REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
SJH-ALL PLANT GROUP LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
SJH-ALL PLANT GROUP LIMITED |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
SJH-ALL PLANT GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties it faces. |
REVIEW OF BUSINESS |
The activities of the company consist of the following elements: |
Commercial plant trading |
Commercial plant hire |
The company continues to be committed to offering reliable and cost effective construction solutions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board of directors and management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. |
The principal risks and uncertainties facing the company are as follows: |
Economic conditions |
Interest rates |
KEY PERFORMANCE INDICATORS |
The directors consider the key financial performance indicators to be those that communicate the financial performance and strength of the company as follows: |
2024 | 2023 |
Turnover | £15,702,313 | £15,387,000 |
Gross Profit | £2,461,537 | £2,345,179 |
Gross Profit % | 15.67% | 15.24% |
ON BEHALF OF THE BOARD: |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of commercial plant trading. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
FUTURE DEVELOPMENTS |
The directors anticipate future growth and profitability. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FINANCIAL INSTRUMENTS |
The company holds or issues financial instruments in order to achieve three main objectives, being: |
a) to finance its operations; |
b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; |
c) for trading purposes |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. |
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below. |
Interest rate risk |
The company's financial instruments exposure to interest rate risk is very small due to the fact that most of the instruments are on a fixed term repayment basis. |
Credit Risk |
The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk. |
The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties failing to perform their obligations under financial instruments. |
Liquidity risk |
The company's policy in terms of its liquidity risk is to have good banking relations with its bankers and to move stock items quickly. |
Currency risk |
The company's exposure to currency risk is minimal in comparison to its turnover. |
Fair values of financial assets and liabilities |
The financial values of the company's assets and liabilities as contained in the balance sheet fairly represents the open market value. |
Hedging activities |
The company does not have a general hedging policy. |
DIRECTORS' QUALIFYING THIRD PARTY INDEMNITY PROVISION |
The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors report. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director 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. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SJH-ALL PLANT GROUP LIMITED |
Opinion |
We have audited the financial statements of SJH-All Plant Group Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SJH-ALL PLANT GROUP 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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SJH-ALL PLANT GROUP LIMITED |
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: |
- | A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out. |
- | During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature. |
- | The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls. |
- | An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company. |
- | The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities. |
- | All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified. |
- | Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities. |
- | Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks. |
- | The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias. |
- | Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress. |
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 |
SJH-ALL PLANT GROUP 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 |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
634,077 | 591,008 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
908,035 | 799,977 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Profit for the year | - | 370,353 | - | 370,353 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Reserve transfer | - | 190,000 | (190,000 | ) | - |
Balance at 31 January 2023 |
Changes in equity |
Profit for the year | - | 391,084 | - | 391,084 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31 January 2024 |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
SJH-All Plant Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). All amounts in the financial statements have been rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents net invoiced sales of goods, hire of machinery and property transactions, excluding value added tax. |
Revenue from the sale of commercial plant is recognised upon receipt of a deposit or full payment agreed upon. |
Revenue from the hiring of commercial plant is recognised on a time basis. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and equipment | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
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. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Borrowing costs |
All borrowing costs in connection with the construction of qualifying assets are recognised as an expense in the profit and loss in the period in which they are incurred. |
Critical accounting adjustments and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The directors do not consider there to be any critical accounting judgements. |
Depreciation |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated and useful economic lives and residual values of the assets. The useful economic lives and residual vales are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the asset is considered a key source of estimation uncertainty. |
Stock valuation |
Stock provisions are recognised for slow-moving, obsolete or unsaleable stock and are reviewed on a quarterly basis. The estimate is largely based on the length of time that an item has been in stock. The passing of time indicates that a sale is less likely and therefore determines the provision required. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
The percentage of turnover relating to export sales is 31.99% (2023: 53.55%). |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Production | 8 | 8 |
Sales | 4 | 4 |
Administration | 4 | 5 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Key Management Personnel |
2024 | 2023 |
£ | £ |
Salaries | 470,337 | 476,576 |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Non audit fees to auditor |
Operating leases |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Bank loan interest |
Hire purchase interest |
Interest and penalties on overdue tax |
7. | 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 |
Adjustment re prior years | - | 18,813 |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | TAXATION - continued |
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 |
Effects of: |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
Deferred tax | (49,673 | ) | (23,576 | ) |
Capital gain | - | 27,672 |
Charged at different rate | (7,927 | ) | - |
Total tax charge | 146,727 | 115,849 |
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted and confirmed in the November 2022 Autumn Statement. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 February 2023 |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Goods for resale |
Stock is shown after a provision of £959,409 (2023 £881,582). |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Amount owed by related undertaking |
Social security and other tax | 14,509 | - |
VAT |
Prepayments |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Amounts owed to related |
undertaking |
Directors' current accounts | 3,097 | 10,316 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
Amounts owed to parent company |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 1,051,881 | 1,077,637 |
The bank overdraft and loan are secured by a debenture, granted by the company, held by HSBC UK Bank Plc. |
Additional security is provided by a first legal charge over the following land and buildings:- |
1. Land on south side of Buckworth Road, Alconbury and its associated assets |
2. Land and buildings at New Farm, Buckworth Road, Alconbury and its associated assets |
Hire purchase liabilities are secured on the assets to which they relate. |
Fixed assets are pledged as security for bank overdraft and loans. |
Stocks of £1,252,972 and fixed assets of £760,740 are pledged as security for hire purchase agreements and bank overdraft and loans respectively. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
17. | FINANCIAL INSTRUMENTS |
2024 | 2023 |
£ | £ |
Financial assets |
Financial assets that are debt instruments measured at amortised cost | 5,267,137 | 4,474,255 |
Financial liabilities |
Financial liabilities measured at amortised cost | 6,902,482 | 7,750,024 |
Financial instruments comprise bank loans and balances, trade and other debtors, trade and other creditors, other loans and hire purchase. The main purpose of these instruments is to finance operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is covered below. |
In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of current and short term deposit accounts at varying rates of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Operational risk is managed by a defined structure for managing trading and costs which are monitored regularly. |
18. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Utilised during year | ( |
) |
Balance at 31 January 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The Ordinary shares have attached to them full voting, dividend and capital distribution rights. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
Retained earnings are the profits and losses of the company after the payment of dividends. |
21. | ULTIMATE PARENT COMPANY |
SJH All Plant Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The directors control the entity by virtue of their shareholdings in the parent company, SJH All Plant Holdings Limited. Group accounts are prepared and are available from the registered office. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors have each provided a personal guarantee of £1m as security for creditors. |
SJH-ALL PLANT GROUP LIMITED (REGISTERED NUMBER: 04500584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
23. | RELATED PARTY DISCLOSURES |
Gill-Hudson Homes Limited |
During the year the company traded with Gill-Hudson Homes Limited, a company which has Mr S Hudson and Mr D Gill as company directors. During the year the company made sales of £798,116 (2023 £184,008), Made purchases of £355,203 (2023 £68,938) and received management charges of £200,000 (2023 £200,000) with Gill-Hudson Homes Limited. At 31 January 2024, the company was owed £3,193,371 (2023 £3,291,308) by Gill-Hudson Homes Limited |
Gill Hudson Homes Clifton Limited |
During the year the company traded with Gill Hudson Homes Clifton Limited, a company which has Mr S Hudson and Mr D Gill as company directors. At 31 January 2024, the company owed £124,476 (2023 £124,476) to Gill Hudson Homes Clifton Limited |
Gill Hudson Homes Barford Limited |
During the year the company traded with Gill Hudson Homes Barford Limited, a company which has Mr S Hudson and Mr D Gill as company directors. During the year the company made sales of £1,798,179 (2023 £Nil) with Gill Hudson Homes Barford Limited. At 31 January 2024, the company was owed £1,449,461 (2023 owed to £738,354) by Gill Hudson Homes Barford Limited |
Gill Hudson Homes (Rectory) Limited |
During the year the company traded with Gill Hudson Homes (Rectory) Limited, a company which has Mr S Hudson and Mr D Gill as company directors. At 31 January 2024, the company owed £250,000 (2023 £Nil) to Gill Hudson Homes (Rectory) Limited |
D Gill Homes Limited |
During the year the company traded with D Gill Homes Limited, a company which has Mr S Hudson and Mr D Gill as company directors. At 31 January 2024, the company was owed £4,700 (2023 £4,700) by D Gill Homes Limited |
Hudson Homes (UK) Limited |
During the year the company traded with Hudson Homes (UK) Limited, a company which has Mr S Hudson and Mr D Gill as company directors. At 31 January 2024, the company was owed £3,200 (2023 £3,200) by Hudson Homes (UK) Limited |
Ubidonline Auctions Limited |
During the year the company traded with Ubidonline Auctions Limited, a company which has Mr S Hudson and Mr D Gill as company directors. During the year the company made sales of £190,850 (2023 £109,800) to Ubidonline Auctions Limited. |
Ubid Auctions Limited |
During the year the company traded with Ubid Auctions Limited, a company which has Mr S Hudson and Mr D Gill as company directors. During the year the company made purchases of £2,050 (2023 £165,281) from Ubidonline Auctions Limited. |
24. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. Contributions outstanding as of the balance sheet date totalled £29,266 (2023 : £17,080) |