Company registration number 07201424 (England and Wales)
DIGGERS (BURY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DIGGERS (BURY) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DIGGERS (BURY) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,475,418
8,389,692
Cash at bank and in hand
297,096
56,667
1,772,514
8,446,359
Creditors: amounts falling due within one year
5
(826,895)
(2,456,462)
Net current assets
945,619
5,989,897
Creditors: amounts falling due after more than one year
6
(157,935)
(287,030)
Net assets
787,684
5,702,867
Capital and reserves
Called up share capital
3
3
Revaluation reserve
7
300
Profit and loss reserves
787,681
5,702,564
Total equity
787,684
5,702,867
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Miss L L Thomas
Director
Company Registration No. 07201424
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Diggers (Bury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tai Hirion, Llwybr Hir, Caerwys, Flintshire, United Kingdom, CH7 5BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Thomas Holdings (North West) Limited. These consolidated financial statements are available from the registered office at Tai Hirion Lywybr Hir Caerwys Flintshire United Kingdom CH7 5BL
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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, derived from the principal activity, is calculated on the basis of the hire of machines during the period.
1.3
Intangible fixed assets - goodwill
Goodwill was generated on the acquisition of the business and is being written off over its estimated useful life of 10 years. This has now been fully amortised.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
33
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
20,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
20,000
Carrying amount
At 31 May 2024
At 31 May 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,069,540
1,339,173
Corporation tax recoverable
712
Amounts owed by group undertakings
13,884
7,036,396
Other debtors
10,760
13,411
1,094,184
8,389,692
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
381,234
Total debtors
1,475,418
8,389,692
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
120,774
115,630
Trade creditors
149,199
129,629
Amounts owed to group undertakings
455,243
2,123,617
Corporation tax
100
Other taxation and social security
49,389
58,268
Other creditors
42,725
29,318
Accruals and deferred income
9,465
826,895
2,456,462
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
The obligations under finance leases are secured over the Group's assets. The assets of the company have been transferred to the Parent Company, Thomas Holdings (North West) Limited.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
157,935
287,030
The obligations under finance leases are secured over the Group's assets. The assets of the company have been transferred to the Parent Company, Thomas Holdings (North West) Limited.
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
300
799,086
Revaluation surplus arising in the year
(412,593)
Transfer to profit and loss
(300)
(386,193)
At the end of the year
300
8
Secured debts
There is a cross company guarentee across the Group held within Thomas Holdings (North West) Limited, the balance of this facility as at 31 May 2024 was £104,632,169.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Helen Davies
Statutory Auditor:
Azets Audit Services
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
DIGGERS (BURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Related party transactions
(Continued)
- 7 -
Sale of Property
2024
2023
£
£
Other related parties
-
217,450
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
-
217,450
Other information
The company has taken advantage of the exemption within FRS 102 Section 33.1A from the requirements to disclose transactions with other wholly owned companies within the same group.
All related party transactions are under the normal course of business
11
Parent company
Thomas Holdings (North West) Limited is regarded by the directors as being the company's ultimate parent company.
The ultimate controlling party is Mr W L Thomas who owns the issued share capital of the parent company in its entirety.