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COMPANY REGISTRATION NUMBER: 07500372
L & M PLANT HIRE AND GROUNDWORKS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 March 2024
L & M PLANT HIRE AND GROUNDWORKS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
L & M PLANT HIRE AND GROUNDWORKS LIMITED
STATEMENT OF FINANCIAL POSITION
30 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
290,789
389,196
CURRENT ASSETS
Work in progress
6
20,192
14,016
Debtors
7
251,274
397,448
Cash at bank and in hand
167,248
113,193
----------
----------
438,714
524,657
CREDITORS: amounts falling due within one year
8
365,576
335,962
----------
----------
NET CURRENT ASSETS
73,138
188,695
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
363,927
577,891
CREDITORS: amounts falling due after more than one year
9
142,551
200,312
PROVISIONS
Taxation including deferred tax
47,463
57,418
----------
----------
NET ASSETS
173,913
320,161
----------
----------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
173,813
320,061
----------
----------
SHAREHOLDERS FUNDS
173,913
320,161
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L & M PLANT HIRE AND GROUNDWORKS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
M. E. Hogan
Director
Company registration number: 07500372
L & M PLANT HIRE AND GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 2 West View, Dudley, Cramlington, Northumberland, NE23 7AD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads, based on normal levels of activity. Provision is made for foreseeable profits or losses where appropriate.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire purchase payments, which is determined at the inception of the hire purchase term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 31st March 2023
633,508
45,100
678,608
Additions
79,500
41,479
120,979
Disposals
( 266,802)
( 266,802)
----------
---------
----------
At 30th March 2024
446,206
86,579
532,785
----------
---------
----------
Depreciation
At 31st March 2023
287,909
1,503
289,412
Charge for the year
66,876
15,633
82,509
Disposals
( 129,925)
( 129,925)
----------
---------
----------
At 30th March 2024
224,860
17,136
241,996
----------
---------
----------
Carrying amount
At 30th March 2024
221,346
69,443
290,789
----------
---------
----------
At 30th March 2023
345,599
43,597
389,196
----------
---------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30th March 2024
159,148
69,443
228,591
----------
---------
----------
At 30th March 2023
277,500
43,597
321,097
----------
---------
----------
6. WORK IN PROGRESS
2024
2023
£
£
Work in progress
20,192
14,016
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
215,830
281,632
Directors loan account
37,281
Other debtors
35,444
78,535
----------
----------
251,274
397,448
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
10,000
10,000
Trade creditors
96,920
48,430
Accruals
102,476
134,090
Corporation tax
23,799
Social security and other taxes
40,658
24,491
Obligations under finance leases and hire purchase contracts
59,365
82,535
Director loan accounts
38,263
Other creditors
17,894
12,617
----------
----------
365,576
335,962
----------
----------
The hire purchase contracts, included within creditors falling due within one year, are secured against the assets which were funded in this way.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
11,667
21,667
Obligations under finance leases and hire purchase contracts
130,884
178,645
----------
----------
142,551
200,312
----------
----------
The hire purchase contracts, included within creditors falling due after more than one year, are secured against the assets which were funded in this way.
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
47,463
57,418
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
62,232
73,367
Unused tax losses
( 14,769)
( 15,949)
---------
---------
47,463
57,418
---------
---------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M. E. Hogan
37,281
40,267
( 115,811)
( 38,263)
---------
---------
----------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M. E. Hogan
( 25,238)
65,019
( 2,500)
37,281
---------
---------
-------
---------
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.