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No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
03254603
2023-10-01
2024-09-30
03254603
2024-09-30
03254603
2023-09-30
03254603
2022-10-01
2023-09-30
03254603
2023-09-30
03254603
2022-09-30
03254603
bus:Director2
2023-10-01
2024-09-30
03254603
core:PlantMachinery
2023-09-30
03254603
core:FurnitureFittings
2023-09-30
03254603
core:MotorVehicles
2023-09-30
03254603
core:PlantMachinery
2024-09-30
03254603
core:FurnitureFittings
2024-09-30
03254603
core:MotorVehicles
2024-09-30
03254603
core:PlantMachinery
2023-10-01
2024-09-30
03254603
core:FurnitureFittings
2023-10-01
2024-09-30
03254603
core:MotorVehicles
2023-10-01
2024-09-30
03254603
core:WithinOneYear
2024-09-30
03254603
core:WithinOneYear
2023-09-30
03254603
core:PlantMachinery
2023-09-30
03254603
core:AfterOneYear
2024-09-30
03254603
core:AfterOneYear
2023-09-30
03254603
core:ShareCapital
2024-09-30
03254603
core:ShareCapital
2023-09-30
03254603
core:SharePremium
2024-09-30
03254603
core:SharePremium
2023-09-30
03254603
core:RevaluationReserve
2024-09-30
03254603
core:RevaluationReserve
2023-09-30
03254603
core:RetainedEarningsAccumulatedLosses
2024-09-30
03254603
core:RetainedEarningsAccumulatedLosses
2023-09-30
03254603
core:BetweenOneFiveYears
2024-09-30
03254603
core:BetweenOneFiveYears
2023-09-30
03254603
core:FurnitureFittings
2023-09-30
03254603
core:MotorVehicles
2023-09-30
03254603
bus:Director1
2023-10-01
2024-09-30
03254603
bus:SmallEntities
2023-10-01
2024-09-30
03254603
bus:AuditExemptWithAccountantsReport
2023-10-01
2024-09-30
03254603
bus:SmallCompaniesRegimeForAccounts
2023-10-01
2024-09-30
03254603
bus:PrivateLimitedCompanyLtd
2023-10-01
2024-09-30
03254603
bus:FullAccounts
2023-10-01
2024-09-30
03254603
core:AfterOneYear
2023-10-01
2024-09-30
COMPANY REGISTRATION NUMBER:
03254603
Fen Ditching Company Limited |
|
Filleted Unaudited Financial Statements |
|
Fen Ditching Company Limited |
|
Year ended 30 September 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Fen Ditching Company Limited |
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
Tangible assets |
5 |
|
596,478 |
|
436,756 |
|
|
|
|
|
|
Current assets
Stocks |
45,487 |
|
52,530 |
|
Debtors |
6 |
898,264 |
|
538,700 |
|
Cash at bank and in hand |
252,982 |
|
18 |
|
|
------------- |
|
---------- |
|
|
1,196,733 |
|
591,248 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
755,646 |
|
286,956 |
|
|
------------- |
|
---------- |
|
Net current assets |
|
441,087 |
|
304,292 |
|
|
------------- |
|
---------- |
Total assets less current liabilities |
|
1,037,565 |
|
741,048 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
140,312 |
|
66,339 |
|
|
|
|
|
|
Provisions |
|
149,119 |
|
109,189 |
|
|
------------- |
|
---------- |
Net assets |
|
748,134 |
|
565,520 |
|
|
------------- |
|
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,010 |
|
1,010 |
Share premium account |
|
990 |
|
990 |
Revaluation reserve |
|
64,311 |
|
61,310 |
Profit and loss account |
|
681,823 |
|
502,210 |
|
|
---------- |
|
---------- |
Shareholders funds |
|
748,134 |
|
565,520 |
|
|
---------- |
|
---------- |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 30 September 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
.
Fen Ditching Company Limited |
|
Statement of Financial Position (continued) |
|
30 September 2024
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2025
, and are signed on behalf of the board by:
Company registration number:
03254603
Fen Ditching Company Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 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 Needham Bank, Friday Bridge, Wisbech, Cambridgeshire, PE14 0LH.
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
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain tangible fixed assets measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
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 expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Amounts owed by customers on long-term contracts The company undertakes work on long-term contracts which are at various degrees on completion at the year end. Management carries out an assessment of the stage of completeness of each of these contracts as at each balance sheet date to estimate the representative turnover and profit to recognise. Valuations are based on the overall value of each contract, knowledge of the work being undertaken on each contract up to the year end, activity on each contract since the year end and management's previous experience on similar contracts including those that have been completed. The profitability of each contract is sensitive to cost variances arising either as a result of unforeseen issues on the contract or from changes to market rates.
(c)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of ongoing services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is is probably will be recovered.
(d)
Current & deferred tax
The taxation expense represents the aggregate amount of current and 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
(e)
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(f)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(g)
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 and machinery-10 - 20% reducing balance
Fixtures and fittings-20% reducing balance
Motor vehicles-20% reducing balance
(h)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j)
Finance leases and hire purchase contracts
Assets held under finance leases and 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 lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease 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.
(k)
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.
(l)
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(m)
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
11
(2023:
11
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 October 2023 |
743,261 |
5,512 |
176,638 |
925,411 |
Additions |
206,238 |
– |
23,750 |
229,988 |
|
---------- |
------- |
---------- |
------------- |
At 30 September 2024 |
949,499 |
5,512 |
200,388 |
1,155,399 |
|
---------- |
------- |
---------- |
------------- |
Depreciation |
|
|
|
|
At 1 October 2023 |
400,216 |
5,412 |
83,027 |
488,655 |
Charge for the year |
46,766 |
20 |
23,480 |
70,266 |
|
---------- |
------- |
---------- |
------------- |
At 30 September 2024 |
446,982 |
5,432 |
106,507 |
558,921 |
|
---------- |
------- |
---------- |
------------- |
Carrying amount |
|
|
|
|
At 30 September 2024 |
502,517 |
80 |
93,881 |
596,478 |
|
---------- |
------- |
---------- |
------------- |
At 30 September 2023 |
343,045 |
100 |
93,611 |
436,756 |
|
---------- |
------- |
---------- |
------------- |
|
|
|
|
|
Certain fixed assets were revalued as at June 2016 by an independent valuer. Subsequently, the carrying value of all assets is reviewed at the end of each accounting period by the directors and adjusted, if materially different, in line with current fair values.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Plant and machinery |
|
£ |
At 30 September 2024 |
|
Aggregate cost |
530,097 |
Aggregate depreciation |
(454,136) |
|
---------- |
Carrying value |
75,961 |
|
---------- |
|
|
At 30 September 2023 |
|
Aggregate cost |
530,097 |
Aggregate depreciation |
(441,217) |
|
---------- |
Carrying value |
88,880 |
|
---------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
458,327 |
188,128 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
388,917 |
267,917 |
Other debtors |
51,020 |
82,655 |
|
---------- |
---------- |
|
898,264 |
538,700 |
|
---------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
43,463 |
Trade creditors |
549,644 |
128,913 |
Corporation tax |
19,293 |
– |
Social security and other taxes |
40,124 |
28,067 |
Other creditors |
146,585 |
86,513 |
|
---------- |
---------- |
|
755,646 |
286,956 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
140,312 |
66,339 |
|
---------- |
-------- |
|
|
|
Amounts due under hire purchase agreements, included in other creditors, are secured on the assets to which they relate.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
16,320 |
16,320 |
|
Later than 1 year and not later than 5 years |
11,560 |
27,881 |
|
|
-------- |
-------- |
|
|
27,880 |
44,201 |
|
|
-------- |
-------- |
|
|
|
|
10.
Parent company
The ultimate parent company is
Sweeting Brothers (Land Drainage) Limited
whose registered office is Manor Farm, Cotness Lane, Goole, DN14 7YE and is a company registered in England and Wales.
11.
Related party transactions
A debenture was executed on 23 June 2016 in favour of the company's bankers comprising a fixed and floating charge and a guarantee was executed at the same date covering financial indebtedness between the company's bankers, the company and the company's parent, Sweeting Brothers (Land Drainage) Limited. The parent company acts as guarantor in respect of the lease on the company's business premises.