Silverfin false 30/09/2021 30/09/2021 01/10/2020 A D Martin 01/02/1994 M M Martin 01/02/1994 26 August 2022 The principal activity of the Company during the financial year was the hire and sale of small plant, tools and equipment to the construction and DIY markets both in the private and public sectors. SC050785 2021-09-30 SC050785 bus:Director1 2021-09-30 SC050785 bus:Director2 2021-09-30 SC050785 2020-09-30 SC050785 core:CurrentFinancialInstruments 2021-09-30 SC050785 core:CurrentFinancialInstruments 2020-09-30 SC050785 core:Non-currentFinancialInstruments 2021-09-30 SC050785 core:Non-currentFinancialInstruments 2020-09-30 SC050785 core:ShareCapital 2021-09-30 SC050785 core:ShareCapital 2020-09-30 SC050785 core:SharePremium 2021-09-30 SC050785 core:SharePremium 2020-09-30 SC050785 core:RetainedEarningsAccumulatedLosses 2021-09-30 SC050785 core:RetainedEarningsAccumulatedLosses 2020-09-30 SC050785 core:LandBuildings 2020-09-30 SC050785 core:PlantMachinery 2020-09-30 SC050785 core:FurnitureFittings 2020-09-30 SC050785 core:ComputerEquipment 2020-09-30 SC050785 core:LandBuildings 2021-09-30 SC050785 core:PlantMachinery 2021-09-30 SC050785 core:FurnitureFittings 2021-09-30 SC050785 core:ComputerEquipment 2021-09-30 SC050785 bus:OrdinaryShareClass1 2021-09-30 SC050785 2020-10-01 2021-09-30 SC050785 bus:FullAccounts 2020-10-01 2021-09-30 SC050785 bus:SmallEntities 2020-10-01 2021-09-30 SC050785 bus:AuditExemptWithAccountantsReport 2020-10-01 2021-09-30 SC050785 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 SC050785 bus:Director1 2020-10-01 2021-09-30 SC050785 bus:Director2 2020-10-01 2021-09-30 SC050785 core:LandBuildings core:TopRangeValue 2020-10-01 2021-09-30 SC050785 core:PlantMachinery core:BottomRangeValue 2020-10-01 2021-09-30 SC050785 core:PlantMachinery core:TopRangeValue 2020-10-01 2021-09-30 SC050785 core:FurnitureFittings core:BottomRangeValue 2020-10-01 2021-09-30 SC050785 core:FurnitureFittings core:TopRangeValue 2020-10-01 2021-09-30 SC050785 core:ComputerEquipment core:BottomRangeValue 2020-10-01 2021-09-30 SC050785 core:ComputerEquipment core:TopRangeValue 2020-10-01 2021-09-30 SC050785 2019-10-01 2020-09-30 SC050785 core:LandBuildings 2020-10-01 2021-09-30 SC050785 core:PlantMachinery 2020-10-01 2021-09-30 SC050785 core:FurnitureFittings 2020-10-01 2021-09-30 SC050785 core:ComputerEquipment 2020-10-01 2021-09-30 SC050785 core:CurrentFinancialInstruments 2020-10-01 2021-09-30 SC050785 core:Non-currentFinancialInstruments 2020-10-01 2021-09-30 SC050785 bus:OrdinaryShareClass1 2020-10-01 2021-09-30 SC050785 bus:OrdinaryShareClass1 2019-10-01 2020-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC050785 (Scotland)

J. G. MARTIN PLANT HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH THE REGISTRAR

J. G. MARTIN PLANT HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021

Contents

J. G. MARTIN PLANT HIRE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2021
J. G. MARTIN PLANT HIRE LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 2,309,494 2,381,918
2,309,494 2,381,918
Current assets
Stocks 159,757 229,155
Debtors 4 1,288,391 1,244,543
Cash at bank and in hand 49,745 47,836
1,497,893 1,521,534
Creditors
Amounts falling due within one year 5 ( 1,927,864) ( 2,258,959)
Net current liabilities (429,971) (737,425)
Total assets less current liabilities 1,879,523 1,644,493
Creditors
Amounts falling due after more than one year 6 ( 497,183) ( 505,782)
Net assets 1,382,340 1,138,711
Capital and reserves
Called-up share capital 7 125,000 125,000
Share premium account 36,000 36,000
Profit and loss account 1,221,340 977,711
Total shareholders' funds 1,382,340 1,138,711

For the financial year ending 30 September 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J. G. Martin Plant Hire Limited (registered number: SC050785) were approved and authorised for issue by the Director on 26 August 2022. They were signed on its behalf by:

A D Martin
Director
J. G. MARTIN PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
J. G. MARTIN PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J. G. Martin Plant Hire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 25 Robert Street, Govan, Glasgow, G51 3HB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

The amount shown in the profit and loss account represents income from two streams. Hire income is recognised evenly over the period of hire, with asset sales recognised at the point of delivery or collection.

The turnover is exclusive of Value Added Tax.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 6 years straight line
Plant and machinery 10 - 2 years straight line
Fixtures and fittings 10 - 2 years straight line
Computer equipment 10 - 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks of raw materials and finished goods are valued at the lower of the cost and net realisable value after making do allowance for obsolete and slow-moving stocks.

Cost of stock is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profits and loss account.
Under certain supply agreements, the company has access to consignment stock. The company does not have access to the benefits of holding the stock or the exposure to the risks of ownership as if it were owned outright until such time as legal title passes and, as a result, such stock is not treated as an asset of the company.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 80 94

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2020 123,080 8,018,349 612,286 161,351 8,915,066
Additions 0 812,539 0 2,331 814,870
Disposals 0 ( 1,018,995) ( 538,753) ( 105,322) ( 1,663,070)
At 30 September 2021 123,080 7,811,893 73,533 58,360 8,066,866
Accumulated depreciation
At 01 October 2020 74,105 5,705,559 609,839 143,645 6,533,148
Charge for the financial year 20,265 643,503 394 8,044 672,206
Disposals 0 ( 806,218) ( 538,538) ( 103,226) ( 1,447,982)
At 30 September 2021 94,370 5,542,844 71,695 48,463 5,757,372
Net book value
At 30 September 2021 28,710 2,269,049 1,838 9,897 2,309,494
At 30 September 2020 48,975 2,312,790 2,447 17,706 2,381,918

4. Debtors

2021 2020
£ £
Trade debtors 1,240,989 1,146,267
Other debtors 47,402 98,276
1,288,391 1,244,543

At the year end, the value of trade debtors subject to invoice finance agreement was £1,480,844 (2020:£1,430,371).

Trade debtors above is stated net of provision for impairment of £188,964 (2020: £237,678).

5. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans and overdrafts 475,524 222,434
Trade creditors 678,688 808,044
Other creditors 144,015 280,112
Other taxation and social security 242,493 350,288
Obligations under finance leases and hire purchase contracts 387,144 598,081
1,927,864 2,258,959

Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.

Amounts outstanding under invoice finance are secured by fixed and floating charges over the company's assets.

6. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 36,486 0
Obligations under finance leases and hire purchase contracts 434,697 401,934
Other creditors 26,000 103,848
497,183 505,782

Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.

7. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
125,000 Ordinary shares of £ 1.00 each 125,000 125,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
- within one year 429,558 4,626,130

9. Related party transactions

Transactions with the entity's directors

2021 2020
£ £
Amounts due to A D Martin 4,753 5,113

A personal warranty and a personal guarantee of £50,000 has also been provided by a company director in respect of the company's invoice finance facility.

Other related party transactions

2021 2020
£ £
Amounts owed to other related party 89,399 88,475