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Company No: 04729910 (England and Wales)

J C PORTER PLANT LTD

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

J C PORTER PLANT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

J C PORTER PLANT LTD

BALANCE SHEET

As at 31 May 2024
J C PORTER PLANT LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,713,709 1,518,884
Investment property 4 450,652 450,652
2,164,361 1,969,536
Current assets
Stocks 5 50,000 50,000
Debtors 6 237,945 242,138
Cash at bank and in hand 38,168 99,813
326,113 391,951
Creditors: amounts falling due within one year 7 ( 175,285) ( 167,127)
Net current assets 150,828 224,824
Total assets less current liabilities 2,315,189 2,194,360
Creditors: amounts falling due after more than one year 8 ( 372,350) ( 358,817)
Provision for liabilities ( 360,062) ( 320,199)
Net assets 1,582,777 1,515,344
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,582,677 1,515,244
Total shareholders' funds 1,582,777 1,515,344

For the financial year ending 31 May 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 J C Porter Plant Ltd (registered number: 04729910) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

J C Porter
Director
J C PORTER PLANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
J C PORTER PLANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

J C Porter Plant Ltd (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 The Meadows, Collingsfield, Burtle, Bridgwater, TA7 8ND, 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 recognised at the fair value of the consideration received or receivable for livestock sales and provision of plant hire provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line
Other property, plant and equipment 15 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Stocks

Stock is the value of livestock held at the year end. It is stated at deemed cost which is a fixed percentage of the estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its deemed costs is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Included within other debtors is work in progress, which includes hire of equipment and labour provided to date but not yet invoiced. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated recoverable amount is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

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 other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 June 2023 207,500 2,253,170 262,222 5,723 14,958 2,743,573
Additions 29,210 389,104 13,500 844 0 432,658
Disposals 0 ( 31,775) ( 20,000) 0 0 ( 51,775)
At 31 May 2024 236,710 2,610,499 255,722 6,567 14,958 3,124,456
Accumulated depreciation
At 01 June 2023 0 986,491 220,992 5,602 11,604 1,224,689
Charge for the financial year 0 220,721 10,143 140 503 231,507
Disposals 0 ( 26,458) ( 18,991) 0 0 ( 45,449)
At 31 May 2024 0 1,180,754 212,144 5,742 12,107 1,410,747
Net book value
At 31 May 2024 236,710 1,429,745 43,578 825 2,851 1,713,709
At 31 May 2023 207,500 1,266,679 41,230 121 3,354 1,518,884

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 450,652
As at 31 May 2024 450,652

The property was valued when purchased in August 2018 and subsequent enhancement expenditure has been incurred. The directors believe the value shown is representative of the fair value at the year end.

5. Stocks

2024 2023
£ £
Stocks 50,000 50,000

6. Debtors

2024 2023
£ £
Trade debtors 201,732 192,040
Prepayments 0 1,716
VAT recoverable 0 5,512
Other debtors 36,213 42,870
237,945 242,138

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 20,164 22,614
Trade creditors 15,327 7,776
Amounts owed to directors 3,977 14,318
Accruals 5,624 5,654
Taxation and social security 14,508 29,444
Obligations under finance leases and hire purchase contracts 114,599 86,582
Other creditors 1,086 739
175,285 167,127

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

2024 2023
£ £
Bank loans 273,103 290,329
Obligations under finance leases and hire purchase contracts 99,247 68,488
372,350 358,817

Within bank loans is the outstanding amount due from the Bounce Back loan taken out in October 2020, The carrying balance of this loan is £23,996 (2023 - £33,871). The UK government has guaranteed 100% of the value of the loan as well as committing to pay interest and fees for the first 12 months.

Also within bank loans is the outstanding amount due from a business loan taken out in August 2018. The carrying balance of this loan is £269,272 (2023 - £279,072). This is secured against the underlying investment property which has a carrying value of £450,652 (2023 £450,652).

Within obligations under finance leases and hire purchase contracts are hire purchase contracts which are secured against the underlying assets. The carrying value of these assets is £325,751 (2023 £296,692).