REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NORTH EAST PLANT LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NORTH EAST PLANT LTD |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
NORTH EAST PLANT LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2 Manor Square |
Solihull |
West Midlands |
B91 3PX |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
The director presents his strategic report for the year ended 31 July 2023. |
FAIR REVIEW OF BUSINESS |
2023 has been a good year for the Company, with turnover up by 263% to £14.9m (2022 - £5.6m) and gross profit margins improving to 83.8% (2022 - 77.1%). This was expected as significant additional contracting work on existing contracts was required as these works scaled up. |
The Company made net profits of £1.0m compared to £4.5m in 2022. |
At 31 July 2023, the Company had net assets of £9.0m with cash reserves of £156k. |
Going forward, the director believes that the Company is in a good position to continue to grow their offering to existing clients and provide a high level of service. The Company continues to invest in plant & machinery to maintain their fleet offering, which the director utilizes as part of his strategy to further the growth of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the Company and execution of the Company's strategy are subject to standard business risks. The key business risks and uncertainties affecting the Company are considered to relate to liquidity risk and credit risk. |
Liquidity risk |
The Company is exposed to liquidity risk via their financial instruments, namely their trade debtors and trade creditors. The timing of cash flows in the business and overall cash cycle are impacted by the scale of their transactions, with significant plant and machinery purchases and subcontractor payments being matched with material sales invoice receipts from major customers. The director manages this risk by carefully monitoring the cash position of the Company and ensuring that their projections for inflows and outflows provide a sufficient margin of safety that the business can continue to meet their obligations as they come due. |
Credit risk |
The Company is exposed to a credit risk via their trade debtors, as there are relatively few sales invoices and customers, with each transaction being near or above material in value. The risk of non-payment of invoices is managed by the director via careful consideration of customers credit worthiness before accepting any new work. |
ON BEHALF OF THE BOARD: |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 JULY 2023 |
The director presents his report with the financial statements of the company for the year ended 31 July 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the lease of plant and equipment. |
DIVIDENDS |
Interim dividends of £383,387 were paid during the period. The total distribution of dividend's for the period ended 31st July 2023 will be £383,387 (2022 - £4,606,250). |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The Company's financial instruments, comprising borrowings, cash and liquid resources, and various other items such as trade debtors, trade creditors, etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Company. The main source of income for the Company, the hire of plant & equipment, are subject to credit risk and cash flow risks. |
The details of key risk management have been disclosed in the strategic report. |
The director constantly monitors the trading results of the Company to ensure that the Company can meet its obligations as they fall due and has a reasonable expectation that the Company has sufficient resources to continue in operational existence for the foreseeable future and therefore the director continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year, the Company made donations totalling £27,400 to Wooden Spoon, a national charity that supports children's rugby. |
FUTURE DEVELOPMENTS |
The director has carefully considered the forward outlook for the Company and believes that his strategy of maintaining an up-to-date fleet which can flexibly provide heavy machinery to their clients across the UK on a hire basis will continue to provide the Company with the opportunity to grow and develop. |
DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 JULY 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NORTH EAST PLANT LTD |
Opinion |
We have audited the financial statements of North East Plant Ltd (the 'company') for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year 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 opinion |
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 Auditors' 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NORTH EAST PLANT LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NORTH EAST PLANT LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
- discussion with directors and management of the nature of the industry, control environment and business performance; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: |
- reviewing balance sheet control accounts to ensure properly reconciled; |
- addressing the risks of fraud through management override of controls by performing journal entry testing; |
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud; |
- enquiring with management concerning actual and potential litigation claims |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NORTH EAST PLANT LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
2 Manor Square |
Solihull |
West Midlands |
B91 3PX |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,652,215 | (3,247,346 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,684,097 | 5,240,621 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
North East Plant Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which the director considers to be appropriate. The company has group support to ensure that it meets its liabilities for a period of no less than 12 months from the approval of the financial statements.Consequently, the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements and therefore have prepared them on a going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
The company has elected to take the exemptions relating to this entity being consolidated into the financial statements of the parent entity, Frank Solutions Limited, a company registered in the Isle of Man. |
Significant judgements and estimates |
Management do not consider there to have been any significant judgements or estimates made when applying the above accounting policies during the preparation of the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on the delivery of 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 reliably measured. |
Revenue from the hire of assets is recognised over the duration of the hire period. Once an asset is delivered to a customer, the company maintains substantially all the risks and rewards in relation to ownership of these assets, but recognises revenue as the associated economic benefits associated with ownership of the asset flow to the entity; and the costs incurred or to be incurred in respect of these hire transactions can be reliably measured. |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
In the prior year it was agreed that a loan creditor with a balance of £7,642,171 was written off. The balance at the year end is therefore £Nil (2022: £Nil). |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax was charged at 19%) in 2022. |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods |
Group relief | - | (190,457 | ) |
Deferred tax | 2,631,908 | 692,140 |
Total tax charge | 1,675,026 | 703,029 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | - | 368,258 |
VAT |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security & other taxes |
VAT | 132,588 | - |
Other creditors |
Accrued expenses |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 2,778,275 | 1,103,249 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Provided during year |
Balance at 31 July 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2023 |
15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year the director operated a loan with the company with no fixed terms of repayment, interest was charged at a rate of 2.25%, totalling £31,882 (2022 - £8,103) during the year. Amounts advanced during the year were £1,080,603 (2022 - £4,749) and repayments during the year were £1,448,861 (2022 - £55,923). At the year end the amount owing to the company was £Nil (2022 - £368,258). |
NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
16. | RELATED PARTY DISCLOSURES |
Key management personnel comprises the directors for the company. The directors received |
remuneration in the year as disclosed in note 3. |
17. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Frank Solutions Limited. |
Frank Solutions Limited is based in the Isle of Man and the group financial statements can be obtained from |
The Engine Room |
2nd Floor |
54-58 Athol Street |
Douglas |
IM1 1JD |
Isle of Man |