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Registration number: 06987338

West Country Concrete Products Ltd

Annual Report and Unaudited Financial Statements

for the year ended 31 March 2024

 

West Country Concrete Products Ltd

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 14

 

West Country Concrete Products Ltd

(Registration number: 06987338)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

3,023,686

2,811,988

Current assets

 

Stocks

5

781,508

373,767

Debtors

6

474,735

702,044

Cash at bank and in hand

 

34,823

74,986

 

1,291,066

1,150,797

Creditors: Amounts falling due within one year

7

(741,275)

(678,655)

Net current assets

 

549,791

472,142

Total assets less current liabilities

 

3,573,477

3,284,130

Creditors: Amounts falling due after more than one year

7

(1,483,345)

(1,218,463)

Provisions for liabilities

(326,994)

(283,011)

Net assets

 

1,763,138

1,782,656

Capital and reserves

 

Called up share capital

9

114,100

114,100

Retained earnings

1,649,038

1,668,556

Shareholders' funds

 

1,763,138

1,782,656

 

West Country Concrete Products Ltd

(Registration number: 06987338)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the director on 15 October 2024
 


Mr K J Rumsam

Director

 

West Country Concrete Products Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

114,100

1,253,694

1,367,794

Prior period adjustment

-

414,862

414,862

At 1 April 2023 (As restated)

114,100

1,668,556

1,782,656

Profit for the year

-

10,642

10,642

Dividends

-

(30,160)

(30,160)

At 31 March 2024

114,100

1,649,038

1,763,138

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

1,434,556

1,434,656

Prior period adjustment

-

51,614

51,614

At 1 January 2022 (As restated)

100

1,486,170

1,486,270

Profit for the year

-

220,086

220,086

Dividends

-

(37,700)

(37,700)

Other share capital movements

190,000

-

190,000

Transfers

(76,000)

-

(76,000)

At 31 March 2023

114,100

1,668,556

1,782,656

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Off Andigestion Lane
HOLSWORTHY
Devon
EX22 7HH
England

These financial statements were authorised for issue by the director on 15 October 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.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Prior period errors

There has been a prior year adjustment affecting the 31 March 2023 period and the position as at 31 December 2021. The adjustments have arisen as certain fixed assets have been reclassified from long leasehold improvements to plant and machinery. This reclassification has impacted on the underlying depreciation charge which has also been amended along with the corporation tax charge. Further adjustments were required to recalculate deferred tax to take account of trading losses and non-qualifying assets.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Depreciation increase

-

(2,532)

-

Deferred tax provision reduction (Profit and loss)

-

365,781

51,614

Leasehold improvement additions

-

(16,373)

-

Plant and machiney additions

-

29,268

-

Accumulated Depreciation

-

2,532

-

Deferred tax (Provison for liabilities)

-

(365,781)

(51,614)

Directors loan account

-

(12,895)

-

    

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.

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.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Long leasehold improvements

Straight line over the remaining life of the lease

Plant and machinery

20% reducing balance

Office equipment

33% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director under service contract) during the year, was 25 (2023 - 36).

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Long leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,426,568

2,227,078

19,110

57,343

3,730,099

Additions

272,013

378,695

7,177

-

657,885

At 31 March 2024

1,698,581

2,605,773

26,287

57,343

4,387,984

Depreciation

At 1 April 2023

77,570

788,085

7,748

44,708

918,111

Charge for the year

106,456

331,246

5,326

3,159

446,187

At 31 March 2024

184,026

1,119,331

13,074

47,867

1,364,298

Carrying amount

At 31 March 2024

1,514,555

1,486,442

13,213

9,476

3,023,686

At 31 March 2023

1,348,998

1,438,993

11,362

12,635

2,811,988

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

781,508

373,767

6

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

381,610

562,732

Amounts owed by related parties

11

37,548

14,829

Prepayments

 

35,554

35,335

Other debtors

 

20,023

89,148

   

474,735

702,044

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

10

289,204

265,606

Trade creditors

 

276,688

233,997

Taxation and social security

 

30,017

30,549

Accruals and deferred income

 

143,868

148,613

Other creditors

 

1,498

(110)

 

741,275

678,655

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,483,345

1,218,463

Creditors include bank loans repayable by instalments of £614,373 (2023 - £403,857) due after more than five years.

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

283,011

283,011

Increase (decrease) in existing provisions

43,983

43,983

At 31 March 2024

326,994

326,994

In accordance with the accounting policy, the deferred tax charge is calculated on the difference between the tax bases of assets and their carrying amounts in the financial statements. This provision can increase or decrease in line with the movements in the carrying amount.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

Preference Shares of £1 each

114,000

114,000

114,000

114,000

 

114,100

114,100

114,100

114,100

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

980,602

633,009

Hire purchase contracts

426,743

509,454

Redeemable preference shares

76,000

76,000

1,483,345

1,218,463

2024
£

2023
£

Current loans and borrowings

Bank borrowings

91,557

57,288

Bank overdrafts

4,288

-

HP and finance lease liabilities

193,359

208,318

289,204

265,606

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr K J Rumsam

Interest free loan

(14,829)

(44,476)

21,757

(37,548)

         
       

 

2023

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr K J Rumsam

Interest free loan

(12,844)

(701,510)

699,525

(14,829)

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,840

11,050

 

West Country Concrete Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

107,598

102,000

Later than one year and not later than five years

414,997

408,000

Later than five years

1,266,500

1,368,500

1,789,095

1,878,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £108,017 (2023 - £127,500).