Company Registration No. 00530992 (England and Wales)
MARSH PLANT HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
PO6 3TH
MARSH PLANT HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
MARSH PLANT HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G. E. Marsh - Managing Director
Mr. A. Hillcoat - Non Executive
Mrs. C. L. Walters - Financial Director
(Appointed 29 August 2023)
Secretary
Mrs. C. L. Walters
Company number
00530992
Registered office
67 New Lane
Havant
Hampshire
United Kingdom
PO9 2LZ
Auditors
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Bankers
National Westminister Bank Plc
130 Commercial Road
Portsmouth
Hampshire
PO1 1ES
MARSH PLANT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The group is principally engaged in the hiring of mobile cranes and general plant. The activities of its subsidiaries are set out in note 15 to the financial statements.
Review of Business and Future Developments
The small profit before taxation of £92,222 for the year ended 31st December 2022 has been much improved to £448,736 for the year ended 31st December 2023. This has been helped by an increase in turnover of 16.65% and, more importantly, an increase of Gross Profit of 36.71%.
Cash has been managed with £295,664 in credit.
It was felt prudent to arrange a £300,000 overdraft, effective from 12th July 2023, to expire 12th October 2023. It was used for 12 days only.
Although we have been training new crane operators, the net addition during the year was only one crane operator.
Although interest rates continue at the highest level for many years, we made the conscious decision to invest in five new cranes with seven more on order for delivery in 2024. It is worth noting that ten Hire Purchase Agreements completed in 2023, with an expected 15 agreements to complete in 2024.
Mr. G. E. Marsh - Managing Director
Director
4 July 2024
MARSH PLANT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
The results for the year are set out on page 9.
Dividend's totalling £53,523 were paid in the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr. G. E. Marsh - Managing Director
Mr. A. Hillcoat - Non Executive
Mrs. C. L. Walters - Financial Director
(Appointed 29 August 2023)
No director had, during or at the year end, a material interest in any contract which was significant in relation to the group's business. The shares held in the subsidiary undertakings are disclosed in those financial statements.
Auditor
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report 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 group and company, 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MARSH PLANT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Fixed assets
The directors are of the opinion that in aggregate the market value of freehold land and buildings substantially exceeds its book value.
On behalf of the board
Mr. G. E. Marsh - Managing Director
Director
4 July 2024
MARSH PLANT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARSH PLANT HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Marsh Plant Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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.
MARSH PLANT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HOLDINGS LIMITED
- 6 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
MARSH PLANT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HOLDINGS LIMITED
- 7 -
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
MARSH PLANT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HOLDINGS LIMITED
- 8 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s 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 an auditor's report 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.
Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
17 July 2024
Statutory Auditor
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
MARSH PLANT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
7,907,232
6,778,297
Cost of sales
(5,489,100)
(5,009,507)
Gross profit
2,418,132
1,768,790
Selling costs
(336,874)
(300,665)
Administrative expenses
(1,361,004)
(1,288,372)
Other operating income
38,530
45,737
Operating profit
5
758,784
225,490
Interest receivable and similar income
7
143
98
Interest payable and similar expenses
9
(310,191)
(133,366)
Profit before taxation
448,736
92,222
Tax (charge) on profit
10
(75,780)
(327,777)
Profit/(loss) for the financial year after taxation
372,956
(235,555)
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(5,000)
299,000
Tax relating to other comprehensive income
1,250
(74,750)
Total comprehensive income for the year
369,206
(11,305)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 15 to 32 form part of these financial statements
MARSH PLANT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
15,160,235
13,461,500
Current assets
Stocks
16
105,070
131,500
Debtors
17
1,458,902
1,028,009
Cash at bank and in hand
295,664
546,767
1,859,636
1,706,276
Creditors: falling due within one year
18
(3,011,589)
(2,648,056)
Net current liabilities
(1,151,953)
(941,780)
Total assets less current liabilities
14,008,282
12,519,720
Creditors: falling due after more than one year
19
(3,905,689)
(2,676,340)
Provisions for liabilities
20
(1,747,601)
(1,705,821)
Net assets excluding pension surplus
8,354,992
8,137,559
Defined benefit pension surplus
21
514,500
416,250
Net assets
8,869,492
8,553,809
Capital and reserves
Called up share capital
24
31,680
31,680
Share premium account
39,819
39,819
Revaluation reserve
67,973
67,973
Profit and loss reserves
8,730,020
8,414,337
Total equity
8,869,492
8,553,809
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
04 July 2024
Mr. G. E. Marsh - Managing Director
Director
MARSH PLANT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,123,887
1,107,420
Investments
14
94,889
94,889
1,218,776
1,202,309
Current assets
Stocks
16
629
905
Debtors
17
2,834,826
2,836,391
Cash at bank and in hand
28,292
45,074
2,863,747
2,882,370
Creditors: falling due within one year
18
(168,013)
(176,078)
Net current assets
2,695,734
2,706,292
Total assets less current liabilities
3,914,510
3,908,601
Provisions for liabilities
20
(7,511)
(8,970)
Net assets excluding pension surplus
3,906,999
3,899,631
Defined benefit pension surplus
21
514,500
416,250
Net assets
4,421,499
4,315,881
Capital and reserves
Called up share capital
24
31,680
31,680
Profit and loss reserves
4,389,819
4,284,201
Total equity
4,421,499
4,315,881
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
04 July 2024
Mr. G. E. Marsh - Managing Director
Director
Company Registration No. 00530992
MARSH PLANT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
31,680
39,819
67,973
8,479,165
8,618,637
Year ended 31 December 2022:
Loss for the year
-
-
-
(235,555)
(235,555)
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
-
299,000
299,000
Tax relating to other comprehensive income
-
-
(74,750)
(74,750)
Total comprehensive income for the year
-
-
-
(11,305)
(11,305)
Dividends
11
-
-
-
(53,523)
(53,523)
Balance at 31 December 2022
31,680
39,819
67,973
8,414,337
8,553,809
Year ended 31 December 2023:
Profit for the year
-
-
-
372,956
372,956
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(5,000)
(5,000)
Tax relating to other comprehensive income
-
-
1,250
1,250
Total comprehensive income for the year
-
-
-
369,206
369,206
Dividends
11
-
-
-
(53,523)
(53,523)
Balance at 31 December 2023
31,680
39,819
67,973
8,730,020
8,869,492
MARSH PLANT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
31,680
3,928,892
3,960,572
Year ended 31 December 2022:
Profit for the year
-
184,582
184,582
Other comprehensive income:
Actuarial losses on defined benefit plans
-
299,000
299,000
Tax relating to other comprehensive income
-
(74,750)
(74,750)
Total comprehensive income for the year
-
408,832
408,832
Dividends
11
-
(53,523)
(53,523)
Balance at 31 December 2022
31,680
4,284,201
4,315,881
Year ended 31 December 2023:
Profit for the year
-
162,891
162,891
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(5,000)
(5,000)
Tax relating to other comprehensive income
-
1,250
1,250
Total comprehensive income for the year
-
159,141
159,141
Dividends
11
-
(53,523)
(53,523)
Balance at 31 December 2023
31,680
4,389,819
4,421,499
The notes on pages 15 to 32 form part of these financial statements
MARSH PLANT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,604,287
1,184,786
Interest paid
(310,191)
(133,366)
Income taxes (paid)/refunded
-
42,018
Net cash inflow from operating activities
1,294,096
1,093,438
Investing activities
Purchase of tangible fixed assets
(867,055)
(476,459)
Proceeds on disposal of tangible fixed assets
1,882,370
2,085,317
Interest received
143
98
Net cash generated from investing activities
1,015,458
1,608,956
Financing activities
Repayment of bank loans
-
(56,868)
Payment of hire purchase agreements
(2,507,134)
(2,957,555)
Dividends paid to equity shareholders
(53,523)
(53,523)
Net cash used in financing activities
(2,560,657)
(3,067,946)
Net decrease in cash and cash equivalents
(251,103)
(365,552)
Cash and cash equivalents at beginning of year
546,767
912,319
Cash and cash equivalents at end of year
295,664
546,767
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Marsh Plant Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 67 New Lane, Havant, Hampshire, United Kingdom, PO9 2LZ.
The group consists of Marsh Plant Holdings Limited and all of its subsidiaries.
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.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £162,891 (2022 - £184,582).
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Marsh Plant Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2023.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover comprises the invoice value of sales of goods and services carried out in the year, excluding value added tax, and is recognised on the day the crane or plant hire occurs or the service is performed.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
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:
Freehold property
straight line over 50 years
Hire fleet
straight line 5 to 12 ½ years
Equipment & machinery
straight line 4 to 10 years
Motor vehicles
reducing balance 30 - 40 %
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 recognised in the profit and loss account.
Some hire fleet items are purchased second hand. Such items are depreciated over their expected remaining useful economic lives which may therefore fall outside the generally applicable rates identified above.
1.6
Impairment of fixed assets
Management review tangible fixed assets on a regular basis 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).
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and monies deposited with banks.
1.9
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
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.
1.10
Equity instruments
Equity instruments issued by the group 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 group.
1.11
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 if, and only if, there is 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.
1.12
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.
1.13
Retirement benefits
Defined contribution scheme
The pension costs charged against profits represent the amount of contributions payable to the scheme in respect of the accounting period.
Defined benefit scheme
The pension costs charged against profits are based on actuarial methods and assumptions designed to spread the anticipated pension costs over the service lives of the employees in the scheme, so as to ensure that the regular pension cost represents a substantially level percentage of current and expected future pensionable payroll. Variations from regular cost are spread over the average remaining service lives of the current employees in the scheme.
1.14
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. See note 12 for the carrying amount of property, plant and equipment, and note 1.5 for the useful economic lives for each class of asset.
3
Turnover and other revenue
The turnover and profit before tax are attributable to the one principal activity of the group.
An analysis of the group's turnover is as follows:
2023
2022
£
£
United Kingdom
7,907,232
6,778,298
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,750
1,750
Audit of the financial statements of the company's subsidiaries
10,400
10,400
12,150
12,150
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
859,284
836,698
Depreciation of tangible fixed assets held under hire purchase agreements
1,125,014
1,003,767
Profit on disposal of tangible fixed assets
(650,888)
(562,843)
Operating lease charges
6,000
6,000
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
99,426
67,918
Company pension contributions to defined contribution schemes
4,691
-
104,117
67,918
The directors are also considered to be the key management personnel of the company.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
143
98
8
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Salaried staff
28
26
4
4
Hourly staff
50
48
-
-
78
74
4
4
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,162,160
2,778,330
187,956
165,628
Social security costs
316,685
305,377
20,780
27,124
Pension costs
209,909
207,764
17,669
15,672
3,688,754
3,291,471
226,405
208,424
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
207
951
Interest on hire purchase agreements
309,984
132,415
310,191
133,366
10
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
38,544
(115,981)
Effect of change in corporation tax rates
4,486
424,758
Deferred tax arising on defined benefit pension scheme
32,750
19,000
Total deferred tax
75,780
327,777
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(Loss) before taxation
448,736
92,222
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
105,543
17,522
Tax effect of expenses that are not deductible in determining taxable profit
1,458
Effect of change in future corporation tax rate
4,486
424,758
Enhanced capital allowances
(34,249)
(115,961)
Tax charge for the year
75,780
327,777
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(1,250)
74,750
The effect of the change in corporation tax rate noted above reflects the fact that the deferred tax liability has been provided for at a rate of 25% as this is the rate that came into effect from 01/04/2023.
11
Dividends
2023
2022
£
£
Equity dividends paid on ordinary shares
53,523
53,523
53,523
53,523
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Tangible fixed assets
Group
Freehold property
Hire fleet
Equipment & machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,552,320
21,497,088
438,717
655,706
24,143,831
Additions
16,683
4,723,017
17,638
157,177
4,914,515
Disposals
(3,374,081)
(763)
(63,476)
(3,438,320)
At 31 December 2023
1,569,003
22,846,024
455,592
749,407
25,620,026
Depreciation and impairment
At 1 January 2023
495,991
9,476,443
367,758
342,139
10,682,331
Depreciation charged in the year
1,858,419
22,421
103,458
1,984,298
Eliminated in respect of disposals
(2,152,091)
(54,747)
(2,206,838)
At 31 December 2023
495,991
9,182,771
390,179
390,850
10,459,791
Net book value
At 31 December 2023
1,073,012
13,663,253
65,413
358,557
15,160,235
At 31 December 2022
1,056,329
12,020,645
70,959
313,567
13,461,500
Company
Freehold property
Equipment & machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,552,320
237,523
507
1,790,350
Additions
16,683
17,638
34,321
At 31 December 2023
1,569,003
255,161
507
1,824,671
Depreciation and impairment
At 1 January 2023
495,991
186,432
507
682,930
Depreciation charged in the year
17,854
17,854
At 31 December 2023
495,991
204,286
507
700,784
Net book value
At 31 December 2023
1,073,012
50,875
1,123,887
At 31 December 2022
1,056,329
51,091
1,107,420
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Hire fleet
9,892,103
6,849,333
Motor vehicles
102,286
139,295
9,994,389
6,988,628
-
-
13
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of property, plant and equipment
3,902,069
4,781,756
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
94,889
94,889
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Country of incorporation/residency
Nature of business
Class of shareholding
% Ownership
Marsh Plant Hire Limited
England
Hiring of Plant
Ordinary
100.00
Marsh Plant & Machinery Company Limited
England
Dormant
Ordinary
100.00
Marsh Plant Sales Limited
England
Dormant
Ordinary
100.00
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 25 -
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Marsh Plant Hire Limited
210,065
4,432,516
Marsh Plant & Machinery Company Limited
30,000
Marsh Plant Sales Limited
8,000
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Spare parts and consumables
105,070
131,500
629
905
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,349,289
931,359
(1,497)
3,650
Other debtors
1,024
23,418
1,024
23,126
Prepayments and accrued income
108,589
73,232
47,793
24,088
1,458,902
1,028,009
47,320
50,864
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
2,787,506
2,785,527
Total debtors
1,458,902
1,028,009
2,834,826
2,836,391
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Directors current accounts
1,067
3,021
1,067
3,021
Obligations under hire purchase agreements
2,255,907
1,944,930
PAYE and social security
93,200
112,274
-
-
VAT
112,724
57,022
-
-
Trade creditors
323,864
350,627
(5,988)
981
Amounts due to group undertakings
77,009
77,009
Other creditors
163,855
143,302
95,925
95,067
Accruals and deferred income
60,972
36,880
3,011,589
2,648,056
168,013
176,078
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Obligations under hire purchase agreements
3,905,689
2,676,340
The obligations under hire purchase agreements are secured on specific items of plant and cranes.
The rates of interest vary depending on the type of finance involved and the directors do not consider it practical to indicate the rates involved.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
3,153,055
2,663,965
Tax losses
(1,403,762)
(956,460)
Retirement benefit obligations
(1,692)
(1,684)
1,747,601
1,705,821
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
7,511
8,970
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
1,705,821
8,970
Charge/(credit) to profit or loss
41,780
(1,459)
Liability at 31 December 2023
1,747,601
7,511
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
209,909
207,764
A defined contribution money purchase pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Retirement benefit schemes
(Continued)
- 28 -
Defined benefit schemes
The group also operates a defined benefit scheme for certain employees, with a pension based on pensionable pay. The scheme is closed to new members. The assets of the scheme are administered by trustees in a fund independent from those of the group, being invested in insurance companies. Independent qualified actuaries periodically undertake formal valuations of the scheme. The most recent actuarial valuation for accounting purposes was undertaken as at 31 December 2020.
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Fair value of plan assets
3,461,000
3,167,000
3,461,000
3,167,000
Present value of defined benefit obligations
(2,775,000)
(2,612,000)
(2,775,000)
(2,612,000)
Surplus in scheme
686,000
555,000
686,000
555,000
Deferred taxation balance
(171,500)
(138,750)
(171,500)
(138,750)
Total asset recognised
514,500
416,250
514,500
416,250
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Retirement benefit schemes
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the fair value of plan assets
£
£
Fair value of assets at 1 January 2023
3,168,000
3,168,000
Interest Income
160,000
160,000
Return on plan assets in excess of interest income
8,000
8,000
Contributions by the employer
125,000
125,000
At 31 December 2023
3,461,000
3,461,000
Group
Company
2023
2023
Movements in the present value of defined benefit obligations
£
£
Liabilities at 1 January 2023
2,613,000
2,613,000
Current service cost
20,000
20,000
Actuarial losses/(gains) from a change in financial assumptions/from experience
86,000
86,000
Actuarial losses/(gains) on demographic assumptions
(73,000)
(73,000)
Interest on liabilities
129,000
129,000
At 31 December 2023
2,775,000
2,775,000
2023
2022
Amounts recognised in the profit and loss account
£
£
Current service cost
20,000
39,000
Net interest cost/(credit)
(31,000)
(4,000)
Total costs/(income)
(11,000)
35,000
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Retirement benefit schemes
(Continued)
- 30 -
2023
2022
Amounts taken to other comprehensive income
£
£
Return on plan assets in excess of interest income
8,000
(191,000)
Actuarial losses/(gains) on demographic assumptions
73,000
Actuarial losses/(gains) from a change in financial assumptions/from experience on scheme liabilities
(86,000)
490,000
Total income/(costs)
(5,000)
299,000
2023
2022
Key assumptions
%
%
Discount rate
4.60
4.95
Expected rate of increase of pensions in payment
2.5
2.5
CPI Inflation
2.15
2.20
Expected return on scheme assets
2.9
3.1
Mortality assumptions
2023
2022
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.2
22.2
- Females
23.7
-
22
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments in respect of photocopiers for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
7,650
7,600
7,650
7,600
Between two and five years
12,300
10,300
12,300
10,300
19,950
17,900
19,950
17,900
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
23
Financial commitments, guarantees and contingent liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Guarantees given to finance houses for amounts due to them under contracts of hire purchase
-
-
6,161,596
4,621,270
24
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
31,680 Ordinary shares of £1 each
31,680
31,680
25
Ultimate controlling party
The company was under the control of Mr G. E. Marsh throughout the current and previous year.
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
New hire purchases
31 December 2023
£
£
£
£
Cash at bank and in hand
546,767
(251,103)
-
295,664
Obligations under hire purchase
(4,621,270)
2,507,134
(4,047,460)
(6,161,596)
(4,074,503)
2,256,031
(4,047,460)
(5,865,932)
27
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
45,074
(16,782)
28,292
MARSH PLANT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
28
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
372,956
(235,555)
Adjustments for:
Taxation charged
75,780
327,777
Finance costs
310,191
133,366
Investment income
(143)
(98)
Gain on disposal of tangible fixed assets
(650,888)
(562,843)
Depreciation and impairment of tangible fixed assets
1,984,298
1,840,465
Pension scheme non-cash movement
(136,000)
(100,000)
Movements in working capital:
Decrease/(increase) in stocks
26,430
(31,091)
(Increase) in debtors
(452,995)
(200,052)
Increase in creditors
74,658
12,817
Cash generated from operations
1,604,287
1,184,786
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr. A. Hillcoat - Non ExecutiveMr. A. Hillcoat - Non ExecutiveMrs. C. L. 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