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REGISTERED NUMBER: 07393267 (England and Wales)















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: S J Tysoe
S A Hoare





REGISTERED OFFICE: 4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF





REGISTERED NUMBER: 07393267 (England and Wales)





AUDITORS: Essex Abel Ltd (Statutory 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 5,545,640 10,581,291

CURRENT ASSETS
Debtors 6 2,054 445,583
Cash at bank 1,765 -
3,819 445,583
CREDITORS
Amounts falling due within one year 7 4,883,879 9,299,762
NET CURRENT LIABILITIES (4,880,060 ) (8,854,179 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,580

1,727,112

CREDITORS
Amounts falling due after more than one
year

8

(398,967

)

(718,144

)

PROVISIONS FOR LIABILITIES (138,801 ) (191,156 )
NET ASSETS 127,812 817,812

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 127,810 817,810
SHAREHOLDERS' FUNDS 127,812 817,812

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 and authorised for issue by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





S J Tysoe - Director


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

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
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 - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 20,014,768 3,545,765 23,560,533
Additions 224,550 787,087 1,011,637
Disposals (9,358,869 ) (797,648 ) (10,156,517 )
At 31 July 2023 10,880,449 3,535,204 14,415,653
DEPRECIATION
At 1 July 2022 10,606,770 2,372,472 12,979,242
Charge for period 1,096,044 332,177 1,428,221
Eliminated on disposal (4,922,869 ) (614,581 ) (5,537,450 )
At 31 July 2023 6,779,945 2,090,068 8,870,013
NET BOOK VALUE
At 31 July 2023 4,100,504 1,445,136 5,545,640
At 30 June 2022 9,407,998 1,173,293 10,581,291

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 12,269,103 845,820 13,114,923
Additions 170,050 691,086 861,136
Transfer to ownership (9,010,616 ) (293,549 ) (9,304,165 )
At 31 July 2023 3,428,537 1,243,357 4,671,894
DEPRECIATION
At 1 July 2022 5,133,529 341,840 5,475,369
Charge for period 469,836 147,096 616,932
Transfer to ownership (4,005,914 ) (155,312 ) (4,161,226 )
At 31 July 2023 1,597,451 333,624 1,931,075
NET BOOK VALUE
At 31 July 2023 1,831,086 909,733 2,740,819
At 30 June 2022 7,135,574 503,980 7,639,554

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 - 445,583
Other debtors 2,054 -
2,054 445,583

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 17
Hire purchase contracts 551,664 3,150,708
Trade creditors 1,494 44,630
Amounts owed to group undertakings 4,323,747 6,068,744
Taxation and social security - 28,690
Other creditors 6,974 6,973
4,883,879 9,299,762

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 398,967 718,144

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 - 17
Hire purchase contracts 950,631 3,868,852
950,631 3,868,869

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: £    £   
2 Ordinary £1 2 2

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Jason Mark Oram FCCA (Senior Statutory Auditor)
for and on behalf of Essex Abel Ltd (Statutory Auditors)

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.