Registered number
07909733
Newport and Hereford Drainage Limited
Filleted Accounts
31 January 2024
Newport and Hereford Drainage Limited
Registered number: 07909733
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 57,600 72,000
Tangible assets 4 1,339,531 713,876
1,397,131 785,876
Current assets
Stocks 28,950 23,000
Debtors 5 624,491 680,956
Cash at bank and in hand 43,356 118,378
696,797 822,334
Creditors: amounts falling due within one year 6 (626,895) (715,505)
Net current assets 69,902 106,829
Total assets less current liabilities 1,467,033 892,705
Creditors: amounts falling due after more than one year 7 (1,017,771) (472,650)
Provisions for liabilities (241,341) (127,231)
Net assets 207,921 292,824
Capital and reserves
Called up share capital 100 100
Profit and loss account 207,821 292,724
Shareholders' funds 207,921 292,824
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ben Witcomb
Director
Approved by the board on 13 March 2024
Newport and Hereford Drainage Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 48 41
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 115,500
At 31 January 2024 115,500
Amortisation
At 1 February 2023 43,500
Provided during the year 14,400
At 31 January 2024 57,900
Net book value
At 31 January 2024 57,600
At 31 January 2023 72,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 442,921 1,057,443 1,500,364
Additions 82,750 844,350 927,100
Disposals - (88,388) (88,388)
At 31 January 2024 525,671 1,813,405 2,339,076
Depreciation
At 1 February 2023 262,659 523,829 786,488
Charge for the year 55,829 212,726 268,555
On disposals - (55,498) (55,498)
At 31 January 2024 318,488 681,057 999,545
Net book value
At 31 January 2024 207,183 1,132,348 1,339,531
At 31 January 2023 180,262 533,614 713,876
5 Debtors 2024 2023
£ £
Trade debtors 613,469 680,956
Other debtors 11,022 -
624,491 680,956
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 135,906 189,721
Directors' current account 673 36,212
Trade creditors 330,539 324,407
Taxation and social security costs 130,053 122,606
Other creditors 29,724 42,559
626,895 715,505
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,017,771 472,650
8 Controlling party
There is no individual controlling party. Ben Witcomb owns 50% of the issued share capital, Colin Witcomb owns 27% and his wife Lindsay Witcomb owns 23%.
9 Other information
Newport and Hereford Drainage Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
Unit H
Crown Business Park
Tredegar
Blaenau Gwent
NP22 4EF
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