Woodmace Plant Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08655109 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

WOODMACE PLANT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

13

DIRECTOR:

J Oak

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

08655109 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Intangible assets

4

53,802

-

Tangible assets

5

2,717,477

2,506,003

2,771,279

2,506,003

CURRENT ASSETS

Debtors

6

672,752

202,919

Cash at bank and in hand

25,952

126,408

698,704

329,327

CREDITORS

Amounts falling due within one year

7

1,803,329

1,569,200

NET CURRENT LIABILITIES

(1,104,625

)

(1,239,873

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,666,654

1,266,130

CREDITORS

Amounts falling due after more than one year

8

(572,814

)

(668,207

)

PROVISIONS FOR LIABILITIES

11

(216,657

)

(165,906

)

NET ASSETS

877,183

432,017

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

877,083

431,917

SHAREHOLDERS' FUNDS

877,183

432,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 27 July 2017 and were signed by:

J Oak - Director

1.	STATUTORY INFORMATION

Woodmace 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents work done during the period, excluding trade discounts and value added tax.

Intangible assets

Intangible assets are initially measured at cost . After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and and accumulated impairment losses.

Computer software is being amortised at 15% per annum on a straight line basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Commercial vehicles

-

20% on cost

Office equipment

-

15% on 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 and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

25,310

Reclassification/transfer

36,582

At 31 March 2017

61,892

AMORTISATION

Charge for year

8,090

At 31 March 2017

8,090

NET BOOK VALUE

At 31 March 2017

53,802

5.	TANGIBLE FIXED ASSETS

Plant and

Commercial

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

2,243,988

631,506

38,962

2,914,456

Additions

542,059

131,023

75

673,157

Disposals

(58,781

)

(1,732

)

-

(60,513

)

Reclassification/transfer

-

-

(36,582

)

(36,582

)

At 31 March 2017

2,727,266

760,797

2,455

3,490,518

DEPRECIATION

At 1 April 2016

262,834

145,559

60

408,453

Charge for year

243,283

139,108

362

382,753

Eliminated on disposal

(17,006

)

(1,159

)

-

(18,165

)

At 31 March 2017

489,111

283,508

422

773,041

NET BOOK VALUE

At 31 March 2017

2,238,155

477,289

2,033

2,717,477

At 31 March 2016

1,981,154

485,947

38,902

2,506,003

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Commercial

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2016

1,821,799

537,927

2,359,726

Additions

523,675

118,642

642,317

At 31 March 2017

2,345,474

656,569

3,002,043

DEPRECIATION

At 1 April 2016

213,235

119,701

332,936

Charge for year

194,088

116,098

310,186

At 31 March 2017

407,323

235,799

643,122

NET BOOK VALUE

At 31 March 2017

1,938,151

420,770

2,358,921

At 31 March 2016

1,608,564

418,226

2,026,790

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

425,700

154,987

Amounts owed by group undertakings

232,600

35,000

Other debtors

460

350

Prepayments and accrued income

13,992

12,582

672,752

202,919

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

624,338

463,160

Trade creditors

113,407

70,605

Amounts owed to group undertakings

32,100

22,100

Corporation tax

46,225

-

Social security and other taxes

18,840

15,057

VAT

19,483

65,296

Other creditors

858,867

685,606

Pension Control

479

-

Directors' current accounts

24,059

204,059

Accruals and deferred income

65,531

43,317

1,803,329

1,569,200

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

572,814

668,207

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2017

2016

£

£

Gross obligations repayable:

Within one year

688,076

511,452

Between one and five years

630,894

740,137

1,318,970

1,251,589

Finance charges repayable:

Within one year

63,738

48,292

Between one and five years

58,080

71,930

121,818

120,222

Net obligations repayable:

Within one year

624,338

463,160

Between one and five years

572,814

668,207

1,197,152

1,131,367

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

1,197,152

1,131,367

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

216,657

165,906

Deferred

tax

£

Balance at 1 April 2016

165,906

Charge to Income Statement during year

50,751

Balance at 31 March 2017

216,657

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

13.	RELATED PARTY DISCLOSURES

BRANKSOME PARK HOLDINGS LIMITED

The parent company

Non interest bearing loan on which no terms of repayment have been agreed. The amount due to

Branksome Park Holdings Limited at the balance sheet date amounted to £32,100 (2016 £22,100).

MR J OAK

Director and shareholder of the parent company

Interest bearing loan on which no terms of repayment have been agreed. Interest is charged at 10%

per annum simple and the amount included in the profit and loss account during the year amounted to

£9,294 (2016 - £35,962). At the balance sheet date unpaid interest of £45,256 (2016 - £35,962) was

included in creditors. The amount due to J Oak as at 31 March 2017 (excluding interest) amounted to

£24,059 (2016 - £204,059)

WOODMACE LIMITED

A company controlled by Mr J Oak

During the previous period, Woodmace Limited transferred fixed assets totalling £68,833 to

Woodmace Plant Limited. The valuation was based on the estimated market value at the date of

transfer. Hire purchase liabilities pertaining to these assets were also transferred following the

completion of all deeds of notarisation.

During the current and previous period Woodmace Plant Limited made sales of £1,245,413 (2016 -

£1,400,629) to Woodmace Limited. These sales were made on normal commercial terms and the

amount included in trade debtors at the balance sheet date was £325,919 (2016 - £96,465).

During the current and previous period Woodmace Plant Limited purchased goods and services from

Woodmace Limited amounting to £200,175 (2016 - £385,219). These purchases were made on

normal commercial terms and the amount included in trade creditors at the balance sheet date was

£60,488 (2016 - £NIL).

Non interest bearing loan on which no terms of repayment have been agreed. At the balance sheet

date the amount due to Woodmace Limited amounted to £858,867 (2016 - £685,606).

WOODMACE CONCRETE STRUCTURES LIMITED

A fellow subsidiary

During the current and previous period, Woodmace Plant Ltd made sales and recharges of £368,880

(2016 - £43,929) to Woodmace Concrete Structures Ltd. These sales were made on normal

commercial terms and the amount included in trade debtors at the balance sheet date was £25,606

(2016 - £3,308).

During the current and previous period, Woodmace Plant Ltd purchased goods and services from

Woodmace Concrete Structures Limited amounting to £NIL (2016 - £840). These purchases were

made on normal commercial terms and the amount included in trade creditors at the balance sheet

date was £NIL (2016 - £1,008).

Non interest bearing loan on which no terms of repayment have been agreed. At the balance sheet

date the amount due from Woodmace Concrete Structures Limited amounted to £197,600 (2016 -

£NIL).

WOODMACE SOIL STABILISATION LIMITED

A fellow subsidiary

During the current and previous period, Woodmace Plant Limited made sales of £864 (2016 -

£24,295) to Woodmace Soil Stabilisation Limited. These sales were made on normal commercial

terms and the amount included in trade debtors at the balance sheet date was £864 (2016 - £29,154).

SOUTHERN COUNTIES DRILLING SOLUTIONS LIMITED

A fellow subsidiary

Non interest bearing loan on which no terms of repayment have been agreed. The amount due from

Southern Counties Drilling Solutions Limited at the balance sheet date amounted to £35,000 (2016 -

£35,000).

During the current and previous period, Woodmace Plant Ltd made sales and recharges of £11,368

(2016 - £NIL) to Southern Counties Drilling Solutions Ltd. These sales were made on normal

commercial terms and the amount included in trade debtors at the balance sheet date was £2,381

(2016 - £NIL).

SPECIALIST PILING SOLUTIONS LIMITED

An associated company

During the current period, Woodmace Plant Ltd made sales and recharges of £29,340 (2016 - £NIL)

to Specialist Piling Solutions Limited. These sales were made on normal commercial terms and the

amount included in trade debtors at the balance sheet date was £26,098 (2016 - £NIL).

14.	ULTIMATE CONTROLLING PARTY

In the opinion of the director, no individual exercised ultimate control during the current period.

In the opinion of the director, Branksome Park Holdings Limited was the company's parent company

and ultimate parent company throughout the current and previous period.

The following reproduces the text of the report prepared for the director and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Woodmace Plant Limited for the year ended 31 March 2017 which

comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Woodmace Plant Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Woodmace Plant Limited and state those matters that we have agreed to state to the director of Woodmace Plant Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodmace Plant Limited director for our work or for this report.

It is your duty to ensure that Woodmace Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Woodmace Plant Limited. You consider that Woodmace Plant 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 financial statements of Woodmace Plant 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 financial statements.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

27 July 2017