Registered number: 01141225
Chunnel Plant Hire & Contractors Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2023
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Chunnel Plant Hire & Contractors Limited
Contents
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Notes to the financial statements
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Chunnel Plant Hire & Contractors Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Chunnel Plant Hire & Contractors Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chunnel Plant Hire & Contractors Limited for the year ended 31 December 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Chunnel Plant Hire & Contractors Limited, as a body, in accordance with the terms of our engagement letter dated 15 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Chunnel Plant Hire & Contractors Limited and state those matters that we have agreed to state to the Board of directors of Chunnel Plant Hire & Contractors Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chunnel Plant Hire & Contractors Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Chunnel Plant Hire & Contractors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Chunnel Plant Hire & Contractors Limited. You consider that Chunnel Plant Hire & Contractors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Chunnel Plant Hire & Contractors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
15 April 2024
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Chunnel Plant Hire & Contractors Limited
Registered number: 01141225
Balance sheet
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 2
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Chunnel Plant Hire & Contractors Limited
Registered number: 01141225
Balance sheet (continued)
As at 31 December 2023
The directors consider 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 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 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 statement of comprehensive income 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 on 14 April 2024.
The notes on pages 4 to 9 form part of these financial statements.
Page 3
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
Chunnel Plant Hire & Contractors Limited (company number 01141225) is a private company limited by shares and incorporated in the South East of England. The address of the company's principal place of business is Chunnel House, 6-16 Canterbury Road, Lydden, Dover, Kent, CT15 7ER.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 rounded to the nearest pound.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 4
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
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Current and deferred taxation
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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.
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.
Page 5
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Land is not depreciated. Depreciation on other assets 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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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.
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The average monthly number of employees, including directors, during the year was 31 (2022 - 28).
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Page 6
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
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Charge for the year on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Included in land and buildings is freehold land at cost of £533,820 (2022: £553,820), which is not depreciated.
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Page 7
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
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Other Fixed Asset Investments
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Investments comprise 50% interest in a farming partnership with Mr J R Huggins, a director of the company and shareholder of the parent company.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 8
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Chunnel Plant Hire & Contractors Limited
Notes to the financial statements
For the year ended 31 December 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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The company operates a defined contributions pension scheme for some employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the pension scheme amounted to £33,937 (2022: £30,671). Contributions totalling £37,500 (2022: £Nil) were payable to the fund at the reporting date amd are included in creditors.
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Related party transactions
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Included in other creditors due within one year are amounts owing to the directors of £361,114 (2022: £278,424).
All directors’ remuneration paid by the company during the year was done so under normal market conditions.
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The controlling party is Mr & Mrs J R Huggins and their close family by virtue of their ownership of 100% of the issued share capital in the holding company Chunnel Group Limited.
The company is a wholly owned subsidiary of Chunnel Group Limited which company is incorporated in England.
Page 9
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