Registration number:
Wilmor Plant Hire Ltd
for the Year Ended 31 May 2024
Wilmor Plant Hire Ltd
Contents
|
Company Information |
|
|
Directors' Report |
|
|
Accountants' Report |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Wilmor Plant Hire Ltd
Company Information
|
Directors |
Mr Earl John Fallon Mrs Jody Fallon |
|
Registered office |
|
|
Accountants |
|
Wilmor Plant Hire Ltd
Directors' Report for the Year Ended 31 May 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of crushing and excavation contractors.
Going concern
The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the support of bank and other loans. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of financial support by the company's creditors.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Mr Earl John Fallon
Director
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wilmor Plant Hire Ltd
for the Year Ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wilmor Plant Hire Ltd for the year ended 31 May 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Wilmor Plant Hire Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wilmor Plant Hire Ltd and state those matters that we have agreed to state to the Board of Directors of Wilmor Plant Hire Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilmor Plant Hire Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Wilmor Plant Hire Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wilmor Plant Hire Ltd. You consider that Wilmor Plant Hire Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Wilmor Plant Hire Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
Wilmor Plant Hire Ltd
(Registration number: 07643674)
Balance Sheet as at 31 May 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Retained earnings |
(145,637) |
(113,276) |
|
|
Shareholders' deficit |
(145,537) |
(113,176) |
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 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.
Approved and authorised by the
|
......................................... |
Wilmor Plant Hire Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
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.
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.
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.
Wilmor Plant Hire Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
25% Reducing balance |
|
Plant and machinery |
15% Reducing balance |
The depreciation method for Plant and machinery has been changed from 25% reducing balance to 15% reducing balance this year, therefore the previous accounts have been restated.
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.
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.
Wilmor Plant Hire Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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 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.
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.
Financial instruments
|
Staff numbers |
The average number of persons employed by the company during the year, was
|
Loss before tax |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
Wilmor Plant Hire Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
|
Tangible assets |
|
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||
|
At 1 June 2023 |
|
|
|
|
At 31 May 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 June 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 May 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 May 2024 |
|
|
|
|
At 31 May 2023 |
|
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
- |
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Wilmor Plant Hire Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
- |
|
|
|
Other creditors |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |