REGISTERED NUMBER: |
ECL PLANT HIRE LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
REGISTERED NUMBER: |
ECL PLANT HIRE LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 7 |
ECL PLANT HIRE LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
4 Bank Court |
Weldon Road |
Loughborough |
Leicestershire |
LE11 5RF |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
1. | STATUTORY INFORMATION |
ECL Plant Hire Limited is a private limited company incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section and its principal place of business is at Vanquish House, Wolseley Road, Woburn Road Industrial Estate, Kempston, Bedfordshire. |
The financial statements are presented in Sterling (£) and rounded to the nearest thousand. |
As part of a strategic review the length of the accounting period has been extended to 13 months, meaning that the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue represents the total amount receivable for the hire of assets to customers, net of value added tax. |
Rental revenue, is recognised on a straight-line basis over the period of the hire. |
Revenue arising from the sale of ex-hire fleet assets is recognised in the profit and loss when the significant risks and rewards of ownership have been transferred to the buyer. Transfer occurs when the asset is received at the customers location. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use. |
Taxation |
Taxation for the period 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. |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
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 period 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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities when applicable. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties. |
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and; thereafter, stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and; thereafter, stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
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 the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 June 2022 |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Transfer to ownership | (9,010,616 | ) | (293,549 | ) | (9,304,165 | ) |
At 31 July 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Transfer to ownership | (4,005,914 | ) | (155,312 | ) | (4,161,226 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 June 2022 |
All of the fixed assets are held for use in operating leases. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
ECL PLANT HIRE LIMITED (REGISTERED NUMBER: 07393267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 JULY 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 950,631 | 3,868,852 |
Hire purchase contracts are secured on the assets to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | OTHER FINANCIAL COMMITMENTS |
There are unlimited multilateral guarantees given by the company, fellow subsidiaries and the parent company for the period, in favour of National Westminster Bank Plc. The total amount secured as at 31 July 2023, excluding this company was £1,810,044 (30 June 2022 - £5,632,479). |
There is a fixed and floating charge over all of the assets of the company in favour of National Westminster Bank. |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
14. | ULTIMATE CONTROLLING PARTY |
The largest and smallest group in which, the results of the company are consolidated is that headed by the parent company, Esendee Holdings Limited. |
The parent company is incorporated in England & Wales and accounts are available on request from the parent company's registered office at 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF. The parent company's principle place of business is Vanquish House, Wolseley Road, Woburn Road Industrial Estate, Kempston, Bedfordshire, MK42 7EF. |
The consolidated financial statements of Esendee Holdings Limited are available to the public and may be obtained from the Registrar of Companies in England & Wales. |