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REGISTERED NUMBER: 03433419 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

CONTRACTORS/PLANT HIRE (READING) LTD

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CONTRACTORS/PLANT HIRE (READING) LTD

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTOR: J A Stevens





REGISTERED OFFICE: The Nucleus Business and Innovation
Centre, Brunel Way,
Dartford,
Kent
DA1 5GA





REGISTERED NUMBER: 03433419 (England and Wales)





AUDITORS: Banks & Co Limited
Chartered Certified Accountants
Statutory Auditors
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,133,823 5,620,177
Investments 5 175 175
Investment property 6 295,000 295,000
2,428,998 5,915,352

CURRENT ASSETS
Stocks - 30,640
Debtors 7 5,840,831 3,324,479
Cash at bank 750,988 99,377
6,591,819 3,454,496
CREDITORS
Amounts falling due within one year 8 1,008,660 3,026,489
NET CURRENT ASSETS 5,583,159 428,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,012,157

6,343,359

CREDITORS
Amounts falling due after more than
one year

9

(414,630

)

(1,479,766

)

PROVISIONS FOR LIABILITIES (238,610 ) (22,135 )
NET ASSETS 7,358,917 4,841,458

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 158,395 158,395
Retained earnings 7,200,422 4,682,963
SHAREHOLDERS' FUNDS 7,358,917 4,841,458

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





J A Stevens - Director


CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Contractors/Plant Hire (Reading) Ltd is a private company , limited by shares, registered in England and Wales. the company's registered number is 03433419 and registered office address is The Nucleus Business and Innovation Centre, Brunel Way, Dartford, Kent, DA1 5GA.

The presentation currency of the financial statements is the GB pound (£), which is the functional currency of the company. Monetary amounts included in these financial statements are rounded to the nearest £.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The company has cash resources and access to other forms of finance. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting 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.

Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Recoverability of trade debtors
Provision is made for any trade debtors that are considered to be irrecoverable. This is based on management's best estimate taking consideration of particular factors including credit insurance and expected recovery.

Impairment of investment property
Investment property is shown at their fair value. The carrying value is reviewed for any impairment that may have occurred as a result of a change in circumstances that indicate that the carrying value may not be fully recoverable.

Turnover
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the company has a right to receive income, on an accruals basis, when goods are sold or a hire term is completed.

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 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.
Land & Buildings - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of profit or loss.

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

Financial instruments
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Impairment of financial assets
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow
group companies, 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 receipts discounted at a market rate of interest.

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

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

Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Taxation & 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
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Related party loans
Loans made to related parties and that are due in more than one year are disclosed at present value.

Present value is calculated by discounting the initial cost by the market rate prevalent during the period over the full term of the agreement.

The reduction of cost is included within retained earnings as a distribution arising from loans to related parties.

Any interest in relation to the loan is calculated at market value and recognised in the profit and loss account in the accounting period in which it falls due.

Loans made to related parties and that are considered repayable on demand are disclosed at cost.

The recoverability of each loan is considered by the Director on an annual basis and, should any impairment of the loans be required, appropriate disclosures and adjustments are made.

Operating leases
Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset is consumed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 37 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land & Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2022 1,312,000 11,788,193 103,730 1,233,824 14,437,747
Additions - 1,029,471 - 199,528 1,228,999
Disposals - (12,005,264 ) (103,730 ) (1,336,602 ) (13,445,596 )
At 30 September 2023 1,312,000 812,400 - 96,750 2,221,150
DEPRECIATION
At 1 October 2022 70,324 8,241,119 102,586 403,540 8,817,569
Charge for year 16,115 682,518 1,144 124,910 824,687
Eliminated on disposal - (8,922,749 ) (103,730 ) (528,450 ) (9,554,929 )
At 30 September 2023 86,439 888 - - 87,327
NET BOOK VALUE
At 30 September 2023 1,225,561 811,512 - 96,750 2,133,823
At 30 September 2022 1,241,676 3,547,074 1,144 830,284 5,620,178

Included in cost or valuation of land and buildings is freehold land of £ 432,960 (2022 - £ 432,960 ) which is not depreciated.

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2023 is represented by:

Land & Plant and Motor
Buildings machinery vehicles Totals
£    £    £    £   
Valuation in 2015 (46,175 ) - - (46,175 )
Valuation in 2018 76,000 - - 76,000
Cost 1,282,175 812,400 96,750 2,191,325
1,312,000 812,400 96,750 2,221,150

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,282,175 1,282,175
Aggregate depreciation 62,118 49,694

Value of land in freehold land and buildings 661,000 661,000

Freehold land and buildings were valued on an open market basis on 30 September 2020 by the Director .

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 175
NET BOOK VALUE
At 30 September 2023 175
At 30 September 2022 175

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 295,000
NET BOOK VALUE
At 30 September 2023 295,000
At 30 September 2022 295,000

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

6. INVESTMENT PROPERTY - continued

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 146,956
Valuation in 2021 (70,000 )
Cost 218,044
295,000

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 67,315 1,362,829
Amounts owed by group undertakings 4,235,257 1,436
Other debtors 138,259 111,555
Prepayments and accrued income - 32,472
4,440,831 1,508,292

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,400,000 1,816,187

Aggregate amounts 5,840,831 3,324,479

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 658,622
Hire purchase contracts (see note 10) 429,047 1,335,251
Trade creditors 85,356 395,604
Tax 379,809 809
Social security and other taxes - 35,761
VAT - 198,852
Other creditors 98,481 123,732
Directors' current accounts - 246,876
Accrued expenses 15,967 30,982
1,008,660 3,026,489

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 570,574
CBIL - 311,111
Hire purchase contracts (see note 10) 414,630 598,081
414,630 1,479,766

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 429,047 1,335,251
Between one and five years 414,630 598,081
843,677 1,933,332

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 66,417
Between one and five years - 42,500
- 108,917

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 417,724
Bank loans - 1,122,583
Hire purchase contracts 843,677 1,933,332
843,677 3,473,639

Hire purchase contracts are individually secured against the assets to which they relate.

12. CALLED UP SHARE CAPITAL

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

13. RESERVES
Revaluation
reserve
£   
At 1 October 2022
and 30 September 2023 158,395

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Mark Lodge Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Banks & Co Limited

CONTRACTORS/PLANT HIRE (READING) LTD (REGISTERED NUMBER: 03433419)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

15. PENSION COMMITMENTS

The company is operating a defined contribution pension scheme. During the year the company contributed £51,117 (2022 - £73,178) At the year end the company had contributions totalling £nil (2022 - £5,478) outstanding.

16. RELATED PARTY DISCLOSURES

Included within the Amounts owed by group undertakings shown within note 9, is a loan of £1.4 million which attracts interest at a rate of 7% p.a. and has a repayment date of August 2025. However, the company has agreed to waive its right to any interest in respect of the period from drawdown in August 2023 to 30 September 2023.

The balance of the Amounts owed by group undertakings are interest free and have no fixed date of repayment.The company has agreed that no repayments will be demanded for a period of at least 12 months from the Balance date.

17. POST BALANCE SHEET EVENTS

In December 2023, the company sold its land and buildings for net proceeds of £2.15 million resulting in a book profit of approximately £928,000.

18. ULTIMATE CONTROLLING PARTY

The controlling party is Tulimus Limited.

The ultimate controlling party is J A Stevens.

The company is a subsidiary undertaking of Tulimus Limited, registered office at 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE.The ultimate controlling party is the Director, J A Stevens.

The smallest group in which the results are consolidated is that headed by Tulimus Limited.