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

REGISTERED NUMBER: 06088962 (England and Wales)

CADMAN PLANT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mrs D Clarke

Mr N J Cadman

REGISTERED OFFICE:

Town Wall House

Balkerne Hill

Colchester

Essex

CO3 3AD

REGISTERED NUMBER:

06088962 (England and Wales)

FIXED ASSETS

Tangible assets

4

460,122

535,341

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

5

120,650

217,547

Cash at bank and in hand

96,025

51,865

217,675

270,412

CREDITORS

Amounts falling due within one year

6

(95,303

)

(206,351

)

NET CURRENT ASSETS

122,372

64,061

TOTAL ASSETS LESS CURRENT LIABILITIES

582,494

599,402

CREDITORS

Amounts falling due after more than one year

7

(643,654

)

(648,657

)

NET LIABILITIES

(61,160

)

(49,255

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(62,160

)

(50,255

)

SHAREHOLDERS' FUNDS

(61,160

)

(49,255

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

Mr N J Cadman - Director

1.	STATUTORY INFORMATION

Cadman Plant Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

The turnover as shown in the profit and loss account represents the value of work performed during the year net of VAT and trade discounts.

Depreciation

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

Plant and machinery

-

12.5% on cost

Motor vehicles

-

20% on cost

Office equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are included at amortised cost.

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 agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Going concern

At the balance sheet date the company's liabilities exceeded its assets by £61,160. The company's directors have agreed to support the company for the foreseeable future, therefore the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2019

638,290

619,982

6,618

1,264,890

Additions

-

68,022

-

68,022

Disposals

(129,862

)

(195,743

)

-

(325,605

)

At 30 June 2020

508,428

492,261

6,618

1,007,307

DEPRECIATION

At 1 July 2019

418,735

305,469

5,345

729,549

Charge for year

13,867

55,093

681

69,641

Eliminated on disposal

(89,862

)

(162,143

)

-

(252,005

)

At 30 June 2020

342,740

198,419

6,026

547,185

NET BOOK VALUE

At 30 June 2020

165,688

293,842

592

460,122

At 30 June 2019

219,555

314,513

1,273

535,341

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

70,713

183,250

Amounts due from related undertakings

-

9,864

Other taxes

5,730

-

Prepayments and accrued income

44,207

24,433

120,650

217,547

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans

-

34,389

Hire purchase contracts

34,034

34,254

Trade creditors

14,999

42,840

Other tax and social security

4,109

22,321

Other creditors

-

11,000

Directors' current accounts

40,505

40,501

Accruals and deferred income

1,656

21,046

95,303

206,351

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

103,710

125,194

Amounts due to related

undertakings

539,944

523,463

643,654

648,657

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

34,389

Hire purchase contracts

137,744

159,448

Due to related undertakings

539,944

523,463

Directors' loan accounts

40,501

40,501

718,189

757,801

The bank overdraft is secured by way of a debenture dated 18 July 2007 over the assets of the company.

Amounts due to related undertakings are secured by way of a debenture dated 22 January 2009 over the assets of the company.

The amount due to the director is secured by way of a debenture dated 3 September 2010 over the assets of the company.

The hire purchase contracts are secured on the assets concerned.