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Registration number: 14587479

M Plant Hire Ltd

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Period from 12 January 2023 to 31 January 2024

 

M Plant Hire Ltd

Contents

Company Information

1

Directors' Report

2 to 3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

M Plant Hire Ltd

Company Information

Directors

Mr Paul John Morgan

Mr Matthew John Morgan

Registered office

The Old Tin Works
Priory Street
Carmarthen
Carmarthenshire
SA31 1NR
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

M Plant Hire Ltd

Directors' Report
for the Period from 12 January 2023 to 31 January 2024

The directors present their report and the financial statements for the period from 12 January 2023 to 31 January 2024.

Incorporation

The company was incorporated on 12 January 2023.

Directors of the company

The directors who held office during the period were as follows:

Mr Paul John Morgan (appointed 12 January 2023)

Mr Matthew John Morgan (appointed 15 August 2023)

Principal activity

The principal activity of the company is Renting and leasing of construction and civil engineering machinery and equipment

Going concern

The financial statements have been prepared on a going concern basis despite the net liabilities position due to the continued support of the directors and related parties.

Statement of directors responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 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.

 

M Plant Hire Ltd

Directors' Report
for the Period from 12 January 2023 to 31 January 2024

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Fair review of the business

This narrative has been prepared by the Directors in support of the Annual Accounts and provide an update from the business for the period.

M-Plant Hire Ltd was set up in April 2023. After an initial 6-month period of purchasing assets, setup and training for the premises and team, the business opened its doors to the trade and public on 21-August-23,

During this first period the company incurred losses as no income was received. There were also significant initial cost outlays as you would expect with a startup business of this scale.

The Directors have been pleased with the level of interest in this new business and a year in are starting to see the benefits of this business to the Group.

The business opened in stages throughout this first year to facilitate controlled growth, but also in line with site development of the Carmarthen premises and the relocation to the same site of Morgan Construction Wales Ltd and the rest of the MCW Group of companies.

• The HGV vehicle and plant workshop, which will contribute to around 25% of external sales, opened in January 2024. Prior to this the facility was used to ensure existing machines within the group were overhauled and tested ready to let to third parties.
• An underutilised area of the yard has been let to a third party from July 2024.
• Hire sales to our contracting group company (Morgan Construction Wales Ltd) have increased since the breaking of ground on our eagerly awaited Saundersfoot site in April 2024.
• Hire sales to other contractors and the general public are increasing, although slower than anticipated due to the economic challenges being faced in the industry.

All parts of the M-Plant Hire business are now up and running. The Directors are committed to this business in the long term and are seeing some positive monthly returns.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................
Mr Paul John Morgan
Director

 

M Plant Hire Ltd

(Registration number: 14587479)
Balance Sheet as at 31 January 2024

Note

31 January
2024
£

Fixed assets

 

Tangible assets

4

786,339

Current assets

 

Stocks

5

25,064

Debtors

6

110,968

Cash at bank and in hand

 

15,166

 

151,198

Creditors: Amounts falling due within one year

7

(656,472)

Net current liabilities

 

(505,274)

Total assets less current liabilities

 

281,065

Creditors: Amounts falling due after more than one year

7

(460,581)

Net liabilities

 

(179,516)

Capital and reserves

 

Called up share capital

8

100

Retained earnings

(179,616)

Shareholders' deficit

 

(179,516)

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

M Plant Hire Ltd

(Registration number: 14587479)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................
Mr Matthew John Morgan
Director

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Tin Works
Priory Street
Carmarthen
Carmarthenshire
SA31 1NR
United Kingdom

These financial statements were authorised for issue by the Board on 9 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite the net liabilities position due to the continued support of the directors and related parties.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

12.5% reducing balance

Motor Vehicles

15% reducing balance

Land and buildings

2% on cost

Furniture, fittings and equipment

15% reducing balance

Computer equipment

33.3% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7.

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

67,444

3,874

104,445

653,805

829,568

At 31 January 2024

67,444

3,874

104,445

653,805

829,568

Depreciation

Charge for the period

1,466

451

6,528

34,784

43,229

At 31 January 2024

1,466

451

6,528

34,784

43,229

Carrying amount

At 31 January 2024

65,978

3,423

97,917

619,021

786,339

Included within the net book value of land and buildings above is £65,977 in respect of long leasehold land and buildings.
 

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

5

Stocks

31 January
2024
£

Other inventories

25,064

6

Debtors

Current

31 January
2024
£

Trade debtors

110,209

Prepayments

305

Other debtors

454

 

110,968

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 January
2024
£

Due within one year

 

Bank loans and overdrafts

9

145,585

Trade creditors

 

62,079

Amounts owed to/by related parties

355,000

Taxation and social security

 

4,946

Accruals and deferred income

 

67,775

Other creditors

 

21,087

 

656,472

Creditors: amounts falling due after more than one year

Note

31 January
2024
£

Due after one year

 

Loans and borrowings

9

460,581

8

Share capital

Allotted, called up and fully paid shares

31 January
2024

No.

£

Ordinary Shares of £1 each

100

100

   

9

Loans and borrowings

Non-current loans and borrowings

 

M Plant Hire Ltd

Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024

31 January
2024
£

Hire purchase contracts

360,581

Other borrowings

100,000

460,581

Current loans and borrowings

31 January
2024
£

Hire purchase contracts

145,585