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Registration number: 08095547

EJ Fry (Transport & Plant Hire) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

EJ Fry (Transport & Plant Hire) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

EJ Fry (Transport & Plant Hire) Ltd

Company Information

Directors

Mr E J Fry

Mrs C J Fry

Registered office

Clump of Trees
Boyton
Launceston
Cornwall
PL15 8NU

Accountants

ADC Accountants (SW)
Chartered Certified Accountants
22 Churchill Way
Plymouth
Devon
PL3 4PR

 

EJ Fry (Transport & Plant Hire) Ltd

(Registration number: 08095547)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,159,019

3,892,332

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

1,410,392

961,501

Cash at bank and in hand

 

164,632

141,128

 

1,580,024

1,107,629

Creditors: Amounts falling due within one year

8

(1,823,001)

(1,157,978)

Net current liabilities

 

(242,977)

(50,349)

Total assets less current liabilities

 

5,916,042

3,841,983

Creditors: Amounts falling due after more than one year

8

(3,229,521)

(1,740,328)

Provisions for liabilities

(1,008,427)

(739,111)

Net assets

 

1,678,094

1,362,544

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

1,677,894

1,362,344

Shareholders' funds

 

1,678,094

1,362,544

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

EJ Fry (Transport & Plant Hire) Ltd

(Registration number: 08095547)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

.........................................
Mr E J Fry
Director

.........................................
Mrs C J Fry
Director

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Clump of Trees
Boyton
Launceston
Cornwall
PL15 8NU
England

These financial statements were authorised for issue by the Board on 24 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Plant and machinery

15% reducing balance

Lorries and trucks

15% reducing balance

Diggers and excavators

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

336,200

336,200

At 30 November 2023

336,200

336,200

Amortisation

At 1 December 2022

336,200

336,200

At 30 November 2023

336,200

336,200

Carrying amount

At 30 November 2023

-

-

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Long leasehold land and buildings
£

Lorries and trucks
£

Plant and machinery
£

Diggers & excavators
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

77,306

3,666,384

341,256

2,045,060

173,209

6,303,215

Additions

-

2,887,048

166,700

688,600

39,672

3,782,020

Disposals

-

(314,219)

(47,700)

(227,981)

(77,636)

(667,536)

At 30 November 2023

77,306

6,239,213

460,256

2,505,679

135,245

9,417,699

Depreciation

At 1 December 2022

32,468

1,253,252

167,208

899,648

58,307

2,410,883

Charge for the year

6,953

768,599

48,843

351,368

27,831

1,203,594

Eliminated on disposal

-

(138,011)

(32,592)

(150,810)

(34,384)

(355,797)

At 30 November 2023

39,421

1,883,840

183,459

1,100,206

51,754

3,258,680

Carrying amount

At 30 November 2023

37,885

4,355,373

276,797

1,405,473

83,491

6,159,019

At 30 November 2022

44,838

2,413,132

174,048

1,145,412

114,902

3,892,332

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

stocks

2023
£

2022
£

Other inventories

5,000

5,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

703,624

508,983

Prepayments

68,037

53,116

Other debtors

638,731

399,402

 

1,410,392

961,501

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

1,386,835

823,548

trade creditors

 

293,237

205,239

Taxation and social security

 

16,142

17,866

Accruals and deferred income

 

55,402

55,338

Other creditors

 

71,385

55,987

 

1,823,001

1,157,978

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

3,229,521

1,740,328

 

EJ Fry (Transport & Plant Hire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

98

98

98

98

Ordinary B shares of £1 each

98

98

98

98

Ordinary C shares of £1 each

2

2

2

2

Ordinary D shares of £1 each

2

2

2

2

 

200

200

200

200