N.M.T. PLANT HIRE LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
28TH FEBRUARY 2023 |
N.M.T. PLANT HIRE LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
28TH FEBRUARY 2023 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
N.M.T. PLANT HIRE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Woburn Court, 2 Railton Rd |
Woburn Road Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
The directors present their strategic report of the company and the group for the year ended 28th February 2023. |
REVIEW OF BUSINESS |
The group has seen a modest increase in turnover of £0.4m which is impressive given the decision to downsize the fleet and operate as a more lean and efficient company. |
The crane hire industry is very competitive and is very dependant on the construction industry. The construction industry continues to be uncertain with macro economic factors, especially impacted by high price inflation and the consequences of the invasion of Ukraine. |
The group remains committed to providing excellent service and quality. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties faced by the group are the general economic background. The group addresses this risk through continued investment in the crane fleet to ensure that it remains a modern fleet which is capable of satisfying market demands. |
There have been a few crane companies that have gone into administration recently and this has highlighted the tough trading conditions. |
Financial risk management |
The group's operations expose it to a variety of financial risks that include foreign exchange risk, interest rate risk, credit risk and cash flow risk. |
Foreign exchange rate risk arises from transactions when goods and services are bought or sold in currencies other than Sterling. Limited transactions of this nature arise in the group and if necessary the risk would be managed by way of a forward or spot contract based on management's assessment of the relevant currencies. |
The effects of credit risk are controlled as the group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed ny the Board. The Board receives regular reports on amounts due and amounts significantly overdue and the relevant action taken. |
The Group has a number of fixed assets which were acquired under hire purchase contracts. The interest rates are fixed and this gives certainty over the cash outflows. |
Non-financial risks |
The key non-financial risks facing the business are competition and the risk to personnel and reputation in the event of serious accident involving a crane. The Board continually monitors these risks and has robust controls and processes in place to minimise the risk to the company. |
Key performance indicators ("KPIs") |
The main indicators used to measure performance are the Gross Profit Margin and the Net Assets. |
The Gross Profit Margin has decreased to 21.40% from 23.70% in the prior year. |
The Net Assets of the Group at the balance sheet had slightly reduced from £8.2m to £8.05m. |
Future Developments |
Since the balance sheet date, the Group has looked to reduce the fleet size to rationalise operations. A number of cranes have been sold and a number will be auctioned in the coming months. |
ON BEHALF OF THE BOARD: |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 28th February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of crane and other plant hire. |
DIVIDENDS |
No dividends will be distributed for the year ended 28th February 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st March 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
AUDITORS |
The auditors, HW East Midlands Audit LLP, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.M.T. PLANT HIRE LIMITED |
Opinion |
We have audited the financial statements of N.M.T. Plant Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 28th February 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.M.T. PLANT HIRE LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments. |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.M.T. PLANT HIRE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Woburn Court, 2 Railton Rd |
Woburn Road Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 9,806,423 | 9,390,045 |
Cost of sales | 7,707,826 | 7,169,186 |
GROSS PROFIT | 2,098,597 | 2,220,859 |
Administrative expenses | 1,585,712 | 1,202,587 |
512,885 | 1,018,272 |
Other operating income | 6,223 | 372,200 |
OPERATING PROFIT | 4 | 519,108 | 1,390,472 |
Interest receivable and similar income | 2,242 | 14 |
521,350 | 1,390,486 |
Interest payable and similar expenses | 5 | 234,346 | 224,947 |
PROFIT BEFORE TAXATION | 287,004 | 1,165,539 |
Tax on profit | 6 | 421,441 | (477,982 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | - | 262,890 |
Revaluation of improvement to property | - | 569,857 |
Income tax relating to components of other comprehensive income |
- |
(139,857 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
692,890 |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
(134,437 |
) |
2,336,411 |
(Loss)/profit attributable to: |
Owners of the parent | (134,437 | ) | 1,643,521 |
Total comprehensive (loss)/income attributable to: |
Owners of the parent | (134,437 | ) | 2,336,411 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
28TH FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 7,379,039 | 17,462,222 |
Investments | 11 | - | - |
7,379,039 | 17,462,222 |
CURRENT ASSETS |
Stocks | 12 | 46,062 | 46,062 |
Debtors | 13 | 6,076,035 | 1,430,939 |
Cash at bank and in hand | 1,087,214 | 409,556 |
7,209,311 | 1,886,557 |
CREDITORS |
Amounts falling due within one year | 14 | 3,126,132 | 3,767,231 |
NET CURRENT ASSETS/(LIABILITIES) | 4,083,179 | (1,880,674 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,462,218 |
15,581,548 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,873,228 |
) |
(5,799,664 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,531,124 | ) | (1,589,581 | ) |
NET ASSETS | 8,057,866 | 8,192,303 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 130 | 130 |
Revaluation reserve | 22 | 640,204 | 692,890 |
Retained earnings | 22 | 7,417,532 | 7,499,283 |
SHAREHOLDERS' FUNDS | 8,057,866 | 8,192,303 |
The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2023 and were signed on its behalf by: |
T L Ambridge - Director |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
COMPANY STATEMENT OF FINANCIAL POSITION |
28TH FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (589,130 | ) | 798,553 |
The financial statements were approved by the Board of Directors and authorised for issue on |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st March 2021 | 130 | 5,855,762 | - | 5,855,892 |
Changes in equity |
Total comprehensive income | - | 1,643,521 | 692,890 | 2,336,411 |
Balance at 28th February 2022 | 130 | 7,499,283 | 692,890 | 8,192,303 |
Changes in equity |
Total comprehensive loss | - | (81,751 | ) | (52,686 | ) | (134,437 | ) |
Balance at 28th February 2023 | 130 | 7,417,532 | 640,204 | 8,057,866 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 28th February 2022 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) | ( |
) |
Balance at 28th February 2023 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,754,680 | 2,118,539 |
Interest paid | (5,783 | ) | (12,806 | ) |
Interest element of hire purchase payments paid |
(228,563 |
) |
(212,141 |
) |
Net cash from operating activities | 2,520,334 | 1,893,592 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (111,224 | ) | (1,107,191 | ) |
Sale of tangible fixed assets | 8,502,940 | 467,730 |
Interest received | 2,242 | 14 |
Net cash from investing activities | 8,393,958 | (639,447 | ) |
Cash flows from financing activities |
Loan repayments in year | (221,308 | ) | (73,377 | ) |
New hire purchase contracts | - | 1,282,687 |
Capital repayments in year | (5,101,066 | ) | (2,667,245 | ) |
Amount withdrawn by directors | (4,914,260 | ) | (133,450 | ) |
Government grants | - | 90,714 |
Net cash from financing activities | (10,236,634 | ) | (1,500,671 | ) |
Increase/(decrease) in cash and cash equivalents | 677,658 | (246,526 | ) |
Cash and cash equivalents at beginning of year |
2 |
409,556 |
656,082 |
Cash and cash equivalents at end of year | 2 | 1,087,214 | 409,556 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 287,004 | 1,165,539 |
Depreciation charges | 1,333,255 | 1,215,856 |
Loss/(profit) on disposal of fixed assets | 358,213 | (8,818 | ) |
Government grants | - | (90,714 | ) |
Finance costs | 234,346 | 224,947 |
Finance income | (2,242 | ) | (14 | ) |
2,210,576 | 2,506,796 |
Decrease in stocks | - | 14,789 |
Increase in trade and other debtors | (3,398 | ) | (30,574 | ) |
Increase/(decrease) in trade and other creditors | 547,502 | (372,472 | ) |
Cash generated from operations | 2,754,680 | 2,118,539 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 28th February 2023 |
28/2/23 | 1/3/22 |
£ | £ |
Cash and cash equivalents | 1,087,214 | 409,556 |
Year ended 28th February 2022 |
28/2/22 | 1/3/21 |
£ | £ |
Cash and cash equivalents | 409,556 | 656,082 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/3/22 | Cash flow | At 28/2/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 409,556 | 677,658 | 1,087,214 |
409,556 | 677,658 | 1,087,214 |
Debt |
Finance leases | (7,850,321 | ) | 5,101,066 | (2,749,255 | ) |
Debts falling due within 1 year | (77,054 | ) | 77,054 | - |
Debts falling due after 1 year | (144,253 | ) | 144,253 | - |
(8,071,628 | ) | 5,322,373 | (2,749,255 | ) |
Total | (7,662,072 | ) | 6,000,031 | (1,662,041 | ) |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
N.M.T. Plant Hire Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied at all years presented unless otherwise stated. |
Reduced disclosures |
In accordance with FRS 102, Section 11, the group has taken advantage of the exemption from disclosing Basic Financial Instruments. |
Basis of consolidation |
The group accounts consolidate the accounts of N.m.t. Plant Hire Limited and its subsidiary undertakings drawn up to the last day in February each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisition are accounted for under the acquisition method with goodwill, representing any excess of the fair value of the consolidation given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical accounting judgements and key sources of estimation uncertainty |
Tangible fixed assets |
Management apply judgement in assessment of the estimated useful life and residual value of plant and machinery that represents the hire stock of the entity. The resultant depreciation charged to profit and loss is an estimated of the wearing out and consumption of the economic value of the assets in the year. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows: |
Turnover from the hire of plant & machinery is recognised when the services have been performed and invoiced. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was amortised evenly over its estimated useful life of 3 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated |
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life less its residual value deemed to be 50% for assets that are less than 10 years old and 25% for assets over 10 years old or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold land | - not provided |
Improvements to property | - 2% on cost |
Plant and machinery | - 25% on reducing balance and straight line over lease term |
Fixtures and fittings | - 25% on reducing balance |
Computer equipment | - 33% on cost |
The freehold land and buildings were revalued in 2022 by an independent chartered surveyor. The group follows a policy of regular revaluations. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Tax and deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Holiday pay |
A provision for annual leave accrued by employees as a result of services rendered is recognised in the current year. The provision is measured at the salary cost payable for the period of absence. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,509,138 | 3,708,461 |
Social security costs | 15,884 | 15,285 |
Other pension costs | 57,278 | 57,160 |
3,582,300 | 3,780,906 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors |
The average number of employees by undertakings that were proportionately consolidated during the year was 59 (2022 - 68 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 137,797 | 137,280 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 30,028 | 36,182 |
Depreciation - owned assets | 172,776 | 143,843 |
Depreciation - assets on hire purchase contracts | 1,160,478 | 1,072,013 |
Loss/(profit) on disposal of fixed assets | 358,213 | (8,818 | ) |
Auditors' remuneration | 7,500 | 6,000 |
Audit of subsidiary | 7,500 | 6,000 |
Auditors' remuneration for non audit work | - | 1,175 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other loan interest | 5,783 | 12,806 |
Hire purchase interest | 228,563 | 212,141 |
234,346 | 224,947 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 479,898 | - |
Deferred tax | (58,457 | ) | (477,982 | ) |
Tax on profit | 421,441 | (477,982 | ) |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 287,004 | 1,165,539 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
54,531 |
221,452 |
Effects of: |
Expenses not deductible for tax purposes | 4,477 | 3,416 |
Capital allowances in excess of depreciation | - | (228,402 | ) |
Depreciation in excess of capital allowances | 1,070,363 | - |
Utilisation of tax losses | (649,473 | ) | (1,343 | ) |
Deferred tax | (58,457 | ) | (477,982 | ) |
Losses cfwd | - | 4,877 |
Total tax charge/(credit) | 421,441 | (477,982 | ) |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 28th February 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 262,890 | (48,950 | ) | 213,940 |
Revaluation of improvement to property | 569,857 | (90,907 | ) | 478,950 |
832,747 | (139,857 | ) | 692,890 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | ACQUISITIONS AND DISPOSALS |
Acquisitions |
There were no acquisitions by the group in the year. |
Disposals |
There were no disposals of group members in the year. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st March 2022 |
and 28th February 2023 | 45,153 |
AMORTISATION |
At 1st March 2022 |
and 28th February 2023 | 45,153 |
NET BOOK VALUE |
At 28th February 2023 | - |
At 28th February 2022 | - |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1st March 2022 | 695,490 | 1,304,510 | 25,284,716 |
Additions | - | - | 110,800 |
Disposals | - | - | (15,522,938 | ) |
At 28th February 2023 | 695,490 | 1,304,510 | 9,872,578 |
DEPRECIATION |
At 1st March 2022 | - | - | 9,826,515 |
Charge for year | - | 26,093 | 1,305,956 |
Eliminated on disposal | - | - | (6,661,785 | ) |
At 28th February 2023 | - | 26,093 | 4,470,686 |
NET BOOK VALUE |
At 28th February 2023 | 695,490 | 1,278,417 | 5,401,892 |
At 28th February 2022 | 695,490 | 1,304,510 | 15,458,201 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2022 | 61,105 | 3,200 | 25,103 | 27,374,124 |
Additions | - | - | 424 | 111,224 |
Disposals | - | - | - | (15,522,938 | ) |
At 28th February 2023 | 61,105 | 3,200 | 25,527 | 11,962,410 |
DEPRECIATION |
At 1st March 2022 | 57,504 | 3,200 | 24,683 | 9,911,902 |
Charge for year | 829 | - | 376 | 1,333,254 |
Eliminated on disposal | - | - | - | (6,661,785 | ) |
At 28th February 2023 | 58,333 | 3,200 | 25,059 | 4,583,371 |
NET BOOK VALUE |
At 28th February 2023 | 2,772 | - | 468 | 7,379,039 |
At 28th February 2022 | 3,601 | - | 420 | 17,462,222 |
Cost or valuation at 28th February 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2022 | 262,890 | 488,223 | - |
Cost | 432,600 | 816,287 | 9,872,578 |
695,490 | 1,304,510 | 9,872,578 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | - | - | 751,113 |
Cost | 61,105 | 3,200 | 25,527 | 11,211,297 |
61,105 | 3,200 | 25,527 | 11,962,410 |
The net book value of tangible fixed assets includes £ 4,994,524 (2022 - £ 13,962,186 ) in respect of assets held under hire purchase contracts. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1st March 2022 |
Additions |
Disposals | ( |
) |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st March 2022 |
Additions |
Disposals | ( |
) |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Cost or valuation at 28th February 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2022 | 262,890 | 488,223 | - |
Cost | 432,600 | 816,287 | 9,863,500 |
695,490 | 1,304,510 | 9,863,500 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 751,113 |
Cost | 61,105 | 25,527 | 11,199,019 |
61,105 | 25,527 | 11,950,132 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,248,887 | 1,248,887 |
Aggregate depreciation | 81,634 | 81,634 |
Freehold land and buildings were valued on an open market basis on 24th February 2022 by Stimpsons Eves Chartered Surveyors . |
The net book value of tangible fixed assets includes £ 4,994,524 (2022 - £ 13,962,186 ) in respect of assets held under hire purchase contracts. |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st March 2022 |
and 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2 Postley Road, Woburn Industrial Estate Kempston, Bedfordshire, MK42 7BU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Postley Road, Woburn Industrial Estate Kempston, Bedfordshire, MK42 7BU |
Nature of business: |
% |
Class of shares: | holding |
Cranes Mats & Tackle Limited (Company No.04487773) is exempt from audit by virtue of s479a of the Companies Act 2006 and has been provided with a statutory guarantee by N.M.T Plant Hire Limited, its immediate parent company as required by s479a of the Companies Act 2006. As a consequence, Crane Mats & Tackle Limited has taken advantage of the available exemption for audit. |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 46,062 | 46,062 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,387,880 | 1,354,128 |
Doubtful debt provision | (1,625 | ) | (13,163 | ) | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 35,838 | 9,974 |
Directors' current accounts | 4,641,698 | - | 4,641,698 | - |
VAT | - | - |
Prepayments | 12,244 | 80,000 |
6,076,035 | 1,430,939 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 16) | - | 77,054 |
Hire purchase contracts (see note 17) | 876,027 | 2,194,910 |
Trade creditors | 420,430 | 344,356 |
Amounts owed to group undertakings | - | - |
Corporation tax | 479,898 | - |
Social security and other taxes | 144,980 | 154,644 |
VAT | 1,020,947 | 236,765 | 778,615 | - |
Other creditors | 84,538 | 372,544 |
Directors' current accounts | - | 272,562 | - | 272,564 |
Accruals and deferred income | 99,312 | 114,396 |
3,126,132 | 3,767,231 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 16) | - | 144,253 |
Hire purchase contracts (see note 17) | 1,873,228 | 5,655,411 |
1,873,228 | 5,799,664 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Other loans | - | 77,054 |
Amounts falling due between two and five | years: |
Other loans - 2-5 years | - | 144,253 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 876,027 | 2,194,910 |
Between one and five years | 1,873,228 | 5,655,411 |
2,749,255 | 7,850,321 |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
The company have 21 separate hire purchase agreements. The annual interest rate varies on these contracts. The lowest annual interest rate is 2.28% and the highest is 4.00%. |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts | 2,749,255 | 7,850,321 | 2,749,255 | 7,850,321 |
Hire purchase agreements are secured against the assets to which they relate. |
19. | FINANCIAL INSTRUMENTS |
Basic financial liabilities, including trade and other payables, bank loans, loans from 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 measures at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 1,531,124 | 1,589,581 | 1,531,124 | 1,589,581 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1st March 2022 | 1,589,581 |
Credit to Statement of Comprehensive Income during year | (58,457 | ) |
Accelerated capital allowances |
Deferred tax on revalued asset |
Balance at 28th February 2023 | 1,531,124 |
Company |
Deferred |
tax |
£ |
Balance at 1st March 2022 |
Provided during year | ( |
) |
Accelerated capital allowances |
Deferred tax on revalued asset |
Balance at 28th February 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
ORDINARY A | £1 | 100 | 100 |
ORDINARY B | £1 | 30 | 30 |
130 | 130 |
22. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st March 2022 | 7,499,283 | 692,890 | 8,192,173 |
Deficit for the year | (134,437 | ) | (134,437 | ) |
Surplus on revaluation | 42,921 | (42,921 | ) | - |
Transfer from revaluation | 9,765 | (9,765 | ) | - |
At 28th February 2023 | 7,417,532 | 640,204 | 8,057,736 |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
22. | RESERVES - continued |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st March 2022 | 6,750,022 |
Deficit for the year | ( |
) | ( |
) |
Surplus on revaluation | 42,921 | (42,921 | ) | - |
Transfer from revaluation | 9,765 | (9,765 | ) | - |
At 28th February 2023 | 6,160,892 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28th February 2023 and 28th February 2022: |
2023 | 2022 |
£ | £ |
N P Ambridge |
Balance outstanding at start of year | (117,761 | ) | (153,894 | ) |
Amounts advanced | 1,040,762 | 36,133 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 923,001 | (117,761 | ) |
M R Ambridge |
Balance outstanding at start of year | (97,581 | ) | (158,714 | ) |
Amounts advanced | 1,936,000 | 61,133 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,838,419 | (97,581 | ) |
T L Ambridge |
Balance outstanding at start of year | (57,222 | ) | (93,356 | ) |
Amounts advanced | 1,937,500 | 36,134 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,880,278 | (57,222 | ) |
Amounts owed from the directors are repayable within 9 months of the year end. |
N.M.T. PLANT HIRE LIMITED (REGISTERED NUMBER: 01401323) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
24. | RELATED PARTY DISCLOSURES |
H T Ambridge & Son |
A business owned by the directors' mother. |
During the year the company paid plant hire charges to H T Ambridge & Son for use of its assets amounting to £Nil (2022: £Nil). |
25. | ULTIMATE CONTROLLING PARTY |
The company is jointly controlled by its directors, Messrs M R Ambridge, N P Ambridge & T L Ambridge. |