REGISTERED NUMBER: 01056494 (England and Wales) |
COPPARD PLANT HIRE LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: 01056494 (England and Wales) |
COPPARD PLANT HIRE LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
COPPARD PLANT HIRE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
Coppard Plant Hire Ltd continues to develop as a sustainable, high achieving plant hire company. |
The Company has had another successful year with continued investment increasing its large portfolio of plant hire equipment. The reinvestment has helped achieve very high balance sheet growth whilst the good performance has also helped not only maintain but improve the company's strong cash position. The Company is well placed to continue its growth and profitability by strengthening its brand and market reputation within the South-East with both its corporate and private customers. |
Our KPIs and objectives were achieved or exceeded and were as follows: |
- Continued to ensure that our client portfolio is diverse, this has helped achieve our revenue growth. |
- We aim to hold an increase in working capital increasing by £1.3m from £4m to £5.3m to enable us to invest in new equipment in the market as it becomes available and help us to meet client demand. |
- Increase balance sheet value by over £2m from £24.1m to £26.4m. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors monitor risks and uncertainties likely to affect the company on an ongoing basis. |
Financial Instruments and Risk Management |
The companies cash position continues to strengthen which helps allow an increased reinvestment in new equipment for hire. The directors do not believe there is any substantial risk in relation to price or credit risk. The company's cash position remains strong with over £3.4million held and this coupled with the healthy balance sheet value minimises the risk of liquidity and cash flow challenges. |
Economic Uncertainties |
We recognise the main uncertainties and risks relate to the uncertainties surrounding the rise of inflation, the effect of costs rising will have particular impact on our European income stream. This may result in future lost sales, although the entire industry is affected. |
Other Risks |
At the present time, the directors consider the principal risk to the company to be in relation to cyber-attacks and are aware that there is an inherent risk in this area which is difficult to mitigate fully. However, the company continues to invest in protective technology and maintains a strong ethos of monitoring and awareness within departments which could be susceptible to such attacks. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
FUTURE DEVELOPMENTS |
The company intends to maintain it's policy of investment in assets for hire in order to maintain and enhance it's position within the market, although as noted above it has proven difficult to purchase the desired level of machinery throughout the year. This will assist in the companies objective of continued year on year growth and in addition the investment in replacement vehicles will be necessary as the economic policy in the UK continues to extend areas where only low emission vehicles can visit. In addition, the company will continue to acquire further freehold land and buildings as the opportunities arise following the successful development which was sold during the year. |
Subsequent to the year end, the trade and some of the assets of the company that supports the main software used within the business was purchased to safeguard the availability and future development of the software. The directors consider this to be a strategic acquisition to protect the current IT systems and avoid significant internal disruption should support cease to be continued. |
ON BEHALF OF THE BOARD: |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of the sale and hire of plant and machinery. |
DIVIDENDS |
Interim dividends of £9.80 per B Ordinary share were paid during the year. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30th June 2023 will be £480,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
DONATIONS AND EXPENDITURE |
Donations of £11,970 were made to various charities. |
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). 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. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
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, Lakeview Southern Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPPARD PLANT HIRE LIMITED |
Opinion |
We have audited the financial statements of Coppard Plant Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30 June 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPPARD PLANT HIRE LIMITED |
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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPPARD 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: |
We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance. |
Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud. |
The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing. |
Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error. |
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 |
COPPARD 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 |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER | 3 | 27,901,219 | 23,076,828 |
Cost of sales | 21,666,540 | 16,817,910 |
GROSS PROFIT | 6,234,679 | 6,258,918 |
Administrative expenses | 3,751,298 | 2,705,489 |
2,483,381 | 3,553,429 |
Other operating income | 133,543 | 153,565 |
OPERATING PROFIT | 5 | 2,616,924 | 3,706,994 |
Interest receivable and similar income | 19,554 | 1,116 |
2,636,478 | 3,708,110 |
Interest payable and similar expenses | 7 | 118,077 | 5,959 |
PROFIT BEFORE TAXATION | 2,518,401 | 3,702,151 |
Tax on profit | 8 | 338,139 | 917,325 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,180,262 | 2,784,826 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,180,262 | 2,784,826 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,180,262 |
2,784,826 |
Total comprehensive income attributable to: |
Owners of the parent | 2,180,262 | 2,784,826 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 2,053,498 | 2,355,606 |
Tangible assets | 12 | 20,407,479 | 20,763,041 |
Investments | 13 | - | - |
Investment property | 14 | 289,000 | 289,000 |
22,749,977 | 23,407,647 |
CURRENT ASSETS |
Stocks | 15 | 2,066,064 | 2,129,530 |
Debtors | 16 | 3,979,856 | 3,041,738 |
Cash at bank and in hand | 3,478,056 | 2,274,331 |
9,523,976 | 7,445,599 |
CREDITORS |
Amounts falling due within one year | 17 | 3,842,457 | 3,406,737 |
NET CURRENT ASSETS | 5,681,519 | 4,038,862 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
28,431,496 |
27,446,509 |
CREDITORS |
Amounts falling due after more than one year | 18 | (1,729,903 | ) | (2,304,596 | ) |
PROVISIONS FOR LIABILITIES | 22 | (993,154 | ) | (1,133,736 | ) |
NET ASSETS | 25,708,439 | 24,008,177 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 100,000 | 100,000 |
Retained earnings | 24 | 25,608,439 | 23,908,177 |
SHAREHOLDERS' FUNDS | 25,708,439 | 24,008,177 |
The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2024 and were signed on its behalf by: |
D B Coppard - Director |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,003,510 | 2,852,986 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | 100,000 | 21,363,351 | 21,463,351 |
Changes in equity |
Dividends | - | (240,000 | ) | (240,000 | ) |
Total comprehensive income | - | 2,784,826 | 2,784,826 |
Balance at 30 June 2022 | 100,000 | 23,908,177 | 24,008,177 |
Changes in equity |
Dividends | - | (480,000 | ) | (480,000 | ) |
Total comprehensive income | - | 2,180,262 | 2,180,262 |
Balance at 30 June 2023 | 100,000 | 25,608,439 | 25,708,439 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,008,308 | 4,805,997 |
Interest paid | (118,077 | ) | (5,959 | ) |
Tax paid | (453,061 | ) | (342,832 | ) |
Net cash from operating activities | 5,437,170 | 4,457,206 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (206,474 | ) | (3,509,646 | ) |
Purchase of tangible fixed assets | (4,259,818 | ) | (7,620,341 | ) |
Sale of tangible fixed assets | 1,005,595 | 982,319 |
Interest received | 19,554 | 1,116 |
Net cash from investing activities | (3,441,143 | ) | (10,146,552 | ) |
Cash flows from financing activities |
New loans in year | - | 3,000,000 |
Loan repayments in year | (552,302 | ) | (47,416 | ) |
Equity dividends paid | (240,000 | ) | (240,000 | ) |
Net cash from financing activities | (792,302 | ) | 2,712,584 |
Increase/(decrease) in cash and cash equivalents | 1,203,725 | (2,976,762 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,274,331 |
5,251,093 |
Cash and cash equivalents at end of year | 2 | 3,478,056 | 2,274,331 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.23 | 30.6.22 |
£ | £ |
Profit before taxation | 2,518,401 | 3,702,151 |
Depreciation charges | 4,555,019 | 3,022,992 |
Profit on disposal of fixed assets | (436,652 | ) | (665,993 | ) |
Finance costs | 118,077 | 5,959 |
Finance income | (19,554 | ) | (1,116 | ) |
6,735,291 | 6,063,993 |
Decrease/(increase) in stocks | 63,466 | (1,594,350 | ) |
(Increase)/decrease in trade and other debtors | (938,118 | ) | 121,450 |
Increase in trade and other creditors | 147,669 | 214,904 |
Cash generated from operations | 6,008,308 | 4,805,997 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 3,478,056 | 2,274,331 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 2,274,331 | 5,251,093 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,274,331 | 1,203,725 | 3,478,056 |
2,274,331 | 1,203,725 | 3,478,056 |
Debt |
Debts falling due within 1 year | (647,988 | ) | (22,391 | ) | (670,379 | ) |
Debts falling due after 1 year | (2,304,596 | ) | 574,693 | (1,729,903 | ) |
(2,952,584 | ) | 552,302 | (2,400,282 | ) |
Total | (678,253 | ) | 1,756,027 | 1,077,774 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Coppard Plant Hire Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Plant hire income is recorded in the period in which the plant is physically hired out and plant sales are recorded on the date the item of plant is sold. |
Rental income is recorded in the period in which the rent is due. |
In respect of property developments, turnover is recognised once legal completion has been achieved. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2020 and 2023, is being amortised evenly over its estimated useful life of five 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 |
Freehold property | - |
Short leasehold | - |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation. Land is not depreciated. |
Investment property |
Investment Property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. |
Investment property is property held to earn rentals and capital appreciation which is not occupied by the company. Any aggregate surplus or deficit arising from changes in market value is transferred to the profit and loss reserve. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price less any estimated completion or selling costs, after making due allowance for obsolete and slow moving items. |
Work in progress which relates to property development is valued at the lower of cost and net realisable value. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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. |
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 |
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income in the period to which they relate. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Plant hire and sales etc. | 27,361,219 | 23,076,828 |
Property developments | 540,000 | - |
27,901,219 | 23,076,828 |
An analysis of turnover by geographical market is given below: |
30.6.23 | 30.6.22 |
£ | £ |
United Kingdom | 27,760,064 | 22,789,592 |
Europe | 141,155 | 287,236 |
27,901,219 | 23,076,828 |
4. | EMPLOYEES AND DIRECTORS |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries | 4,161,378 | 3,375,992 |
Social security costs | 437,629 | 358,107 |
Other pension costs | 293,981 | 301,698 |
4,892,988 | 4,035,797 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Direct staff | 73 | 58 |
Administrative staff | 32 | 28 |
Management staff | 6 | 6 |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration | 94,432 | 51,946 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Directors pension costs totalled £204,666 (2022: £228,523). |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.23 | 30.6.22 |
£ | £ |
Hire of plant and machinery | 163,060 | 113,200 |
Depreciation - owned assets | 4,046,437 | 5,684,247 |
Profit on disposal of fixed assets | (436,652 | ) | (665,993 | ) |
Goodwill amortisation | 508,582 | 10,000 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | AUDITORS' REMUNERATION |
30.6.23 | 30.6.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
9,500 |
9,500 |
Total audit fees | 9,500 | 9,500 |
Taxation compliance services | 1,000 | 1,000 |
Other non- audit services | 22,560 | 5,270 |
Total non-audit fees | 23,560 | 6,270 |
Total fees payable | 33,060 | 15,770 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.23 | 30.6.22 |
£ | £ |
Bank loan interest | 118,077 | 5,959 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax | 478,721 | 458,402 |
Deferred tax | (140,582 | ) | 458,923 |
Tax on profit | 338,139 | 917,325 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.23 | 30.6.22 |
£ | £ |
Profit before tax | 2,518,401 | 3,702,151 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
629,600 |
703,409 |
Effects of: |
Utilisation of tax losses | (596 | ) | - |
Capital allowances in excess of depreciation and net of deferred tax movement | (185,664 |
) |
213,916 |
Effect of marginal rate of corporation tax | (105,201 | ) | - |
Total tax charge | 338,139 | 917,325 |
9. | 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. |
10. | DIVIDENDS |
30.6.23 | 30.6.22 |
£ | £ |
B Ordinary shares of £1 each |
Interim | 480,000 | 240,000 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2022 | 2,479,361 |
Additions | 206,474 |
At 30 June 2023 | 2,685,835 |
AMORTISATION |
At 1 July 2022 | 123,755 |
Amortisation for year | 508,582 |
At 30 June 2023 | 632,337 |
NET BOOK VALUE |
At 30 June 2023 | 2,053,498 |
At 30 June 2022 | 2,355,606 |
Company |
Goodwill |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Long |
property | leasehold | leasehold |
£ | £ | £ |
COST |
At 1 July 2022 | 4,555,984 | 125,937 | 4,350 |
Additions | - | 105,422 | - |
Disposals | - | - | - |
At 30 June 2023 | 4,555,984 | 231,359 | 4,350 |
DEPRECIATION |
At 1 July 2022 | 177,359 | 9,777 | 4,350 |
Charge for year | 11,184 | 2,675 | - |
Eliminated on disposal | - | - | - |
At 30 June 2023 | 188,543 | 12,452 | 4,350 |
NET BOOK VALUE |
At 30 June 2023 | 4,367,441 | 218,907 | - |
At 30 June 2022 | 4,378,625 | 116,160 | - |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 | 39,083,934 | 1,033,890 | 239,257 | 45,043,352 |
Additions | 4,103,626 | 15,500 | 35,270 | 4,259,818 |
Disposals | (1,573,105 | ) | (1,031 | ) | - | (1,574,136 | ) |
At 30 June 2023 | 41,614,455 | 1,048,359 | 274,527 | 47,729,034 |
DEPRECIATION |
At 1 July 2022 | 23,157,634 | 765,367 | 165,824 | 24,280,311 |
Charge for year | 3,951,217 | 63,227 | 18,134 | 4,046,437 |
Eliminated on disposal | (1,004,255 | ) | (938 | ) | - | (1,005,193 | ) |
At 30 June 2023 | 26,104,596 | 827,656 | 183,958 | 27,321,555 |
NET BOOK VALUE |
At 30 June 2023 | 15,509,859 | 220,703 | 90,569 | 20,407,479 |
At 30 June 2022 | 15,926,300 | 268,523 | 73,433 | 20,763,041 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Short | Long |
property | leasehold | leasehold |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
Additions |
Impairments | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The valuation of the shares held was impaired by £3,949,114 as a result of the retained reserves of the subsidiary being distributed during the year. |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 | 289,000 |
NET BOOK VALUE |
At 30 June 2023 | 289,000 |
At 30 June 2022 | 289,000 |
Company |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
14. | INVESTMENT PROPERTY - continued |
Company |
The investment property was revalued in February 2017 by D B Coppard, a director, on the basis of open market value for existing use (cost £197,135). |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2015 | 18,115 |
Valuation in 2016 | 27,865 |
Valuation in 2017 | 45,885 |
Cost | 197,135 |
289,000 |
15. | STOCKS |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Stocks | 2,044,787 | 1,693,562 |
Work-in-progress | 21,277 | 435,968 |
2,066,064 | 2,129,530 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Trade debtors | 3,065,371 | 2,764,576 |
Other debtors | 30,366 | 43,577 |
Prepayments | 884,119 | 233,585 |
3,979,856 | 3,041,738 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 670,379 | 647,988 |
Trade creditors | 2,020,378 | 2,081,589 |
Amounts owed to group undertakings | - | - |
Tax | 244,742 | 219,082 |
Social security and other taxes | 531,831 | 375,224 |
Other creditors | 20,684 | 21,852 |
Directors' current accounts | 240,375 | 375 | 240,375 | 375 |
Accruals and deferred income | 114,068 | 60,627 |
3,842,457 | 3,406,737 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Bank loans (see note 19) | 1,729,903 | 2,304,596 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 670,379 | 647,988 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 670,379 | 647,988 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,059,524 | 1,656,608 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans | 2,400,282 | 2,952,584 |
The bank loan is secured by fixed charge over the following properties owned by the company as well as a fixed and floating charge on all assets: |
Yellow Hammers, Bletchingly Road, Godstone, RH9 8NB |
Ivy Mill Lane, Godstone, Surrey, RH9 8NE |
21. | FINANCIAL INSTRUMENTS |
The company has basic financial debt instruments which are all measured at cost. These include trade debtors, other debtors, cash and bank in hand and trade creditors. |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 970,188 | 1,077,454 |
Deferred tax on revaluation of investment property |
22,966 |
56,282 |
22,966 |
22,966 |
993,154 | 1,133,736 | 993,154 | 1,100,420 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2022 | 1,133,736 |
Credit to Income Statement during year | (140,582 | ) |
Balance at 30 June 2023 | 993,154 |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
22. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 June 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
A Ordinary | £1 | 51,004 | 51,004 |
B Ordinary | £1 | 48,996 | 48,996 |
100,000 | 100,000 |
24. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2022 | 23,908,177 |
Profit for the year | 2,180,262 |
Dividends | (480,000 | ) |
At 30 June 2023 | 25,608,439 |
Company |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
The retained earnings are the cumulative profit and loss net of distributions to owners, plus £91,865 (2022: £91,865) of non-distributable revaluation gains. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
25. | PENSION COMMITMENTS |
The company makes contributions to a defined contribution pension scheme. During the year contributions of £293,981 (2022: £301,698) were paid. The costs of these contributions are charged to the statement of comprehensive income on an accruals basis as the become payable under the scheme. |
26. | ULTIMATE PARENT COMPANY |
Coppard Plant Hire Limited is regarded by the directors as being the company's ultimate parent company. |
The registered office where the financial statements may be obtained is Wraysbury, Crowborough Hill, Crowborough, East Sussex, TN6 2JE. |
Coppard Plant Hire Ltd holds 100% of the voting shares in Thomas Holdings (Winnersh) Limited, Winnersh Plant Hire Limited and George Sands And Company Limited. |
All of the subsidiaries registered office where the financial statements may be obtained is Wraysbury, Crowborough Hill, Crowborough, East Sussex, TN6 2JE. |
The principal place of business of the parent and all subsidiaries is Wraysbury, Crowborough Hill, Crowborough, East Sussex, TN6 2JE. |
27. | RELATED PARTY DISCLOSURES |
INDIVIDUALS THAT HAVE SIGNIFICANT CONTROL: |
During the year, the company paid rent amounting to £105,960 (2022: £105,960) to the directors and their spouses in respect of sites used in the company's business. |
At the year end, the company owed £40,000 to B E Coppard, A L Coppard, J T Coppard, K F Coppard, L T Etherington and Q Coppard, directors. |
OTHER RELATED PARTIES: |
The company sold goods amounting to £71,738 (2022: £54,997) on normal commercial terms to Proform Concrete Ltd, an entity in which A L Coppard, a director, has a significant interest. |
At the year end, the company was owed £20,000 (2022: £20,000) from Proform Concrete Ltd, an entity in which A L Coppard, a director, has a significant interest. |
The company paid £54,003 (2022: £56,662) for services on normal commercial terms to Alpine Designs And Adventures Ltd, an entity in which L T Etherington, a director, has a significant interest. |
The company's key management personnel are considered to be the directors. |
The controlling party is D B Coppard, a director. |
COPPARD PLANT HIRE LIMITED (REGISTERED NUMBER: 01056494) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
28. | GENERAL INFORMATION |
Coppard Plant Hire Ltd is a company limited by shares, incorporated and domiciled in England and Wales and has it's registered office and principal place of business at Wraysbury, Crowborough Hill, Crowborough, East Sussex, TN6 2JE. |
The principal activities of the company are the sale and hire of plant and machinery. |