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Devon Plant Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Registration number: 05832144

 

Devon Plant Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Devon Plant Services Ltd

Company Information

Directors

Mr C J Luscombe

Mrs J Luscombe

Company secretary

Mr C J Luscombe

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Limited
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

Devon Plant Services Ltd

(Registration number: 05832144)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

504,863

578,635

Current assets

 

Stocks

5

937,534

874,788

Debtors

6

284,941

420,332

Cash at bank and in hand

 

23

4,982

 

1,222,498

1,300,102

Creditors: Amounts falling due within one year

7

(1,229,718)

(1,219,647)

Net current (liabilities)/assets

 

(7,220)

80,455

Total assets less current liabilities

 

497,643

659,090

Creditors: Amounts falling due after more than one year

7

(220,314)

(355,865)

Provisions for liabilities

(126,216)

(109,941)

Net assets

 

151,113

193,284

Capital and reserves

 

Called up share capital

2

2

Retained earnings

151,111

193,282

Shareholders' funds

 

151,113

193,284

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

Devon Plant Services Ltd

(Registration number: 05832144)
Balance Sheet as at 30 June 2024

.........................................
Mr C J Luscombe
Company secretary and director

.........................................
Mrs J Luscombe
Director

 

Devon Plant Services Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

2

193,282

193,284

Loss for the year

-

(12,171)

(12,171)

Dividends

-

(30,000)

(30,000)

At 30 June 2024

2

151,111

151,113

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

2

145,433

145,435

Profit for the year

-

97,849

97,849

Dividends

-

(50,000)

(50,000)

At 30 June 2023

2

193,282

193,284

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

These financial statements were authorised for issue by the Board on 23 December 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised as income when they are received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 taxable income.

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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 (accounting for residual values on certain machinery), as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis

Office equipment

33% straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 9).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

7,653

750,502

758,155

Additions

-

164,224

164,224

Disposals

-

(213,200)

(213,200)

At 30 June 2024

7,653

701,526

709,179

Depreciation

At 1 July 2023

7,653

171,867

179,520

Charge for the year

-

52,243

52,243

Eliminated on disposal

-

(27,447)

(27,447)

At 30 June 2024

7,653

196,663

204,316

Carrying amount

At 30 June 2024

-

504,863

504,863

At 30 June 2023

-

578,635

578,635

5

Stocks

2024
£

2023
£

Other inventories

937,534

874,788

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

189,510

289,713

Amounts owed by related parties

71,727

94,866

Prepayments

 

13,204

12,599

Other debtors

 

10,500

23,154

   

284,941

420,332

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

399,677

247,084

Trade creditors

 

348,467

766,734

Taxation and social security

 

31,978

11,392

Accruals and deferred income

 

828

-

Other creditors

 

448,768

194,437

 

1,229,718

1,219,647

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £183,665 (2023 - £216,633).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

181,114

303,565

Other non-current financial liabilities

 

39,200

52,300

 

220,314

355,865

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £129,084 (2023 - £218,670).

 

Devon Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,860

19,106

Finance lease liabilities

119,224

199,564

Other borrowings

52,030

84,895

181,114

303,565

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,140

30,813

Bank overdrafts

96,388

95,248

Finance lease liabilities

77,137

90,572

Other borrowings

216,012

30,451

399,677

247,084