Company registration number 06484722 (England and Wales)
ATHENA PLANT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ATHENA PLANT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ATHENA PLANT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,919,014
5,118,398
Current assets
Debtors
5
952,926
601,980
Cash at bank and in hand
193,774
658,836
1,146,700
1,260,816
Creditors: amounts falling due within one year
6
(1,385,746)
(1,411,120)
Net current liabilities
(239,046)
(150,304)
Total assets less current liabilities
4,679,968
4,968,094
Creditors: amounts falling due after more than one year
7
(1,925,700)
(2,185,998)
Provisions for liabilities
(1,039,382)
(695,693)
Net assets
1,714,886
2,086,403
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,714,786
2,086,303
Total equity
1,714,886
2,086,403

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mrs TL Butters
Director
Company registration number 06484722 (England and Wales)
ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Athena Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Belfast Yard, Gelderd Road, Birstall, Batley, West Yorkshire, WF17 9PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Athena Plant Limited is a wholly owned subsidiary of Athena (UK) Limited and the results of Athena Plant Ltd are included in the consolidated financial statements of Athena (UK) Limited which are available from Belfast Yard Gelderd Road, Birstall, Batley, WF17 9PY.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Motor vehicles
10% straight line
ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets - Depreciation

Due to the nature of the company’s trade and size of the hire fleet, it is necessary to consider the useful lives of assets, which reflect the directors’ estimate. The depreciation rates chosen by the directors are based on their best estimate of useful economic life, taking into account historic life cycles of the fleet and future expectations.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
6,608,711
Additions
1,330,182
Disposals
(1,389,498)
At 31 August 2023
6,549,395
Depreciation and impairment
At 1 September 2022
1,490,313
Depreciation charged in the year
643,460
Eliminated in respect of disposals
(503,392)
At 31 August 2023
1,630,381
Carrying amount
At 31 August 2023
4,919,014
At 31 August 2022
5,118,398
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
952,926
598,969
Other debtors
-
0
3,011
952,926
601,980
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,352
15,534
Amounts owed to group undertakings
24,164
-
0
Corporation tax
58,166
9,082
Other taxation and social security
65,084
15,874
Other creditors
1,209,980
1,370,630
1,385,746
1,411,120

Finance lease obligations which total £1,209,980 (2022 - £1,370,630) are included in other creditors are secured against the liabilities to which they relate.

ATHENA PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,925,700
2,185,998

Finance lease obligations which total £1,925,700 (2022 - £2,185,988) are included in other creditors are secured against the liabilities to which they relate.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ann Brown
Statutory Auditor:
BHP LLP
Date of audit report:
7 February 2024
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
32,823
-
0
10
Parent company

The company is a wholly owned subsidiary of Athena (UK) Limited, a company incorporated in Great Britain and registered in England and Wales.

 

The financial statements of Athena (UK) Limited, which consolidate those of its subsidiary companies are available from:

 

The Secretary

Belfast Yard Gelderd Road

Birstall

Batley

West Yorkshire

WF15 9PY

2023-08-312022-09-01false07 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedTina Louise ButtersJonathan Peter HothamJames Michael MarshallMrs TL Buttersfalse2024-02-07064847222022-09-012023-08-31064847222023-08-31064847222022-08-3106484722core:OtherPropertyPlantEquipment2023-08-3106484722core:OtherPropertyPlantEquipment2022-08-3106484722core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3106484722core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3106484722core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3106484722core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-3106484722core:CurrentFinancialInstruments2023-08-3106484722core:CurrentFinancialInstruments2022-08-3106484722core:ShareCapital2023-08-3106484722core:ShareCapital2022-08-3106484722core:RetainedEarningsAccumulatedLosses2023-08-3106484722core:RetainedEarningsAccumulatedLosses2022-08-3106484722bus:Director12022-09-012023-08-3106484722core:PlantMachinery2022-09-012023-08-3106484722core:MotorVehicles2022-09-012023-08-31064847222021-09-012022-08-3106484722core:OtherPropertyPlantEquipment2022-08-3106484722core:OtherPropertyPlantEquipment2022-09-012023-08-3106484722core:WithinOneYear2023-08-3106484722core:WithinOneYear2022-08-3106484722core:Non-currentFinancialInstruments2023-08-3106484722core:Non-currentFinancialInstruments2022-08-3106484722bus:PrivateLimitedCompanyLtd2022-09-012023-08-3106484722bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3106484722bus:FRS1022022-09-012023-08-3106484722bus:Audited2022-09-012023-08-3106484722bus:Director22022-09-012023-08-3106484722bus:Director32022-09-012023-08-3106484722bus:CompanySecretary12022-09-012023-08-3106484722bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP