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REGISTERED NUMBER: 02903463 (England and Wales)















Walters Plant Hire Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 28 February 2023






Walters Plant Hire Limited (Registered number: 02903463)






Contents of the Consolidated Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Statement of Financial Position 13

Company Statement of Financial Position 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Notes to the Consolidated Financial Statements 17


Walters Plant Hire Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S C Llewellyn
P H Richards
M E R Llewellyn



SECRETARY: S C Llewellyn



REGISTERED OFFICE: Hirwaun House
13th Avenue
Hirwaun Industrial Estate
Aberdare
Rhondda Cynon Taff
CF44 9UL



REGISTERED NUMBER: 02903463 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR



BANKERS: Barclays Bank plc
91 Taff Street
Pontypridd
CF37 4YA



SOLICITORS: Hugh James
Two Central Square
Cardiff
CF10 1FS

Walters Plant Hire Limited (Registered number: 02903463)

Group Strategic Report
for the Year Ended 28 February 2023

The directors present their strategic report of the company and the group for the year ended 28 February 2023.


Walters Plant Hire Limited (Registered number: 02903463)

Group Strategic Report
for the Year Ended 28 February 2023

REVIEW OF BUSINESS
The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.

Walters Plant Hire Limited - plant hire and maintenance services
The company continues to operate successfully across numerous related business sectors despite the significant challenges of managing the pressures on its cost base and recovery of these costs from its associated contract works. The company continues to perform to excellent health, safety and environmental standards.

Key financial highlights
The key financial highlights are as follows:

2023 2022 2021 2020
£'000 £'000 £'000 £'000
Turnover 54,905 46,918 41,795 51,351
Gross profit 8,522 6,969 6,079 4,901

Profit before tax 2,031 4,427 4,403 3,117

Principal Risks and Uncertainties
The company is very much aware of ongoing challenges particularly in terms of the ever-increasing capital cost base and cost of associated consumables and labour.

Walters UK Limited - civil engineering contractors
The company has successfully continued to secure new workload and safely and efficiently deliver this and existing contracts. With the management team showing that, as with previous years, the company's success and the wellbeing of its staff is born from continual investment in the right people and innovation.
We have continued to see the UK government continue its strategy of investment in new and improved infrastructure projects. The company has continued successfully being awarded, undertaking, and completing UK wide schemes within the infrastructure sector and within Wales and the southwest regions working for local authorities, National Resources Wales and private developers. All of these contribute to the ongoing profitability and turnover of the company.
The key market position of securing and contributing to high value "Early Contractor Involvement" projects through repeat business with Tier 1 UK contractors and National Highways continues, which gives an excellent forward projection of works over the next few years. This tied with the continual growth regionally in general civil engineering, remediation and new development works plays a major part in the company's strategy.

Key financial highlights
The company can again report little to no borrowings, robust reserves and continuing profits for the financial year. The financial position of the company remains strong. The company has a robust trading position that instils confidence in clients and enables the company to be attractive to trade with. The company's strength is demonstrated by the gearing ratio that follows:

2023 2022 2021 2020
£'000 £'000 £'000 £'000
Turnover 98,344 56,889 38,910 43,601
Gross profit 4,087 4,105 6,164 2,151

Profit ratio 4.16% 7.22% 15.84% 4.93%
Gross profit: Turnover

Gearing 0% 0% 0% 0%
Total borrowing: Total assets

Principal Risks and Uncertainties
The key current risks are generally form the uncertainties born from inflationary pressures, affecting all aspects of the construction industry.
At present the UK government and regional administrations are continuing to invest in long term infrastructure projects and local improvements. The company's continued resilience planning and in-house capability and resources, together with its highly proactive approach to managing risk, puts the company in a good position to move forward in this challenging period for the country.

Gorrel Equipment Solutions Limited - asset leasing
The company has continued to secure further long-term rental contracts in various sectors and works hard to provide a maintenance service which is second to none. Cost management remains an ongoing requirement and the directors continue to focus on the company's excellent health, safety and environmental standards.





Walters Plant Hire Limited (Registered number: 02903463)

Group Strategic Report
for the Year Ended 28 February 2023


Key Financial Highlights
The business achieves consistent results year on year.

2023 2022 2021 2020
£'000 £'000 £'000 £'000
Turnover 8,968 8,051 6,597 6,746
Gross profit 1,923 1,625 1,615 1,525

Profit before tax 1,249 1,310 1,285 1,293

Fixed assets 14,976 15,066 9,831 10,983

Principal Risks and Uncertainties
The directors are well aware of the pressures caused by global events and the potential effect on the various costs of the business, including equipment and their associated parts and repair costs.

SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company/group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:

- likely consequences of any decisions in the long-term;
- interests of the company's/group's employees;
- need to foster the company's/group's business relationships with suppliers, customers and others;
- impact of the company's/group's operations on the community and environment;
- desirability of the company/group maintaining a reputation for high standards of business conduct;
- need to act fairly as between members of the company/group,

In discharging our section 172(1) duties we have regard to the factors set out above

Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the Board's decision making process, the Board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long-term.

ENGAGEMENT WITH EMPLOYEES
Group companies adopt employment policies best suited to their operations and in compliance with UK legislation. Personnel policies are designed to provide equal opportunities to all in accordance with the group policy. In particular, the employment of those who have become disabled is continued wherever possible and opportunities are provided for the recruitment, training and development of disabled people.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
We continue to focus on excellent customer services whilst maintaining a reputation for being fair and transparent in dealing with clients and suppliers.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
The company is proud of its achievements to date but is always looking to further enhance its reputation as an organisation that takes its corporate responsibility very seriously. There are numerous projects and initiatives the company is working on to even further improve safety, health and well being, along with environmental and carbon management. These initiatives will help to further enhance the company's reputation with clients, regulators, employees, and the general public.

ON BEHALF OF THE BOARD:





M E R Llewellyn - Director


17 November 2023

Walters Plant Hire Limited (Registered number: 02903463)

Report of the Directors
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of Walters Plant Hire Limited is the parent company of a group of companies. The companies are engaged in the provision of plant hire and maintenance services, civil engineering and leasing of assets.

The company is also a subsidiary undertaking of G Walters (Holdings) Limited. The company and its subsidiaries do not have any branches outside the UK.

DIVIDENDS
The total distribution of dividends for the year ended 28 February 2023 £nil (2022: £nil)

RESEARCH AND DEVELOPMENT
The group is currently undertaking research and development to improve and develop on safety and efficiencies within the civils, earthworks and groundwork activities.

FUTURE DEVELOPMENTS
Walters Plant Hire Limited
The continued use of data, systems and technology aligned with the ongoing operation of modern equipment will remain a focus for the company in continuing to provide an excellent customer service.

Walters UK Limited
Regionally in South Wales and the Southwest of England the company successfully continues to increase its market share of civil engineering and road network improvement opportunities.
This includes works direct for local authorities, Welsh Government, National Resources Wales, local regional frameworks and regional private developers.
Nationally the company continues to successfully deliver its secured workload on the High Speed 2 works in the midlands, with this contract programmed to continue to at least 2026. With National Highways road schemes across the UK continuing to be constructed and delivered with a forward workbook through Early Contractor Involvement on numerous major infrastructure schemes.
Over the recent year the company has continued its investment heavily in innovation and technology to achieve added efficiencies in delivery and procurement which in turn improves outturn costs and margins.

Gorrel Equipment Solutions Limited
The company continues to secure new contracts as well as successfully renewing contracts with current customers. Further ongoing investment in new equipment will remain a focus utilising latest technology in continuing to provide an industry leading customer service.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

S C Llewellyn
P H Richards
M E R Llewellyn

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds to finance the group's operations.

Due to the nature of the financial instruments used by the group there is minimal exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due

DONATIONS AND EXPENDITURE
During the year the company made charitable donations totalling £20,313 (2022:£18,152).

DIRECTORS' LIABILITY INSURANCE
A liability insurance policy was in force during the financial year for the benefit of the directors of the company and its subsidiaries


Walters Plant Hire Limited (Registered number: 02903463)

Report of the Directors
for the Year Ended 28 February 2023

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M E R Llewellyn - Director


17 November 2023

Report of the Independent Auditors to the Members of
Walters Plant Hire Limited

Opinion
We have audited the financial statements of Walters Plant Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and 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 28 February 2023 and of the group's profit 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.

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.

Report of the Independent Auditors to the Members of
Walters Plant Hire Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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.

Report of the Independent Auditors to the Members of
Walters Plant Hire Limited


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:

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their
policies and procedures relating to:
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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
Walters 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.




Lewis Van Emden (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

20 November 2023

Walters Plant Hire Limited (Registered number: 02903463)

Consolidated
Income Statement
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

TURNOVER 133,841,829 95,715,644

Cost of sales 119,309,680 83,026,350
GROSS PROFIT 14,532,149 12,689,294

Administrative expenses 10,318,695 6,823,595
4,213,454 5,865,699

Other operating income 306,384 86,384
OPERATING PROFIT 5 4,519,838 5,952,083

Interest receivable and similar income 275,241 15,119
4,795,079 5,967,202

Interest payable and similar expenses 6 591,912 76,338
PROFIT BEFORE TAXATION 4,203,167 5,890,864

Tax on profit 7 3,119,308 2,180,925
PROFIT FOR THE FINANCIAL YEAR 1,083,859 3,709,939
Profit attributable to:
Owners of the parent 878,946 3,488,364
Non-controlling interests 204,913 221,575
1,083,859 3,709,939

Walters Plant Hire Limited (Registered number: 02903463)

Consolidated
Other Comprehensive Income
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

PROFIT FOR THE YEAR 1,083,859 3,709,939


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,083,859

3,709,939

Total comprehensive income attributable to:
Owners of the parent 878,946 3,488,364
Non-controlling interests 204,913 221,575
1,083,859 3,709,939

Walters Plant Hire Limited (Registered number: 02903463)

Consolidated Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 49,866 25,921
Tangible assets 11 40,409,197 29,269,076
Investments 12 100,000 100,000
40,559,063 29,394,997

CURRENT ASSETS
Debtors 13 19,304,329 21,740,395
Cash at bank and in hand 18,525,636 14,331,484
37,829,965 36,071,879
CREDITORS
Amounts falling due within one year 14 30,234,193 21,881,227
NET CURRENT ASSETS 7,595,772 14,190,652
TOTAL ASSETS LESS CURRENT LIABILITIES 48,154,835 43,585,649

CREDITORS
Amounts falling due after more than one year 15 (16,227,720 ) (14,509,245 )

PROVISIONS FOR LIABILITIES 17 (6,065,989 ) (3,959,423 )
NET ASSETS 25,861,126 25,116,981

CAPITAL AND RESERVES
Called up share capital 18 330,000 330,000
Share premium 19 2,463 2,463
Capital redemption reserve 19 2,012,250 2,012,250
Retained earnings 19 22,795,128 22,088,814
SHAREHOLDERS' FUNDS 25,139,841 24,433,527

NON-CONTROLLING INTERESTS 721,285 683,454
TOTAL EQUITY 25,861,126 25,116,981

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





M E R Llewellyn - Director


Walters Plant Hire Limited (Registered number: 02903463)

Company Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 25,433,523 14,200,595
Investments 12 1,854,250 1,854,250
27,287,773 16,054,845

CURRENT ASSETS
Debtors 13 8,442,045 10,349,639
Cash at bank and in hand 4,838,803 7,372,504
13,280,848 17,722,143
CREDITORS
Amounts falling due within one year 14 13,267,744 12,002,112
NET CURRENT ASSETS 13,104 5,720,031
TOTAL ASSETS LESS CURRENT LIABILITIES 27,300,877 21,774,876

CREDITORS
Amounts falling due after more than one year 15 (13,744,061 ) (9,769,024 )

PROVISIONS FOR LIABILITIES 17 (5,141,589 ) (3,063,984 )
NET ASSETS 8,415,227 8,941,868

CAPITAL AND RESERVES
Called up share capital 18 330,000 330,000
Share premium 19 2,463 2,463
Capital redemption reserve 19 2,000,000 2,000,000
Retained earnings 19 6,082,764 6,609,405
SHAREHOLDERS' FUNDS 8,415,227 8,941,868

Company's (loss)/profit for the financial year (526,641 ) 2,858,970

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





M E R Llewellyn - Director


Walters Plant Hire Limited (Registered number: 02903463)

Consolidated Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 March 2021 330,000 18,961,947 2,463

Changes in equity
Dividends - (361,497 ) -
Total comprehensive income - 3,488,364 -
Balance at 28 February 2022 330,000 22,088,814 2,463

Changes in equity
Dividends - (172,632 ) -
Total comprehensive income - 878,946 -
Balance at 28 February 2023 330,000 22,795,128 2,463
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   

Balance at 1 March 2021 2,012,250 21,306,660 811,735 22,118,395

Changes in equity
Dividends - (361,497 ) (349,856 ) (711,353 )
Total comprehensive income - 3,488,364 221,575 3,709,939
Balance at 28 February 2022 2,012,250 24,433,527 683,454 25,116,981

Changes in equity
Dividends - (172,632 ) (167,085 ) (339,717 )
Total comprehensive income - 878,946 204,913 1,083,859
Balance at 28 February 2023 2,012,250 25,139,841 721,282 25,861,123

Walters Plant Hire Limited (Registered number: 02903463)

Company Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 March 2021 330,000 3,750,435 2,463 2,000,000 6,082,898

Changes in equity
Total comprehensive income - 2,858,970 - - 2,858,970
Balance at 28 February 2022 330,000 6,609,405 2,463 2,000,000 8,941,868

Changes in equity
Total comprehensive income - (526,641 ) - - (526,641 )
Balance at 28 February 2023 330,000 6,082,764 2,463 2,000,000 8,415,227

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Walters Plant Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

The group and individual financial statements of Walters Plant Hire Limited have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (''FRS 102'') and the Companies Act 2006

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are stated in the notes to the accounts.

The company has taken advantage of the exemption in section 408 of the Companies Act 2006 from disclosing its individual profit and loss account.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all its subsidiary undertakings made up to 28 February 2023.

The group's consolidated financial statements are also consolidated in the financial statement of its parent, G Walters (Holdings) Limited, a company registered in England and Wales.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The critical judgements made by the management that have a significant effect on the amounts recognised in the financial statements are described below.

28.02.2329.02.22
£   £   
Amounts recoverable on contracts1,855,0832,708,791
Contract accruals9,311,2763,720,012
Foreseeable losses260,000260,000
Plant overhaul provision2,406,2574,076,099

The company uses qualified and experienced Quantity Surveyors to calculate the values earned on contracts and the contract costs to the balance sheet date.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Group and value added tax.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

The Group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group's sales channels have been met, as described below.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Deposits received in advance for goods are included in creditors due within one year.

Rendering of services
Turnover from the rendering of services under a long term contract is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for the financial year. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer.

Turnover is recognised from plant hire sales and labour recharges on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled. Any charges made in arrears or advance are adjusted for in accrued or deferred income as appropriate.

Rental income
Rents receivable on investment properties are recognised on a straight-line basis in relation to the period. Incentives given to enter into an operating lease are debited to the profit and loss account on a straight-line basis over the period of the lease.

Interest income
Interest income is recognised using the effective interest rate method.

Business combinations and goodwill
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. Where the cost of the business combination is lower than the acquirer's interest in the net fair value of the the identifiable assets and liabilities it is recogonised as negative goodwill. Goodwill is amortised over its expected useful life. The directors have been able to make a reliable estimate of useful life in all cases. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversal of impairment are recognised when the reasons for the impairment no longer apply

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.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued

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.
Freehold property - 5% on cost and 2% on cost
Short leasehold - 2% on cost
Plant and machinery - 33% on cost, 20% on cost, 20% on cost less residual value, 15% on cost and 14.29% on cost
Fixtures and fittings - 25% on cost, 20% on cost, 15% on cost and 10% on cost
Motor vehicles - 25% on cost, 20% on cost and 20% on cost less residual value

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Leased assets
At inception the Group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the Group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.


Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Functional and presentation currency
The Group financial statements are presented in pound sterling and rounded to the nearest pound.

The Company's functional and presentation currency is the pound sterling.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance (expense)/ income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'Other operating (losses)/gains'.

Translation
The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertaking, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income' and allocated to non-controlling interest as appropriate.

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.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued

The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans
The Group operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Annual bonus plan
The Group operates a number of annual bonus plans for employees. An expense is recognised in the profit and loss account when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made

Exceptional items
The Group classifies certain one-off charges or credits that have a material impact on the Group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the Group.

Plant refurbishment
The company has a legal obligation to carry out the full refurbishment of leased plant and machinery in accordance with their operating lease agreements. Refurbishment expenditure provisions are accrued for in accordance with the stipulation that each item of plant is refurbished by the stated date in each agreement.

Any individual plant refurbishment provision is released once either the renovation work has been completed, or if any lease agreement has been terminated during the year or subsequently terminated following the balance sheet date.

Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies
Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

4. EMPLOYEES AND DIRECTORS


28.2.23 29.2.22
£ £
Wages and salaries 12,222,110 10,471,109
Social security 1,360,195 1,087,723
Pension costs 639,357 492,738
14,221,662 12,051,570
The average number of employees of the company during the year was:
28.2.23 29.2.22

Production staff 176 160
Administrative staff 15 14
Directors 2 2
193 176



28.2.23 29.2.22
£ £
Key management personnel' remuneration 1,151,119 984,462
Key management personnel's pension contributions to money purchase schemes 65,073 51,770


28.2.23 28.2.22
£    £   
Directors' remuneration 420,483 359,685
Directors' pension contributions to money purchase schemes 47,968 24,801

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
28.2.23 28.2.22
£    £   
Emoluments etc 220,943 186,050
Pension contributions to money purchase schemes 42,684 19,517

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

28.2.23 28.2.22
£    £   
Leasing charges 10,280,399 14,993,650
Depreciation - owned assets 7,542,410 4,686,118
Depreciation - assets on hire purchase contracts 14,280 125,602
Profit on disposal of fixed assets (60,350 ) (627,451 )
Goodwill amortisation (23,945 ) (23,945 )
Auditors' remuneration 40,912 43,000
Taxation compliance services 6,250 6,150

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
28.2.23 28.2.22
£    £   
Other loan interest 591,837 69,504
Hire purchase interest 75 6,834
591,912 76,338

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
28.2.23 28.2.22
£    £   
Current tax:
UK corporation tax 535,029 368,761
Under/(over) provision in earlier years (3,711 ) (101,369 )
Total current tax 531,318 267,392

Origination and reversal of timing differences 2,587,990 1,913,533
Tax on profit 3,119,308 2,180,925

Reconciliation of total tax charge 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:

28.2.23 28.2.22
£    £   
Profit before tax 4,203,167 5,890,864
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19
%)

798,602

1,119,264

Effects of:
Expenses not deductible for tax purposes 32,301 22,843
Capital allowances in excess of depreciation (789 ) (962 )
Adjustments to tax charge in respect of previous periods (3,713 ) (101,369 )
Group relief surrendered/(claimed) 2,331,021 897,918

Adjustment to tax charge in respect of previous period - deferred tax (14,585 ) 1,748
Adjustments to deferred tax 615,855 371,852
Fixed asset differences (643,599 ) (278,323 )
Other tax adjustments, reliefs and taxes (4,550 ) (4,550 )
Remeasure of DT for changes in tax rates 8,765 152,504
Total tax charge 3,119,308 2,180,925

8. INDIVIDUAL INCOME STATEMENT

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.


Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

9. DIVIDENDS

28.2.23 29.2.22
£ £
Ordinary shares of £1 each - -
Ordinary B shares of £1 each 339,717 711,353
339,717 711,353

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 (239,448 )
AMORTISATION
At 1 March 2022 (265,369 )
Amortisation for year (23,945 )
At 28 February 2023 (289,314 )
NET BOOK VALUE
At 28 February 2023 49,866
At 28 February 2022 25,921

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 March 2022 883,166 70,000 42,808,307
Additions - - 19,135,463
Disposals - - (2,233,419 )
At 28 February 2023 883,166 70,000 59,710,351
DEPRECIATION
At 1 March 2022 380,635 30,200 14,847,918
Charge for year 15,637 1,400 7,283,469
Eliminated on disposal - - (1,615,479 )
At 28 February 2023 396,272 31,600 20,515,908
NET BOOK VALUE
At 28 February 2023 486,894 38,400 39,194,443
At 28 February 2022 502,531 39,800 27,960,389

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2022 278,565 1,308,477 45,348,515
Additions - 198,336 19,333,799
Disposals - (134,785 ) (2,368,204 )
At 28 February 2023 278,565 1,372,028 62,314,110
DEPRECIATION
At 1 March 2022 234,402 586,284 16,079,439
Charge for year 10,026 246,158 7,556,690
Eliminated on disposal - (115,737 ) (1,731,216 )
At 28 February 2023 244,428 716,705 21,904,913
NET BOOK VALUE
At 28 February 2023 34,137 655,323 40,409,197
At 28 February 2022 44,163 722,193 29,269,076

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2022 126,000
Transfer to ownership (126,000 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 30,345
Charge for year 14,280
Transfer to ownership (44,625 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 95,655

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 March 2022 883,166 70,000 16,499,824
Additions - - 15,278,984
Disposals - - (926,520 )
At 28 February 2023 883,166 70,000 30,852,288
DEPRECIATION
At 1 March 2022 380,635 30,200 3,342,972
Charge for year 15,637 1,400 3,613,293
Eliminated on disposal - - (628,768 )
At 28 February 2023 396,272 31,600 6,327,497
NET BOOK VALUE
At 28 February 2023 486,894 38,400 24,524,791
At 28 February 2022 502,531 39,800 13,156,852

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2022 96,980 871,963 18,421,933
Additions - 72,600 15,351,584
Disposals - (88,577 ) (1,015,097 )
At 28 February 2023 96,980 855,986 32,758,420
DEPRECIATION
At 1 March 2022 78,351 389,180 4,221,338
Charge for year 4,406 174,693 3,809,429
Eliminated on disposal - (77,102 ) (705,870 )
At 28 February 2023 82,757 486,771 7,324,897
NET BOOK VALUE
At 28 February 2023 14,223 369,215 25,433,523
At 28 February 2022 18,629 482,783 14,200,595

Included in cost of freehold property is freehold land of £313,360 (2022 - £313,360) which is not depreciated.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 March 2022
and 28 February 2023 100,000
NET BOOK VALUE
At 28 February 2023 100,000
At 28 February 2022 100,000
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 1,754,250 100,000 1,854,250
NET BOOK VALUE
At 28 February 2023 1,754,250 100,000 1,854,250
At 28 February 2022 1,754,250 100,000 1,854,250

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Gorrel Equipment Solutions Limited
Registered office:
Nature of business: Plant hire
%
Class of shares: holding
Ordinary 100.00

Walters UK Limited
Registered office:
Nature of business: Civil engineering
%
Class of shares: holding
Ordinary A 83.77
Ordinary B

Walters Major Projects Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

13. DEBTORS

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 11,605,843 13,833,531 5,848,816 7,360,459
Amounts owed by group undertakings 410,927 947,291 678,109 1,193,230
Other debtors 760,850 740,924 83,905 82,783
Sales ledger retentions 1,418,825 1,530,457 - -
Corporation tax debtor 550,000 300,000 550,000 300,000
VAT 375,845 176,327 232,430 889,564
Accrued income 934,572 491,941 916,520 479,979
Amounts recoverable on
contracts 1,855,083 2,708,791 - -
Prepayments 408,725 318,165 132,265 43,624
18,320,670 21,047,427 8,442,045 10,349,639

Amounts falling due after more than one year:
Sales ledger retentions 983,659 692,968 - -

Aggregate amounts 19,304,329 21,740,395 8,442,045 10,349,639

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Hire purchase contracts (see note 16) - 33,600 - -
Trade creditors 6,541,717 5,293,611 1,484,843 2,031,394
Amounts owed to group undertakings 10,716,674 5,838,407 9,744,269 5,103,871
Corporation taxation 224,695 257,567 - -
Social security and other taxes 459,511 351,341 40,630 33,917
Other creditors 141,745 247,713 1,751 1,345
Plant overhaul provision 1,373,082 2,561,500 1,373,082 2,561,500
Accruals and deferred income 556,560 135,117 450,357 83,628
Accrued expenses 10,220,209 7,162,371 172,812 2,186,457
30,234,193 21,881,227 13,267,744 12,002,112

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Amounts owed to group undertakings 15,244,061 13,816,277 13,744,061 9,769,024
Retentions provision 983,659 692,968 - -
16,227,720 14,509,245 13,744,061 9,769,024

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
28.2.23 28.2.22
£    £   
Net obligations repayable:
Within one year - 33,600

Group
Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 1,473,367 955,577
Between one and five years 9,373,958 15,904,097
10,847,325 16,859,674

Company
Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 1,420,427 944,702
Between one and five years 8,189,923 14,651,527
9,610,350 15,596,229

17. PROVISIONS FOR LIABILITIES

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 4,772,814 2,184,824 4,108,414 1,549,385
Other provisions
Foreseeable losses 260,000 260,000 - -
Plant overhaul provision due after one year 1,033,175 1,514,599 1,033,175 1,514,599
1,293,175 1,774,599 1,033,175 1,514,599

Aggregate amounts 6,065,989 3,959,423 5,141,589 3,063,984

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 March 2022 2,184,824 1,774,599
Provided during year 2,587,990 -
Released due to disposals - (614,680 )
Released due to refurbishment - (2,365,835 )
Renovation added in the year - 1,310,673
Transferred from/(to) short - 1,188,418
term liability
Balance at 28 February 2023 4,772,814 1,293,175

Company
Deferred Plant
tax overhaulcosts
£    £   
Balance at 1 March 2022 1,549,385 1,514,599
Provided during year 2,559,029 -
Released due to disposals - (614,680 )
Released due to refurbishments - (2,365,835 )
Added for the year - 1,310,673
Transferred from / (to) short - 1,188,418
term liability
Balance at 28 February 2023 4,108,414 1,033,175

The company has a legal obligation to carry out a full refurbishment of all large items of leased plant at least once every four years, on the date stated in each agreement.

Losses on long term contracts are provided for as soon as they are first foreseen.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
330,000 Ordinary £1 330,000 330,000

All shares rank pari passu in terms of voting rights, rights to dividends and to a distribution of capital.

19. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2022 22,088,814 2,463 2,012,250 24,103,527
Profit for the year 878,946 878,946
Dividends (172,632 ) (172,632 )
At 28 February 2023 22,795,128 2,463 2,012,250 24,809,841

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

19. RESERVES - continued

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2022 6,609,405 2,463 2,000,000 8,611,868
Deficit for the year (526,641 ) (526,641 )
At 28 February 2023 6,082,764 2,463 2,000,000 8,085,227

Called up share capital - represents the nominal value of shares that have been issued.

Share premium - includes any premium received on issue of share capital.

Other reserves - consists of a capital redemption reserve arising on the historic redemption of preference shares.

Retained earnings - includes all current and prior period retained profits and losses.

20. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for certain directors and contributes to separate individual defined contribution schemes for some employees. The assets of all schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £639,357 (2022 - £492,738). There were £70,859 of outstanding pension contributions at the year end (2022 - £52,890).

21. ULTIMATE PARENT COMPANY

The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in England and Wales. Copies of the group accounts can be obtained from the registered office of Walters Plant Hire Limited. The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited.

22. OTHER FINANCIAL COMMITMENTS

At 28 February 2023, the company and its fellow subsidiaries had active contract bonds of £1,891,201 (2022: £1,168,291). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G Walters (Holdings) Limited, the parent undertaking, Walters Plant Hire Limited and its fellow subsidiary undertakings, Walters UK Limited, Walters Resources Limited, Walters Environmental Limited, G Walters (Leasing) Limited, Walters Land Limited and Headaway (Europe) Limited. It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited.

Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

23. RELATED PARTY DISCLOSURES

Walters Plant Hire Limited administered a group VAT scheme during the year on behalf of its parent company G Walters (Holdings) Limited.. At the year end G Walters (Holdings) Limited owed the company £Nil (2022: £Nil).

The group has taken advantage of the exemption within FRS 102 which allows transactions entered into between member of a group not to be disclosed on the basis that any subsidiary undertaking party to the transaction is a wholly-owned members of the group.

Transactions with subsidiaries not wholly owned within the group and also transaction with fellow group members of Walters Plant Hire Limited's parent company G Walters (Holdings) Limited are shown below.

The group both sold to and purchased services from fellow group companies during the year. The total values of these transactions were as follows:
28.2.23 28.2.22
Sales Purchases Sales Purchases
£ £ £ £

Walters Plant Hire Limited 3,402,714 25,877,430 272,327 16,507,386
G Walters (Holdings) Limited 33,639 378,657 31,797 19,024
Gorrel Equipment Solutions Limited 5,579 6,405 5,802 13,370
Walters UK Limited 25,883,834 3,408,293 16,520,756 278,129
Walters Environmental Limited 258,440 612,604 851,986 62,499
Walters Land Limited 733,004 166,428 533,238 142,041
G Walters (Leasing) Limited 167,226 12,370,524 306,306 14,919,589
Walters Resources Limited 144,433 24,835,469 129,749 18,137,262
Walters Asset Management Limited 30,700 12,949,896 3,000 3,145,394
Lloyd Walters Industrial Services
Limited


4,227,781

-


4,081,460

-
Walters Residential Limited 7,339 - 3,475 -
Pennant Walters Holdings Limited 163,714 - 170,297 -
Pennant Walters Hirwaun Limited 734 - - -

Balances due at year end: 28.2.23 28.2.22
Debtor Creditor Debtor Creditor
£ £ £ £

Walters Plant Hire Limited 879,257 235,855 26,450 1,056,661
Gorrel Equipment Solutions Limited 1,035 1,200 1,489 8,808
Walters UK Limited 237,055 880,292 1,065,469 27,939
Walters Environmental Limited 79,781 70,713 271,147 38,697
Walters Land Limited 134,403 14,331 627,721 105,768
G Walters (Leasing) Limited 166,726 13,076,910 10,150 8,585,065
Walters Resources Limited - 2,781,667 - 717,311
Walters Asset Management Limited 3,000 869,433 3,000 438,819
Lloyd Walters Industrial Services
Limited


2,289,823

-


1,166,433

-
Walters Residential Limited 6,912 - 3,475 -
G Walters (Holdings) Limited 20,500 9,147,681 31,797 9,769,024
Pennant Walters Holdings Limited 112,270 - 154,533 -

The group made sales of £4,199,430 (2022: £8,102,923) during the year to Celtic Energy Limited, which is controlled by Mr R Walters, one of the directors of the ultimate parent company G Walters (Holdings) Limited. At the year end Celtic Energy Limited owed the group £3,364 (2022: £1,405,466). During the year the company made purchases of £293,235, at the year end the group owed Celtic Energy Limited £9,613 (2022: Nil).

During the year the group made sales and recharges of £10,449 (2022: £49,685) to All Terrain Tyres Limited, a company in which Mr PH Richards is a director. At the year end, All Terrain Tyres Limited owed the group £1,040 (2022:£35,904). The group made purchases of £955,074 (2022: £1,042,947) during the year from All Terrain Tyres Limited. At the year end, the group owed All Terrain Tyres Limited £77,627 (2022: £283,291).

During the year the group made sales and recharges of £50,644 (2022: £450,644), the group also made purchases of £1,060,000 (2022: £534,000) from G Walters (Consultancy) Limited a company that is controlled by the directors of the ultimate parent company G Walters (Holdings) Limited. At the year end the group owed G Walters (Consultancy) Limited £124,320 (£70,200).


Walters Plant Hire Limited (Registered number: 02903463)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023
The group loaned money in an earlier year to Walters Regeneration Limited, an associated company to the group. Walters Regeneration Limited owed the group £497,433 (2022: £497,433) at the year end.

No balances with related parties are secured.