TLW Plant & Contracting Limited - Period Ending 2022-12-31

TLW PLANT & CONTRACTING LIMITED - Company Information

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Registration number: 07466648

TLW Plant & Contracting Limited
Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Company Information

Directors

Mr RJ Walker

Mr T Walker

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
TLW Plant & Contracting Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of TLW Plant & Contracting Limited for the year ended 31 December 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of TLW Plant & Contracting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of TLW Plant & Contracting Limited and state those matters that we have agreed to state to the Board of Directors of TLW Plant & Contracting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TLW Plant & Contracting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that TLW Plant & Contracting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of TLW Plant & Contracting Limited. You consider that TLW Plant & Contracting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of TLW Plant & Contracting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

12 September 2023

(Registration number: 07466648)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Tangible assets	4	374,388	414,401
Current assets
Debtors	5	938,284	228,056
Cash at bank and in hand		1,040	1,809
		939,324	229,865
Creditors: Amounts falling due within one year	6	(325,546)	(209,888)
Net current assets		613,778	19,977
Total assets less current liabilities		988,166	434,378
Creditors: Amounts falling due after more than one year	6	(162,330)	(235,735)
Provisions for liabilities		(79,736)	-
Net assets		746,100	198,643
Capital and reserves
Called up share capital		100	100
Retained earnings		746,000	198,543
Shareholders' funds		746,100	198,643

(Registration number: 07466648)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2023 and signed on its behalf by:

.........................................

Mr RJ Walker

Director

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Hendra Croft
Scotland Road
Rejerrah
Newquay
Cornwall
TR8 5QR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Notes to the Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor Vehicles	25% reducing balance
Plant & equipment	15% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2021 - 8).

Notes to the Financial Statements for the Year Ended 31 December 2022

4	Tangible assets

	Motor vehicles £	Plant & Equipment £	Total £
Cost or valuation
At 1 January 2022	78,906	453,695	532,601
Additions	113,733	19,674	133,407
Disposals	(74,667)	(73,900)	(148,567)
At 31 December 2022	117,972	399,469	517,441
Depreciation
At 1 January 2022	20,056	98,144	118,200
Charge for the year	19,002	48,500	67,502
Eliminated on disposal	(9,431)	(33,218)	(42,649)
At 31 December 2022	29,627	113,426	143,053
Carrying amount
At 31 December 2022	88,345	286,043	374,388
At 31 December 2021	58,850	355,551	414,401

Debtors

	2022 £	2021 £
Trade debtors	938,284	10,035
Other debtors	-	218,021
	938,284	228,056

Notes to the Financial Statements for the Year Ended 31 December 2022

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts		131,838	127,349
Trade creditors		2,679	6,150
Taxation and social security		68,106	13,667
Other creditors		122,923	62,722
		325,546	209,888
Due after one year
Loans and borrowings		162,330	235,735

Creditors due within one year includes hire purchase contracts which are secured of £125,034 (2021 - £120,749). The contracts are secured by the asset to which they relate.

Creditors due after one year includes hire purchase contracts which are secured of £143,630 (2021 -£212,085). The contracts are secured by the asset to which they relate.