Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-3133false2022-08-01falsecold planing38trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02652765 2022-08-01 2023-07-31 02652765 2021-08-01 2022-07-31 02652765 2023-07-31 02652765 2022-07-31 02652765 c:CompanySecretary1 2022-08-01 2023-07-31 02652765 c:Director1 2022-08-01 2023-07-31 02652765 c:Director2 2022-08-01 2023-07-31 02652765 c:RegisteredOffice 2022-08-01 2023-07-31 02652765 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 02652765 d:Buildings d:LongLeaseholdAssets 2023-07-31 02652765 d:Buildings d:LongLeaseholdAssets 2022-07-31 02652765 d:PlantMachinery 2022-08-01 2023-07-31 02652765 d:PlantMachinery 2023-07-31 02652765 d:PlantMachinery 2022-07-31 02652765 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02652765 d:MotorVehicles 2022-08-01 2023-07-31 02652765 d:MotorVehicles 2023-07-31 02652765 d:MotorVehicles 2022-07-31 02652765 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02652765 d:FurnitureFittings 2022-08-01 2023-07-31 02652765 d:FurnitureFittings 2023-07-31 02652765 d:FurnitureFittings 2022-07-31 02652765 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02652765 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02652765 d:CurrentFinancialInstruments 2023-07-31 02652765 d:CurrentFinancialInstruments 2022-07-31 02652765 d:Non-currentFinancialInstruments 2023-07-31 02652765 d:Non-currentFinancialInstruments 2022-07-31 02652765 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02652765 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02652765 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02652765 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 02652765 d:ShareCapital 2023-07-31 02652765 d:ShareCapital 2022-07-31 02652765 d:RetainedEarningsAccumulatedLosses 2023-07-31 02652765 d:RetainedEarningsAccumulatedLosses 2022-07-31 02652765 c:FRS102 2022-08-01 2023-07-31 02652765 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 02652765 c:FullAccounts 2022-08-01 2023-07-31 02652765 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02652765 d:WithinOneYear 2023-07-31 02652765 d:WithinOneYear 2022-07-31 02652765 d:BetweenOneFiveYears 2023-07-31 02652765 d:BetweenOneFiveYears 2022-07-31 02652765 2 2022-08-01 2023-07-31 02652765 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 02652765 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-31 02652765 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-31 02652765 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-31 02652765 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-31 02652765 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-31 02652765 d:LeasedAssetsHeldAsLessee 2023-07-31 02652765 d:LeasedAssetsHeldAsLessee 2022-07-31 02652765 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 02652765









D.P. COLD PLANING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
D.P. COLD PLANING LIMITED
 

CONTENTS



Page
Company Information
 
1
Statement of Financial Position
 
2 - 3
Notes to the Financial Statements
 
4 - 13


 
D.P. COLD PLANING LIMITED
 
 
COMPANY INFORMATION


Directors
A Prescott 
R Prescott 




Company secretary
A Prescott



Registered number
02652765



Registered office
Burnden Works
Burnden Road

Bolton

BL3 2RB




Page 1

 
D.P. COLD PLANING LIMITED
REGISTERED NUMBER: 02652765

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,105,007
3,565,175

  
3,105,007
3,565,175

Current assets
  

Stocks
  
160,541
161,173

Debtors: amounts falling due within one year
 6 
1,632,452
1,421,110

Cash at bank and in hand
  
4,040
28,624

  
1,797,033
1,610,907

Creditors: amounts falling due within one year
 7 
(1,878,659)
(2,207,055)

Net current liabilities
  
 
 
(81,626)
 
 
(596,148)

Total assets less current liabilities
  
3,023,381
2,969,027

Creditors: amounts falling due after more than one year
 8 
(1,151,731)
(1,219,082)

Provisions for liabilities
  

Deferred tax
  
(770,863)
(672,803)

  
 
 
(770,863)
 
 
(672,803)

Net assets
  
1,100,787
1,077,142


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
1,095,787
1,072,142

  
1,100,787
1,077,142


Page 2

 
D.P. COLD PLANING LIMITED
REGISTERED NUMBER: 02652765
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 income and retained earnings 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 by: 




A Prescott
Director

Date: 16 April 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales (registered number 02652765). The address of the registered office is Burnden Works, Burnden Road, Bolton, BL3 2RB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

2.Accounting policies (continued)

 
2.6

Finance costs

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Employee benefits

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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 reporting 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 reporting 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 reporting date.

Page 5

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows: .

Depreciation is provided on the following basis:

Land and buildings
-
10%
reducing balance
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

2.Accounting policies (continued)

 
2.14

Creditors

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.

 
2.15

Provisions for liabilities

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.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 7

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 

Page 8

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

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.

  
2.18

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax from the proceeds.
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Page 9

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Estimated useful life and residual value of fixed assets
Depreciation of tangible fixed assets have been based on the estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Work in progress
The company accrues income for contracts where work has been undertaken, but not yet invoiced. In calculating the value of income to include, the company considers the level of costs incurred to date in order to assess the stage of completion.


4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 38).

Page 10

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

5.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
29,614
4,525,599
1,513,487
104,534
6,173,234


Additions
-
6,250
427,676
3,219
437,145


Disposals
-
(505,680)
(281,082)
-
(786,762)



At 31st July 2023

29,614
4,026,169
1,660,081
107,753
5,823,617



Depreciation


At 1 August 2022
15,545
1,621,705
899,424
71,385
2,608,059


Charge for the year on owned assets
1,372
271,235
174,810
6,748
454,165


Disposals
-
(244,904)
(98,710)
-
(343,614)



At 31st July 2023

16,917
1,648,036
975,524
78,133
2,718,610



Net book value



At 31st July 2023
12,697
2,378,133
684,557
29,620
3,105,007



At 31st July 2022
14,069
2,903,894
614,063
33,149
3,565,175

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,829,210
2,384,081

Motor vehicles
600,973
518,364

Furniture and fittings
11,432
14,114

2,441,615
2,916,559

Included within fixed assets are pledged in respect of hire purchase liabilities totalling £1,279,340 (2022: £1,546,227).

Page 11

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
787,085
711,671

Amounts owed by group undertakings
354,435
357,540

Other debtors
490,932
351,899

1,632,452
1,421,110



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
78,037
149,820

Trade creditors
165,547
317,875

Other taxation and social security
542,948
686,072

Other creditors
1,092,127
1,053,288

1,878,659
2,207,055


Other creditors of £581,776 (2022: £503,131) are secured via a fixed and floating charge over the assets of the company.
Bank loans and overdrafts of £78,037 (2022: £112,241) included in the note above are secured via a fixed and floating charge over the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
319,731
183,511

Other creditors
832,000
1,035,571

1,151,731
1,219,082


Bank loans and overdrafts of £319,731 (2022: £183,511) included in the note above are secured via a fixed and floating charge over the assets of the company.

Page 12

 
D.P. COLD PLANING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

9.


Commitments under operating leases

At 31st July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
47,851
47,851

Later than 1 year and not later than 5 years
107,664
155,515

155,515
203,366


10.


Directors' advances, credits and guarantees

As at the year end A Prescott owed £162,911 (2022: £196,893) and R Prescott owed £176,491 (2022: £139,343). 
The advances above were interest free, had no fixed repayment date and were unsecured. 


11.


Controlling party

The company is a wholly owned subsidiary of D.P. Cold Planing (Holdings) Limited. The registered office is Burnden Works, Burnden Road, Bolton, England, BL3 2RB. 

 
Page 13