Centre Plant Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC142095 (Scotland)

Financial Statements for the Year Ended 31 May 2022

for

Centre Plant Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J McBride

P A G McBride

D S Kelly

SECRETARY:

D S Kelly

REGISTERED OFFICE:

28 Muriel Street

Barrhead

G78 1QB

REGISTERED NUMBER:

SC142095 (Scotland)

FIXED ASSETS

Tangible assets

4

1,075,663

1,055,396

CURRENT ASSETS

Debtors

5

600,924

528,037

Cash at bank

1,566

11,095

602,490

539,132

CREDITORS

Amounts falling due within one year

6

(259,393

)

(284,688

)

NET CURRENT ASSETS

343,097

254,444

TOTAL ASSETS LESS CURRENT LIABILITIES

1,418,760

1,309,840

CREDITORS

Amounts falling due after more than one year

7

(598,905

)

(493,951

)

NET ASSETS

819,855

815,889

CAPITAL AND RESERVES

Called up share capital

500

500

Capital redemption reserve

500

500

Retained earnings

818,855

814,889

SHAREHOLDERS' FUNDS

819,855

815,889

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2022 and were signed on its behalf by:

D S Kelly - Director

1.	STATUTORY INFORMATION

Centre Plant Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc - 25% straight line

Motor Vehicles - 25% straight line

Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand and at bank.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

The costs associated with operating leases are recognised in the period in which they fall due.

Pension costs and other post-retirement benefits

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 June 2021

1,277,966

482,460

1,760,426

Additions

845,529

-

845,529

Disposals

(915,750

)

(8,000

)

(923,750

)

At 31 May 2022

1,207,745

474,460

1,682,205

DEPRECIATION

At 1 June 2021

243,023

462,007

705,030

Charge for year

41,796

3,014

44,810

Eliminated on disposal

(135,510

)

(7,788

)

(143,298

)

At 31 May 2022

149,309

457,233

606,542

NET BOOK VALUE

At 31 May 2022

1,058,436

17,227

1,075,663

At 31 May 2021

1,034,943

20,453

1,055,396

Included within the net book value above are assets held under hire purchase agreements of £822,247 (2021: £806,694).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Amounts owed by group undertakings

599,680

526,790

Other debtors

1,244

1,247

600,924

528,037

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Hire purchase contracts (see note 8)

169,106

191,301

Trade creditors

63,727

65,205

Taxation and social security

19,570

20,783

Other creditors

6,990

7,399

259,393

284,688

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Hire purchase contracts (see note 8)

509,405

404,451

Amounts owed to group undertakings

89,500

89,500

598,905

493,951

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.5.22

31.5.21

£

£

Net obligations repayable:

Within one year

169,106

191,301

Between one and five years

509,405

404,451

678,511

595,752

Non-cancellable operating

leases

31.5.22

31.5.21

£

£

Within one year

105,331

341,373

Between one and five years

-

76,883

105,331

418,256

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.22

31.5.21

£

£

Hire purchase contracts

678,511

595,752

Hire purchase creditors are secured over the assets to which they relate.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona Russell (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Allma Holdings Limited.

ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P A G McBride.