Registration number:
M Plant Hire Ltd
for the
Period from 12 January 2023 to 31 January 2024
M Plant Hire Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
M Plant Hire Ltd
Company Information
Directors |
Mr Paul John Morgan Mr Matthew John Morgan |
Registered office |
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Accountants |
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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
Directors of the company
The directors who held office during the period were as follows:
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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
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M Plant Hire Ltd
(Registration number: 14587479)
Balance Sheet as at 31 January 2024
Note |
31 January |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
(179,616) |
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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:
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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
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M Plant Hire Ltd
Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
M Plant Hire Ltd
Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 31 January 2024 |
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Depreciation |
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Charge for the period |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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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
Stocks |
31 January |
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Other inventories |
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Debtors |
Current |
31 January |
Trade debtors |
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Prepayments |
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Other debtors |
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M Plant Hire Ltd
Notes to the Unaudited Financial Statements
for the Period from 12 January 2023 to 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
31 January |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to/by related parties |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
31 January |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
31 January |
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No. |
£ |
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100 |
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 |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
31 January |
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Hire purchase contracts |
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