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26 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
100
100
100
1,591,834
254,375
1,846,209
xbrli:pure
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03859592
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2023-12-31
COMPANY REGISTRATION NUMBER:
03859592
LAND & WATER PLANT LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
LAND & WATER PLANT LIMITED |
|
YEAR ENDED 31 DECEMBER 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 9 |
|
|
LAND & WATER PLANT LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
7,865,395 |
9,166,366 |
Investments |
7 |
|
100 |
100 |
|
|
------------ |
------------ |
|
|
7,865,495 |
9,166,466 |
|
|
|
|
|
Current assets
Stocks |
114,662 |
|
113,493 |
Debtors |
8 |
1,090,419 |
|
1,045,666 |
Cash at bank and in hand |
1,209,288 |
|
204,073 |
|
------------ |
|
------------ |
|
2,414,369 |
|
1,363,232 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
2,898,733 |
|
2,694,049 |
|
------------ |
|
------------ |
Net current liabilities |
|
484,364 |
1,330,817 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
7,381,131 |
7,835,649 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
|
2,248,115 |
3,440,434 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
11 |
|
1,846,209 |
1,591,834 |
|
|
------------ |
------------ |
Net assets |
|
3,286,807 |
2,803,381 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
8,333 |
8,333 |
Share premium account |
|
75,000 |
75,000 |
Profit and loss account |
|
3,203,474 |
2,720,048 |
|
|
------------ |
------------ |
Shareholders funds |
|
3,286,807 |
2,803,381 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
LAND & WATER PLANT LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2024
, and are signed on behalf of the board by:
Mr R E Melhuish
Mr J A Maclean
Director
Director
Company registration number:
03859592
LAND & WATER PLANT LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Equipment leased to customers
Equipment leased to customers under operating leases is capitalised. Operating lease income is accounted for on a straight line basis with rental income and any rental increases recognised during the period to which they relate.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its associated undertakings are included with the consolidated accounts of the parent company M.H.J. Limited.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the amounts earned from the Company's principal activity; the hire of plant and machinery. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible assets with a cost value in excess of £500 are capitalised, all items below this limit are expensed through the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
16% / 20% Reducing Balance |
|
Fixtures & Fittings |
- |
3 Years straight line |
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
3 Years straight line |
|
|
|
|
Investments in associated undertaking
Investments in associated undertakings accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associated undertakings accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the statement of comprehensive income. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
.
4.
Stock expenditure
Included in cost of sales is £554,197 (2022: £617,266), which represents the total cost of materials used during the year.
5.
Particulars of employees
The average number of persons employed by the company during the year amounted to
20
(2022:
22
).
6.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
15,025,827 |
139,163 |
254,205 |
18,483 |
15,437,678 |
Additions |
470,666 |
3,500 |
109,260 |
– |
583,426 |
Disposals |
(
2,261,354) |
– |
(
32,874) |
– |
(
2,294,228) |
|
------------- |
--------- |
--------- |
-------- |
------------- |
At 31 December 2023 |
13,235,139 |
142,663 |
330,591 |
18,483 |
13,726,876 |
|
------------- |
--------- |
--------- |
-------- |
------------- |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
5,989,174 |
137,885 |
125,770 |
18,483 |
6,271,312 |
Charge for the year |
909,993 |
1,375 |
54,081 |
– |
965,449 |
Disposals |
(
1,348,636) |
– |
(
26,644) |
– |
(
1,375,280) |
|
------------- |
--------- |
--------- |
-------- |
------------- |
At 31 December 2023 |
5,550,531 |
139,260 |
153,207 |
18,483 |
5,861,481 |
|
------------- |
--------- |
--------- |
-------- |
------------- |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
7,684,608 |
3,403 |
177,384 |
– |
7,865,395 |
|
------------- |
--------- |
--------- |
-------- |
------------- |
At 31 December 2022 |
9,036,653 |
1,278 |
128,435 |
– |
9,166,366 |
|
------------- |
--------- |
--------- |
-------- |
------------- |
|
|
|
|
|
|
Assets held for use in operating leases originally cost £13,235,139 (2022: £15,025,827) and have a net book value of £7,684,608 (2022 £9,036,653).
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
At 31 December 2023 |
5,291,069 |
|
------------ |
At 31 December 2022 |
5,203,079 |
|
------------ |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
100 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
100 |
|
---- |
At 31 December 2022 |
100 |
|
---- |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
820,131 |
544,761 |
Amounts owed by group undertakings |
234,610 |
425,568 |
Other debtors |
35,678 |
75,337 |
|
------------ |
------------ |
|
1,090,419 |
1,045,666 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
608,103 |
385,869 |
Amounts owed to group undertakings |
604,920 |
545,303 |
Accruals and deferred income |
55,439 |
34,074 |
Social security and other taxes |
134,968 |
215,201 |
Obligations under finance leases and hire purchase contracts |
1,495,203 |
1,500,993 |
Director loan accounts |
– |
12,509 |
Other creditors |
100 |
100 |
|
------------ |
------------ |
|
2,898,733 |
2,694,049 |
|
------------ |
------------ |
|
|
|
The company has entered into a composite accounting agreement with Natwest Bank Plc between Land & Water Services Limited, Land & Water Plant Limited, Land & Water Remediation Limited, Land & Water Estates Limited, M.H.J. Limited & Land and Water Group Limited. Under the terms of this agreement the bank is authorised in certain circumstances to seize bank account balances and apply them in reduction of liabilities including overdrawn bank accounts of the other group companies in the agreement. The total potential liability under the composite agreement at the year end is £2,331,438. During the year the company entered into a debenture with Natwest Bank Plc, all assets of the company are held as security as part of the agreement.
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
2,248,115 |
3,440,434 |
|
------------ |
------------ |
|
|
|
11.
Provisions
|
Deferred tax (note 12) |
|
£ |
At 1 January 2023 |
1,591,834 |
Additions |
254,375 |
|
------------ |
At 31 December 2023 |
1,846,209 |
|
------------ |
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 11) |
1,846,209 |
1,591,834 |
|
------------ |
------------ |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
1,846,209 |
1,591,834 |
|
------------ |
------------ |
|
|
|
13.
Summary audit opinion
The auditor's report dated
26 September 2024
was
unqualified
.
The senior statutory auditor was
Philip Benson Woodman FCCA
, for and on behalf of
Opass Billings Wilson & Honey LLP
.
14.
Directors' advances, credits and guarantees
At the year end, R MacLean owed the company £36. The loan was made interest free and is repayable on demand. The loan was repaid within 9 months of the year end.
15.
Related party transactions
At the year end the company owe £314,427 to Land & Water Services Limited and £1,923 to Land and Water Group Limited. Land & Water Plant Limited are related to these companies as they are all part of the same group company as the majority of their shares are owned by MHJ Limited. During the year sales were made to Land & Water Services Limied of £1,630,084 and purchases were made of £286,573. During the year sales were made to Land and Water Group Limied of £5,390 and purchases were made of £543,210 of which £522,624 relate to management charges payable. At the year end the company was owed £9,863 by Land & Water Remediation Limited.The loan was made interest free and is repayable on demand. The company is related to Land & Water Plant Limited as they are part of the same group company as the majority of their shares are owned by MHJ Limited. During the year sales were made to Land & Water Remediation Limied of £62,577. At the year end the company owe £21,517 to MHJ Limited. MHJ Limited is the parent company of Land & Water Plant Limited. During the year sales were made to MHJ Limied of £21,166 and purchases were made of £140,925 of which £134,940 relate to management charges payable. At the year end the company owe £55,519 to NTD National Tracked Dumper Hire Limited. Land & Water Plant Limited are related to them as they own 50% shareholdings in National Tracked Dumper Hire Limited. During the year sales were made to NTD National Tracked Dumper Hire Limited of £46,209 and purchases were made of £457,510. At the year end the commpany was owed £396 from Geomac Limited. Land & Water Plant Limited are related to them as they are under the control of the same directors. During the year sales were made to Geomac Limied of £4,974. All loans were made interest free and are repayable on demand. All transactions are at market value.
16.
Ultimate parent company
The company's ultimate parent undertaking is M.H.J. Limited. It has included the company in its consolidated financial statements, copies of which are available from its registered office: Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.