Company registration number 2445559 (England and Wales)
JET PLANT HIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
JET PLANT HIRE LIMITED
COMPANY INFORMATION
Directors
Mr. S D Witheford
Ms T L Greenhill
(Appointed 10 April 2023)
Mr E McGregor
(Appointed 10 April 2023)
Mr S Bithell
(Appointed 22 December 2023)
Mr Ian Mitchell
(Appointed 1 July 2024)
Secretary
Mr. S D Witheford
Company number
2445559
Registered office
7c Enterprise Way
Vale Park
Evesham
Worcestershire
United Kingdom
WR11 1GS
Auditor
DTL Auditors Limited
5th Floor
North Side
7-10 Chandos Street, Cavendish Square
London
United Kingdom
W1G 9DQ
JET PLANT HIRE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
JET PLANT HIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Review of the business

The company's principal activities during the year continued to be the supply of road planing contracting services to the Highways Infrastructure Industry and Local Authorities. There was a 13.5% increase in turnover during the year with the gross profit margin improving to 26.24%. Administrative expenses have been controlled to a similar level as 2023 resulting in an improvement in Operating Profit to £1,176,374 and Net Profit before tax of £970,763 for the year.

The war in Ukraine continued to impact all areas of our business with increased fuel prices and driving inflation to high levels throughout the Highways Infrastructure Industry. As a result highway maintenance budgets were stretched and there was a great deal of uncertainty throughout our industry. The Directors are pleased that in this difficult environment we were able to increase our turnover significantly and improve Gross Profit margins from the previous year.

Inflation started to fall in the latter part of the year and this brought with it some certainty on costs and an increased confidence throughout the highways infrastructure sector to invest in maintaining the highways network.

We continued to invest in capital equipment to support our operations with the latest technology and with a focus on sustainability. In line with our growth strategy we are now operating 30 Wirtgen cold milling machines and this investment allowed for our sales growth of 13.5% while also improving our gross profit margins.

During the year we have strengthened our board with Simon Bithell joining as Transport Director (he has subsequently taken responsibility for all Operations) and Ian Mitchell as Non-Executive Director. Both have a wealth of experience operating at board level in large and multinational business and will drive our ambitious growth plans for the coming years.

Our ESG strategy has been determined over the past months and is focussed on addressing the environmental, social and governance challenges facing our stakeholders, and the wider community. We are focussed on long term business sustainability and maintaining ethical and compliant business practices. We created a baseline in 2021 of our emissions and formulated an ambitious strategy on how we support the global target from COP26 of no more than a 1.5 degree rise in climate temperatures. 2023/4 has put a few obstacles in our way with the war in Ukraine and the impact this had on global energy prices but we have continued to drive towards our targets with a relative reduction of 14% in CO2 emissions compared with our baseline of 2021. All of our roadplaners are now being fuelled with ethically and sustainably certificated HVO which is having a big impact in reducing our well to wheel CO2 emissions.

We made a commitment to donate 1% of our Net Profits to local charities chosen by our employees and these included St Richards Hospice, The Dogs Trust, Caring Hands in The Vale, Campden Home Nursing, John Martin, Rowcroft Hospice, HITS and Animals in Distress.

 

 

JET PLANT HIRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Principal risks and uncertainties

The board has a proactive approach to risk management with the aim of protecting its employees and customers, and safeguarding the interests of the company and its stakeholders. The company has specific policies to ensure that risks are properly evaluated and managed at appropriate levels in the business. The key risks affecting the business are considered to be competitive pressures and any changes in the Government's and Local Authorities' short and long term highways infrastructure maintenance budgets.

 

The company's principal financial instruments comprise long term bank loans, finance lease contracts and cash and short-term deposits. The company also has trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative contracts.

 

The main risks arising from the financial instruments are interest rate risk, credit risk and liquidity risk.

 

Interest rate risk

The company's exposure to market risk for changes in the interest rates relates primarily to its long term bank loans. The company's exposure to interest rate fluctuations on its borrowing is managed by the use of commercial rates linked to LIBOR.

 

Credit risk

The company only trades with recognised creditworthy third parties. It is company policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. Credit accounts are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.

 

Liquidity risk

The company mitigates liquidity risk by managing cash generation by its operations and applying cash collection targets.

Key performance indicators

The directors have monitored the performance of the company against key performance indicators including those below:    

2024 2023

Turnover (£s)                         18,480,321      16,276,845

Gross profit percentage - %                     26.24     24.70

Profit before taxation (£s)                        970,763     810,555

 

Future Developments

In September 2024 the property was demerged from the trading entity so it now sits in Ickarus Limited. The company entered into a 10 year lease to continue operating from its existing premises in Evesham and Newton Abbot.

In July 2024 a new labour government was elected. They have pledged to increase funding on highway maintenance and as part of their manifesto cancelled the A27 Arundel Bypass and Stonehenge A303 tunnel to divert those funds to maintaining the existing network. We are confident that with these measures and their pledge to tackle potholes nationally, local authorities will have enhanced budgets to spend on highways infrastructure maintenance.

In May 2024 we launched our Jet School with two new trainees. We recognise our industry has an ageing workforce and the Jet School will bring young workers into our industry with the specialist training needed to continue our growth plans. We will run 2 cohorts of trainees each year with a guaranteed job at the end of the training program.

 

 

JET PLANT HIRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Mr. S D Witheford
Director
29 October 2024
JET PLANT HIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be the supply of road planing contracting service to the Construction Industry and Local Authorities.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £348,068. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr. S D Witheford
Ms T L Greenhill
(Appointed 10 April 2023)
Mr A D Potter
(Appointed 10 April 2023 and resigned 28 June 2024)
Mr E Mcgregor
(Appointed 10 April 2023)
Mr S Bithell
(Appointed 22 December 2023)
Financial instruments

The company's principal financial instruments comprise long term bank loans, finance lease contracts and cash and short term deposits. The company also has trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative contracts.

 

The main risks arising from the financial instruments are interest rate risk, credit risk and liquidity risk. These risk are described more full in the Strategic Report.

Auditor

In accordance with the company's articles, a resolution proposing that DTL Auditors Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr. S D Witheford
Director
29 October 2024
JET PLANT HIRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -

The directors are responsible 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:

 

 

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.

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 6 -
Opinion

We have audited the financial statements of Jet Plant Hire Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 7 -
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 and the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

 

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 8 -

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 an auditor's report 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.

Mr John Tiltman
For and on behalf of DTL Auditors Limited
31 October 2024
Chartered Accountants
Statutory Auditor
5th Floor
North Side
7-10 Chandos Street, Cavendish Square
London
United Kingdom
W1G 9DQ
JET PLANT HIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Revenue
3
18,480,321
16,276,844
Cost of sales
(13,630,978)
(12,256,862)
Gross profit
4,849,343
4,019,982
Administrative expenses
(3,752,367)
(3,630,300)
Other operating income
79,398
123,963
Exceptional item
4
-
0
408,623
Operating profit
5
1,176,374
922,268
Investment income
8
11,531
877
Finance costs
9
(217,142)
(112,590)
Profit before taxation
970,763
810,555
Tax on profit
10
(237,199)
102,105
Profit for the financial year
733,564
912,660
Other comprehensive income
Revaluation of property, plant and equipment
-
0
904,674
Total comprehensive income for the year
733,564
1,817,334
JET PLANT HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
8,345,279
7,944,906
Investment property
15
1,500,000
1,500,000
Investments
13
1,001
1,001
9,846,280
9,445,907
Current assets
Inventories
16
104,060
80,316
Trade and other receivables
17
2,163,717
2,431,887
Cash and cash equivalents
3,988
286,751
2,271,765
2,798,954
Current liabilities
18
(3,093,450)
(3,208,700)
Net current liabilities
(821,685)
(409,746)
Total assets less current liabilities
9,024,595
9,036,161
Non-current liabilities
19
(2,173,773)
(2,808,034)
Provisions for liabilities
Deferred tax liability
22
999,658
762,459
(999,658)
(762,459)
Net assets
5,851,164
5,465,668
Equity
Called up share capital
24
129
129
Non-distributable revaluation reserve
904,674
904,674
Non-distributable earnings
25
367,028
367,028
Distributable retained earnings
4,579,333
4,193,837
Total equity
5,851,164
5,465,668
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr. S D Witheford
Director
Company Registration No. 2445559
JET PLANT HIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Revaluation reserve
Non-distributable profits
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
129
-
0
367,028
5,157,819
5,524,976
Year ended 31 January 2023:
Profit for the year
-
-
-
912,660
912,660
Other comprehensive income:
Revaluation of property, plant and equipment
-
904,674
-
-
904,674
Total comprehensive income for the year
-
904,674
-
912,660
1,817,334
Dividends
11
-
-
-
(1,876,642)
(1,876,642)
Balance at 31 January 2023
129
904,674
367,028
4,193,837
5,465,668
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
733,564
733,564
Dividends
11
-
-
-
(348,068)
(348,068)
Balance at 31 January 2024
129
904,674
367,028
4,579,333
5,851,164
JET PLANT HIRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,128,946
1,626,100
Interest paid
(217,142)
(112,590)
Income taxes refunded
310,127
-
0
Net cash inflow from operating activities
2,221,931
1,513,510
Investing activities
Purchase of property, plant and equipment
(513,384)
(634,206)
Proceeds from disposal of property, plant and equipment
160,833
1,176,988
Interest received
11,531
877
Net cash (used in)/generated from investing activities
(341,020)
543,659
Financing activities
Proceeds from new bank loans
-
0
930,000
Repayment of bank loans
(193,559)
(65,611)
Payment of finance leases obligations
(1,622,047)
(1,549,872)
Dividends paid
(348,068)
(1,876,642)
Net cash used in financing activities
(2,163,674)
(2,562,125)
Net decrease in cash and cash equivalents
(282,763)
(504,956)
Cash and cash equivalents at beginning of year
286,751
791,707
Cash and cash equivalents at end of year
3,988
286,751
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
1
Accounting policies
Company information

Jet Plant Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7c Enterprise Way, Vale Park, Evesham, Worcestershire, United Kingdom, WR11 1GS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors are confident that the company has performed well during this period and will continue to do so for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
over 50 years
Plant and machinery
between 17% and 25% reducing balance
Motor vehicles
over 7 years straight line or between 15% and 25% reducing balance
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

1.6
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Inventories

Inventories consist of machine parts, fuel and stationery for the group's own use. They are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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. Cost is determined using the first in first out method.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.10
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the main production plant assets is considered a source of significant estimation uncertainty.

 

The fair value of the investment property is reviewed annually by the directors. An independent valuation was undertaken and the fair value of £1,500,000 was reflected in the year ended 31 January 2022. The directors believe this valuation remains in place and is accurate at the year ended 31 January 2024.

 

During the year ended 31 January 2023, land and buildings included within property, plant and equipment were also subject to independent valuations and the fair values totalling £1,915,000 were reflected. The directors believe this valuation remains in place and is accurate at the year ended 31 January 2024.

 

The directors will review the valuations annually and an independent valuation will be undertaken every five years.

 

 

3
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Sale of aggregates
1,458,335
1,102,508
Road planing and plant hire services
17,021,986
15,174,336
18,480,321
16,276,844
2024
2023
£
£
Other revenue
Interest income
11,531
877
Grants received
-
17,680
Rental income arising from investment properties
90,000
90,000
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
4
Exceptional item
2024
2023
£
£
Expenditure
Profit on sale of tangible assets
-
(408,623)
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(17,680)
Fees payable to the company's auditor for the audit of the company's financial statements
2,750
2,750
Depreciation of owned property, plant and equipment
290,165
246,474
Depreciation of property, plant and equipment held under finance leases
871,549
1,385,143
Profit on disposal of property, plant and equipment
(90,139)
(308,576)
Operating lease charges
383,141
280,766
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and administration
30
31
Operatives
75
70
Directors
4
3
Total
109
104
2024
2023
£
£
Wages and salaries
5,471,948
4,756,866
Social security costs
619,856
566,161
Pension costs
184,558
101,123
6,276,362
5,424,150
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
323,374
107,019
Company pension contributions to defined contribution schemes
76,826
1,321
400,200
108,340

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
£
Remuneration for qualifying services
104,798
Company pension contributions to defined contribution schemes
1,468
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
2,921
471
Other interest income
8,610
406
Total income
11,531
877
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,921
471
9
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
80,209
22,025
Other finance costs:
Interest on finance leases and hire purchase contracts
136,933
90,565
217,142
112,590
10
Taxation
2024
2023
£
£
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
237,199
(102,105)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
970,763
810,555
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
233,274
154,005
Tax effect of expenses that are not deductible in determining taxable profit
1,916
8,197
Change in unrecognised deferred tax assets
(3,832)
-
0
Effect of change in corporation tax rate
9,338
4,857
Permanent capital allowances in excess of depreciation
-
0
(146,821)
Deferred tax adjustments in respect of prior years
(3,497)
-
0
Deferred tax on latent gain
-
0
(122,343)
Taxation charge/(credit) for the year
237,199
(102,105)

At 31 January 2022, the UK corporation tax on profits for the current period relates to a tax refund due.

11
Dividends
2024
2023
£
£
Interim paid
348,068
1,876,642
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
12
Property, plant and equipment
Freehold buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2023
1,915,000
7,669,519
4,456,620
14,041,139
Additions
-
0
157,412
1,475,369
1,632,781
Disposals
-
0
(180,000)
(257,450)
(437,450)
At 31 January 2024
1,915,000
7,646,931
5,674,539
15,236,470
Depreciation and impairment
At 1 February 2023
-
0
3,642,373
2,453,860
6,096,233
Depreciation charged in the year
-
0
824,175
337,539
1,161,714
Eliminated in respect of disposals
-
0
(147,229)
(219,527)
(366,756)
At 31 January 2024
-
0
4,319,319
2,571,872
6,891,191
Carrying amount
At 31 January 2024
1,915,000
3,327,612
3,102,667
8,345,279
At 31 January 2023
1,915,000
4,027,146
2,002,760
7,944,906

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
2,627,300
3,281,519
Motor vehicles
1,944,052
1,410,488
4,571,352
4,692,007

Assets held under finance leases or hire purchase contracts are pledged as security against the liabilities to which they relate.

 

Tangible fixed assets are pledged as security for the bank facilities under a fixed and floating charge.

Independent valuations were undertaken during the year by BNP Paribas on 15 August 2022 and Vickery Holman Property Consultants on 18 July 2023 which formed the basis of the fair market valuations of two properties totalling £1,915,000 for the year ended 31 January 2023. The directors consider that at 31 January 2024, the valuations still reflected the fair market value based on commercial properties in the local areas of a similar size, structure and state of repair.

If land and buildings had not been revalued, it would have been included at historical costs of £1,242,183 (2023 - £1,242,183) less depreciation of £244,061 (2023 - £231,857).

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
1,001
1,001
14
Subsidiaries

These financial statements are separate company financial statements for Jet Plant Hire Limited.

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
-
Swift Plane Limited
England and Wales
Ordinary
100.00
Tetlaw Contracting Company Limited
England and Wales
Ordinary
100.00
15
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
1,500,000

Investment property comprises a building erected in 2016 on land already owned by the company. An independent valuation was undertaken by BNP Paribas on 15 August 2022 which formed the basis of the fair market valuation for the year ended 31 January 2022. The directors consider that at 31 January 2024, the valuation continues to reflect the fair market value based on commercial properties in the local area of a similar size, structure and state of repair.

 

The historical cost of investment property is £1,131,240 (2023: £1,131,240).

Investment properties are pledged as security for the bank facilities under a fixed and floating charge.

16
Inventories
2024
2023
£
£
Raw materials and consumables
104,060
80,316

Stock is pledged as security for the bank facilities under a fixed and floating charge.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
17
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,811,568
1,906,914
Corporation tax recoverable
-
0
310,127
Amounts owed by group undertakings
63,134
32,438
Other receivables
148,822
72,964
Prepayments and accrued income
140,193
109,444
2,163,717
2,431,887

Debtors are pledged as security for the bank facilities under a fixed and floating charge.

18
Current liabilities
2024
2023
Notes
£
£
Bank loans
20
48,951
83,682
Obligations under finance leases
21
1,203,380
1,230,597
Trade payables
1,134,038
1,262,678
Amounts owed to group undertakings
1,000
1,000
Taxation and social security
154,157
167,332
Other payables
234,490
140,820
Accruals and deferred income
317,434
322,591
3,093,450
3,208,700
19
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
20
850,061
1,008,889
Obligations under finance leases
21
1,323,712
1,799,145
2,173,773
2,808,034
Amounts included above which fall due after five years are as follows:
Payable by instalments
754,250
832,066
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
20
Borrowings
2024
2023
£
£
Bank loans
899,012
1,092,571
Payable within one year
48,951
83,682
Payable after one year
850,061
1,008,889

The bank loans are secured by a fixed and floating charge over all the assets of the company.

 

Interest rates range from base rate plus 2.25% to base rate plus 2.75%. Repayments are by monthly instalments and the final repayment on one of the loans is anticpated to be October 2042. However, it is company practice to repay loans over a shorter period than the contractual requirement, where possible.    

21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,203,380
1,230,597
In two to five years
1,323,712
1,799,145
2,527,092
3,029,742

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

The hire purchase and finance lease obligations are secured over the assets to which they relate. Interest rates underlying all obligations under finance leases are fixed at respective contract rates ranging from 2.33% to 8.02%. Amounts are repayable by monthly instalments and are all due by 31 December 2027.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,419,756
1,260,975
Tax losses
(413,973)
(498,516)
Retirement benefit obligations
(6,125)
-
999,658
762,459
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
22
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 February 2023
762,459
Charge to profit or loss
237,199
Liability at 31 January 2024
999,658
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
184,558
101,123

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
129
129
129
129
25
Non-distributable earnings
2024
2023
£
£
At the beginning and end of the year
367,028
367,028
26
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
297,059
211,186
Between two and five years
403,690
347,243
700,749
558,429
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
26
Operating lease commitments
(Continued)
- 28 -
Lessor

The operating leases represent rental income leases to third parties. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
90,000
90,000
Between two and five years
360,000
360,000
In over five years
232,500
322,500
682,500
772,500
27
Ultimate controlling party

Jet Plant Hire Limited is a wholly owned subsidiary of Jet Plant Hire Holdings Limited, a company incorporated in England and Wales. The financial statements of Jet Plant Hire Limited are consolidated in to the group financial statements of Jet Plant Hire Holdings Limited.

 

On 22 December 2023, Jet Plant Hire Group Holdings Limited became the ultimate parent company. The first reporting period in which the financial statements of Jet Plant Hire Limited will be consolidated into the ultimate parent's group financial statements will be 31 December 2024.

Until 21 October 2022, Mr S A Witheford owned 51% of the ordinary share capital of the parent company and was the ultimate controlling party. At this date, Mr S D Witheford became the ultimate controlling party.

 

28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
733,564
912,660
Adjustments for:
Taxation charged/(credited)
237,199
(102,105)
Finance costs
217,142
112,590
Investment income
(11,531)
(877)
Gain on disposal of property, plant and equipment
(90,139)
(717,199)
Depreciation and impairment of property, plant and equipment
1,161,714
1,631,617
Movements in working capital:
Increase in inventories
(23,744)
(10,031)
Increase in trade and other receivables
(41,957)
(467,928)
(Decrease)/increase in trade and other payables
(53,302)
267,373
Cash generated from operations
2,128,946
1,626,100
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
29
Analysis of changes in net debt
1 February 2023
Cash flows
New finance leases
31 January 2024
£
£
£
£
Cash at bank and in hand
286,751
(282,763)
-
3,988
Borrowings excluding overdrafts
(1,092,571)
193,559
-
(899,012)
Obligations under finance leases
(3,029,742)
1,622,047
(1,119,397)
(2,527,092)
(3,835,562)
1,532,843
(1,119,397)
(3,422,116)
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