Company registration number 07201424 (England and Wales)
DIGGERS (BURY) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DIGGERS (BURY) LIMITED
COMPANY INFORMATION
Directors
Miss L L Thomas
(Appointed 6 July 2022)
Mr W L Thomas
(Appointed 6 July 2022)
Mr R Power
(Appointed 6 July 2022)
Mr S M Power
(Appointed 6 July 2022)
Company number
07201424
Registered office
Tai Hirion
Llwybr Hir
Caerwys
Flintshire
United Kingdom
CH7 5BL
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
DIGGERS (BURY) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
DIGGERS (BURY) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,000
Tangible assets
4
10,948,230
Investment properties
5
217,450
11,183,680
Current assets
Debtors
6
8,389,692
1,248,649
Cash at bank and in hand
56,667
152,276
8,446,359
1,400,925
Creditors: amounts falling due within one year
7
(2,456,462)
(2,525,165)
Net current assets/(liabilities)
5,989,897
(1,124,240)
Total assets less current liabilities
5,989,897
10,059,440
Creditors: amounts falling due after more than one year
8
(287,030)
(4,802,507)
Provisions for liabilities
(921,294)
Net assets
5,702,867
4,335,639
Capital and reserves
Called up share capital
3
3
Revaluation reserve
9
300
799,086
Profit and loss reserves
5,702,564
3,536,550
Total equity
5,702,867
4,335,639
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 11 April 2024 and are signed on its behalf by:
Miss L L Thomas
Director
Company Registration No. 07201424
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Diggers (Bury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tai Hirion, Llwybr Hir, Caerwys, Flintshire, United Kingdom, CH7 5BL.
1.1
Reporting period
The financial statements are presented for a 14 month period to 31 May 2023, following an extension of the year end to align with the parent company Thomas Holdings (North West) Limited. The comparative information presented in these financial statements may therefore not be entirely comparable.
1.2
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. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Thomas Holdings (North West) Limited. These consolidated financial statements are available from the registered office at Tai Hirion Lywybr Hir Caerwys Flintshire United Kingdom CH7 5BL
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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, derived from the principal activity, is calculated on the basis of the hire of machines during the period.
1.5
Intangible fixed assets - goodwill
Goodwill was generated on the acquisition of the business and is being written off over its estimated useful life of 10 years. This has now been fully amortised.
1.6
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.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
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:
Freehold land and buildings
0%
Plant and equipment
25% on cost and 15% on reducing balance.
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.
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9
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 current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
33
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 May 2023
20,000
Amortisation and impairment
At 1 April 2022
2,000
Amortisation charged for the period
18,000
At 31 May 2023
20,000
Carrying amount
At 31 May 2023
At 31 March 2022
18,000
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
1,118,306
12,952,699
14,071,005
Additions
150,287
324,734
475,021
Revaluation
(412,593)
(412,593)
Transfers
(856,000)
(13,277,433)
(14,133,433)
At 31 May 2023
Depreciation and impairment
At 1 April 2022
3,122,775
3,122,775
Depreciation charged in the period
44,628
44,628
Transfers
(3,167,403)
(3,167,403)
At 31 May 2023
Carrying amount
At 31 May 2023
At 31 March 2022
1,118,306
9,829,924
10,948,230
Freehold property was revalued on an open market basis upon aquisition by Thomas Holdings (North West) Limited
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2023
2022
£
£
Cost
-
600,914
All assets were transferred to Thomas Holdings (North West) Limited in the year.
5
Investment property
2023
£
Fair value
At 1 April 2022
217,450
Disposals
(217,450)
At 31 May 2023
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,339,173
1,240,401
Corporation tax recoverable
712
Amounts owed by group undertakings
7,036,396
Other debtors
13,411
8,248
8,389,692
1,248,649
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
115,630
2,058,217
Trade creditors
129,629
297,566
Amounts owed to group undertakings
2,123,617
Taxation and social security
58,268
136,072
Other creditors
29,318
13,547
Accruals and deferred income
19,763
2,456,462
2,525,165
The obligations under finance leases are secured over the Group's assets. The assets of the company have been transferred to the Parent Company, Thomas Holdings (North West) Limited.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
287,030
4,802,507
The obligations under finance leases are secured over the Group's assets. The assets of the company have been transferred to the Parent Company, Thomas Holdings (North West) Limited.
9
Revaluation reserve
2023
2022
£
£
At the beginning of the period
799,086
799,086
Revaluation surplus arising in the period
(412,593)
Transfer to profit and loss
(386,193)
-
At the end of the period
300
799,086
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 9 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
Qualified opinion on the financial statements for the period ended 31 May 2023.
We were engaged to audit the financial statements of Diggers (Bury) Limited (the 'company') for the period ended 31 May 2023 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The financial statements for the year ended 31 May 2022 were unaudited. We were appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The senior statutory auditor was Helen Davies and the auditor was Azets Audit Services.
11
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sale of Property
2023
2022
£
£
Other related parties
217,450
-
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
11
Related party transactions
(Continued)
- 10 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
217,450
-
Other information
The company has taken advantage of the exemption within FRS 102 Section 33.1A from the requirements to disclose transactions with other wholly owned companies within the same group.
All related party transactions are under the normal course of business
12
Parent company
Thomas Holdings (North West) Limited is regarded by the directors as being the company's ultimate parent company.
The ultimate controlling party is Mr W L Thomas who owns the issued share capital of the parent company in its entirety.
2023-05-312022-04-01false15 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMiss L L ThomasMr W L ThomasMr R PowerMr S M PowerMrs J L PowerMr G Powerfalse072014242022-04-012023-05-3107201424bus:Director12022-04-012023-05-3107201424bus:Director22022-04-012023-05-3107201424bus:Director32022-04-012023-05-3107201424bus:Director42022-04-012023-05-3107201424bus:Director52022-04-012023-05-3107201424bus:Director62022-04-012023-05-3107201424bus:RegisteredOffice2022-04-012023-05-31072014242023-05-31072014242022-03-3107201424core:NetGoodwill2023-05-3107201424core:NetGoodwill2022-03-3107201424core:LandBuildings2023-05-3107201424core:OtherPropertyPlantEquipment2023-05-3107201424core:LandBuildings2022-03-3107201424core:OtherPropertyPlantEquipment2022-03-3107201424core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3107201424core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107201424core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3107201424core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3107201424core:CurrentFinancialInstruments2023-05-3107201424core:CurrentFinancialInstruments2022-03-3107201424core:ShareCapital2023-05-3107201424core:ShareCapital2022-03-3107201424core:RevaluationReserve2023-05-3107201424core:RevaluationReserve2022-03-3107201424core:RetainedEarningsAccumulatedLosses2023-05-3107201424core:RetainedEarningsAccumulatedLosses2022-03-3107201424core:RevaluationReserve2022-03-3107201424core:RevaluationReserve2021-03-3107201424core:Goodwill2022-04-012023-05-3107201424core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-05-3107201424core:PlantMachinery2022-04-012023-05-3107201424core:MotorVehicles2022-04-012023-05-31072014242021-04-012022-03-3107201424core:NetGoodwill2022-03-3107201424core:NetGoodwill2022-04-012023-05-3107201424core:LandBuildings2022-03-3107201424core:OtherPropertyPlantEquipment2022-03-31072014242022-03-3107201424core:LandBuildings2022-04-012023-05-3107201424core:OtherPropertyPlantEquipment2022-04-012023-05-3107201424core:WithinOneYear2023-05-3107201424core:WithinOneYear2022-03-3107201424core:Non-currentFinancialInstruments2023-05-3107201424core:Non-currentFinancialInstruments2022-03-3107201424core:RevaluationReserve2022-04-012023-05-3107201424bus:PrivateLimitedCompanyLtd2022-04-012023-05-3107201424bus:SmallCompaniesRegimeForAccounts2022-04-012023-05-3107201424bus:FRS1022022-04-012023-05-3107201424bus:Audited2022-04-012023-05-3107201424bus:FullAccounts2022-04-012023-05-31xbrli:purexbrli:sharesiso4217:GBP