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Company registration number: 03399435
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FOR THE YEAR ENDED
31 JANUARY 2021
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COMPANY INFORMATION
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Hall Grove Farm Industrial Estate
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Chartered Accountants & Statutory Auditor
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WOOLDRIDGE PLANT LIMITED
REGISTERED NUMBER:03399435
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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G J Wooldridge
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The notes on pages 2 to 8 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Wooldridge Plant Limited is a private company limited by shares, registered in England and Wales, United Kingdom. The address of the registered office and principal place of business is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The coronavirus pandemic has created significant uncertainty globally and the Company has not been immune to this. The directors have worked to maintain the continuity of their operations as far as they are able, whilst adhering to Government advice. Whilst the pandemic has had a financial impact on the Company, the directors have taken relevant measures to ensure they are able to safeguard cashflow, jobs and customer pipeline to put them in the best possible position once business operations start to return to normal.
The Directors are mindful of the fact that the company has an excess of liabilities over assets of £384,581 (2020: £99,555) at the balance sheet date but confirm that they have prepared cash flow forecasts and profit projections which demonstrate that the company will continue to trade for the foreseeable future, with the support of the wider group.
As a result of the actions described above and the support enjoyed from the wider Wooldridge group, the directors, are satisfied that the company and group are a going concern. The Company participates in a group treasury function available to all subsidiary undertakings and therefore has access to the funds required to pay its creditors as they fall due. As a result, the Directors of the Company continue to prepare the accounts on the going concern basis.
Revenue from the hire of plant and machinery is recognised in the period in which services are provided. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Short-term employee benefits are recognised as a liability and an expense unless the costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlements is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets held under hire purchase agreement 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 statement of comprehensive income at a constant rate charge on the balance of capital repayments.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 16 (2020 - 18).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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Charge for the year on owned assets
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Included within the net book value above, £781,793 (2020: £1,815,800) relates to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £175,305 (2020: £672,261).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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Raw materials and consumables
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Amounts owed by group undertakings
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Amounts owed by related parties
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Other debtors and prepayments
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts due under finance leases and hire purchase contracts are secured on the fixed assets to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Amounts due under finance leases and hire purchase contracts are secured on the fixed assets to which they relate.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Amounts due under finance leases and hire purchase contracts are secured on the fixed assets to which they relate.
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Related party transactions
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During the year Wooldridge Plant Limited made sales of goods amounting to £40,449 (2020: £37,952) and purchases of £43,200 (2020: £43,200) from Partnerships where two of the directors of the Company are partners.
During the year Wooldridge Plant Limited made sales of goods amounting to £6,685 to companies in which two of the directors of Wooldridge Plant Limited are also directors. At the year end, the Company was owed £5,151 (2020: £2,090) from said companies.
The Company has taken advantage of the exemption in FRS 102 from disclosing transactions with wholly owned members of the Panther 1919 Limited group.
The Company has received personal guarantees from two directors in respect of amounts owed to group companies.
Cross company guarantees exists between Wooldridge Construction Limited, Wooldridge Ecotec Limited, Panther 1919 Limited, Wooldridge Contractors Limited and Wooldridge Plant Limited. At the year end, the maximum amount owed under the guarantees was £3,000,000 (2020: £Nil).
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The largest and smallest group of undertakings for which consolidated accounts have been drawn up is that headed by Panther 1919 Limited whose registered office is Unit 17 Hall Grove Farm Industrial Estate, Bagshot, Surrey, GU19 5HP. The accounts for Panther 1919 Limited are available to the public and may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
The auditor's report on the financial statements for the year ended 31 January 2021 was unqualified.
The audit report was signed on 25 October 2021 by Tom Woods ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
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