Company registration number 10203706 (England and Wales)
JET PLANT HIRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
JET PLANT HIRE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S D Witheford
Mrs S N Witheford
(Appointed 10 April 2023)
Ms K L Witheford
(Appointed 10 April 2023)
Ms K M Witheford
(Appointed 10 April 2023)
Mr C R Witheford
(Appointed 10 April 2023)
Mr A J Witheford
(Appointed 10 April 2023)
Secretary
Mr S D Witheford
Company number
10203706
Registered office
7c Enterprise Way
Vale Park
Evesham
Worcestershire
United Kingdom
WR11 1GS
Auditor
Stourton Accountancy Services Limited
31 Hyperion Road
Stourton
7-10 Chandos Street, Cavendish Square
United Kingdom
DY7 6SD
JET PLANT HIRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
15
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
16
Notes to the financial statements
17 - 36
JET PLANT HIRE HOLDINGS 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 HOLDINGS 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 group and its stakeholders. The group has specific policies to ensure that risks are properly evaluated and managed at appropriate levels in the business. The key risks affecting the group 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 group's principal financial instruments comprise long term bank loans, finance lease contracts and cash and short-term deposits. The group 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 group's exposure to market risk for changes in the interest rates relates primarily to its long term bank loans. The group's exposure to interest rate fluctuations on its borrowing is managed by the use of commercial rates linked to LIBOR.

 

Credit risk

The group only trades with recognised creditworthy third parties. It is group 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 group's exposure to bad debts is not significant.

 

Liquidity risk

The group 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 group 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)                         852,276        717,014

 

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 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

On behalf of the board

Mr. S D Witheford
Director
29 October 2024
JET PLANT HIRE HOLDINGS 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 and group was the supply of road planing contracting services 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 further 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
Mrs S N Witheford
(Appointed 10 April 2023)
Mr A J Witheford
(Appointed 10 April 2023)
Mr C R Witheford
(Appointed 10 April 2023)
K M Witheford
(Appointed 10 April 2023)
K L Witheford
(Appointed 10 April 2023)
Financial instruments
Financial instrument risk

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

 

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

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

JET PLANT HIRE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr. S D Witheford
Director
29 October 2024
JET PLANT HIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JET PLANT HIRE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Jet Plant Hire Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 group's and parent 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which 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 parent 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 parent 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE HOLDINGS 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 HOLDINGS LIMITED
GROUP INCOME STATEMENT
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
(3,870,854)
(3,723,841)
Other operating income
79,398
123,963
Exceptional item
4
-
0
408,623
Operating profit
5
1,057,887
828,727
Investment income
8
11,531
877
Finance costs
9
(217,142)
(112,590)
Profit before taxation
852,276
717,014
Tax on profit
10
(237,199)
102,105
Profit for the financial year
29
615,077
819,119
Profit for the financial year is all attributable to the owners of the parent company.
JET PLANT HIRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
£
£
Profit for the year
615,077
819,119
Other comprehensive income
Revaluation of property, plant and equipment
-
0
904,674
Total comprehensive income for the year
615,077
1,723,793
Total comprehensive income for the year is all attributable to the owners of the parent company.
JET PLANT HIRE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
12
211,661
299,452
Property, plant and equipment
13
8,345,279
7,944,906
Investment property
16
1,500,000
1,500,000
10,056,940
9,744,358
Current assets
Inventories
17
104,060
80,316
Trade and other receivables
18
2,100,583
2,399,449
Cash and cash equivalents
6,393
289,156
2,211,036
2,768,921
Current liabilities
19
(3,095,633)
(3,210,883)
Net current liabilities
(884,597)
(441,962)
Total assets less current liabilities
9,172,343
9,302,396
Non-current liabilities
20
(2,173,773)
(2,808,034)
Provisions for liabilities
Deferred tax liability
23
999,658
762,459
(999,658)
(762,459)
Net assets
5,998,912
5,731,903
Equity
Called up share capital
25
91
91
Non distributable revaluation reserve
26
5,296,341
5,296,341
Capital redemption reserve
27
95
95
Non-distributable earnings
28
367,028
367,028
Distributable retained earnings
29
335,357
68,348
Total equity
5,998,912
5,731,903
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:
29 October 2024
Mr. S D Witheford
Director
Company registration number 10203706 (England and Wales)
JET PLANT HIRE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
14
4,741,656
4,741,656
Current assets
Cash and cash equivalents
2,405
2,405
Current liabilities
19
(66,317)
(35,621)
Net current liabilities
(63,912)
(33,216)
Net assets
4,677,744
4,708,440
Equity
Called up share capital
25
91
91
Revaluation reserve
26
4,391,667
4,391,667
Capital redemption reserve
27
95
95
Distributable retained earnings
29
285,891
316,587
Total equity
4,677,744
4,708,440

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £317,372 (2023 - £1,870,892 profit).

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:
29 October 2024
Mr. S D Witheford
Director
Company registration number 10203706 (England and Wales)
JET PLANT HIRE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
186
4,391,667
-
0
322,337
4,714,190
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
1,870,892
1,870,892
Dividends
11
-
-
-
(176,642)
(176,642)
Own shares acquired
-
-
-
(1,700,000)
(1,700,000)
Redemption of shares
25
(95)
-
95
-
-
0
Balance at 31 January 2023
91
4,391,667
95
316,587
4,708,440
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
317,372
317,372
Dividends
11
-
-
-
(348,068)
(348,068)
Balance at 31 January 2024
91
4,391,667
95
285,891
4,677,744
JET PLANT HIRE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,128,946
1,616,850
Interest paid
(217,142)
(112,590)
Income taxes refunded
310,127
-
0
Net cash inflow from operating activities
2,221,931
1,504,260
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
Repayment of loans
-
9,250
Interest received
11,531
877
Net cash (used in)/generated from investing activities
(341,020)
552,909
Financing activities
Purchase of treasury shares
-
0
(1,700,000)
Proceeds from new bank loans
-
930,000
Repayment of bank loans
(193,559)
(65,611)
Payment of finance leases obligations
(1,622,047)
(1,549,872)
Dividends paid to equity shareholders
(348,068)
(176,642)
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
289,156
794,112
Cash and cash equivalents at end of year
6,393
289,156
JET PLANT HIRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Non-distributable profits
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 February 2022
186
4,391,667
-
0
367,028
1,125,871
5,884,752
Year ended 31 January 2023:
Profit for the year
-
-
-
-
819,119
819,119
Other comprehensive income:
Revaluation of property, plant and equipment
-
904,674
-
-
-
904,674
Total comprehensive income for the year
-
904,674
-
-
819,119
1,723,793
Dividends
11
-
-
-
-
(176,642)
(176,642)
Own shares acquired
-
-
-
-
(1,700,000)
(1,700,000)
Redemption of shares
25
(95)
-
95
-
-
-
0
Balance at 31 January 2023
91
5,296,341
95
367,028
68,348
5,731,903
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
-
615,077
615,077
Dividends
11
-
-
-
-
(348,068)
(348,068)
Balance at 31 January 2024
91
5,296,341
95
367,028
335,357
5,998,912
JET PLANT HIRE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
34
-
0
(9,250)
Investing activities
Repayment of loans
-
0
9,250
Dividends received
348,068
1,876,642
Net cash generated from investing activities
348,068
1,885,892
Financing activities
Purchase of treasury shares
-
0
(1,700,000)
Dividends paid to equity shareholders
(348,068)
(176,642)
Net cash used in financing activities
(348,068)
(1,876,642)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
2,405
2,405
Cash and cash equivalents at end of year
2,405
2,405
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
1
Accounting policies
Company information

Jet Plant Hire Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7c Enterprise Way, Vale Park, Evesham, Worcestershire, WR11 1GS.

 

The group consists of Jet Plant Hire Holdings Limited and all of its subsidiaries.

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 and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jet Plant Hire Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Jet Plant Hire Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Jet Plant Hire Limited for the year ended 31 January 2024 (2023 - year ended 31 January 2023). The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

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

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At 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.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill arising on consolidation represents the excess of the cost of acquisition of of the trading subsidiary's shares over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -

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

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 recognised in the income statement.

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 loss are recognised in profit or loss.

 

1.8
Investment property

Investment property, which is property held to earn rentals and for capital appreciation, is initially measured 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.

1.9
Non-current investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

 

Shares acquired by a paper for paper transaction are valued at fair value and recognised by a transfer to revaluation reserve.

A subsidiary is an entity controlled by the group. 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 group 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 group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

1.12
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.

1.13
Financial instruments

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

 

Financial assets and liabilities are offset and 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.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
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.

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 group 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 group 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.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 group’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 if, and only if, there is 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.

1.16
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.

1.17
Retirement benefits

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

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -
1.18
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.

1.19
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.

1.20
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.

1.21

Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 group'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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
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)
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)
Amortisation of intangible assets
87,791
87,791
Operating lease charges
383,141
280,766
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
2,750
2,750
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
30
31
-
-
Operatives
75
70
-
-
Directors
9
6
6
3
Total
114
107
6
3
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,471,948
4,756,866
-
0
-
0
Social security costs
619,856
566,161
-
-
Pension costs
184,558
101,123
-
0
-
0
6,276,362
5,424,150
-
0
-
0
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
Total finance costs
217,142
112,590
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
237,199
(102,105)
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Taxation
(Continued)
- 27 -

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
852,276
717,014
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
204,802
136,233
Tax effect of expenses that are not deductible in determining taxable profit
9,270
9,289
Change in unrecognised deferred tax assets
(3,832)
-
0
Effect of change in corporation tax rate
9,338
4,857
Group relief
23
-
0
Permanent capital allowances in excess of depreciation
-
0
(146,821)
Amortisation on assets not qualifying for tax allowances
21,095
16,680
Deferred tax adjustments in respect of prior years
(3,497)
-
0
Deferred tax on latent gain
-
0
(122,343)
Taxation charge/(credit)
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
Recognised as distributions to equity holders:
£
£
Interim paid
348,068
176,642
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
877,910
Amortisation and impairment
At 1 February 2023
578,458
Amortisation charged for the year
87,791
At 31 January 2024
666,249
Carrying amount
At 31 January 2024
211,661
At 31 January 2023
299,452
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Intangible fixed assets
(Continued)
- 28 -
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
13
Property, plant and equipment
Group
Freehold buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2023
1,904,872
7,669,519
4,456,620
14,031,011
Additions
-
0
157,412
1,475,369
1,632,781
Disposals
-
0
(180,000)
(257,450)
(437,450)
At 31 January 2024
1,904,872
7,646,931
5,674,539
15,226,342
Depreciation and impairment
At 1 February 2023
(10,128)
3,642,373
2,453,860
6,086,105
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
(10,128)
4,319,319
2,571,872
6,881,063
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 company had no property, plant and equipment at 31 January 2024 or 31 January 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
2,627,300
3,281,519
-
0
-
0
Fixtures and fittings
1,944,052
1,410,488
-
0
-
0
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.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Property, plant and equipment
(Continued)
- 29 -

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, it would have been included at historical costs of £1,242,183 (2023 - £1,242,183) less depreciation of £244,061 (2023 - £231,857).

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
4,741,656
4,741,656
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
4,741,656
Carrying amount
At 31 January 2024
4,741,656
At 31 January 2023
4,741,656
15
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Jet Plant Hire Limited
1
Ordinary
100.00
-
Swift Plane Limited
1
Ordinary
-
100.00
Tetlaw Contracting Company Limited
1
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
7c Enterprise Way, Vale Park, Evesham, Worcestershire, WR11 1GS

The investments are stated at fair value.

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
16
Investment property
Group
Company
2024
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.

17
Inventories
Group
Company
2024
2023
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.

18
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,811,568
1,906,914
-
0
-
0
Corporation tax recoverable
-
0
310,127
-
0
-
0
Other receivables
148,822
72,964
-
0
-
0
Prepayments and accrued income
140,193
109,444
-
0
-
0
2,100,583
2,399,449
-
-

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

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 31 -
19
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
48,951
83,682
-
0
-
0
Obligations under finance leases
22
1,203,380
1,230,597
-
0
-
0
Trade payables
1,134,038
1,262,678
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
63,134
32,438
Other taxation and social security
154,157
167,332
-
-
Other payables
237,673
144,003
3,183
3,183
Accruals and deferred income
317,434
322,591
-
0
-
0
3,095,633
3,210,883
66,317
35,621
20
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
850,061
1,008,889
-
0
-
0
Obligations under finance leases
22
1,323,712
1,799,145
-
0
-
0
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
-
-
21
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
899,012
1,092,571
-
0
-
0
Payable within one year
48,951
83,682
-
0
-
0
Payable after one year
850,061
1,008,889
-
0
-
0

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.    

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 32 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,203,380
1,230,597
-
0
-
0
In two to five years
1,323,712
1,799,145
-
0
-
0
2,527,092
3,029,742
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 7.77%. Amounts are repayable by monthly instalments and are all due by 31 December 2027.

23
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,419,756
1,260,975
Tax losses
(413,973)
(498,516)
Retirement benefit obligations
(6,125)
-
999,658
762,459
The company has no deferred tax assets or liabilities.
Group
Company
2024
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
-
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 33 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
184,558
101,123

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
91
91
91
91

On 21 October 2022 95 'A' ordinary shares of £1 each were bought back by the company. Total consideration of £1,700,000 was paid to the shareholders. This transaction accounted for 51% of total share capital.

 

26
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
5,296,341
4,391,667
4,391,667
4,391,667
Revaluation surplus arising in the year
-
0
904,674
-
0
-
0
At the end of the year
5,296,341
5,296,341
4,391,667
4,391,667
27
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
95
-
0
95
-
0
Transfers
-
95
-
95
At the end of the year
95
95
95
95
28
Non-distributable earnings
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
367,028
367,028
-
-
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
29
Retained earnings
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
68,348
1,125,871
316,587
322,337
Profit for the year
615,077
819,119
317,372
1,870,892
Dividends
(348,068)
(176,642)
(348,068)
(176,642)
Own shares acquired
-
(1,700,000)
-
(1,700,000)
At the end of the year
335,357
68,348
285,891
316,587
30
Operating lease commitments

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
297,059
211,186
-
-
Between two and five years
403,690
347,243
-
-
700,749
558,429
-
-
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 group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
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
-
-
31
Directors' transactions

Dividends totalling £348,068 (2023 - £170,400) were paid in the year in respect of shares held by the company's directors.

 

JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 35 -
32
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 2023.

 

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.

 

33
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
615,077
819,119
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)
Amortisation and impairment of intangible assets
87,791
87,791
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
(11,261)
(471,428)
(Decrease)/increase in trade and other payables
(53,302)
267,373
Cash generated from operations
2,128,946
1,616,850
Difference
-
408,623
Per cash flow statement page
2,128,946
2,025,473
JET PLANT HIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 36 -
34
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
317,372
1,870,892
Adjustments for:
Investment income
(348,068)
(1,876,642)
Movements in working capital:
Increase/(decrease) in trade and other payables
30,696
(3,500)
Cash absorbed by operations
-
(9,250)
35
Analysis of changes in net debt - group
1 February 2023
Cash flows
New finance leases
31 January 2024
£
£
£
£
Cash at bank and in hand
289,156
(282,763)
-
6,393
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)
(3,833,157)
1,532,843
(1,119,397)
(3,419,711)
36
Analysis of changes in net funds - company
1 February 2023
31 January 2024
£
£
Cash at bank and in hand
2,405
2,405
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