P.L.P Lift Trucks Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01096495 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2019

for

P.L.P Lift Trucks Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P L Pleasants

Mrs J E Pleasants

J G Organ

R J Kalus

Miss L K Edson

SECRETARY:

Mrs J E Pleasants

REGISTERED OFFICE:

Units 1-4 Monksbridge Business Park

Monksbridge Road

Dinnington

Sheffield

S25 3QS

REGISTERED NUMBER:

01096495 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,344,423

1,336,246

CURRENT ASSETS

Stocks

155,773

158,471

Debtors

5

1,174,173

1,083,941

Cash at bank and in hand

21,356

100,187

1,351,302

1,342,599

CREDITORS

Amounts falling due within one year

6

890,193

908,105

NET CURRENT ASSETS

461,109

434,494

TOTAL ASSETS LESS CURRENT LIABILITIES

1,805,532

1,770,740

CREDITORS

Amounts falling due after more than one year

7

(459,650

)

(604,945

)

PROVISIONS FOR LIABILITIES

(219,482

)

(187,733

)

NET ASSETS

1,126,400

978,062

CAPITAL AND RESERVES

Called up share capital

6,609

6,609

Share premium

83,750

83,750

Revaluation reserve

9

173,681

173,681

Capital redemption reserve

5,987

5,987

Retained earnings

856,373

708,035

1,126,400

978,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 14 January 2020 and were signed on its behalf by:

J G Organ - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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 etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 19 (2018 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2018

27,339

2,488,630

2,515,969

Additions

-

254,167

254,167

Disposals

-

(202,552

)

(202,552

)

At 31 May 2019

27,339

2,540,245

2,567,584

DEPRECIATION

At 1 June 2018

11,222

1,168,501

1,179,723

Charge for year

546

170,856

171,402

Eliminated on disposal

-

(127,964

)

(127,964

)

At 31 May 2019

11,768

1,211,393

1,223,161

NET BOOK VALUE

At 31 May 2019

15,571

1,328,852

1,344,423

At 31 May 2018

16,117

1,320,129

1,336,246

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

Plant and

machinery

etc

£

COST

At 1 June 2018

474,530

Additions

129,399

Transfer to ownership

(71,491

)

At 31 May 2019

532,438

DEPRECIATION

At 1 June 2018

79,119

Charge for year

41,906

Transfer to ownership

(24,199

)

At 31 May 2019

96,826

NET BOOK VALUE

At 31 May 2019

435,612

At 31 May 2018

395,411

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

433,698

455,440

Amounts owed by group undertakings

724,650

609,650

Other debtors

15,825

18,851

1,174,173

1,083,941

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Bank loans and overdrafts

120,000

148,252

Hire purchase contracts

129,527

88,643

Trade creditors

401,900

373,479

Taxation and social security

76,401

77,580

Other creditors

162,365

220,151

890,193

908,105

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.19

31.5.18

£

£

Bank loans

283,529

420,000

Hire purchase contracts

176,121

184,945

459,650

604,945

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

£

£

Bank overdraft

-

28,252

Bank loans

403,529

540,000

Hire purchase contracts

305,648

273,588

709,177

841,840

The company's bank overdraft is secured by way of a fixed and floating charge over the company's

assets.

The company's hire purchase liabilities are secured against the assets being acquired.

The company's bank loan is secured against specific assets held within the fleet.

9.

RESERVES

Revaluation

reserve

£

At 1 June 2018

and 31 May 2019

173,681

10.	RELATED PARTY DISCLOSURES

31.5.2019

31.5.2018

£

£

Rent paid to related parties

50,030

50,030

Other expenses paid to related parties

1,679

1,679

Management charges received from related parties

12,000

12,000

Balance owing from the parent company

724,650

609,650

Related parties are companies in which a director is also a director or has a controlling interest.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company, PLP Lift Trucks (Holdings) Limited.

The beneficial owners of the parent company, Mr J Organ, Mr R Kalus and Miss L Edson, are the

ultimate controlling party.