Company registration number 01124513 (England and Wales)
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
183,930
194,717
Current assets
Stocks
528
1,131
Debtors
4
20,017
21,413
Cash at bank and in hand
40,682
70,142
61,227
92,686
Creditors: amounts falling due within one year
5
(30,030)
(42,561)
Net current assets
31,197
50,125
Total assets less current liabilities
215,127
244,842
Creditors: amounts falling due after more than one year
6
(144,411)
(150,443)
Provisions for liabilities
(1,468)
(2,702)
Net assets
69,248
91,697
Capital and reserves
Called up share capital
7
2,350
2,350
Share premium account
4,750
4,750
Capital redemption reserve
400
400
Profit and loss reserves
61,748
84,197
Total equity
69,248
91,697
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
Mr H T Rodwell
Director
Company Registration No. 01124513
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Lime & Fertiliser Spreaders (South Wales) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o UHY Hacker Young, 23 Nevill Street, Abergavenny, Monmouthshire, United Kingdom, NP7 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods provided. Turnover is recognised on a daily basis excluding VAT to the end of the financial year. Where goods are despatched prior to the year end then turnover is recognised within that financial year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
2% on cost
Plant and machinery
20% on cost
Fixtures, fittings and equipment
20% on cost
Motor vehicles
25% on cost
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
217,333
265,297
27,228
24,000
533,858
Depreciation and impairment
At 1 January 2023
34,701
264,712
27,228
12,500
339,141
Depreciation charged in the year
4,347
440
6,000
10,787
At 31 December 2023
39,048
265,152
27,228
18,500
349,928
Carrying amount
At 31 December 2023
178,285
145
5,500
183,930
At 31 December 2022
182,632
585
11,500
194,717
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,087
13,793
Other debtors
7,930
7,620
20,017
21,413
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,841
4,841
Trade creditors
7,494
12,223
Amounts owed to group undertakings
210
529
Corporation tax
3,927
Other taxation and social security
5,714
8,915
Other creditors
11,771
12,126
30,030
42,561
Included in creditors above is a bank loan of £4,841 (2022: £4,841) secured on the property.
LIME & FERTILISER SPREADERS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
144,411
150,443
Included in creditors above is a bank loan of £144,411 (2022:£150,443) secured on the property
Amounts included above which fall due after five years are as follows:
Payable by instalments
125,049
131,080
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
2,350
2,350
2,350
2,350
8
Related party transactions
As at the year end, an amount of £210 was due to the parent company (2022:£529) and is included in creditors: amounts falling due within one year. During the year Lime & Fertiliser Spreaders (South Wales) Limited paid £nil (2022: £24,000) dividends to Lime & Fertiliser Spreaders Limited.
9
Parent company
The company's immediate parent company during the year was Lime and Fertiliser Spreaders Limited, a company registered in Wales.
Lime and Fertiliser Spreaders Limited is ultimately controlled by Mr H T Rodwell and Mrs C Rodwell by virtue of their 100% shareholding.