REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 August 2024 |
for |
Wordsworth Crushing Limited |
REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 August 2024 |
for |
Wordsworth Crushing Limited |
Wordsworth Crushing Limited (Registered number: 04858155) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 3 |
Statement of Directors' Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Wordsworth Crushing Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: |
1A Peel Square |
Barnsley |
South Yorkshire |
S70 2PL |
Wordsworth Crushing Limited (Registered number: 04858155) |
Strategic Report |
for the Year Ended 31 August 2024 |
The directors present their strategic report for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
During the year the company continued to operate within the construction industry, with the majority of sales relating to the Crushing and Screening of Aggregates for large Quarrying Companies. |
Turnover decreased during the year by (6.1%), which was mainly due to the difficult trading conditions within the construction sector. Sales were also affected by the constant adverse weather conditions that were prevalent for the vast majority of the trading year. The Gross Profit Margin decreased from 30.8% to 22.4%, the main reason being the increases in personnel costs, driven partly by higher inflation. The company continues to be affected by the Global Economic increase in prices, however, we continue to have good cost controls and many increases have been offset by improvements in efficiency. |
Since the year end the company has seen the turnover continue at good levels, we are still winning new projects with new and existing customers and expect turnover for the current year to surpass the previous year. |
The company's key financial and other performance indicators during the year were as follows: |
Unit | 2024 | 2023 |
Turnover | £ 's | 16,902 | 17,998 |
Turnover growth | % | (6.1 | ) | 6.2 |
Gross profit margin | % | 22.4 | 30.8 |
Profit before tax | £ 's | 427 | 1,900 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main factors outside our control include the actions of our competitors, government policy and the macroeconomic environment. Our senior management regularly review the competitive threats we face in order to identify the appropriate actions to be taken. |
On writing this report, it is positive to note that UK inflation seems to finally be back under control and interest rates are expected to fall over the following 12 months. This should only add to the very positive outlook that we believe the company has and we fully expect to achieve the plans for the current financial year. An added target for the coming year is to ensure reduction in our short term and long term debt, thus strengthening the companies financial position. |
The main factors within our control are, our internal operations, and the recruitment, retention and training of the workforce with the appropriate skills necessary to provide the high level services required to retain key customers. |
ON BEHALF OF THE BOARD: |
Wordsworth Crushing Limited (Registered number: 04858155) |
Directors' Report |
for the Year Ended 31 August 2024 |
The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the crushing and screening of aggregates for large quarrying companies. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
GOING CONCERN |
The directors have assessed the forthcoming year from the date of approval of these financial statements and believe the company is a going concern. An explanation as to why the company is thought to be a going concern is set out in the notes to the financial statements. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Wordsworth Crushing Limited (Registered number: 04858155) |
Statement of Directors' Responsibilities |
for the Year Ended 31 August 2024 |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Wordsworth Crushing Limited |
Opinion |
We have audited the financial statements of Wordsworth Crushing Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Directors' Report and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Wordsworth Crushing Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- minimal reliance was placed upon the operating effectiveness of internal controls in the design and |
performance of our substantive procedures; |
- discussions were held with management considering known or suspected non-compliance with laws, |
regulations and fraud; |
- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular |
emphasis on those with unusual account combinations, entries crediting revenue and those without specific |
descriptions; |
- management assumptions in their significant accounting estimates were challenged and scrutinised. |
There are inherent limitations in the audit procedures described above, and the further removed |
non-compliance with laws and regulations is from the events and transactions reflected in the financial |
statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement |
due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate |
concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Wordsworth Crushing Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
Wordsworth Crushing Limited (Registered number: 04858155) |
Income Statement |
for the Year Ended 31 August 2024 |
31/8/24 | 31/8/23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
954,749 | 2,440,698 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Wordsworth Crushing Limited (Registered number: 04858155) |
Other Comprehensive Income |
for the Year Ended 31 August 2024 |
31/8/24 | 31/8/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax on revalued PPE |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Wordsworth Crushing Limited (Registered number: 04858155) |
Balance Sheet |
31 August 2024 |
31/8/24 | 31/8/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve | 18 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wordsworth Crushing Limited (Registered number: 04858155) |
Statement of Changes in Equity |
for the Year Ended 31 August 2024 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 September 2022 |
Changes in equity |
Purchase of own shares | (10 | ) | (1,000,000 | ) | - | 10 | (1,000,000 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Transfer realised profit on |
revalued PPE depreciation | - | 27,939 | (27,939 | ) | - | - |
Balance at 31 August 2023 |
Changes in equity |
Total comprehensive income | - |
Transfer realised profit on |
revalued PPE depreciation | - | 3,023 | (3,023 | ) | - | - |
Balance at 31 August 2024 |
Wordsworth Crushing Limited (Registered number: 04858155) |
Cash Flow Statement |
for the Year Ended 31 August 2024 |
31/8/24 | 31/8/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 250,000 | 200,000 |
Amount withdrawn by directors | (160,000 | ) | (250,000 | ) |
Share buyback | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
471,690 |
Cash and cash equivalents at end of year |
2 |
161,172 |
371,145 |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Cash Flow Statement |
for the Year Ended 31 August 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/8/24 | 31/8/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 527,534 | 540,342 |
Finance income | - | (7,137 | ) |
4,373,098 | 6,122,567 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31/8/24 | 1/9/23 |
£ | £ |
Cash and cash equivalents | 161,172 | 371,145 |
Year ended 31 August 2023 |
31/8/23 | 1/9/22 |
£ | £ |
Cash and cash equivalents | 371,145 | 471,690 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/9/23 | Cash flow | changes | At 31/8/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 371,145 | (209,973 | ) | 161,172 |
371,145 | ( |
) | 161,172 |
Debt |
Finance leases | (7,450,685 | ) | 4,036,029 | (3,104,876 | ) | (6,519,532 | ) |
(7,450,685 | ) | 4,036,029 | (3,104,876 | ) | (6,519,532 | ) |
Total | (7,079,540 | ) | 3,826,056 | (3,104,876 | ) | (6,358,360 | ) |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Wordsworth Crushing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. |
Tangible fixed assets, and in particular plant and machinery, are a highly material balance within the financial statements. As a result of this the depreciation charge on the assets has a significant impact upon the reported profitability of the company. The charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are reviewed annually to reflect current economic utilisation, physical condition and planned de-commissions. The carrying value of items subject to estimation uncertainty is £14,336,380 (2023 - £14,688,733). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes. |
Revenue in connection with the processing of aggregate materials is recognised in the period in which it is processed. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. |
All of the company's financial instruments are basic financial instruments recognised at transaction price or amortised cost. |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases are classified as finance leases or hire purchase arrangements whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. |
Assets held under finance leases or hire purchase arrangements are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding lease liability is recognised within the balance sheet, apportioned between current and non-current liabilities as appropriate. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31/8/24 | 31/8/23 |
£ | £ |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
31/8/24 | 31/8/23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31/8/24 | 31/8/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/8/24 | 31/8/23 |
Operators and fitters | 61 | 55 |
Administration and support | 4 | 8 |
Directors | 3 | 4 |
31/8/24 | 31/8/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31/8/24 | 31/8/23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31/8/24 | 31/8/23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/8/24 | 31/8/23 |
£ | £ |
Bank interest |
Other interest payable |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31/8/24 | 31/8/23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/8/24 | 31/8/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Changes in tax rate | (4,278 | ) | 137,761 |
RDEC Adjustment | (2,628 | ) | - |
Total tax charge/(credit) | 29,836 | (19,657 | ) |
Tax effects relating to effects of other comprehensive income |
31/8/24 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on revalued PPE | - | 1,008 |
31/8/23 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on revalued PPE | - | 1,260 |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
8. | DIVIDENDS |
31/8/24 | 31/8/23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The value of assets held under hire purchase or finance lease arrangements is £12,647,597 (2023 - £12,433,152). These assets are pledged as security for the associated hire purchase or lease arrangements. |
10. | STOCKS |
31/8/24 | 31/8/23 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/24 | 31/8/23 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 250,000 |
Prepayments |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/24 | 31/8/23 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 544,546 | 588,162 |
Other creditors |
Invoice financing | 1,749,509 | 2,058,490 |
Directors' current accounts | - | 160,000 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/8/24 | 31/8/23 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31/8/24 | 31/8/23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/8/24 | 31/8/23 |
£ | £ |
Hire purchase contracts | 6,519,532 | 7,450,685 |
Invoice financing | 1,749,509 | 2,058,490 |
Bank loans and overdrafts are secured through fixed and floating charges over the company's assets. |
The invoice financing liability is secured through a charge over the debtor book together with fixed and floating charges over the company's assets. |
16. | PROVISIONS FOR LIABILITIES |
31/8/24 | 31/8/23 |
£ | £ |
Deferred tax | 2,382,210 | 2,353,382 |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Provided during year |
Balance at 31 August 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/8/24 | 31/8/23 |
value: | £ | £ |
Ordinary | £1 | 90 | 90 |
Ordinary share capital is subdivided into four separate classifications as follows: Ordinary A: 30, Ordinary B: 30, Ordinary C: 30. Each class of share carries equal rights, including but not limited to, the right to a dividend and voting rights. |
18. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 September 2023 | 7,582,432 |
Profit for the year |
Revaluation reserve deferred |
tax | 1,008 | - | - | 1,008 |
Transfer realised profit on |
revalued PPE depreciation | 3,023 | (3,023 | ) | - | - |
At 31 August 2024 | 7,980,819 |
Retained earnings represent the total accumulated profits and losses of the entity since formation, net of dividends and transfers. |
Revaluation reserve is the surplus of the carrying value of tangible fixed assets subject to a policy of revaluation over the value of the same assets had they been under a cost model, net of the effect of taxation. |
Capital redemption reserve represents the nominal value of share capital bought back by the company. |
Wordsworth Crushing Limited (Registered number: 04858155) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
31/8/24 | 31/8/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
No interest is charged on the above balances, nor is any security offered. The balances are repayable on demand either to the company or the director. |
20. | RELATED PARTY DISCLOSURES |
31/8/24 | 31/8/23 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
Included in the above are transactions and balances with two entities outlined below. |
Wordsworth Property Developments Limited |
The company is owned and controlled by the same shareholders as Wordsworth Crushing Limited. |
During the period, loans have been advanced to the company. No interest is charged on the loan account balance and they are considered to be repayable on demand. |
Wordsworth Excavations Limited |
The company is owned and controlled by Thomas Wordsworth. |
Transactions and balances have arisen in the ordinary course of the company's business. |