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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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MILES PLANT & MACHINERY LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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MILES PLANT & MACHINERY LTD |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MILES PLANT & MACHINERY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Unit 17 |
Park Farm Business Centre |
Fornham St. Genevieve |
Bury St. Edmunds |
Suffolk |
IP28 6TS |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Miles Plant & Machinery Ltd is a
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and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT |
and trade discounts. The policies adopted for the recognition of turnover are as follows: |
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When the outcome of a transaction can be estimated reliably, turnover from the hire of plant |
and equipment is recognised by reference to the time the goods were hired during the period. |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership |
of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it |
is probable that the economic benefits associated with the transaction will flow to the company |
and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
This is usually on dispatch of the goods. |
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Where the outcome cannot be measured reliably, turnover is recognised only to the extent of |
the expenses recognised that are recoverable. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated |
depreciation and accumulated impairment losses. Cost includes costs directly attributable to |
making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, |
less estimated residual value, of each asset on a systematic basis over its expected useful life |
as follows: |
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Plant and machinery etc. - 25% and 20% reducing balance |
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Plant and Machinery, whose fair value can be reliably measured, is carried at a revalued |
amount, being its fair value at the date of the revaluation less any subsequent accumulated |
deprecation and subsequent accumulated impairment losses. Revaluations are made with |
sufficient regularity to ensure that the carrying amount does not differ materially from that |
which would be determined using fair value at the end of the reporting period. |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and |
sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in |
bringing stock to its present location and condition. Cost is calculated using the first-in, |
first-out formula. Provision is made for damaged, obsolete and slow-moving stock where |
appropriate. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit |
and loss account in other administrative expenses. |
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Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit |
(or loss) for the current or past reporting periods. It is measured at the amount expected to be |
paid or recovered using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date.profits. |
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Deferred tax represents the future tax consequences of transactions and events recognised in |
the financial statements of current and previous periods. It is recognised in respect of all |
timing differences, with certain exceptions. Timing differences are differences between |
taxable profits and total comprehensive income as stated in the financial statements that arise |
from the inclusion of income and expense in tax assessments in periods different from those in |
which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date that are expected to apply to the reversal of timing |
differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment |
properties is measured using the rates and allowances that apply to the sale of the asset. |
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Hire purchase and leasing commitments |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the |
lease term and the expected useful life of the asset. Minimum lease payments are |
apportioned between the finance charge and the reduction of the outstanding lease liability |
using the effective interest method. The related obligations, net of future finance charges, are |
included in creditors. |
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Rentals payable and receivable under operating leases are charged to the profit and loss |
account on a straight line basis over the period of the lease. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to |
which the employees are entitled are recognised at the undiscounted amount expected to be |
paid in exchange for that service. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a |
result of a past event, it is probable that an outflow of economic benefits will be required in |
settlement and the amount can be reliably estimated. |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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Plant and |
machinery |
etc |
£ |
Valuation in 2015 | 52,651 |
Cost | 796,582 |
849,233 |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If plant and machinery had not been revalued it would have been included at the following |
historical cost: |
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31.12.16 | 31.12.15 |
as |
restated |
£ | £ |
Cost | 994,916 | 787,320 |
Aggregate depreciation | 371,140 | 257,810 |
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Plant and machinery were valued on an open market basis on 31 December 2015 by the directors |
. |
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The directors consider that the carrying amount of the revalued assets does not differ |
materially from their fair value at the end of the period and therefore no further revaluation was |
considered necessary. |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance |
leases are as follows: |
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Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.12.16 | 31.12.15 |
£ | £ |
Trade Debtors | 2,250 | - |
Other Debtors | 108,465 | 1,000 |
Prepayments and accrued Income | 5,299 | 4,923 |
116,014 | 5,923 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.12.16 | 31.12.15 |
£ | £ |
Hire purchase contracts and finance leases | 157,496 | 149,648 |
Trade creditors | 17,833 | 11,138 |
Taxation and Social Security | 45,705 | 47,837 |
Other creditors | 393 | 41,212 |
Accruals and deferred income | 3,591 | 2,669 |
225,018 | 252,504 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.16 | 31.12.15 |
as |
restated |
£ | £ |
Hire purchase contracts and finance leases |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
as |
restated |
£ | £ |
Hire purchase contracts and finance leases | 547,487 | 380,500 |
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The hire purchase contract and finance leases are secured on the title of the goods they are |
financing. |
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The directors have also provided personal guarantees in respect of £136,722 (2015 £128,385) |
the secured debts. |
MILES PLANT & MACHINERY LTD (REGISTERED NUMBER: 08229399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: |
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restated |
£ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2016 |
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Fixed assets | (4,676 | ) |
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At 31 December 2016 |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company hired goods and equipment to an associated company, owned by |
one of the directors for £446,109 (2015 £390,377) and in addition, it also recharged goods and |
expenses which it had incurred on behalf of the company at a cost of £1,324 (2015 £4,547). |
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During the year the company was sold equipment for £12,100 (2015 £20,105) and was |
recharged insurance costs of £16,861 (2015 £17,339) by the associated company. |
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In addition to the above transactions, the companies made payments on behalf of each other |
and transferred funds between themselves. All of the transactions were either credited or |
debited to an inter company loan account and at the year end the company was owed |
£107,465 (2015 (18,593)) by the associated company. |