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REGISTERED NUMBER: 10136504 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

NORTH EAST PLANT LTD

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


NORTH EAST PLANT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: P Hughes





REGISTERED OFFICE: Oil Depot
242
London Road
Stretton on Dunsmore
CV23 9JA





REGISTERED NUMBER: 10136504 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


The director presents his strategic report for the year ended 31 July 2023.

FAIR REVIEW OF BUSINESS
2023 has been a good year for the Company, with turnover up by 263% to £14.9m (2022 - £5.6m) and gross profit margins improving to 83.8% (2022 - 77.1%). This was expected as significant additional contracting work on existing contracts was required as these works scaled up.

The Company made net profits of £1.0m compared to £4.5m in 2022.

At 31 July 2023, the Company had net assets of £9.0m with cash reserves of £156k.

Going forward, the director believes that the Company is in a good position to continue to grow their offering to existing clients and provide a high level of service. The Company continues to invest in plant & machinery to maintain their fleet offering, which the director utilizes as part of his strategy to further the growth of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the Company and execution of the Company's strategy are subject to standard business risks. The key business risks and uncertainties affecting the Company are considered to relate to liquidity risk and credit risk.

Liquidity risk

The Company is exposed to liquidity risk via their financial instruments, namely their trade debtors and trade creditors. The timing of cash flows in the business and overall cash cycle are impacted by the scale of their transactions, with significant plant and machinery purchases and subcontractor payments being matched with material sales invoice receipts from major customers. The director manages this risk by carefully monitoring the cash position of the Company and ensuring that their projections for inflows and outflows provide a sufficient margin of safety that the business can continue to meet their obligations as they come due.

Credit risk

The Company is exposed to a credit risk via their trade debtors, as there are relatively few sales invoices and customers, with each transaction being near or above material in value. The risk of non-payment of invoices is managed by the director via careful consideration of customers credit worthiness before accepting any new work.

ON BEHALF OF THE BOARD:





P Hughes - Director


5 August 2024

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JULY 2023


The director presents his report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the lease of plant and equipment.

DIVIDENDS
Interim dividends of £383,387 were paid during the period. The total distribution of dividend's for the period ended 31st July 2023 will be £383,387 (2022 - £4,606,250).

DIRECTOR
P Hughes held office during the whole of the period from 1 August 2022 to the date of this report.

FINANCIAL INSTRUMENTS
The Company's financial instruments, comprising borrowings, cash and liquid resources, and various other items such as trade debtors, trade creditors, etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Company. The main source of income for the Company, the hire of plant & equipment, are subject to credit risk and cash flow risks.

The details of key risk management have been disclosed in the strategic report.

The director constantly monitors the trading results of the Company to ensure that the Company can meet its obligations as they fall due and has a reasonable expectation that the Company has sufficient resources to continue in operational existence for the foreseeable future and therefore the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

CHARITABLE DONATIONS AND EXPENDITURE
During the year, the Company made donations totalling £27,400 to Wooden Spoon, a national charity that supports children's rugby.

FUTURE DEVELOPMENTS
The director has carefully considered the forward outlook for the Company and believes that his strategy of maintaining an up-to-date fleet which can flexibly provide heavy machinery to their clients across the UK on a hire basis will continue to provide the Company with the opportunity to grow and develop.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JULY 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Hughes - Director


5 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTH EAST PLANT LTD


Opinion
We have audited the financial statements of North East Plant Ltd (the 'company') for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTH EAST PLANT LTD


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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTH EAST PLANT LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;

- addressing the risks of fraud through management override of controls by performing journal entry testing;

- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;

- enquiring with management concerning actual and potential litigation claims

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTH EAST PLANT LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

5 August 2024

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

TURNOVER 14,885,463 5,656,054

Cost of sales 2,413,541 1,294,984
GROSS PROFIT 12,471,922 4,361,070

Administrative expenses 9,819,707 7,608,416
2,652,215 (3,247,346 )

Other operating income - 7,643,620
OPERATING PROFIT 4 2,652,215 4,396,274

Interest receivable and similar income 31,882 844,347
2,684,097 5,240,621

Interest payable and similar expenses 6 - 8,405
PROFIT BEFORE TAXATION 2,684,097 5,232,216

Tax on profit 7 1,675,026 703,029
PROFIT FOR THE FINANCIAL YEAR 1,009,071 4,529,187

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,009,071 4,529,187


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,009,071

4,529,187

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 13,375,616 5,806,576

CURRENT ASSETS
Debtors 10 9,142,490 5,894,529
Cash at bank 156,192 47,039
9,298,682 5,941,568
CREDITORS
Amounts falling due within one year 11 10,871,466 2,246,022
NET CURRENT (LIABILITIES)/ASSETS (1,572,784 ) 3,695,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,802,832

9,502,122

PROVISIONS FOR LIABILITIES 12 2,778,275 1,103,249
NET ASSETS 9,024,557 8,398,873

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 9,024,457 8,398,773
SHAREHOLDERS' FUNDS 9,024,557 8,398,873

The financial statements were approved by the director and authorised for issue on 5 August 2024 and were signed by:





P Hughes - Director


NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 100 8,475,836 8,475,936

Changes in equity
Dividends - (4,606,250 ) (4,606,250 )
Total comprehensive income - 4,529,187 4,529,187
Balance at 31 July 2022 100 8,398,773 8,398,873

Changes in equity
Dividends - (383,387 ) (383,387 )
Total comprehensive income - 1,009,071 1,009,071
Balance at 31 July 2023 100 9,024,457 9,024,557

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

North East Plant Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which the director considers to be appropriate. The company has group support to ensure that it meets its liabilities for a period of no less than 12 months from the approval of the financial statements.Consequently, the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements and therefore have prepared them on a going concern basis.

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

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

The company has elected to take the exemptions relating to this entity being consolidated into the financial statements of the parent entity, Frank Solutions Limited, a company registered in the Isle of Man.

Significant judgements and estimates
Management do not consider there to have been any significant judgements or estimates made when applying the above accounting policies during the preparation of the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on the delivery of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be reliably measured.

Revenue from the hire of assets is recognised over the duration of the hire period. Once an asset is delivered to a customer, the company maintains substantially all the risks and rewards in relation to ownership of these assets, but recognises revenue as the associated economic benefits associated with ownership of the asset flow to the entity; and the costs incurred or to be incurred in respect of these hire transactions can be reliably measured.

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% per annum of net book value
Motor vehicles - 25% Straight line
Computer equipment - 33% per annum of cost

Financial instruments
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 140,490 130,000
Social security costs 14,756 12,265
155,246 142,265

The average number of employees during the year was as follows:
2023 2022

Management 2 2

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Director's remuneration 54,167 50,000

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 4,003 31,792
Depreciation - owned assets 2,169,357 659,269
Profit on disposal of fixed assets (198,991 ) (172,040 )
Auditors' remuneration 175 6,500

5. EXCEPTIONAL ITEMS

In the prior year it was agreed that a loan creditor with a balance of £7,642,171 was written off. The balance at the year end is therefore £Nil (2022: £Nil).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 8,405

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 10,888

Deferred tax 1,675,026 692,141
Tax on profit 1,675,026 703,029

UK corporation tax was charged at 19%) in 2022.

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,684,097 5,232,216
Profit multiplied by the standard rate of corporation tax in the UK of 21%
(2022 - 19%)

563,660

994,121

Effects of:
Expenses not deductible for tax purposes 3,247 53,148
Income not taxable for tax purposes - (32,688 )
Capital allowances in excess of depreciation (1,517,731 ) (824,123 )
Utilisation of tax losses (6,058 ) -
Adjustments to tax charge in respect of previous periods - 10,888
Group relief - (190,457 )
Deferred tax 2,631,908 692,140
Total tax charge 1,675,026 703,029

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 383,387 4,606,250

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 6,972,833 5,690 769,466 9,590 7,757,579
Additions 9,284,690 2,302 1,546,828 2,777 10,836,597
Disposals (1,120,500 ) - (115,337 ) - (1,235,837 )
At 31 July 2023 15,137,023 7,992 2,200,957 12,367 17,358,339
DEPRECIATION
At 1 August 2022 1,516,076 4,836 421,883 8,208 1,951,003
Charge for year 1,880,517 538 287,183 1,119 2,169,357
Eliminated on disposal (116,800 ) - (20,837 ) - (137,637 )
At 31 July 2023 3,279,793 5,374 688,229 9,327 3,982,723
NET BOOK VALUE
At 31 July 2023 11,857,230 2,618 1,512,728 3,040 13,375,616
At 31 July 2022 5,456,757 854 347,583 1,382 5,806,576

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,496,900 1,345,499
Amounts owed by group undertakings - 2,535,000
Other debtors 7,645,590 1,460,756
Directors' current accounts - 368,258
VAT - 185,016
9,142,490 5,894,529

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 262,108 322,996
Amounts owed to group undertakings 7,451,764 -
Corporation tax 589,496 1,727,111
Social security & other taxes 4,660 2,842
VAT 132,588 -
Other creditors 2,410,400 184,748
Accrued expenses 20,450 8,325
10,871,466 2,246,022

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,778,275 1,103,249

Deferred
tax
£   
Balance at 1 August 2022 1,103,249
Provided during year 1,675,026
Balance at 31 July 2023 2,778,275

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

14. RESERVES
Retained
earnings
£   

At 1 August 2022 8,398,773
Profit for the year 1,009,071
Dividends (383,387 )
At 31 July 2023 9,024,457

15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
P Hughes
Balance outstanding at start of year 368,258 411,338
Amounts advanced 1,080,603 8,103
Amounts repaid (1,448,861 ) (51,183 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 368,258

During the year the director operated a loan with the company with no fixed terms of repayment, interest was charged at a rate of 2.25%, totalling £31,882 (2022 - £8,103) during the year. Amounts advanced during the year were £1,080,603 (2022 - £4,749) and repayments during the year were £1,448,861 (2022 - £55,923). At the year end the amount owing to the company was £Nil (2022 - £368,258).

NORTH EAST PLANT LTD (REGISTERED NUMBER: 10136504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


16. RELATED PARTY DISCLOSURES

Key management personnel comprises the directors for the company. The directors received
remuneration in the year as disclosed in note 3.

17. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Frank Solutions Limited.
Frank Solutions Limited is based in the Isle of Man and the group financial statements can be obtained from
The Engine Room
2nd Floor
54-58 Athol Street
Douglas
IM1 1JD
Isle of Man