Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Miss R A Daniels 30/10/2017 Mr W M Daniels 30/10/2017 Mr W S Daniels 11/04/1983 22 October 2024 The principal activity of the company is that of plant and operator hire. 01713690 2024-03-31 01713690 bus:Director1 2024-03-31 01713690 bus:Director2 2024-03-31 01713690 bus:Director3 2024-03-31 01713690 2023-03-31 01713690 core:CurrentFinancialInstruments 2024-03-31 01713690 core:CurrentFinancialInstruments 2023-03-31 01713690 core:Non-currentFinancialInstruments 2024-03-31 01713690 core:Non-currentFinancialInstruments 2023-03-31 01713690 core:ShareCapital 2024-03-31 01713690 core:ShareCapital 2023-03-31 01713690 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 01713690 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 01713690 core:CapitalRedemptionReserve 2024-03-31 01713690 core:CapitalRedemptionReserve 2023-03-31 01713690 core:RetainedEarningsAccumulatedLosses 2024-03-31 01713690 core:RetainedEarningsAccumulatedLosses 2023-03-31 01713690 core:LandBuildings 2023-03-31 01713690 core:PlantMachinery 2023-03-31 01713690 core:Vehicles 2023-03-31 01713690 core:FurnitureFittings 2023-03-31 01713690 core:LandBuildings 2024-03-31 01713690 core:PlantMachinery 2024-03-31 01713690 core:Vehicles 2024-03-31 01713690 core:FurnitureFittings 2024-03-31 01713690 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 01713690 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 01713690 bus:OrdinaryShareClass1 2024-03-31 01713690 bus:OrdinaryShareClass2 2024-03-31 01713690 bus:OrdinaryShareClass3 2024-03-31 01713690 2023-04-01 2024-03-31 01713690 bus:FilletedAccounts 2023-04-01 2024-03-31 01713690 bus:SmallEntities 2023-04-01 2024-03-31 01713690 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01713690 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01713690 bus:Director1 2023-04-01 2024-03-31 01713690 bus:Director2 2023-04-01 2024-03-31 01713690 bus:Director3 2023-04-01 2024-03-31 01713690 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 01713690 core:PlantMachinery 2023-04-01 2024-03-31 01713690 core:Vehicles 2023-04-01 2024-03-31 01713690 core:FurnitureFittings 2023-04-01 2024-03-31 01713690 2022-04-01 2023-03-31 01713690 core:LandBuildings 2023-04-01 2024-03-31 01713690 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 01713690 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01713690 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01713690 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 01713690 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 01713690 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 01713690 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01713690 (England and Wales)

W DANIELS PLANT HIRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

W DANIELS PLANT HIRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

W DANIELS PLANT HIRE LIMITED

BALANCE SHEET

As at 31 March 2024
W DANIELS PLANT HIRE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 504,769 534,408
Investment property 4 2,172,616 2,172,616
2,677,385 2,707,024
Current assets
Debtors 5 952,049 952,220
Cash at bank and in hand 396,479 421,728
1,348,528 1,373,948
Creditors: amounts falling due within one year 6 ( 158,270) ( 161,719)
Net current assets 1,190,258 1,212,229
Total assets less current liabilities 3,867,643 3,919,253
Creditors: amounts falling due after more than one year 7 ( 63,876) ( 65,852)
Provision for liabilities ( 473,286) ( 494,560)
Net assets 3,330,481 3,358,841
Capital and reserves
Called-up share capital 8 100 100
Fair value reserve 1,179,351 1,179,351
Capital redemption reserve 1 1
Profit and loss account 2,151,029 2,179,389
Total shareholders' funds 3,330,481 3,358,841

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.

Directors' responsibilities:

The financial statements of W Daniels Plant Hire Limited (registered number: 01713690) were approved and authorised for issue by the Board of Directors on 22 October 2024. They were signed on its behalf by:

Mr W M Daniels
Director
W DANIELS PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
W DANIELS PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W Daniels Plant Hire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit L, Wallsend Industrial Estate, Cattedown Plymouth, PL4 0RW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from rental income and services is recognised in the period to which the occupancy relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 45,829 1,397,713 129,098 1,231 1,573,871
Additions 0 87,492 0 1,165 88,657
Disposals 0 ( 148,573) 0 0 ( 148,573)
At 31 March 2024 45,829 1,336,632 129,098 2,396 1,513,955
Accumulated depreciation
At 01 April 2023 15,589 923,131 99,726 1,017 1,039,463
Charge for the financial year 916 101,965 5,874 218 108,973
Disposals 0 ( 139,250) 0 0 ( 139,250)
At 31 March 2024 16,505 885,846 105,600 1,235 1,009,186
Net book value
At 31 March 2024 29,324 450,786 23,498 1,161 504,769
At 31 March 2023 30,240 474,582 29,372 214 534,408

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,172,616
As at 31 March 2024 2,172,616

Valuation

The directors reviewed the previous valuations of the investment properties during the year, against the market values of comparable real estate and determined that no fair value movements were required.

5. Debtors

2024 2023
£ £
Trade debtors 245,746 168,290
Amounts owed by connected companies 689,691 779,985
Corporation tax 3,594 0
Other debtors 13,018 3,945
952,049 952,220

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 9,994
Trade creditors 29,287 31,645
Taxation and social security 19,807 29,640
Obligations under finance leases and hire purchase contracts 24,520 13,200
Other creditors 74,656 77,240
158,270 161,719

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 11,668 20,752
Obligations under finance leases and hire purchase contracts 52,208 45,100
63,876 65,852

The bank borrowings are secured by a government backed loan scheme.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
98 Ordinary shares of £ 1.00 each 98 98
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
100 100

9. Related party transactions

Other related party transactions

During the year there was an inter company loan account with W Daniels 2004 Limited, a company also under the control of Mr W S Daniels. At the year end the balance was £272,030 (2023 - £362,324 ).

During the year there was an inter company loan account with Morley Court Limited, a company also under the control of Mr W S Daniels. At the year end the balance was £417,661 (2023 - £417,661 ).

10. Ultimate controlling party

The ultimate controlling party is the director Mr W S Daniels, by virtue of his majority shareholding.