Registered number
04286606
T McFadden Plant Limited
Report and Unaudited Accounts
31 December 2023
T McFadden Plant Limited
Registered number: 04286606
Directors' Report
The directors present their report and accounts for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be that of Plant Hire
Directors
The following persons served as directors during the year:
T McFadden
Mrs P McFadden
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 August 2024 and signed on its behalf.
T McFadden
Director
T McFadden Plant Limited
Profit and Loss Account
for the year ended 31 December 2023
2023 2022
£ £
Turnover 2,817,656 2,071,003
Cost of sales (2,247,657) (1,508,341)
Gross profit 569,999 562,662
Depreciation and other amounts written off assets (328,635) (252,529)
Administrative expenses (204,405) (199,945)
Other operating income 63,542 -
Profit before taxation 100,501 110,188
Tax on profit (31,971) -
Profit for the financial year 68,530 110,188
T McFadden Plant Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of T McFadden Plant 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 accounts of T McFadden Plant Limited for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
YG Eaton & Co Limited
Chartered Accountants
45 Shaftesbury Avenue
Kenton
Middx
HA3 0RA
14 August 2024
T McFadden Plant Limited
Registered number: 04286606
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,442,215 1,398,182
1,442,215 1,398,182
Current assets
Stocks 10,540 270,542
Debtors 4 431,164 563,178
Cash at bank and in hand 332,545 407,361
774,249 1,241,081
Creditors: amounts falling due within one year 5 (213,282) (159,889)
Net current assets 560,967 1,081,192
Total assets less current liabilities 2,003,182 2,479,374
Net assets 2,003,182 2,479,374
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,002,182 2,478,374
Shareholders' funds 2,003,182 2,479,374
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.
T McFadden
Director
Approved by the board on 14 August 2024
T McFadden Plant Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2022 1,000 - - 2,368,186 2,369,186
Profit for the financial year 110,188 110,188
At 31 December 2022 1,000 - - 2,478,374 2,479,374
At 1 January 2023 1,000 - - 2,478,374 2,479,374
Correction of prior year errors (544,722) (544,722)
Profit for the financial year 68,530 68,530
At 31 December 2023 1,000 - - 2,002,182 2,003,182
T McFadden Plant Limited
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 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:
Motor Vehicles 20% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 15,721 2,770,210 57,852 2,843,783
Additions - 159,585 245,000 404,585
Disposals (305,416) (305,416)
At 31 December 2023 15,721 2,624,379 302,852 2,942,952
Depreciation
At 1 January 2023 14,936 1,399,453 31,212 1,445,601
Disposals (305,416) (305,416)
Charge for the year 157 309,778 50,617 360,552
At 31 December 2023 15,093 1,403,815 81,829 1,500,737
Net book value
At 31 December 2023 628 1,220,564 221,023 1,442,215
At 31 December 2022 785 1,370,757 26,640 1,398,182
4 DEBTORS £ £
Trade debtors 431,165 559,969
Others - 3,209
431,165 563,178
5 Creditors: amounts falling due within one year 2023 2022
£ £
Company Credit Card 985 212
Trade creditors 107,731 75,336
Taxation and social security costs 98,869 62,578
Other creditors 5,697 21,763
213,282 159,889
6 Other information
T McFadden Plant Limited is a private company limited by shares and incorporated in England. Its registered office is:
19 The Rise
Edgware
Middlesex
HA8 8NS
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