Company Registration No. 00840292 (England and Wales)
MARSH PLANT HIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
PO6 3TH
MARSH PLANT HIRE LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
MARSH PLANT HIRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G. E. Marsh - Chairman
Mr. A. G. Honeywell - Managing Director
Secretary
Mrs. C. L. Walters
Company number
00840292
Registered office
67 New Lane
Havant
Hampshire
United Kingdom
PO9 2LZ
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Bankers
National Westminster Bank plc
130 Commercial Road
Portsmouth
Hampshire
PO1 1ES
MARSH PLANT HIRE 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 principal activity of the company during the year was that of hiring mobile cranes and general plant.

Review of business and future developments

The result for the year has been much improved with a profit before tax of £253,304 compared to the loss of £131,519 in the prior year. This has been helped by an increase in turnover of 16.32% and, more importantly, an increase in Gross Profit to 30.59%.

 

Cash has been managed with £267,372 in credit.

 

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.

By order of the board

Mrs. C. L. Walters
Secretary
4 July 2024
MARSH PLANT HIRE 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.

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 - Chairman
Mr. A. G. Honeywell - Managing Director

The interests of the directors and their families in the shares of the parent undertaking (Marsh Plant Holdings Limited) are disclosed in the director's report of that company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MARSH PLANT HIRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

By order of the board
Mrs. C. L. Walters
Mr. G. E. Marsh - Chairman
Secretary
Director
4 July 2024
4 July 2024
MARSH PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARSH PLANT HIRE LIMITED
- 5 -
Opinion

We have audited the financial statements of Marsh Plant Hire Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 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.

MARSH PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HIRE LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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:

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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

MARSH PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HIRE LIMITED
- 7 -

Our approach was as follows:

 

 

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.

 

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.

 

MARSH PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSH PLANT HIRE LIMITED
- 8 -

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
Statutory Auditor
17 July 2024
Office: Portsmouth
MARSH PLANT HIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
7,907,231
6,778,599
Cost of sales
(5,488,674)
(5,008,465)
Gross profit
2,418,557
1,770,134
Selling costs
(336,874)
(300,665)
Administrative expenses
(1,551,059)
(1,508,685)
Other operating income
32,728
40,965
Operating profit
4
563,352
1,749
Interest receivable and similar income
7
143
98
Interest payable and similar expenses
8
(310,191)
(133,366)
Profit/(loss) before taxation
253,304
(131,519)
Tax charge on loss
9
(43,239)
(288,618)
Profit/(loss) for the financial year after taxation
210,065
(420,137)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

The company has no recognised gains or losses other than the results for the year as set out above.

The notes on pages 12 to 22 form part of these financial statements
MARSH PLANT HIRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
14,036,346
12,354,078
Current assets
Stocks
11
104,441
130,595
Debtors
12
1,411,582
977,145
Cash at bank and in hand
267,372
501,693
1,783,395
1,609,433
Creditors: amounts falling due within one year
13
(2,920,575)
(2,548,977)
Net current liabilities
(1,137,180)
(939,544)
Total assets less current liabilities
12,899,166
11,414,534
Creditors: amounts falling due after more than one year
14
(6,693,195)
(5,461,867)
Provisions for liabilities
Deferred tax liability
15
1,740,090
1,696,851
(1,740,090)
(1,696,851)
Net assets
4,465,881
4,255,816
Capital and reserves
Called up share capital
17
40,000
40,000
Profit and loss reserves
4,425,881
4,215,816
Total equity
4,465,881
4,255,816
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:
Mr. G. E. Marsh - Chairman
Director
Company Registration No. 00840292
MARSH PLANT HIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
40,000
4,635,953
4,675,953
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(420,137)
(420,137)
Balance at 31 December 2022
40,000
4,215,816
4,255,816
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
210,065
210,065
Balance at 31 December 2023
40,000
4,425,881
4,465,881
MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Marsh Plant Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 67 New Lane, Havant, Hampshire, United Kingdom, PO9 2LZ.

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.

The directors have taken advantage of the exemption in FRS 102 section 1.12 from including a cash flow statement in the financial statements on the grounds that the company is wholly owned and its parent publishes a consolidated cash flow statement.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

1.4
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:

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 credited or charged to profit or loss.

Some hire fleet items are purchased second hand. Such items are depreciated over their expected remaining useful lives which may therefore fall outside the generally applicable rates identified above.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
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).

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and monies deposited with banks.

1.8
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.

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 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.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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.

1.10
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.

1.11
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.

1.12
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.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.13
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.

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.

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 10 for the carrying amount of plant and equipment, and note 1.4 for the useful economic lives for each class of asset.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
3
Turnover

The turnover and profit before tax are attributable to the one principal activity of the company.

 

An analysis of the company's turnover is as follows:

2023
2022
£
£
United Kingdom
7,907,231
6,778,599
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,400
10,400
Depreciation of owned tangible fixed assets
841,430
800,324
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)
5
Employees

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

2023
2022
Number
Number
Salaried staff
24
22
Hourly staff
50
48
Total
74
70
MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,974,204
2,612,702
Social security costs
295,905
278,253
Pension costs
192,240
192,092
3,462,349
3,083,047
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
95,137
88,267
Company pension contributions to defined contribution schemes
25,472
23,655
120,609
111,922

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2022 - 1).

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
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
207
951
Interest on finance leases and hire purchase contracts
309,984
132,415
310,191
133,366
MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
40,680
(118,627)
Changes in tax rates
2,559
407,245
Total deferred tax
43,239
288,618

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
253,304
(131,519)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
59,578
(24,989)
Losses surrendered under group relief
15,351
22,323
Effect of change in future corporation tax rate
2,559
407,245
Enhanced capital allowances
(34,249)
(115,961)
Taxation charge for the year
43,239
288,618

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.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
10
Tangible fixed assets
Hire fleet
Equipment & machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
21,497,088
201,194
655,200
22,353,482
Additions
4,723,017
-
0
157,177
4,880,194
Disposals
(3,374,081)
(763)
(63,476)
(3,438,320)
At 31 December 2023
22,846,024
200,431
748,901
23,795,356
Depreciation
At 1 January 2023
9,476,445
181,327
341,632
9,999,404
Depreciation charged in the year
1,858,419
4,567
103,458
1,966,444
Eliminated in respect of disposals
(2,152,091)
-
0
(54,747)
(2,206,838)
At 31 December 2023
9,182,773
185,894
390,343
9,759,010
Net book value
At 31 December 2023
13,663,251
14,537
358,558
14,036,346
At 31 December 2022
12,020,643
19,867
313,568
12,354,078

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

2023
2022
£
£
Hire fleet
9,892,103
6,849,333
Motor vehicles
102,286
139,295
9,994,389
6,988,628
11
Stocks
2023
2022
£
£
Spare parts and consumables
104,441
130,595
MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,350,786
927,709
Other debtors
-
0
292
Prepayments and accrued income
60,796
49,144
1,411,582
977,145
13
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under hire purchase agreements
2,255,907
1,944,930
Trade creditors
329,852
349,646
VAT
113,748
80,148
PAYE and social security
92,176
89,148
Other creditors
67,930
48,233
Accruals and deferred income
60,962
36,872
2,920,575
2,548,977

The obligations under hire purchase agreements are secured on specific items of plant and cranes.

14
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under hire purchase agreements
3,905,689
2,676,340
Amounts owed to group undertakings
2,787,506
2,785,527
6,693,195
5,461,867

The obligations under hire purchase agreements are secured on specific items of plant and cranes.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
15
Deferred taxation

Deferred tax assets and liabilities are offset where the 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
Balances:
£
£
Accelerated capital allowances
3,145,544
2,654,995
Tax losses
(1,403,762)
(956,460)
Retirement benefit obligations
(1,692)
(1,684)
1,740,090
1,696,851
2023
Movements in the year:
£
Liability at 1 January 2023
1,696,851
Charge to profit or loss
43,239
Liability at 31 December 2023
1,740,090
16
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution money purchase pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The group operates a defined benefit scheme for the benefit of the directors and certain employees with a pension based on final pensionable pay. The assets of the scheme are administered by trustees in a fund independent from those of the company, being invested with insurance companies.

 

Full FRS 102 details are set out in the consolidated group accounts.

MARSH PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
17
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary shares of £1 each
40,000
40,000
18
Ultimate controlling party

The ultimate parent undertaking of this company is Marsh Plant Holdings Limited, a company registered in England and Wales.

 

Marsh Plant Holdings Limited is the ultimate controlling party by virtue of its shareholding.

 

The largest and smallest group of undertakings for which group accounts have been prepared is that headed by Marsh Plant Holdings Limited, which is registered in England and Wales.

 

 

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