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Registration number: 14504092

JW Groundworks & Plant Hire Ltd

Annual Report and Unaudited Financial Statements

for the Period from 24 November 2022 to 30 November 2023

 

JW Groundworks & Plant Hire Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

JW Groundworks & Plant Hire Ltd

Company Information

Director

Mr R J Williams

Registered office

Wheal Do Um Farm
Trewellard Hill
Trewellard
Penzance
Cornwall
TR19 7SS

Accountants

D.J. Reynolds & Co.
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

JW Groundworks & Plant Hire Ltd

(Registration number: 14504092)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

178,560

Current assets

 

Debtors

5

78,774

Cash at bank and in hand

 

13,900

 

92,674

Creditors: Amounts falling due within one year

6

(41,529)

Net current assets

 

51,145

Total assets less current liabilities

 

229,705

Creditors: Amounts falling due after more than one year

6

(199,155)

Net assets

 

30,550

Capital and reserves

 

Called up share capital

7

1

Retained earnings

30,549

Shareholders' funds

 

30,550

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the period 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 by the director on 23 November 2024
 

.........................................
Mr R J Williams
Director

 

JW Groundworks & Plant Hire Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

1

General information

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

The address of its registered office is:
Wheal Do Um Farm
Trewellard Hill
Trewellard
Penzance
Cornwall
TR19 7SS

These financial statements were authorised for issue by the director on 23 November 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

JW Groundworks & Plant Hire Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducng 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.

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.

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.

 

JW Groundworks & Plant Hire Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

Leases

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4.

 

JW Groundworks & Plant Hire Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

Additions

1,345

15,000

186,231

202,576

At 30 November 2023

1,345

15,000

186,231

202,576

Depreciation

Charge for the period

252

2,813

20,951

24,016

At 30 November 2023

252

2,813

20,951

24,016

Carrying amount

At 30 November 2023

1,093

12,187

165,280

178,560

5

Debtors

Current

2023
£

Trade debtors

7,938

Prepayments

832

Other debtors

70,004

 

78,774

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

8

35,528

Trade creditors

 

151

Taxation and social security

 

748

Accruals and deferred income

 

1,500

Other creditors

 

3,602

 

41,529

 

JW Groundworks & Plant Hire Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

199,155

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary Shares of £1 each

1

1

     

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Hire purchase contracts

194,136

Other borrowings

5,019

199,155

2023
£

Current loans and borrowings

Hire purchase contracts

29,691

Other borrowings

5,837

35,528

9

Related party transactions

Transactions with the director

2023

At 24 November 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr R J Williams

Interest free loan, to the Director, repayable on demand.

-

(156,902)

142,045

(14,857)