SH Plant (Chesterfield) Limited Accounts

SH PLANT (CHESTERFIELD) LIMITED - Company Information






SH Plant (Chesterfield) Limited

	Company No. 06498512
		Information for Filing with The Registrar
		31 December 2021

The Directors present their report and the accounts for the year ended 31 December 2021.

Principal activities
The principal activity of the company during the year under review was hiring of plant to the quarrying industry.




Directors

The Directors who served at any time during the year were as follows:

Hazel McGrael
Terrence McGrael




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

Terrence McGrael
Director
18 March 2022

at	31 December 2021
Company No.		06498512	Notes	2021	2020
				£	£
Fixed assets
	Intangible assets		5	4,687	5,437
	Tangible assets		6	2,954,202	2,834,735


				2,958,889	2,840,172
Current assets
	Stocks		7	45,000	35,000
	Debtors		8	721,070	720,980

	Cash at bank and in hand			292,400	777,668
				1,058,470	1,533,648
Creditors: Amount falling due within one year			9	(1,070,628)	(1,099,815)
Net current (liabilities)/assets				(12,158)	433,833
Total assets less current liabilities				2,946,731	3,274,005
Creditors: Amounts falling due after more than one year			10	(1,383,025)	(1,747,286)
Provisions for liabilities
	Deferred taxation		12	(364,000)	(337,000)

Net assets				1,199,706	1,189,719

Capital and reserves
	Called up share capital			200	200



	Profit and loss account		13	1,199,506	1,189,519

Total equity				1,199,706	1,189,719



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 18 March 2022
And signed on its behalf by:
Terrence McGrael
Director
18 March 2022

for the year ended 31 December 2021

General information

Its registered number is: 06498512

Its registered office is:

Its trading address is:

Hawarden Tibshelf Road

Holmewood

Holmewood, Chesterfield

Chesterfield

Derbyshire

S42 5SZ

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

The financial statements have been prepared on the going concern basis.

Accounting policies

Turnover

Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

Plant and machinery

15% Reducing balance

Motor vehicles

20% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

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 payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:

(a) The contractual rights to the cash flows from the asset expire or are settled;

(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or

(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Effects of the COVID-19 pandemic on the company's financial statements

The directors have carefully considered the potential impact of the COVID-19 pandemic on the finances of the company. Having reviewed the activities of the company and its assets and liabilities the directors do not consider that there is any reason to make any adjustment to the assets and liabilities of the company as shown in its financial statements for the year ended 31 December 2021.

The directors do not consider that the pandemic causes a serious threat to the ability of the company to continue as a going concern for the foreseeable future.

Grants receivable

Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and the company will comply with the relevant conditions.

Amounts receivable are recognised in the Profit and Loss account Grant accounting has been applied to the amount receivable under the Job Retention Scheme and the interest paid by the government in respect of the CBILS loan.

Provisions

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 the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet 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 balance sheet.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	20	19

4	Other operating income:
			2021	2020
			£	£
		CBIL loan interest grant	-	16,958
		Coronavirus Job Retention Scheme grants	10,501	37,505
			10,501	54,463

5	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 January 2021	15,000	15,000


		At 31 December 2021	15,000	15,000
		Amortisation and impairment
		At 1 January 2021	9,563	9,563
		Charge for the year	750	750


		At 31 December 2021	10,313	10,313
		Net book values
		At 31 December 2021	4,687	4,687
		At 31 December 2020	5,437	5,437

6	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 January 2021	3,964,878	145,171	8,124	4,118,173
		Additions	492,876	65,589	233	558,698


		Disposals	(63,500)	(29,569)	-	(93,069)
		At 31 December 2021	4,394,254	181,191	8,357	4,583,802
		Depreciation
		At 1 January 2021	1,212,306	66,408	4,724	1,283,438
		Charge for the year	399,597	17,351	510	417,458


		Disposals	(50,447)	(20,849)	-	(71,296)
		At 31 December 2021	1,561,456	62,910	5,234	1,629,600
		Net book values
		At 31 December 2021	2,832,798	118,281	3,123	2,954,202
		At 31 December 2020	2,752,572	78,763	3,400	2,834,735

7	Stocks
			2021	2020
			£	£
		Raw materials and consumables	45,000	35,000


			45,000	35,000

8	Debtors
			2021	2020
			£	£
		Trade debtors	704,764	707,793





		Other debtors	100	11,437
		Prepayments and accrued income	16,206	1,750
			721,070	720,980

9	Creditors:
		amounts falling due within one year
			2021	2020
			£	£

		Bank loans and overdrafts	268,232	436,865

		Obligations under finance lease and hire purchase contracts	510,545	467,793
		Trade creditors	154,935	120,543


		Other taxes and social security	116,900	46,519
		Loans from directors	12,800	6,340
		Other creditors	4,716	2,359
		Accruals and deferred income	2,500	19,396
			1,070,628	1,099,815

		Hire purchase liabilities are secured against the assets financed

10	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£

		Bank loans and overdrafts	437,593	560,000

		Obligations under finance lease and hire purchase contracts	945,432	1,187,286




			1,383,025	1,747,286

11	Creditors: secured liabilities
			2021	2020
			£	£
		The aggregate amount of secured liabilities included within creditors	1,455,978	1,655,079

12	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 January 2021	337,000	337,000
		Charge to the profit and loss account for the period	27,000	27,000

		At 31 December 2021	364,000	364,000



			2021	2020
			£	£
		Accelerated capital allowances	518,000	449,000
		Tax losses	(154,000)	(112,000)


			364,000	337,000

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

14	Dividends
			2021	2020
			£	£
		Dividends for the period:
		Dividends paid in the period	50,000	70,000

			50,000	70,000

		Dividends by type:

		Equity dividends	50,000	70,000
			50,000	70,000

Related party transactions

The company paid rent pf £5,400 (2020 £5,400) to the directors for rental of premises.

16	Related party disclosures
				2021	2020
		Transactions with related parties		£	£

		Name of related party	T McGrael and H McGrael
		Description of relationship between the parties	Directors of the company






















































		Name of related party	Hazel McGrael
		Description of relationship between the parties	Director
		Description of transaction and general amounts involved	Loan account
		Amount due from/(to) the related party		(6,398)	(3,170)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-

		Name of related party	Terrence McGrael
		Description of relationship between the parties	Director
		Description of transaction and general amounts involved	Loan account
		Amount due from/(to) the related party		(6,398)	(3,170)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-

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