Registered number: 01271937
WELLS PLANT HIRE LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 30 APRIL 2024
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WELLS PLANT HIRE LIMITED
REGISTERED NUMBER: 01271937
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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 FRS102 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:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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WELLS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Wells Plant Hire Limited is a private company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of its registered office and principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.
The financial statements are prepared in Sterling (£) which is the functional currency of the Company. The financial statements are for the year ended 30 April 2024 (2023: 30 April 2023).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have
been prepared under the historical cost convention.
The following principal accounting policies have been applied:
The directors have assessed the Company’s balance sheet position at the year end and its expected trading result for the current year. They are confident, with ongoing support from the rest of the group that the Company will continue as a going concern.
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:
Turnover is derived from a fixed percentage of fellow group companies income. These costs are incurred in the provision of goods to other companies and is recognised in the period when the goods are provided.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit or loss account 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.
Page 2
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WELLS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Current and deferred taxation (continued)
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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.
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.
Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Between 5% and 25% per annum on cost or net book value where useful life reassessed
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Between 10% and 25% per annum on cost
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Between 10% and 25% per annum on cost
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Between 15% and 45% per annum on cost
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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 the statement of income and retained earnings.
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 statement of income and retained earnings.
Page 3
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WELLS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans to and from related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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The average monthly number of employees, including directors, during the year was 2 (2023: 2).
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Page 4
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WELLS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Raw materials and consumables
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Amounts owed by group undertakings
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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At the beginning of the year
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Credited to the statement of income and retained earnings
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Page 5
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WELLS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
8.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Allotted, called up and fully paid
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10,000 Ordinary shares of £1.00 each
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Related party transactions
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The Company has taken advantage of the exemptions conferred by section 33 of FRS 102 from the requirement to make disclosures regarding transactions with other wholly owned subsidiaries within the Group
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Parent Company and ultimate controlling party
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The Company is a wholly owned subsidiary of Duffy Group Holdings Limited, which is the ultimate parent Company, and is incorporated and domiciled in the United Kingdom and registered in England and Wales.
The largest and smallest group in which the results of the Company are consolidated is that headed by Duffy Group Holdings Limited. The consolidated financial statements of this Company are available to the public and may be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR. No other financial statements include the results of this Company.
The ultimate controlling party is J B Duffy, the shareholder of Duffy Group Holdings Limited.
The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.
The audit report was signed on 28 January 2025 by Robert Blundell FCA (Senior statutory auditor) on behalf of Cooper Parry Group Limited.
Page 6
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