| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| LF PLANT LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| LF PLANT LIMITED |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Page |
| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 2 |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| STATEMENT OF FINANCIAL POSITION |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 | 1,753,844 | 2,364,608 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| LF Plant Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. |
| There are no significant judgements or estimates involved in the preparation of the financial statements. |
| Revenue |
| Revenue is recognized when the company obtains the right to consideration in exchange for its performance. It is measured at the fair value of the consideration received, excluding discounts, rebates, VAT, and other sales taxes or duties. The following conditions must be met for revenue recognition: |
| Sale of Goods |
| Revenue from the sale of goods is recognized when: |
| - Significant risks and rewards of ownership have transferred to the buyer, generally upon dispatch of goods. |
| - The amount of revenue can be measured reliably. |
| - It is probable that the economic benefits associated with the transaction will flow to the entity. |
| - The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of Services |
| Revenue from rendering services is recognized based on the stage of completion of the contract. The stage of completion is determined by comparing costs incurred for work performed to date with total estimated contract costs. If the outcome of the contract cannot be estimated reliably, revenue is recognized only to the extent of recoverable expenses. |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Property plant & equipment |
| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
| The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
| Plant & Machinery - 20% on reducing balance |
| Fixtures & fittings - 20% on reducing balance |
| Motor Vehicles - 20% on reducing balance |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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 |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
| Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 | 2,364,607 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| 2024 | 2023 |
| £ | £ |
| Plant and machinery - cost | 1,849,424 | 1,714,674 |
| Depreciation-Accumulated | (556,401 | ) | (266,832 | ) |
| Depreciation-Charge for the year | (258,605 | ) | (289,568 | ) |
| Net book value | 1,034,418 | 1,158,273 |
| 2024 | 2023 |
| £ | £ |
| Vehicle - Cost | 504,841 | 442,194 |
| Depreciation-Accumulated | (164,574 | ) | (95,170 | ) |
| Depreciation-Charge for the year | (68,053 | ) | (69,405 | ) |
| Net book value | 272,213 | 277,620 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| LF PLANT LIMITED (REGISTERED NUMBER: 09316574) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 1,130,065 | 1,676,248 |
| The hire purchase contracts include a fixed and floating charge over the company which contain a negative pledge, further the director has also provided a personal guarantee towards the contract liability. |
| The company has also provided a cross-company guarantee to a company under common control. |
| 9. | RELATED PARTY DISCLOSURES |
| Included in other debtors due within a year is an amount of £496,943 (2023: £145,816) due from a connected company with common control. The loan was interest free and repayable on demand. |
| Included in other creditors due within a year is an amount of £44,660 (2023: £31,450) due to a connected company with common control. The loan was interest free and repayable on demand. |
| During the year, the company incurred management cost of £126,000 (2023: £66,000) from a connected company with common directorship. |