REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
For The Year Ended 31st January 2024 |
for |
Hodge Plant Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
For The Year Ended 31st January 2024 |
for |
Hodge Plant Limited |
Hodge Plant Limited (Registered number: SC208669) |
Contents of the Financial Statements |
For The Year Ended 31st January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Hodge Plant Limited |
Company Information |
For The Year Ended 31st January 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
169 West George Street |
Glasgow |
G2 2LB |
Hodge Plant Limited (Registered number: SC208669) |
Strategic Report |
For The Year Ended 31st January 2024 |
The after tax profit for the year amounted to £200,735 (2023: £521,635). |
There is no corporation tax payable in the year to 31 January 2024 (2023: £nil) |
The deferred tax provision carried in these financial statements is £1,421,737 (2023: £1,234,034). |
REVIEW OF BUSINESS |
The director is pleased to report another profitable year. A summary of the key performance indicators are listed below: |
2024 | 2023 | 2022 |
£ | £ | £ |
Turnover | 11,412,885 | 11,044,421 | 15,477,711 |
Gross profit | 2,080,213 | 1,904,746 | 2,539,206 |
Shareholders funds | 11,538,914 | 11,422,179 | 10,976,544 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company has a framework in place to identify and manage business risks. The key financial risks include : |
Credit risk |
The company provides goods on credit to its customers. The risk arises from the possibility that customer will fail to meet their obligations to pay the sums due. To manage this risk all customers have their credit worthiness assessed and credit terms assigned to them. Systems are also in place to monitor adherence to these terms as appropriate. |
Liquidity risk |
The company is funded by retained profits. The company's policy is to ensure that any projected borrowing requirement is covered by committed facilities with its bankers. |
Price risk |
The company is exposed to the risk of suppliers' price increases, particularly in relation to equipment for resale, affecting margin achieved on the sale of capital plant items. It is the company's policy to monitor price changes and consider its options in terms of fixing costs to ensure this risk is minimised. |
The company does not trade speculatively in derivatives or similar instruments. |
FIXED ASSETS |
The changes to fixed assets during the year ended 31 January 2024 are disclosed at note 8 in the financial statements. |
FUTURE DEVELOPMENTS |
The turnover and profits are in line with management accounts and the Director's expectations. |
ON BEHALF OF THE BOARD: |
Hodge Plant Limited (Registered number: SC208669) |
Report of the Director |
For The Year Ended 31st January 2024 |
The director presents his report with the financial statements of the company for the year ended 31st January 2024. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of £ |
The total distribution of dividends for the year ended 31st January 2024 will be £ |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Consilium Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Hodge Plant Limited |
Opinion |
We have audited the financial statements of Hodge Plant Limited (the 'company') for the year ended 31st January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31st January 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Hodge Plant Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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 a Report of the Auditors 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 financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
- We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company. |
- We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence. |
- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud. |
- To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Hodge Plant Limited |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
169 West George Street |
Glasgow |
G2 2LB |
Hodge Plant Limited (Registered number: SC208669) |
Income Statement |
For The Year Ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
456,152 | 683,503 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Hodge Plant Limited (Registered number: SC208669) |
Other Comprehensive Income |
For The Year Ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Hodge Plant Limited (Registered number: SC208669) |
Statement of Financial Position |
31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Hodge Plant Limited (Registered number: SC208669) |
Statement of Changes in Equity |
For The Year Ended 31st January 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st February 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st January 2024 |
Hodge Plant Limited (Registered number: SC208669) |
Statement of Cash Flows |
For The Year Ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 19,833 | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
887,032 |
Cash and cash equivalents at end of year | 2 | 566,109 | 1,453,554 |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Statement of Cash Flows |
For The Year Ended 31st January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 106,778 | 95,053 |
1,117,037 | 1,203,596 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31st January 2024 |
31/1/24 | 1/2/23 |
£ | £ |
Cash and cash equivalents | 566,109 | 1,453,554 |
Year ended 31st January 2023 |
31/1/23 | 1/2/22 |
£ | £ |
Cash and cash equivalents | 1,453,554 | 887,032 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/2/23 | Cash flow | changes | At 31/1/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,453,554 | (887,445 | ) | 566,109 |
1,453,554 | ( |
) | 566,109 |
Debt |
Finance leases | (2,456,248 | ) | 1,278,604 | (1,236,278 | ) | (2,413,922 | ) |
(2,456,248 | ) | 1,278,604 | (1,236,278 | ) | (2,413,922 | ) |
Total | (1,002,694 | ) | 391,159 | (1,236,278 | ) | (1,847,813 | ) |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements |
For The Year Ended 31st January 2024 |
1. | STATUTORY INFORMATION |
Hodge Plant Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes including aggregate tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the cost incurred and to be incurred in respect of the transactions can be measured reliably. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised on ly to the extent that it is probable the expenses recognised will be recovered. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
During the year the depreciation policy for plant & machinery changed from 8% to 6% reducing balance - the director feels that this revised depreciation rate better reflects the useful lives of the assets |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
For quarry stocks, cost is determined based on the cost of production of the quarry product, including the labour cost directly attributable to the production. |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Overseas | 1,905,076 | 1,155,000 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administrative | 4 | 5 |
Management | 6 | 5 |
Operating | 29 | 26 |
2024 | 2023 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Haulage |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
15,000 |
15,180 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest payable | ( |
) | ( |
) |
Hire purchase |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Deferred tax | 187,703 | 123,163 |
Previous year incorrect provision | (17,950 | ) | - |
Total tax charge | 169,753 | 123,163 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
Cost or valuation at 31st January 2024 is represented by: |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2019 | 1,544,503 | - | - | - | 1,544,503 |
Cost | - | 8,721,521 | 667,541 | 53,965 | 9,443,027 |
1,544,503 | 8,721,521 | 667,541 | 53,965 | 10,987,530 |
Freehold land and buildings were valued on fair value basis on 14th March 2019 by Graham & Sibbald . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
Additions |
At 31st January 2024 |
DEPRECIATION |
Charge for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 47,691 | 67,524 |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Social security and other taxes |
Pension creditor | 4,107 | - |
VAT | 114,305 | - |
Aggregate Tax |
Credit card | 9,029 | - |
Acer recharges | 1,352 | - |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Assets held under HP contracts are secured only on the asset concerned. |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,421,737 | 1,234,034 |
Deferred tax |
£ |
Balance at 1st February 2023 |
Provided during year |
Balance at 31st January 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
18. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st February 2023 | 11,421,179 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31st January 2024 | 11,537,914 |
19. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
20. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £84,000 were paid to the director . |
Hodge Plant Limited (Registered number: SC208669) |
Notes to the Financial Statements - continued |
For The Year Ended 31st January 2024 |
20. | RELATED PARTY DISCLOSURES - continued |
During the year the company traded with Acer Rentals Limited, a company controlled by the director and his wife, in the normal course of business. The company supplied goods and services to Acer Rentals Limited in the year amounting to £11,632 (2023 £70,627), and a balance of £242,545 (2023 £106,946) was due to Acer Rentals Limited at the balance sheet date. |
The company also received goods and service from Acer Rentals Limited. Items expensed to the profit and loss account in the year amounted to £227,805 (2023 £224,857) which included royalties in respect of a quarry owned by Acer Rentals Limited but operated by Hodge Plant Limited. |
During the year the company also traded with Hodge Plant Holdings Limited, a company controlled by the director in the normal course of business. The company supplied goods and services to Hodge Plant Holdings Limited in the year amounting to £93,777 (2023 £130,129) and a balance of £117,704 (2023 £61,071) was due from Hodge Plant Holdings Limited at the balance sheet date.The company also purchased goods and services from Hodge Plant Holdings Limited of £9,840 (2023 £nil). The amount owed to Hodge Plant Holdings Limited at the balance sheet date was £28,200 (2023 £18,360). |
Hodge Plant Limited has provided loan finance to Hodge Plant Holdings Limited. A further £299,234 (2023 £280,524) was advanced in the year resulting in a loan balance outstanding of £3,976,431 (2023 £3,794,900) at the balance sheet date. There are no formal repayment terms and no interest has been charged. |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Hodge. |
A Hodge is sole director and 100% shareholder. |