Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3116The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falsePlant hire19truetruefalse 06544804 2023-06-01 2024-05-31 06544804 2022-06-01 2023-05-31 06544804 2024-05-31 06544804 2023-05-31 06544804 c:Director1 2023-06-01 2024-05-31 06544804 c:Director2 2023-06-01 2024-05-31 06544804 d:Buildings 2023-06-01 2024-05-31 06544804 d:Buildings 2024-05-31 06544804 d:Buildings 2023-05-31 06544804 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06544804 d:Buildings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 06544804 d:PlantMachinery 2023-06-01 2024-05-31 06544804 d:PlantMachinery 2024-05-31 06544804 d:PlantMachinery 2023-05-31 06544804 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06544804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 06544804 d:MotorVehicles 2023-06-01 2024-05-31 06544804 d:MotorVehicles 2024-05-31 06544804 d:MotorVehicles 2023-05-31 06544804 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06544804 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 06544804 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06544804 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 06544804 d:CurrentFinancialInstruments 2024-05-31 06544804 d:CurrentFinancialInstruments 2023-05-31 06544804 d:Non-currentFinancialInstruments 2024-05-31 06544804 d:Non-currentFinancialInstruments 2023-05-31 06544804 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 06544804 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06544804 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 06544804 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06544804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 06544804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 06544804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 06544804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 06544804 d:ShareCapital 2024-05-31 06544804 d:ShareCapital 2023-05-31 06544804 d:RetainedEarningsAccumulatedLosses 2024-05-31 06544804 d:RetainedEarningsAccumulatedLosses 2023-05-31 06544804 c:FRS102 2023-06-01 2024-05-31 06544804 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 06544804 c:FullAccounts 2023-06-01 2024-05-31 06544804 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06544804 d:WithinOneYear 2024-05-31 06544804 d:WithinOneYear 2023-05-31 06544804 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 06544804 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 06544804 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 06544804 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 06544804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 06544804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 06544804 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 06544804 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 06544804 d:LeasedAssetsHeldAsLessee 2024-05-31 06544804 d:LeasedAssetsHeldAsLessee 2023-05-31 06544804 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
                                                                                                                     Registered number: 06544804














WORDINGHAM PLANT HIRE LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
WORDINGHAM PLANT HIRE LIMITED
REGISTERED NUMBER:06544804

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
331,186
305,309

Current assets
  

Stocks
  
40,370
30,256

Debtors: amounts falling due after more than one year
 5 
36,756
32,006

Debtors: amounts falling due within one year
 5 
206,514
272,076

  
283,640
334,338

Creditors: amounts falling due within one year
 6 
(322,517)
(337,412)

Net current liabilities
  
 
 
(38,877)
 
 
(3,074)

Total assets less current liabilities
  
292,309
302,235

Creditors: amounts falling due after more than one year
 7 
(203,201)
(231,771)

Provisions for liabilities
  

Deferred tax
  
(40,497)
(45,657)

  
 
 
(40,497)
 
 
(45,657)

Net assets
  
48,611
24,807


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
46,611
22,807

  
48,611
24,807


Page 1

 
WORDINGHAM PLANT HIRE LIMITED
REGISTERED NUMBER:06544804
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P L Wordingham
................................................
Mrs P A Wordingham
Director
Director


Date: 15 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Wordingham Plant Hire Limited is a private company limited by shares and incorporated in England and Wales, registration number 06544804. The registered office is Foxburrow Farm Bungalow, Binham, Fakenham, Norfolk, NR21 0DH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 19).

Page 7

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost 


At 1 June 2023
45,233
520,798
151,450
717,481


Additions
-
90,550
17,500
108,050


Disposals
-
(25,271)
(35,245)
(60,516)



At 31 May 2024

45,233
586,077
133,705
765,015



Depreciation


At 1 June 2023
4,125
316,212
91,835
412,172


Charge for the year on owned assets
825
9,603
256
10,684


Charge for the year on financed assets
-
48,570
14,278
62,848


Disposals
-
(21,051)
(30,824)
(51,875)



At 31 May 2024

4,950
353,334
75,545
433,829



Net book value



At 31 May 2024
40,283
232,743
58,160
331,186



At 31 May 2023
41,108
204,586
59,615
305,309

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
194,333
158,168

Motor vehicles
57,110
57,395

251,443
215,563

Page 8

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
36,756
32,006


2024
2023
£
£

Due within one year

Trade debtors
71,698
152,956

Other debtors
109,156
95,081

Prepayments and accrued income
25,660
24,039

206,514
272,076



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
77,291
59,655

Bank loans
39,485
35,550

Other loans
20,202
19,509

Trade creditors
45,951
51,702

Corporation tax
11,549
28,716

Other taxation and social security
48,219
66,208

Obligations under finance lease and hire purchase contracts
71,848
72,940

Other creditors
1,177
(3,468)

Accruals and deferred income
6,795
6,600

322,517
337,412


The bank overdraft is secured on assets owned by the directors. The hire purchase liabilities are secured on the assets which they were used to purchase. The CBILS bank loan is government backed. The bank loan is secured on the assets of the company. The other loan is unsecured.

Page 9

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
48,647
86,462

Other loans
-
15,900

Net obligations under finance leases and hire purchase contracts
154,554
129,409

203,201
231,771


The hire purchase liabilities are secured on the assets which they were used to purchase. The CBILS bank loan is government backed. The bank loan is secured on the assets of the company. The other loan is unsecured.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
39,485
35,550

Other loans
20,202
19,509


59,687
55,059

Amounts falling due 1-2 years

Bank loans
18,690
35,551

Other loans
-
15,900


18,690
51,451

Amounts falling due 2-5 years

Bank loans
29,957
50,911


108,334
157,421


The CBILS bank loan is government backed. The bank loan is secured on the assets of the company. The other loan is unsecured.

Page 10

 
WORDINGHAM PLANT HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
71,848
72,940

Between 1-5 years
154,554
129,409

226,402
202,349

The hire purchase liabilities are secured on the assets which they were used to purchase.


10.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
11,489
77,315


11.


Transactions with directors

The directors owed the company £109,155 at the year end (2023 - £95,081). No interest is being charged to the directors. Balances are repayable on demand.

 
Page 11