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Company registration number: 03399435
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FOR THE YEAR ENDED
31 JANUARY 2022
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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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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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WOOLDRIDGE PLANT LIMITED
REGISTERED NUMBER:03399435
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2022
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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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C J Wooldridge
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The notes on pages 2 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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 the same and 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 Company had net current liabilities totalling £849,568 at the balance sheet date, which is a more positive position than in 2021 as a result of a number of the tangible fixed assets being refinanced. Nevertheless, the Directors are mindful that the Company requires continued access to the group treasury function, and the support of the wider Panther 1919 Limited group to which it belongs.
The Group has prepared forecasts to the end of February 2024 indicating that it will be profitable considering both the ongoing projects and those in the pipeline. When considering this, together with cost control improvements, the wider business is expecting to generate cash-realising profits to more than cover the liabilities of the Group, as they fall due.
In addition, C Wooldridge and G Wooldridge have arranged to loan the Group significant funds and are expecting to generate further cash from the sale of plant, both of which assist the Group to pay its liabilities and demonstrate the Directors’ confidence in its future trading ability.
However, the Directors have also modelled scenarios where the forecasted trade and resulting profits are not realised within the timeframe expected. Whilst the Directors do not consider them likely, the scenarios are reasonably foreseeable given the current economic environment, with high levels of inflation and the Bank of England expecting the country to enter recession during 2023. Under these downside scenarios, the Group would require further funding, and whilst C Wooldridge and G Wooldridge have indicated their continued commitment and support for the business, there is no legally binding contract for them to provide as such. This therefore creates material uncertainty over the Group’s and Company’s ability to continue as a going concern.
Although the current economic situation is uncertain, the Directors believe that the actions they have taken leave the Group and Company well placed to meet its liabilities and return to a healthy level of profitability. Therefore, the financial statements of the Company have been prepared on a 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.Accounting policies (continued)
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.
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.
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.
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 2022
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.
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 (2021 - 16).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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Charge for the year on owned assets
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Included within the net book value above, £1,115,318 (2021: £781,793) 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 £298,237 (2021: £175,305).
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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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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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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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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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Related party transactions
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During the year Wooldridge Plant Limited made sales of goods amounting to £30,857 (2021: £40,449) and purchases of £36,000 (2021: £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 £20,713 (2021: £6,685) to companies which two of the directors also control. At the year end, the Company was owed £20,810 (2021: £5,151) from said companies.
Cross company guarantees exist 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 £2,747,223 (2021: £3,000,000).
Cross entity guarantees exist between Wooldridge Plant Limited, fellow Group members and a Partnership where two of the directors of the Company are partners. At the year end, the maximum amount owed under the guarantees was £8,000,000 (2021: £Nil).
The Company has taken advantage of the exemption in FRS 102 from disclosing transactions with wholly owned members of the Panther 1919 Limited group.
Two of the Directors have provided personal guarantees for the amounts due to Panther 1919 Limited, included within amounts owed to group undertakings within note 7.
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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.
The auditor's report on the financial statements for the year ended 31 January 2022 was unqualified.
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In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that under certain forecasted scenarios, the Group would require additional funding. Whilst two of the Director-shareholders have indicated their continued commitment and support for the business, there is no legally binding contract for them to do so.
As stated in note 2.2, these events or conditions, along with the other matters as described in the note, indicate that a material uncertainty exists which may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 13 February 2023 by Tom Woods ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
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