Registered number
02520637
Hampsons Plant World Ltd
Filleted Accounts
31 December 2023
Hampsons Plant World Ltd
Registered number: 02520637
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,080,949 3,059,482
Current assets
Stocks 1,311,000 1,449,795
Debtors 4 52,323 103,692
Cash at bank and in hand 226,945 178,800
1,590,268 1,732,287
Creditors: amounts falling due within one year 5 (975,520) (957,160)
Net current assets 614,748 775,127
Total assets less current liabilities 3,695,697 3,834,609
Creditors: amounts falling due after more than one year 6 (514,419) (597,614)
Provisions for liabilities 7 (348,301) (283,094)
Net assets 2,832,977 2,953,901
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 2,732,977 2,853,901
Shareholders' funds 2,832,977 2,953,901
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.
Mr A J Hampson
Director
Approved by the board on 31 May 2024
Hampsons Plant World Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation 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:
Leasehold land and buildings 2% straight line
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 15% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 135 112
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost/Valuation
At 1 January 2023 2,834,827 3,242,484 90,342 6,167,653
Additions 2,468 252,146 - 254,614
At 31 December 2023 2,837,295 3,494,630 90,342 6,422,267
Depreciation
At 1 January 2023 731,565 2,329,525 47,081 3,108,171
Charge for the year 56,697 165,634 10,816 233,147
At 31 December 2023 788,262 2,495,159 57,897 3,341,318
Net book value
At 31 December 2023 2,049,033 999,471 32,445 3,080,949
At 31 December 2022 2,103,262 912,959 43,261 3,059,482
Land and Buildings are included at fair value, determined by the directors, with reference to
the condition and location of the property. The property has not been valued independently.
The comparable amounts for land and buildings under the historical cost convention were:-
£
Cost 1,017,294
Depreciation 788,262
Book Value 229,032
4 Debtors 2023 2022
£ £
Trade debtors 1,451 559
Other debtors 50,872 103,133
52,323 103,692
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 134,165 134,165
Obligations under finance lease and hire purchase contracts 49,374 20,193
Trade creditors 380,275 419,506
Taxation and social security costs 205,349 129,198
Other creditors 206,357 254,098
975,520 957,160
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 410,137 544,304
Obligations under finance lease and hire purchase contracts 104,282 53,310
514,419 597,614
7 Provision for liabilities -Deferred Taxation 2023 2022
£ £
Revaluation of Land & Buildings 192,275 156,905
Accelerated Capital Allowances 156,026 126,189
348,301 283,094
8 Related party transactions 2023 2022
£ £
Directors' Loan Account
The director is a related party to the company.
At 31 December, the company owed the related party the
following interest-free, unsecured loans, repayable on demand. 69,571 56,900
9 Controlling party
The director is the ultimate controlling party of the company by virtue of their 100% ownership of
the issued share capital of the company.
10 Other information
Hampsons Plant World Ltd is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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