Company registration number 03192366 (England and Wales)
M. O'BRIEN (PLANT HIRE) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
M. O'BRIEN (PLANT HIRE) LTD
COMPANY INFORMATION
Directors
A O'Brien
C O'Brien
D O'Brien
M O'Brien
J O'Donnell
Secretary
A O'Brien
Company number
03192366
Registered office
27 St Cuthberts Street
Bedford
MK40 3JG
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
Business address
Hills & Coles Farm
London Road
St Albans
AL3 8HA
M. O'BRIEN (PLANT HIRE) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
M. O'BRIEN (PLANT HIRE) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Business Review and future developments
The principal activity of the business during the year continued to be the hire of plant and machinery with highly skilled operators, primarily to the construction and civil engineering sectors.
The directors were pleased with the continued strong financial performance of the business that saw revenues grow by 6% to £44.7m (2022: £42.2m), gross margins increase by two percentage points to 26% (2022: 24%) and EBITDA growth of 12% to £15.7m (2022: £14.0m).
The business continued to grow its customer base through its market leading service offering and superior plant portfolio. It also maintained strong relationships with its existing customers who continue to remain loyal, having been with the business for many years.
The business remains highly cash generative with cash flows from operations of £16.7m (2022: £12.6m), being 106.6% (2022: 89.9%) conversion of EBITDA. Despite investments in new assets of £10.6m, the strong cash conversion resulted in gearing at the end of year being just 19.6% (2022: 41.1%).
The business has a high level of contracted or framework business and strong historic recurring revenue. This, along with anticipated higher levels of infrastructure spend and more certainty in the economy, leads the directors to be highly optimistic about the future growth prospects of the business.
Principal risks and uncertainties
Critical to the Company’s achievement of its objectives is effective risk management. The Company faces risk from a number of areas, all of which are prevalent throughout the industry and are shown below.
All sales and purchases are made in sterling so exposure to foreign exchange risks in minimal.
Liquidity and cost of capital
The business manages the liquidity risk by ensuring that there are sufficient funds to meet payments with strict cashflow and credit control management. The business maintains a good long-term relationship with its bank and various HP Providers to support the working capital cycle as required. The company due to its strong standing in the equipment rental sector remains in a strong position to negotiate competitive interest rates.
Competition and price
The plant hire sector has been in a strong place throughout the year of 2023, however any significant downturn in market demand, could potentially lead to competitors implementing aggressive sales strategies and reducing rates to maintain market share, which in turn could introduce risk to MOB PH reducing its own hire rates in the short term to retain the current customer base.
Credit risk
The company extends its customers with credit terms, the company mitigates the risk by utilising underwritten credit insurance and undertaking credit checks on its customers.
Health and Safety
The company places great focus on the area of Health and Safety, policies and procedures are reviewed regularly to ensure high standards are held across all teams within the business and continues to invest in innovation to improve safety for the industry.
Future Developments
The directors have assessed the trading position for the forthcoming year and having reviewed the key performance indicators, they are positive about the position of the business and its ability to grow and support its customer base in the long term. Upcoming large scale infrastructure projects supported by the UK government provide confidence to the UK construction industry, for which the directors believes it will play an important part by providing operated and self drive plant hire services.
M. O'BRIEN (PLANT HIRE) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators
The directors focus on revenue, gross profit margin and EBITDA as key performance indicators that are monitored.
Section 172 (1) Statement
In accordance with Section 172 of the Companies Act 2006, the directors of M O’Brien (Plant Hire) Ltd have considered the following factors in promoting the success of the company for the benefit of its members as a whole:
1. Long term consequences
We have carefully evaluated the long-term impact of our decisions on the company's growth and sustainability, ensuring that our actions contribute positively to our future success.
2. Employees:
We have prioritized the interests of our employees by providing a safe working environment, competitive compensation, and opportunities for professional development.
3. Business relationships:
We have maintained strong relationships with our suppliers, customers, and other stakeholders, fostering trust and collaboration to support our business operations.
4. Community and environment:
We are committed to minimizing our environmental footprint and contributing positively to the communities in which we operate, through responsible business practices and community engagement initiatives.
5. Business conduct
We uphold a high standard of business conduct, ensuring transparency, integrity, and ethical behaviour in all our dealings.
6. Fair treatment of members
We have acted fairly and equitably in our interactions with all members of the company, ensuring that their interests are considered and respected.
By considering these factors, we believe that our decisions and actions are aligned with the best interests of the company and its stakeholders.
M O'Brien
Director
11 November 2024
M. O'BRIEN (PLANT HIRE) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of renting and leasing of construction and civil engineering machinery and equipment.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £461,000. The directors do not recommend payment of a final dividend.
Dividends of £1,849,000 have been waived.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A O'Brien
C O'Brien
D O'Brien
M O'Brien
J O'Donnell
Financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
M. O'BRIEN (PLANT HIRE) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Auditor
Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
262,114
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
- Fuel consumed for owned transport
125.70
125.70
Scope 2 - indirect emissions
- Electricity purchased
54.20
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
1.00
Total gross emissions
180.90
Intensity ratio
Tonnes CO2e per employee
2.29
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The company continues to place significant investment in its modern fleet of equipment and vehicles, adhering to minimum Tier 5 emission standard compliance for plant and Euro 6 standards for vehicles. The management team optimises operational and transport efficiencies to reduce energy intensity where possible. Going forward the company will continue to consider electric and alternatively fuelled equipment for its hire fleet.
The company has also increased video conferencing technology for staff meetings, to reduce the need for travel between sites and have launched awareness and training programs to engage our employees in energy-saving practices and to promote a culture of sustainability within the company.
M. O'BRIEN (PLANT HIRE) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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
M O'Brien
Director
11 November 2024
M. O'BRIEN (PLANT HIRE) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M. O'BRIEN (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. O'BRIEN (PLANT HIRE) LTD
- 7 -
Opinion
We have audited the financial statements of M. O'Brien (Plant Hire) Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
M. O'BRIEN (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. O'BRIEN (PLANT HIRE) LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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.
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. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
M. O'BRIEN (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. O'BRIEN (PLANT HIRE) LTD (CONTINUED)
- 9 -
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.
Steve Robinson FCA
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
11 November 2024
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
M. O'BRIEN (PLANT HIRE) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
44,685,466
42,180,871
Cost of sales
(32,819,064)
(32,032,603)
Gross profit
11,866,402
10,148,268
Administrative expenses
(2,223,094)
(1,495,706)
Other operating income
913,940
118,578
Operating profit
4
10,557,248
8,771,140
Interest receivable and similar income
8
1,916
346
Interest payable and similar expenses
9
(812,586)
(478,060)
Profit before taxation
9,746,578
8,293,426
Tax on profit
10
(2,338,129)
(1,802,075)
Profit for the financial year
7,408,449
6,491,351
The profit and loss account has been prepared on the basis that all operations are continuing operations.
M. O'BRIEN (PLANT HIRE) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
39,708,330
37,848,450
Investment property
13
4,795,883
44,504,213
37,848,450
Current assets
Debtors
14
8,650,548
10,310,624
Cash at bank and in hand
3,151,778
2,534,625
11,802,326
12,845,249
Creditors: amounts falling due within one year
15
(15,879,204)
(18,176,329)
Net current liabilities
(4,076,878)
(5,331,080)
Total assets less current liabilities
40,427,335
32,517,370
Creditors: amounts falling due after more than one year
16
(857,819)
(1,722,729)
Provisions for liabilities
Deferred tax liability
19
6,256,918
4,429,492
(6,256,918)
(4,429,492)
Net assets
33,312,598
26,365,149
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
33,312,498
26,365,049
Total equity
33,312,598
26,365,149
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
M O'Brien
Director
Company registration number 03192366 (England and Wales)
M. O'BRIEN (PLANT HIRE) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
20,375,698
20,375,798
Year ended 31 December 2022:
Profit and total comprehensive income
-
6,491,351
6,491,351
Dividends
11
-
(502,000)
(502,000)
Balance at 31 December 2022
100
26,365,049
26,365,149
Year ended 31 December 2023:
Profit and total comprehensive income
-
7,408,449
7,408,449
Dividends
11
-
(461,000)
(461,000)
Balance at 31 December 2023
100
33,312,498
33,312,598
M. O'BRIEN (PLANT HIRE) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
16,799,818
12,604,967
Interest paid
(786,372)
(478,060)
Income taxes refunded
614,132
39,359
Net cash inflow from operating activities
16,627,578
12,166,266
Investing activities
Purchase of tangible fixed assets
(6,508,884)
(5,404,283)
Proceeds from disposal of tangible fixed assets
3,544,818
2,383,266
Purchase of investment property
(4,795,883)
Repayment of loans
10,000
Interest received
1,916
346
Net cash used in investing activities
(7,758,033)
(3,010,671)
Financing activities
Repayment of borrowings
(60,420)
(87,478)
Proceeds from new bank loans
4,200,000
750,000
Repayment of bank loans
(721,224)
(594,666)
Payment of finance leases obligations
(11,209,748)
(9,349,252)
Dividends paid
(461,000)
(502,000)
Net cash used in financing activities
(8,252,392)
(9,783,396)
Net increase/(decrease) in cash and cash equivalents
617,153
(627,801)
Cash and cash equivalents at beginning of year
2,534,625
3,162,426
Cash and cash equivalents at end of year
3,151,778
2,534,625
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
M. O'Brien (Plant Hire) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 27 St Cuthberts Street, Bedford, MK40 3JG. The principal place of business is Hills & Coles Farm, London Road, St Albans, AL3 8HA.
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 £1.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover 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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 land and buildings
nil
Leasehold improvements
3 years straight line
Plant and equipment
10 - 20% straight line
Small tools and plant
30% reducing balance
Office equipment
30% reducing balance
Motor vehicles
30% 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 credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or 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. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed 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.
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.
1.7
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.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
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.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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 profit and loss account 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 profit and loss account, 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.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
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 fixed 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 balance sheet 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.
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 following judgements and key estimates have had the most significant effect on amounts recognised in the financial statements.
Deferred tax
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Bad debt provision
The company makes an estimate of the recoverable value of trade debtors. When assessing the provision, management considers factors including current credit rating, ageing profile of amounts owed and historical experience.
Depreciation and estimating useful economic lives
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
The company depreciates tangible fixed assets over their estimated economic useful lives, to the estimated residual value. The useful lives are estimated by reference to historic performance as well as expectations about future use. Residual values are estimated based on what the company would expect to receive for the asset, where possible by reference to an external market price.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Hire of equipment
44,685,466
42,180,871
2023
2022
£
£
Turnover analysed by geographical market
UK
44,685,466
42,180,871
2023
2022
£
£
Other revenue
Interest income
1,916
346
Rental income arising from investment properties
657,852
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
546
Depreciation of owned tangible fixed assets
4,239,374
2,617,487
Depreciation of tangible fixed assets held under finance leases
1,515,708
3,049,110
Profit on disposal of tangible fixed assets
(539,688)
(421,376)
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
32,500
41,000
For other services
All other non-audit services
2,500
4,000
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
12
11
Drivers & operators
49
50
Hire
4
5
Management
9
9
Sales
-
2
Services
5
5
Total
79
82
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,324,509
3,787,908
Social security costs
363,431
444,304
Pension costs
83,720
84,744
3,771,660
4,316,956
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
67,704
158,325
Company pension contributions to defined contribution schemes
12,375
12,386
80,079
170,711
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,916
346
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
83,790
85,185
Other interest on financial liabilities
269,276
353,066
85,185
Other finance costs:
Interest on finance leases and hire purchase contracts
459,520
350,295
Other interest
42,580
812,586
478,060
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
510,703
Deferred tax
Origination and reversal of timing differences
1,827,426
1,802,075
Total tax charge
2,338,129
1,802,075
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the company's future current tax charge and the deferred tax assets and liabilities accordingly.
The actual charge 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:
2023
2022
£
£
Profit before taxation
9,746,578
8,293,426
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
2,290,446
1,575,751
Tax effect of expenses that are not deductible in determining taxable profit
28,400
Effect of change in corporation tax rate
82,657
Permanent capital allowances in excess of depreciation
(63,374)
(726,934)
Other permanent differences
953,258
Taxation charge for the year
2,338,129
1,802,075
The company has estimated tax losses of £7,158,000 (2023: £14,329,000) to utilise against future profits.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Dividends
2023
2022
£
£
Interim paid
461,000
502,000
Dividends of £1,849,000 have been waived.
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Small tools and plant
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
199,928
52,227,257
86,526
115,537
2,661,112
55,290,360
Additions
4,445,442
46,180
5,558,207
75,100
4,400
490,763
10,620,092
Disposals
(5,501,548)
(35,167)
(5,536,715)
At 31 December 2023
4,445,442
246,108
52,283,916
161,626
119,937
3,116,708
60,373,737
Depreciation and impairment
At 1 January 2023
116,424
15,942,097
53,907
99,441
1,230,041
17,441,910
Depreciation charged in the year
64,318
5,184,792
32,316
6,148
467,508
5,755,082
Eliminated in respect of disposals
(2,512,935)
(18,650)
(2,531,585)
At 31 December 2023
180,742
18,613,954
86,223
105,589
1,678,899
20,665,407
Carrying amount
At 31 December 2023
4,445,442
65,366
33,669,962
75,403
14,348
1,437,809
39,708,330
At 31 December 2022
83,504
36,285,160
32,619
16,096
1,431,071
37,848,450
Included in freehold land and building is freehold land of £3,241,324 which is not depreciated.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
12,127,333
24,186,457
Motor vehicles
87,151
579,645
12,214,484
24,766,102
13
Investment property
2023
£
Fair value
At 1 January 2023
Additions through external acquisition
4,795,883
At 31 December 2023
4,795,883
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,429,037
8,140,828
Other debtors
1,744,769
1,774,909
Prepayments and accrued income
476,742
394,887
8,650,548
10,310,624
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
4,888,872
1,410,096
Obligations under finance leases
18
3,953,012
10,186,642
Other borrowings
17
60,420
Trade creditors
3,300,359
4,488,265
Corporation tax
2,740,221
1,615,386
Other taxation and social security
221,334
256,123
Other creditors
312,948
70,583
Accruals and deferred income
462,458
88,814
15,879,204
18,176,329
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
857,819
1,722,729
17
Loans and overdrafts
2023
2022
£
£
Bank loans
4,888,872
1,410,096
Other loans
60,420
4,888,872
1,470,516
Payable within one year
4,888,872
1,470,516
The long-term loans are secured by a fixed and floating charge of the assets of the company granted in favour of the company's bankers.
The company's loans are repayable over 5 years by instalments with interest charged at between 2.35% and 2.6% over Bank of England base rate. The company was in breach of its loan covenants during the current and preceding period. The loans have therefore been presented as due within one year.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
3,953,012
10,186,642
In two to five years
857,819
1,722,729
4,810,831
11,909,371
Finance lease payments represent rentals payable by the company 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 average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
8,089,787
8,011,891
Tax losses
(1,789,572)
(3,582,399)
Other temporary timing differences
(43,297)
-
6,256,918
4,429,492
2023
Movements in the year:
£
Liability at 1 January 2023
4,429,492
Charge to profit or loss
1,827,426
Liability at 31 December 2023
6,256,918
The deferred tax liability set out above is not expected to reverse within 12 months due to expected ongoing capital investment by the company.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,720
84,744
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.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
22
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
301,500
-
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
6,392,136
2,636,327
5,740,555
4,908,740
2023
2022
Amounts due to related parties
£
£
Other related parties
2,038,152
1,582,798
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
2,341,215
1,922,451
24
Directors' transactions
Dividends totalling £344,125 (2022 - £502,000) were paid in the year in respect of shares held by the company's directors.
M. O'BRIEN (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
7,408,449
6,491,351
Adjustments for:
Taxation charged
2,338,129
1,802,075
Finance costs
812,586
478,060
Investment income
(1,916)
(346)
Gain on disposal of tangible fixed assets
(539,688)
(421,376)
Depreciation and impairment of tangible fixed assets
5,755,082
5,666,597
Movements in working capital:
Decrease/(increase) in debtors
1,660,076
(3,155,470)
(Decrease)/increase in creditors
(632,900)
1,744,076
Cash generated from operations
16,799,818
12,604,967
26
Analysis of changes in net debt
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
2,534,625
617,153
-
3,151,778
Borrowings excluding overdrafts
(1,470,516)
(3,418,356)
-
(4,888,872)
Obligations under finance leases
(11,909,371)
11,209,748
(4,111,208)
(4,810,831)
(10,845,262)
8,408,545
(4,111,208)
(6,547,925)
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