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REGISTERED NUMBER: 07136718 (England and Wales)














Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

HEWITSON PLANT HIRE LIMITED

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


HEWITSON PLANT HIRE LIMITED

Company Information
for the Year Ended 31 March 2024







Directors: M E Hewitson
D G Jones
O S Hewitson



Registered office: Teesside Grange
Eaglescliffe
Stockton-On-Tees
TS16 0QH



Registered number: 07136718 (England and Wales)



Senior statutory auditor: Karl Michael Gordon FCCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Review of business
The Company has continued to expand in a controlled manner during the year and has secured a large volume of contract hires for the year ahead. This has been a challenging year with increasing inflation and higher interest rates which has severely affected several prominent construction firms. The Company however has continued to thrive and continues to establish itself as a quality organisation.

The Company's return on assets ratio has increased in the period from 3.26% to 3.57%, which represents management's efforts to ensure maximum efficiency from the assets it possesses. Plant and equipment levels are monitored on a weekly basis to reduce waste. The Company operates a policy of regularly updating and upgrading its plant and equipment to ensure best performance.

The Company's debt/equity ratio has changed slightly in the period from 3.5 to 4 but remains stable. This is due to a large capital spend to meet customer requirements and strict depreciation policies to conservatively value assets. Accomplishing a 39% increase in asset base whilst limiting debt/equity increase to 14% has been considered an achievement this year.

Principal risks and uncertainties
The main short term risk results from the conflict in Eastern Europe which affecting wages inflation and driving up fuel and material costs. The business is well placed to deal with this challenge however as it has strong liquidity. The longer-term risk results from possible prolonged higher interest rates, which may affect the construction industry by the postponement of future projects. However the group has secured a substantial orderbook of work for the year ahead.

On behalf of the board:





M E Hewitson - Director


16 August 2024

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

Principal activity
The principal activity of the company in the year under review was that of plant hire and sales.

Dividends
No dividends will be distributed for the year ended 31 March 2024.

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M E Hewitson
D G Jones
O S Hewitson

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-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 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.

Statement as to disclosure of information to auditors
So far as the directors are 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 each director 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, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M E Hewitson - Director


16 August 2024

Report of the Independent Auditors to the Members of
Hewitson Plant Hire Limited

Opinion
We have audited the financial statements of Hewitson Plant Hire Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2024 and of its loss 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Hewitson Plant Hire Limited


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 Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Hewitson Plant Hire Limited


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:

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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.
These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and the company's legal advisors.

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 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.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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
Hewitson Plant Hire Limited


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.




Karl Michael Gordon FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

16 August 2024

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Income Statement
for the Year Ended 31 March 2024

Period
1/12/21
Year Ended to
31/3/24 31/3/23
Notes £    £   

Turnover 3 12,194,841 15,450,052

Cost of sales 9,658,900 12,715,273
Gross profit 2,535,941 2,734,779

Administrative expenses 1,153,499 1,237,523
1,382,442 1,497,256

Other operating income 3,938 6,266
Operating profit 5 1,386,380 1,503,522

Interest receivable and similar income 2,095 405
1,388,475 1,503,927

Interest payable and similar expenses 6 943,832 601,384
Profit before taxation 444,643 902,543

Tax on profit 7 2,270,230 92,764
(Loss)/profit for the financial year (1,825,587 ) 809,779

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Other Comprehensive Income
for the Year Ended 31 March 2024

Period
1/12/21
Year Ended to
31/3/24 31/3/23
Notes £    £   

(Loss)/profit for the year (1,825,587 ) 809,779


Other comprehensive income
Present value of capital contribution 99,452 70,087
Income tax relating to other comprehensive
income

-

-
Other comprehensive income for the year,
net of income tax

99,452

70,087
Total comprehensive income for the year (1,726,135 ) 879,866

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 8 23,011,837 21,423,199

Current assets
Stocks 9 501,975 533,645
Debtors 10 2,610,470 2,109,244
Cash at bank 298,978 560,797
3,411,423 3,203,686
Creditors
Amounts falling due within one year 11 9,209,251 7,370,272
Net current liabilities (5,797,828 ) (4,166,586 )
Total assets less current liabilities 17,214,009 17,256,613

Creditors
Amounts falling due after more than one
year

12

(10,426,362

)

(11,013,061

)

Provisions for liabilities 15 (3,603,418 ) (1,333,188 )
Net assets 3,184,229 4,910,364

Capital and reserves
Called up share capital 16 1 1
Capital contribution 17 283,574 184,122
Retained earnings 17 2,900,654 4,726,241
Shareholders' funds 3,184,229 4,910,364

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





M E Hewitson - Director


HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Capital Total
capital earnings contribution equity
£    £    £    £   
Balance at 1 December 2021 1 3,916,462 114,035 4,030,498

Changes in equity
Total comprehensive income - 809,779 70,087 879,866
Balance at 31 March 2023 1 4,726,241 184,122 4,910,364

Changes in equity
Total comprehensive income - (1,825,587 ) 99,452 (1,726,135 )
Balance at 31 March 2024 1 2,900,654 283,574 3,184,229

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Cash Flow Statement
for the Year Ended 31 March 2024

Period
1/12/21
Year Ended to
31/3/24 31/3/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,239,540 4,048,620
Interest paid - (21,589 )
Interest element of hire purchase payments
paid

(943,832

)

(579,795

)
Net cash from operating activities 3,295,708 3,447,236

Cash flows from investing activities
Purchase of tangible fixed assets (3,039,343 ) (1,247,083 )
Sale of tangible fixed assets 5,151,708 4,360,216
Interest received 2,095 405
Net cash from investing activities 2,114,460 3,113,538

Cash flows from financing activities
Movement on group balances 1,035,287 1,010,760
Capital repayments in year (6,707,274 ) (7,910,442 )
Net cash from financing activities (5,671,987 ) (6,899,682 )

Decrease in cash and cash equivalents (261,819 ) (338,908 )
Cash and cash equivalents at beginning of
year

2

560,797

899,705

Cash and cash equivalents at end of year 2 298,978 560,797

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Profit before taxation 444,643 902,543
Depreciation charges 4,156,067 4,443,770
Profit on disposal of fixed assets (771,124 ) (1,038,792 )
Fixed asset adjustment (6,524 ) -
Government grants (3,938 ) (6,266 )
Finance costs 943,832 601,384
Finance income (2,095 ) (405 )
4,760,861 4,902,234
Decrease/(increase) in stocks 31,670 (489,366 )
Increase in trade and other debtors (648,968 ) (26,809 )
Increase/(decrease) in trade and other creditors 95,977 (337,439 )
Cash generated from operations 4,239,540 4,048,620

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 298,978 560,797
Period ended 31 March 2023
31/3/23 1/12/21
£    £   
Cash and cash equivalents 560,797 899,705


HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£    £    £    £   
Net cash
Cash at bank 560,797 (261,819 ) 298,978
560,797 (261,819 ) 298,978
Debt
Finance leases (14,392,307 ) 6,707,274 - (14,764,456 )
(14,392,307 ) 6,707,274 - (14,764,456 )
Total (13,831,510 ) 6,445,455 - (14,465,478 )

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hewitson Plant Hire Limited 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 (£).


The company traded for a longer period in the comparative period due to a change in accounting period. Therefore the comparative amounts in the financial statements (including related notes) are not entirely comparable.

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.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and support from the parent company, Hewitson Group Limited, to continue in operational existence for at least the next twelve months.

The financial statements have been prepared under the going concern basis of accounting.

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 entities within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of plant is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Turnover from the hire of plant is recognised by reference to the period of hire at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - At varying rates
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 20% on cost

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

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
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.
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 and loss.

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 only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.


HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
United Kingdom 9,761,312 14,220,139
Europe 1,183,866 367,000
Middle East and Asia 692,313 415,413
North & South America 498,300 447,500
Africa 59,050 -
12,194,841 15,450,052

4. EMPLOYEES AND DIRECTORS
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Wages and salaries 1,481,477 2,010,135
Social security costs - 1,531
Other pension costs 22,639 30,502
1,504,116 2,042,168

The average number of employees during the year was as follows:
Period
1/12/21
Year Ended to
31/3/24 31/3/23

Directors 3 3
Staff 41 34
44 37

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Directors' remuneration - 21,000

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. OPERATING PROFIT

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

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Hire of plant and machinery 2,127,311 3,056,637
Depreciation - owned assets 1,209,518 656,023
Depreciation - assets on hire purchase contracts 2,946,549 3,787,746
Profit on disposal of fixed assets (771,124 ) (1,038,792 )
Auditors' remuneration 7,414 7,360
Foreign exchange differences 4,120 6,496

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Bank loan interest - 21,589
Hire purchase 943,832 579,795
943,832 601,384

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Deferred tax 2,270,230 92,764
Tax on profit 2,270,230 92,764

UK corporation tax has been charged at 25% .

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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:

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Profit before tax 444,643 902,543
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

111,161

171,483

Effects of:
Expenses not deductible for tax purposes 1,051 (9,396 )
Income not taxable for tax purposes (193,766 ) -
Capital allowances in excess of depreciation (666,442 ) (578,480 )
Utilisation of tax losses 696,236 (46,346 )
Losses to carry forward - 416,470
Chargeable gains 51,760 46,269
Movement in deferred tax due to rate change 864,820 -
Accelerated capital allowances 1,405,410 92,764
Total tax charge 2,270,230 92,764

Tax effects relating to effects of other comprehensive income

31/3/24
Gross Tax Net
£    £    £   
Present value of capital contribution 99,452 - 99,452

1/12/21 to 31/3/23
Gross Tax Net
£    £    £   
Present value of capital contribution 70,087 - 70,087

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 29,650,142 403,862 8,326 30,062,330
Additions 10,082,389 36,377 - 10,118,766
Disposals (7,018,111 ) (70,133 ) (425 ) (7,088,669 )
Reclassification/transfer 15,501 (10,137 ) (555 ) 4,809
At 31 March 2024 32,729,921 359,969 7,346 33,097,236
DEPRECIATION
At 1 April 2023 8,513,154 118,601 7,376 8,639,131
Charge for year 4,079,741 75,986 340 4,156,067
Eliminated on disposal (2,661,165 ) (46,495 ) (425 ) (2,708,085 )
Reclassification/transfer 6,901 (8,432 ) (183 ) (1,714 )
At 31 March 2024 9,938,631 139,660 7,108 10,085,399
NET BOOK VALUE
At 31 March 2024 22,791,290 220,309 238 23,011,837
At 31 March 2023 21,136,988 285,261 950 21,423,199

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 23,027,799 141,785 23,169,584
Additions 7,047,247 32,177 7,079,424
Transfer to ownership (6,772,492 ) (20,115 ) (6,792,607 )
At 31 March 2024 23,302,554 153,847 23,456,401
DEPRECIATION
At 1 April 2023 4,895,264 13,110 4,908,374
Charge for year 2,910,774 35,775 2,946,549
Transfer to ownership (2,049,592 ) (13,110 ) (2,062,702 )
At 31 March 2024 5,756,446 35,775 5,792,221
NET BOOK VALUE
At 31 March 2024 17,546,108 118,072 17,664,180
At 31 March 2023 18,132,535 128,675 18,261,210

9. STOCKS
31/3/24 31/3/23
£    £   
Stocks 501,975 533,645

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 2,083,180 1,592,742
Amounts owed by group undertakings 23,513 171,255
Other debtors 135,722 98,034
VAT 361,844 239,943
Prepayments and accrued income 6,211 7,270
2,610,470 2,109,244

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts (see note 13) 6,125,999 4,933,326
Trade creditors 783,352 612,467
Amounts owed to group undertakings 2,089,381 1,538,501
Social security and other taxes 33,295 36,865
Other creditors 95,438 94,914
Deferred grant income 3,386 3,938
Accrued expenses 78,400 150,261
9,209,251 7,370,272

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts (see note 13) 8,638,457 9,458,981
Amounts owed to group undertakings 1,767,124 1,529,913
Deferred grant income 20,781 24,167
10,426,362 11,013,061

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/24 31/3/23
£    £   
Net obligations repayable:
Within one year 6,125,999 4,933,326
Between one and five years 8,638,457 9,458,981
14,764,456 14,392,307

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Hire purchase contracts 14,764,456 14,392,307

The debts are secured via the assets which they have financed. Interest rates underlying all obligations vary under each contract ranging between 3% and 9%.

15. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 3,603,418 1,333,188

Deferred
tax
£   
Balance at 1 April 2023 1,333,188
Accelerated capital allowances 1,405,410
Change in taxation rate 864,820
Balance at 31 March 2024 3,603,418

The amount of the net reversal of deferred tax expected to occur next year relating to the reversal of existing timing difference on tangible fixed assets is £623,899.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
1 Ordinary £1 1 1

17. RESERVES
Retained Capital
earnings contribution Totals
£    £    £   

At 1 April 2023 4,726,241 184,122 4,910,363
Deficit for the year (1,825,587 ) (1,825,587 )
Capital contribution - 99,452 99,452
At 31 March 2024 2,900,654 283,574 3,184,228

The capital contribution reserve represents a capital contribution arising on a loan received from the parent company at a below market rate of interest.

HEWITSON PLANT HIRE LIMITED (REGISTERED NUMBER: 07136718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. ULTIMATE PARENT COMPANY

The ultimate parent company is Hewitson Group Ltd, a private company limited by shares registered in England and Wales.

The registered office is the same as for Hewitson Plant Hire Limited and can be found on the company information page. Consolidated group accounts are prepared by the parent and be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

19. CONTINGENT LIABILITIES

A multilateral guarantee and debenture exists between Hewitson Plant Hire Limited, Hewitson Limited, Hewitson Haulage Ltd, Hewitson Plant Sales Limited, Oaktree Living Limited and HAB Northern Ltd dated 14th April 2014 in favour of HSBC Bank plc.

At the balance sheet date, the amount owed to HSBC Bank Plc by the group was nil.

20. RELATED PARTY DISCLOSURES

Other related parties
31/3/24 31/3/23
£    £   
Sales 614,250 785,509
Purchases 585,537 350,662
Amount due from related party 41,562 40,224

No compensation was paid to key management personnel during the year. However during the period ended 31 March 2023 a total of key management personnel compensation of £ 21,000 was paid.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M E Hewitson.