31 May 2023 0 986,491 220,992 5,602 11,604 1,224,689
Net book value
At 31 May 2023 207,500 1,266,678 41,230 121 3,354 1,518,883
At 31 May 2022 205,976 1,161,212 45,102 191 3,354 1,415,835

4. Investment property

Investment property
£
Valuation
As at 01 June 2022 450,652
As at 31 May 2023 450,652

The property was valued when purchased in August 2018 and subsequent enhancement expenditure has been incurred. The directors believe the value shown is representative of the fair value at the year end.

5. Stocks

2023 2022
£ £
Stocks 50,000 33,000

6. Debtors

2023 2022
£ £
Trade debtors 192,040 193,359
Other debtors 50,098 41,246
242,138 234,605

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 22,614 21,866
Trade creditors 7,776 40,143
Taxation and social security 29,444 21,006
Obligations under finance leases and hire purchase contracts 86,582 67,470
Other creditors 20,710 11,400
167,126 161,885

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 290,329 313,572
Obligations under finance leases and hire purchase contracts 68,488 32,198
358,817 345,770

Bank loans include one loan that is secured against the company's investment property and a Coronavirus Bounce Back Loan that is secured against the assets of the company.

The obligations under hire purchase at the year end are secured on the plant and machinery to which it relates.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Julian & Lisa Porter (14,318) (5,486)

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rate.

At 01 June 2022, the balance owed by the company was £5,486. During the year £86,817 was advanced to the director and £95,649 was repaid by the director. At 31 May 2023 the balance owed by the company was £14,318.

At 01 June 2021, the balance owed by the company was £13,305. During the year £114,655 was advanced to the director and £106,836 was repaid by the director. At 31 May 2022 the balance owed by the director was £5,486.