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Registered number: SC071830










ROBERT PURVIS PLANT HIRE LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
ROBERT PURVIS PLANT HIRE LIMITED
 

COMPANY INFORMATION


Directors
Mr R Purvis 
Mr C R Purvis 
Ms L M Purvis 
Mrs J J Hepburn 
Mr R M Garmory 




Company secretary
Mr C R Purvis



Registered number
SC071830



Registered office
New Thistle House
Lochview Industrial Estate

Lochgelly

Fife

KY5 9HG




Independent auditors
Sumer Auditco Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
ROBERT PURVIS PLANT HIRE LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 7
Consolidated statement of comprehensive income
 
 
8
Consolidated statement of financial position
 
 
9
Company statement of financial position
 
 
10
Consolidated statement of changes in equity
 
 
11
Company statement of changes in equity
 
 
12
Consolidated statement of cash flows
 
 
13 - 14
Consolidated analysis of net debt
 
 
14
Notes to the financial statements
 
 
15 - 37


 
ROBERT PURVIS PLANT HIRE LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 March 2023.

Business review
 
The principal activity of the Group is hire of plant and machinery, transport, and recycling services.
The Group’s trading levels remain strong despite a modest reduction in turnover during the year under review, however, profitability has been positively impacted due to the strong second hand market on the resale of used plant. The combination of the various factors has resulted in an operating profit of £1,170,621 compared to £351,369 in the previous financial year.
The Group continues to monitor and control its cashflow requirements, with £561k in bank funds (net of
overdrafts) as at the year end date, and the use of hire purchase agreements to fund the majority of asset
purchases.
The directors acknowledge that the forthcoming accounting period will remain challenging due to the continued inflationary pressures within the UK economy, and supply issues within the construction sector. However, the directors remain optimistic that the Group will continue to trade profitability.
The Group’s key performance indicators are that of turnover growth which during a difficult trading period only reduced by 2.6% and gross profit which shows a increase of £895,228 in the year.

Principal risks and uncertainties
 
The more significant risks currently impacting the Group arise from the ongoing inflationary pressures within the UK economy, as well as continued pressures upon supply chains across the world.
The directors continue to monitor all risks facing the Group and place emphasis taking appropriate steps to mitigate their impact where possible, whilst providing a safe workplace environment for the Group’s staff and customer base. The directors acknowledge that the risks facing the Group may continue to have an uncertain impact for a prolonged period but consider that Group is well placed to meet those challenges.
In line with other businesses connected to the construction industry, the Group's main commercial risks are the level of construction and house building on-going at any time to generate a requirement for its services. There is the continuing pressure on pricing and the risk associated with the loss of customers to be managed. Those risks which the Group finds itself exposed to are managed by a strong board of directors.
The Group's principal financial instruments comprise bank balances, bank overdrafts and other banking facilities, loans to the Group and hire purchase agreements. The main purpose of these instruments is to finance Group operations.
Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is detailed below.
In respect of bank balances the liquidity risk is managed by maintaining such flexibility through the use of overdrafts and other banking facilities at floating rates of interest.
In respect of loans these comprise loans from related parties.
In respect of hire purchase agreements, the liquidity risk in respect of these is managed to ensure sufficient funds are available to meet repayments.

Page 1

 
ROBERT PURVIS PLANT HIRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Safety and health, environment and quality
 
The Group recognises the importance of, and has policies and procedures in place to ensure its environmental, health and safety requirements are met at all times.


This report was approved by the board on 23 August 2024 and signed on its behalf.



Mr C R Purvis
Secretary

Page 2

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £860,241 (2023 - loss £118,657).

Particulars of dividends paid are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

Mr R Purvis 
Mr C R Purvis 
Ms L M Purvis 
Mrs J J Hepburn 
Mr R M Garmory 

Page 3

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group or Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 August 2024 and signed on its behalf.
 





Mr C R Purvis
Secretary

Page 4

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED
 

Opinion


We have audited the financial statements of Robert Purvis Plant Hire Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' report.


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 2006Our 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 Auditors' 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.




Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

23 August 2024
Page 7

 
ROBERT PURVIS PLANT HIRE LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

  

Turnover
 4 
22,814,295
23,430,125

Cost of sales
  
(20,353,601)
(21,864,659)

Gross profit
  
2,460,694
1,565,466

Administrative expenses
  
(1,964,269)
(1,720,596)

Other operating income
 5 
674,196
506,499

Operating profit
 6 
1,170,621
351,369

Interest receivable and similar income
 9 
51,857
31,237

Interest payable and similar expenses
 10 
(417,994)
(291,191)

Gain on revaluation of investment properties
  
326,257
-

Profit before tax
  
1,130,741
91,415

Tax on profit
 11 
(270,500)
(210,072)

Profit/(loss) for the financial year
  
860,241
(118,657)

Profit for the year attributable to:
  

Owners of the parent company
  
(860,241)
118,657

  
(860,241)
118,657

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 37 form part of these financial statements.

Page 8

 
ROBERT PURVIS PLANT HIRE LIMITED
REGISTERED NUMBER: SC071830

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
 14 
213,272
248,179

Tangible assets
 15 
17,068,459
15,802,960

Investments
 16 
100
100

Investment property
 17 
1,430,000
1,000,000

  
18,711,831
17,051,239

Current assets
  

Stocks
 18 
414,904
259,516

Debtors: amounts falling due within one year
 19 
4,368,231
4,830,359

Cash at bank and in hand
 20 
1,843,472
2,707,938

  
6,626,607
7,797,813

Creditors: amounts falling due within one year
 21 
(10,669,667)
(10,879,166)

Net current liabilities
  
 
 
(4,043,060)
 
 
(3,081,353)

Total assets less current liabilities
  
14,668,771
13,969,886

Creditors: amounts falling due after more than one year
 22 
(1,142,118)
(1,246,974)

Provisions for liabilities
  

Deferred taxation
 26 
(1,504,561)
(1,234,061)

  
 
 
(1,504,561)
 
 
(1,234,061)

Net assets
  
12,022,092
11,488,851


Capital and reserves
  

Called up share capital 
 27 
137,000
137,000

Revaluation reserve
 28 
897,898
653,205

Profit and loss account
 28 
10,987,194
10,698,646

  
12,022,092
11,488,851


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2024.




Mr R Purvis
Mr C R Purvis
Director
Director

The notes on pages 15 to 37 form part of these financial statements.

Page 9

 
ROBERT PURVIS PLANT HIRE LIMITED
REGISTERED NUMBER: SC071830

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 15 
13,765,324
12,897,283

Investments
 16 
2,172,675
2,172,675

Investment Property
 17 
1,280,000
1,000,000

  
17,217,999
16,069,958

Current assets
  

Stocks
 18 
269,416
156,266

Debtors: amounts falling due within one year
 19 
3,547,213
3,967,618

Cash at bank and in hand
 20 
1,712,500
2,062,500

  
5,529,129
6,186,384

Creditors: amounts falling due within one year
 21 
(9,300,055)
(9,395,560)

Net current liabilities
  
 
 
(3,770,926)
 
 
(3,209,176)

Total assets less current liabilities
  
13,447,073
12,860,782

  

Creditors: amounts falling due after more than one year
 22 
(959,345)
(988,962)

Provisions for liabilities
  

Deferred taxation
 26 
(1,340,477)
(1,129,359)

  
 
 
(1,340,477)
 
 
(1,129,359)

Net assets
  
11,147,251
10,742,461


Capital and reserves
  

Called up share capital 
 27 
137,000
137,000

Revaluation reserve
 28 
863,205
653,205

Profit and loss account
 28 
10,147,046
9,952,256

  
11,147,251
10,742,461


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2024.


Mr R Purvis
Mr C R Purvis
Director
Director

The notes on pages 15 to 37 form part of these financial statements.

Page 10

 
ROBERT PURVIS PLANT HIRE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2023
137,000
653,205
10,698,646
11,488,851
11,488,851


Comprehensive income for the year

Profit for the year
-
-
860,241
860,241
860,241

Transfer to revaluation reserve
-
-
(210,000)
(210,000)
(210,000)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(327,000)
(327,000)
(327,000)

Transfer from profit and loss account
-
244,693
(34,693)
210,000
210,000


At 31 March 2024
137,000
897,898
10,987,194
12,022,092
12,022,092


The notes on pages 15 to 37 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2022
137,000
705,461
11,082,547
11,925,008
11,925,008


Comprehensive income for the year

Loss for the year
-
-
(118,657)
(118,657)
(118,657)

Transfer to revaluation reserve
-
-
52,256
52,256
52,256


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(317,500)
(317,500)
(317,500)

Transfer from profit and loss account
-
(52,256)
-
(52,256)
(52,256)


At 31 March 2023
137,000
653,205
10,698,646
11,488,851
11,488,851


The notes on pages 15 to 37 form part of these financial statements.

Page 11

 
ROBERT PURVIS PLANT HIRE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
137,000
653,205
9,952,256
10,742,461


Comprehensive income for the year

Profit for the year
-
-
731,790
731,790

Transfer to revaluation reserve
-
-
(210,000)
(210,000)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(327,000)
(327,000)

Transfer from profit and loss account
-
210,000
-
210,000


At 31 March 2024
137,000
863,205
10,147,046
11,147,251



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
137,000
705,461
10,510,070
11,352,531


Comprehensive income for the year

Loss for the year
-
-
(292,570)
(292,570)

Transfer to revaluation reserve
-
-
52,256
52,256


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(317,500)
(317,500)

Transfer from profit and loss account
-
(52,256)
-
(52,256)


At 31 March 2023
137,000
653,205
9,952,256
10,742,461


The notes on pages 15 to 37 form part of these financial statements.

Page 12

 
ROBERT PURVIS PLANT HIRE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
860,241
(118,657)

Adjustments for:

Amortisation of intangible assets
34,907
34,907

Depreciation of tangible assets
4,231,336
3,999,272

(Profit) on disposal of tangible assets
(1,035,101)
(996,457)

Interest paid
417,994
291,191

Interest received
(51,857)
(31,237)

Taxation charge
270,500
210,072

(Increase) in stocks
(155,388)
(35,291)

Decrease in debtors
642,204
102,272

(Decrease)/increase in creditors
(443,706)
1,497,152

Gain on revaluation of investment properties
(326,257)
-

Corporation tax (paid)/received
(180,000)
525,352

Net cash generated from operating activities

4,264,873
5,478,576


Cash flows from investing activities

Purchase of tangible fixed assets
(6,168,757)
(7,090,306)

Sale of tangible fixed assets
1,625,429
2,010,419

Purchase of investment properties
(22,149)
-

Interest received
51,857
31,237

HP interest paid
(291,369)
(239,160)

Net cash from investing activities

(4,804,989)
(5,287,810)
Page 13

 
ROBERT PURVIS PLANT HIRE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(19,683)
(20,634)

(Repayment of)/new finance leases
(554,766)
52,070

Dividends paid
(327,000)
(317,500)

Interest paid
(126,625)
(52,031)

Net cash used in financing activities
(1,028,074)
(338,095)

Net (decrease) in cash and cash equivalents
(1,568,190)
(147,329)

Cash and cash equivalents at beginning of year
2,128,736
2,276,065

Cash and cash equivalents at the end of year
560,546
2,128,736


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,843,472
2,707,938

Bank overdrafts
(1,282,926)
(579,202)

560,546
2,128,736



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,707,938

(864,466)

-

1,843,472

Bank overdrafts

(579,202)

(703,724)

-

(1,282,926)

Debt due after 1 year

(44,713)

19,683

-

(25,030)

Debt due within 1 year

(20,000)

-

-

(20,000)

Finance leases

(4,824,801)

3,486,970

(2,932,204)

(4,270,035)


(2,760,778)
1,938,463
(2,932,204)
(3,754,519)

The notes on pages 15 to 37 form part of these financial statements.

Page 14

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Robert Purvis Plant Hire Limited is a company limited by shares, incorporated in Scotland. Its registered office is New Thistle House, Lochview Industrial Estate, Lochgelly, Fife, KY5 9HG.
The financial statements are presented in Sterling which is the functional currency of the group and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 17

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.





Page 19

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0% - 5% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20%-25% straight line
Fixtures and fittings
-
25% straight line
Asset under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

It is the company's policy to maintain freehold property in good condition and depreciation is only
provided on freehold property, when in the opinion of the directors, the estimated residual value
becomes less than the book value of the property.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Investment property

Investment properties are shown at their fair value. Changes in fair value are recognised in profit or loss.
Properties rented to other group companies are classified as property, plant and equipment (freehold property) and held at historical cost less depreciation and impairment.

 
2.15

Valuation of investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

Page 20

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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.

 
2.23

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the company’s financial statements relates to depreciation, particularly plant and machinery depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset. Although gains on sale of fixed assets are regularly achieved this arises primarily where assets are sold within their useful lives.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Plant hire and transport
12,193,176
12,797,669

Materials and recycling
10,621,119
10,632,456

22,814,295
23,430,125


All turnover arose within the United Kingdom.

Page 22

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Rents receivable
541,211
402,644

Management charges receivable
120,768
82,500

Other operating income
12,217
21,355

674,196
506,499



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation of intangible assets
34,907
34,907

Exchange differences
1,441
2,446

Audit fees
28,300
18,850

Non audit fees from Auditor
16,000
21,400

Depreciation of tangible fixed assets
4,206,728
3,999,272

Gain on sale of assets
(1,035,101)
(995,964)

Page 23

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,776,679
6,718,683
4,917,211
5,033,506

Social security costs
702,214
696,613
549,746
565,042

Cost of defined contribution scheme
199,075
284,504
160,590
245,742

7,677,968
7,699,800
5,627,547
5,844,290


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Number of administrative staff
14
14
14
14



Number of operatives
167
170
127
134

181
184
141
148


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
285,013
326,012

Group contributions to defined contribution pension schemes
20,323
93,700

305,336
419,712


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £113,991 (2023 - £120,453).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The directors are considered to be the company's Key Management Personnel.

Page 24

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
51,857
31,237


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
125,924
51,090

Other loan interest payable
701
941

Finance leases and hire purchase contracts
291,369
239,160

417,994
291,191


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
747,204
615,739

Deferred tax on revaluation of investment property
81,564
52,256

Deferred tax on losses
(558,057)
(457,349)

Short term timing differences
(211)
(574)

Total deferred tax
270,500
210,072


Taxation on profit on ordinary activities
270,500
210,072
Page 25

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,130,741
91,415


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
282,685
17,370

Effects of:


Expenses not deductible for tax purposes
20,124
12,829

Additional super-deduction capital allowances
-
(99,583)

Adjustments to tax charge in respect of prior periods
(35,339)
323,365

Depreciation on non-qualifying assets
3,003
2,282

Capital gains
5,075
5,700

Gain on sale of non-qualifying assets
(5,025)
(19,000)

Change in tax rate
-
(27,191)

Other differences leading to an increase (decrease) in the tax charge
(23)
(5,700)

Total tax charge for the year
270,500
210,072


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Equity dividends on ordinary shares
327,000
317,500


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit/(loss) after tax of the parent Company for the year was £731,790 (2023 - £(292,570)).

Page 26

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 April 2023
349,072



At 31 March 2024

349,072



Amortisation


At 1 April 2023
100,893


Charge for the year on owned assets
34,907



At 31 March 2024

135,800



Net book value



At 31 March 2024
213,272



At 31 March 2023
248,179



Page 27

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Asset under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
4,227,037
25,815,770
2,003,152
1,741
81,594
32,129,294


Additions
70,380
5,061,068
287,593
-
749,716
6,168,757


Disposals
(60,000)
(3,810,901)
(312,077)
-
-
(4,182,978)


Transfers between classes
-
-
-
-
(81,594)
(81,594)



At 31 March 2024

4,237,417
27,065,937
1,978,668
1,741
749,716
34,033,479



Depreciation


At 1 April 2023
453,659
14,574,496
1,296,438
1,741
-
16,326,334


Charge for the year on owned assets
12,008
3,869,922
349,406
-
-
4,231,336


Disposals
-
(3,334,087)
(258,563)
-
-
(3,592,650)



At 31 March 2024

465,667
15,110,331
1,387,281
1,741
-
16,965,020



Net book value



At 31 March 2024
3,771,750
11,955,606
591,387
-
749,716
17,068,459



At 31 March 2023
3,773,378
11,241,274
706,714
-
81,594
15,802,960

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
7,533,317
6,707,679

Motor vehicles
150,499
320,992

7,683,816
7,028,671

Page 28

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
3,670,624
21,975,190
1,024,427
-
26,670,241


Additions
30,000
3,893,247
128,480
580,131
4,631,858


Disposals
(60,000)
(3,484,413)
(138,748)
-
(3,683,161)



At 31 March 2024

3,640,624
22,384,024
1,014,159
580,131
27,618,938



Depreciation


At 1 April 2023
10,680
13,161,820
600,458
-
13,772,958


Charge for the year on owned assets
915
3,102,151
156,174
-
3,259,240


Disposals
-
(3,053,047)
(125,537)
-
(3,178,584)



At 31 March 2024

11,595
13,210,924
631,095
-
13,853,614



Net book value



At 31 March 2024
3,629,029
9,173,100
383,064
580,131
13,765,324



At 31 March 2023
3,659,944
8,813,370
423,969
-
12,897,283






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
5,858,908
5,423,949

Motor vehicles
107,636
173,129

5,966,544
5,597,078

Page 29

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 April 2023
100



At 31 March 2024
100




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 April 2023
2,172,575
100
2,172,675



At 31 March 2024
2,172,575
100
2,172,675





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Cartmore Transport Limited
Ordinary
100%
Eagle Recycling (UK) Limited
Ordinary
100%
A M Howie Limited Limited
Ordinary
100%
Recycle Fife Limited
Ordinary
100%


Associated undertakings


The following was an associate of the Company:


Name

Class of shares

Holding

Inverkeithing Developments Limited
Ordinary
33.33%

The registered office of all the above listed subsidiaries and associates is New Thistle House, The Avenue, Lochgelly, Fife, KY5 9HG.

Page 30

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2023
1,000,000


Additions at cost
22,149


Surplus on revaluation
326,257


Transfers between classes
81,594



At 31 March 2024
1,430,000

The 2024 valuations were made by the directors on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
429,176
325,443

Accumulated depreciation and impairments
(215,249)
(204,519)

213,927
120,924





18.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
414,904
259,516
269,416
156,266


Page 31

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,237,420
3,784,136
2,546,449
2,955,933

Other debtors
968,015
907,970
883,549
907,970

Prepayments and accrued income
162,796
138,253
117,215
103,715

4,368,231
4,830,359
3,547,213
3,967,618



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,843,472
2,707,938
1,712,500
2,062,500

Less: bank overdrafts
(1,282,926)
(579,202)
(1,121,969)
(579,202)

560,546
2,128,736
590,531
1,483,298



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,282,926
579,202
1,121,969
579,202

Bank loans
20,000
20,000
10,000
10,000

Trade creditors
2,530,251
2,994,297
2,219,836
2,580,349

Amounts owed to group undertakings
-
-
180,816
441,141

Other taxation and social security
665,283
508,117
551,770
341,106

Net obligations under hire purchase creditors
3,152,947
3,622,540
2,663,808
2,885,299

Other creditors
2,842,043
2,819,727
2,443,477
2,340,000

Accruals and deferred income
176,217
335,283
108,379
218,463

10,669,667
10,879,166
9,300,055
9,395,560


Bank borrowings are secured by a standard security over certain properties of the Group and a bond and floating charge.
Net obligations under hire purchase creditors are secured by the relevant assets.

Page 32

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
25,030
44,713
12,500
22,500

Net obligations under hire purchase creditors
1,117,088
1,202,261
946,845
966,462

1,142,118
1,246,974
959,345
988,962


Net obligations under hire purchase creditors are secured by the relevant assets.




23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
20,000
20,000
10,000
10,000


20,000
20,000
10,000
10,000

Amounts falling due 1-2 years

Bank loans
20,000
20,000
10,000
10,000


20,000
20,000
10,000
10,000

Amounts falling due 2-5 years

Bank loans
5,030
24,713
2,500
12,500


5,030
24,713
2,500
12,500


45,030
64,713
22,500
32,500


Page 33

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
3,152,947
3,622,540
2,663,808
2,885,299

Between 1-5 years
1,117,088
1,202,261
946,845
966,462

4,270,035
4,824,801
3,610,653
3,851,761


25.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,843,472
2,707,938
1,712,500
2,062,500

Financial assets that are debt instruments measured at amortised cost
3,820,169
4,132,405
3,429,998
3,863,903

5,663,641
6,840,343
5,142,498
5,926,403


Financial liabilities

Financial liabilities measured at amortised cost
(10,973,015)
(11,571,841)
9,707,630
10,043,416


Financial assets measured at fair value through profit or loss comprise at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors and loans.

Page 34

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(1,234,061)
(1,023,989)


Charged to profit or loss
(270,500)
(210,072)



At end of year
(1,504,561)
(1,234,061)

Company


2024
2023


£

£






At beginning of year
(1,129,359)
(958,879)


Charged to profit or loss
(211,118)
(170,480)



At end of year
(1,340,477)
(1,129,359)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(2,219,607)
(1,474,249)
(1,778,921)
(1,092,115)

Chargeable gains
(299,299)
(217,735)
(287,735)
(217,735)

Tax losses carried forward
1,013,560
457,349
725,603
179,917

Short term timing differences
785
574
576
574

(1,504,561)
(1,234,061)
(1,340,477)
(1,129,359)

Page 35

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



121,000 (2023 - 122,000) Ordinary A shares of £1.00 each
121,000
122,000
5,000 (2023 - 5,000) Ordinary B shares of £1.00 each
5,000
5,000
2,000 (2023 - 2,000) Ordinary C shares of £1.00 each
2,000
2,000
2,000 (2023 - 2,000) Ordinary D shares of £1.00 each
2,000
2,000
5,000 (2023 - 5,000) Ordinary E shares of £1.00 each
5,000
5,000
1,000 (2023 - 1,000) Ordinary F shares of £1.00 each
1,000
1,000
1,000 (2023 - NIL) Ordinary G shares of £1.00 each
1,000
-

137,000

137,000

During the year 1,000 Ordinary A shares of £1.00 each were reclassified as Ordinary G shares of £1.00 each.
All shares rank Pari-Passu in all respects other than dividends which may be voted on individual share classes.



28.


Reserves

Revaluation reserve

The revaluation reserve includes all cumulative fair value valuation surplus in relation to investment properties, less any deferred tax provisions.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


29.


Capital commitments




At 31 March 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
540,000
215,624
540,000
-

Page 36

 
ROBERT PURVIS PLANT HIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £199,075 (2023 - £284,504). Contributions totalling £3,148 (2023 - £3,874) were payable to the fund at the reporting date and are included in creditors.


31.


Related party transactions

The Company and Group has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group.
During the year, the Company entered into the following transactions with related parties:


2024
2023
£
£

Sales to other related parties other than group companies
7,112,749
7,651,138
Purchases from other related parties other than group companies
435,664
884,747
Net trading balances due from other related parties other than group companies
584,118
714,704
Rent received
384,297
288,919
Amounts due to other related parties other than group companies
(2,112,500)
(2,662,500)
Amounts due from entities over which the company has joint control/significant influence
210,313
9,912

Included within other creditors is an amount of £150,000 (2023 - £140,000) owing to a director. The director's loan is repayable on demand and there is no interest charged on this loan.


32.


Controlling party

The parent Company was under the control of Mr R Purvis throughout the current and previous year. Mr R Purvis is the majority shareholder.

Page 37