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REGISTERED NUMBER: 10518182 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Sirius Plant Ltd

Sirius Plant Ltd (Registered number: 10518182)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sirius Plant Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P E Kane
M J Powell
S Robinson





REGISTERED OFFICE: Russel House
Mill Road
Langley Moor
Co. Durham
DH7 8HJ





REGISTERED NUMBER: 10518182 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Sirius Plant Ltd (Registered number: 10518182)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,984,660 8,315,952

CURRENT ASSETS
Debtors 5 3,006,642 4,522,093
Cash at bank 831,721 1,415,136
3,838,363 5,937,229
CREDITORS
Amounts falling due within one year 6 2,152,166 2,942,800
NET CURRENT ASSETS 1,686,197 2,994,429
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,670,857

11,310,381

CREDITORS
Amounts falling due after more than one
year

7

(2,795,782

)

(4,151,887

)

PROVISIONS FOR LIABILITIES (775,000 ) (890,000 )
NET ASSETS 5,100,075 6,268,494

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 5,099,975 6,268,394
SHAREHOLDERS' FUNDS 5,100,075 6,268,494

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





S Robinson - Director


Sirius Plant Ltd (Registered number: 10518182)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Sirius Plant 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the supply of plant hire represents the value of plant hire provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the plant hire provided to date based on the stage of completion of the contract activity at the balance sheet date.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is measured by reference to the right to consideration in respect of performance of contractual obligations.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:

Plant and machinery - 15% on cost
Motor vehicles - 25% on cost

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Sirius Plant Ltd (Registered number: 10518182)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their useful economic lives.

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.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 14 ) .

Sirius Plant Ltd (Registered number: 10518182)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 12,995,652 261,869 13,257,521
Additions 433,050 - 433,050
Disposals (5,000 ) (35,795 ) (40,795 )
Reclassification/transfer 155,536 - 155,536
At 31 December 2023 13,579,238 226,074 13,805,312
DEPRECIATION
At 1 January 2023 4,877,236 64,333 4,941,569
Charge for year 1,704,510 56,519 1,761,029
Eliminated on disposal - (35,795 ) (35,795 )
Reclassification/transfer 153,849 - 153,849
At 31 December 2023 6,735,595 85,057 6,820,652
NET BOOK VALUE
At 31 December 2023 6,843,643 141,017 6,984,660
At 31 December 2022 8,118,416 197,536 8,315,952

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 January 2023 12,945,135 174,705 13,119,840
Additions 425,740 - 425,740
Transfer to ownership (1,078,928 ) - (1,078,928 )
At 31 December 2023 12,291,947 174,705 12,466,652
DEPRECIATION
At 1 January 2023 4,972,177 27,468 4,999,645
Charge for year 1,523,976 43,677 1,567,653
Transfer to ownership (435,948 ) - (435,948 )
At 31 December 2023 6,060,205 71,145 6,131,350
NET BOOK VALUE
At 31 December 2023 6,231,742 103,560 6,335,302
At 31 December 2022 7,972,958 147,237 8,120,195

Sirius Plant Ltd (Registered number: 10518182)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,060 76,566
Amounts owed by group undertakings 2,953,196 4,344,921
Amounts recoverable on contract - 5,000
Amounts owed by related parties - 49,906
Prepayments 32,386 45,700
3,006,642 4,522,093

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,950,928 2,683,864
Trade creditors 137,391 80,534
Amounts owed to group undertakings 428 302
Taxation 30,377 102,500
VAT 24,595 45,298
Accrued expenses 8,447 30,302
2,152,166 2,942,800

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 2,795,782 4,151,887

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 4,761,986 6,835,751

Hire purchase contracts are secured on the fixed assets to which they relate.

Group banking facilities are secured by a debenture over the assets of the company.

The company also offers security to its bankers under cross guarantees with Sirius Engineering Group Ltd and its subsidiaries, and two other companies, related due to directors in common.

9. CALLED UP SHARE CAPITAL

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

Sirius Plant Ltd (Registered number: 10518182)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

The Report of the Auditors was unqualified.

Andrew Dewing FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £5,600 (2022 £39,200).

12. ULTIMATE CONTROLLING PARTY

Sirius Engineering Group Limited owns 100% of the issued capital of the company. The Sirius Group Employee Ownership Trust owns 100% of the issued share capital of Sirius Engineering Group Limited. The parent's registered office address is the same as that of the company, and is registered in England and Wales.