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COMPANY REGISTRATION NUMBER: 09301124
Davies Crane Hire Plant Limited
Filleted Financial Statements
31 March 2024
Davies Crane Hire Plant Limited
Financial Statements
Year ended 31 March 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Davies Crane Hire Plant Limited
Officers and Professional Advisers
The board of directors
Mr D M Davies
Mrs G P Davies
Mr N Davies
Registered office
Pensarn Works
Pensarn
Carmarthen
Dyfed
SA31 2NG
Auditor
James & Uzzell Ltd
Chartered Certified Accountants & Statutory Auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Davies Crane Hire Plant Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
22,198,543
16,646,158
CURRENT ASSETS
Debtors
6
245,316
1,691,112
Cash at bank and in hand
797,615
597,981
------------
------------
1,042,931
2,289,093
CREDITORS: amounts falling due within one year
7
11,883,770
11,042,058
-------------
-------------
NET CURRENT LIABILITIES
10,840,839
8,752,965
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
11,357,704
7,893,193
CREDITORS: amounts falling due after more than one year
8
4,210,640
2,164,681
PROVISIONS
Taxation including deferred tax
3,933,828
2,898,222
-------------
------------
NET ASSETS
3,213,236
2,830,290
-------------
------------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Profit and loss account
3,213,235
2,830,289
------------
------------
SHAREHOLDERS FUNDS
3,213,236
2,830,290
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr N Davies
Mr N Davies
Director
Company registration number: 09301124
Davies Crane Hire Plant Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. GENERAL INFORMATION
Davies Crane Hire Plant Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of plant hire.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Davies Crane Hire Holdings Limited which can be obtained from the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Key management personnel compensation has not been presented for the company.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of fixed assets The company reviews the potential impairment by a review of the assets condition. Estimates are then made based on the findings of the physical inspection. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The company recognises revenue when the amount of revenue can be reliably measured when it is probable that future economic benefits will flow to the entity. Revenue is recognised as follows: Hire activities Over the period of hire on a straight line basis. Revenue arising from the sale of ex-hire fleet assets, fuel and consumables is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Cranes & Equipment
-
10% straight line
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 unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, including the directors, amounted to 3 (2022: 3).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Cranes & equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
165,355
7,925
1,791,183
17,776,709
19,741,172
Additions
37,920
698,689
5,828,777
6,565,386
Disposals
( 5,975)
( 108,294)
( 114,269)
---------
------
------------
-------------
-------------
At 31 March 2024
203,275
1,950
2,381,578
23,605,486
26,192,289
---------
------
------------
-------------
-------------
Depreciation
At 1 April 2023
41,833
7,925
814,214
2,231,042
3,095,014
Charge for the year
19,399
274,136
658,572
952,107
Disposals
( 5,975)
( 47,400)
( 53,375)
---------
------
------------
-------------
-------------
At 31 March 2024
61,232
1,950
1,040,950
2,889,614
3,993,746
---------
------
------------
-------------
-------------
Carrying amount
At 31 March 2024
142,043
1,340,628
20,715,872
22,198,543
---------
------
------------
-------------
-------------
At 31 March 2023
123,522
976,969
15,545,667
16,646,158
---------
------
------------
-------------
-------------
6. DEBTORS
2024
2023
£
£
Other debtors
245,316
1,691,112
---------
------------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
779
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,594,261
8,743,720
Other creditors
1,289,509
2,297,559
-------------
-------------
11,883,770
11,042,058
-------------
-------------
The aggregate of secured liabilities falling due within one year is £1,270,007 (2023: £910,719). Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Obligations under finance leases and hire purchase contracts are secured by related assets.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,210,640
2,164,681
------------
------------
The aggregate of secured liabilities falling due after one year is £4,210,640 (2023:£2,164,681). Obligations under finance leases and hire purchase contracts are secured by related assets.
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. SUMMARY AUDIT OPINION
The auditor's report for the year dated 13 September 2024 was unqualified .
The senior statutory auditor was Alison Jayne Uzzell FCCA , for and on behalf of James & Uzzell Ltd .
11. RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. PARENT UNDERTAKINGS
The ultimate parent company is Davies Crane Hire Holdings Limited, a company registered in Great Britain.