REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Hugh Pearl (Land Drainage) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Hugh Pearl (Land Drainage) Limited |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hugh Pearl (Land Drainage) Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
PENSION ASSET | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Hugh Pearl (Land Drainage) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Hugh Pearl (Land Drainage) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold land - nil |
Freehold property - 50 years |
Office equipment - 3, 4 & 5 years |
Plant & machinery - 5-10 years less estimated residual value |
Motor vehicles - 5-6 years less estimated residual value |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors, 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. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company previously operated a defined benefit pension scheme. A liability for the company's obligations under the pension plan is recognised net of plan assets. Pension plan assets are measured at fair value and the defined benefit obligation is measured at present value using the projected unit cost method. Formal actuarial valuations are performed every 3 years, the most recent of which was dated 31 December 2018. An informal actuarial valuation was carried out based upon actual membership at 31 March 2021 and the accounts have been updated to reflect this. |
Under the Recovery Plan dated 30 March 2017, the employer is required to make a contribution of £72,000 payable annually in arrears for a period of 15 years from the date of the plan. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Assets |
Freehold | Under | Plant and |
property | Construction | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
Transfer to ownership | (469,000 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | (123,222 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investments in subsidiaries are carried at cost less impairment. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Owed to group undertakings | 6,271 | 6,814 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | - | 261,030 |
The company has no title to the assets on hire purchase until it has payed the required amounts to the lender in full. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | 1 | 1,500 | 1,500 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Transfer deferred tax on |
revaluation reserve | 2,923 |
Transfer depreciation on |
revaluation reserve | (11,691 | ) |
At 31 March 2024 |
12. | EMPLOYEE BENEFIT OBLIGATIONS |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(21,000 |
) |
11,000 |
Past service cost |
(21,000 | ) | 11,000 |
Expected return on plan assets |
The expected return on plan assets is included within the net interest from net defined benefit asset/liability above. |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Expenses | (23,000 | ) | (8,000 | ) |
Benefits paid | ( |
) | ( |
) |
Remeasurements: |
Actuarial (gains)/losses from changes in financial assumptions |
(102,000 |
) |
(1,107,000 |
) |
Experience adjustments | 48,000 | 134,000 |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Expenses | (23,000 | ) | (8,000 | ) |
Expected return | 142,000 | 87,000 |
Benefits paid | (37,000 | ) | (44,000 | ) |
Return on plan assets (excluding interest income) |
8,000 |
(205,000 |
) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Actuarial (gains)/losses from changes in financial assumptions |
102,000 |
1,107,000 |
Experience adjustments | (48,000 | ) | (134,000 | ) |
Return on plan assets (excluding interest income) |
8,000 |
(205,000 |
) |
62,000 | 768,000 |
Hugh Pearl (Land Drainage) Limited (Registered number: 00558951) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
Equities | - | 51.90% |
Fixed interest | 48.50% | 38.40% |
Cash | 51.50% | 2.00% |
Other | - | 7.70% |
100.00% | 100.00% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
31.3.24 | 31.3.23 |
Discount rate |
Future pension increases |
Inflation rate |
Future rate of revaluation of deferred pensions |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owes £5,893 (2023: £6,814) to companies within the group. |