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REGISTERED NUMBER: 10487556 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUDHIR POWER (UK) LIMITED

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 8

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Statement of Financial Position 13

Company Statement of Financial Position 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash Flows 18

Notes to the Consolidated Financial Statements 19


SUDHIR POWER (UK) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: P Munjal
S Seth





REGISTERED OFFICE: Unit 2 Charnwood Edge Business Park
Syston Road
Cossington
United Kingdom
LE7 4UZ





REGISTERED NUMBER: 10487556 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The Group consists of four main trading entities operating in the Plant Hire sector - a branch in UAE; Star Platforms Limited and Star Power Hire Limited - both UK based subsidiaries and Sudhir Equipment Rental Company - a Saudi Arabia based subsidiary.

Star Platforms Limited generated a profit on ordinary activities before taxation for the year ended 31 March 2024 of £2,243,033, supported by Sudhir Equipment Rental Company's pre-tax profits of £8,460,883 - this has been offset slightly by a small loss for Star Power Hire of £30,122.

Profit on ordinary activities before taxation for the Group rose to £8,416,830 for the year ended 31 March 2024. The total Shareholders' Funds at the year-end stood at £13,424,170 (2023: £7,418,826).

Given the impacts of the war in Ukraine, inflation and increasing interest rates on the global economy, the performance over the financial year has been quite remarkable. The Group has expanded fleet in all the markets it operates in, won market share and maintained high utilisation levels.

STRATEGY
The Group will continue to use its reputation within the market to build a profitable customer base. Sudhir Equipment Rental Company opened a new depot during the year in Jeddah, Saudi Arabia and entered two new product segments of Compressors and Tower Lights, which have proved to be very successful. It is always open to the idea of further expansion and will consider opening additional branches and further acquisitions on the proviso it makes business sense.

Due to the success of the current financial year and strong forecasted utilisation levels the Group will further invest in capital equipment to further enhance its fleet offering.

The Group also recognises the importance of its staff and staff retention. The aim is always to be the employer of choice within the industry. Wages and working conditions therefore reflect this and the staff enjoy several benefits, including bonuses, private health care, excellent holiday entitlement and promotion opportunities as the group looks to promote from within.

KEY PERFORMANCE INDICATORS ('KPIs')
As well as turnover and profitability the Group also monitors its plant hire utilisation. It targets a utilisation level of 70% or higher to be able to grow sustainably. Star Platforms Limited achieved an average of over 70% over the course of the financial year, whereas Star Power Hire Limited didn't quite meet expectations at just under 65%. Sudhir Equipment Rental Company achieved an average utilisation of over 75% off the back of very robust demand. The Group also uses return on capital employed as a key performance indicator, in particular the payback period of individual fleet items. The combination of both utilisation and payback allows the Group to make informed decisions on what areas of the fleet offering need further investment.


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
In the UK, along with general market conditions, pricing and competition, the changing interest rate climate presents the greatest challenge to the Group and the hire industry at large over the coming months and years. A sharp unexpected fall in the oil price could dampen economic activity in Saudi Arabia, however this is not very likely. A sharp slowdown in China has caused surplus capacity amongst major plant machine manufacturers. This coupled with the recent tariffs imposed on them in Europe and the US has restricted and focused their sales activity to limited regions in the world. This is resulting in downward pressure on pricing. As a customer of these products, this may be considered as favourable, but it could lead to downward pressure on hire rates across the industry in the medium term.

Despite the Group's strong performance for the year, the prospect of a global recession and a long road to recovery are very real. Furthermore, there are potential knock-on effects of the war in Ukraine. Despite this, the directors remain confident that the Group can continue to strengthen its current level of performance and has the procedures, polices and internal controls in place to mitigate any potential risk.

FUTURE DEVELOPMENTS
Star Platforms Limited are facing continued competitive pressures regarding pricing, therefore it is critical the Group maintains its market leading levels of service to ensure utilisation and margin targets are achieved. Star Power is expected to bounce back and deliver strong number moving forward.
Sudhir Equipment Rental Company is experiencing significant growth due to favourable market conditions and is budgeted to continue its recent rate of growth of over 40% per year. It has plans to open another depot next year near the new hi-tech city of Neom. It is worth noting that it is predicted the global economy will continue to be impacted a changing interest rate environment and the war in Ukraine, however governments have continued to commit to an increase in public spending, which will include construction activities. In the meantime, the company will continue to focus on increasing market share further using its current strategy which has been extremely effective to date.


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

SECTION 172(1) STATEMENT
The board of directors at Sudhir Power (UK) and throughout the Group fully understand its duties and responsibilities to act in a way that would be considered in good faith. In doing so, they have taken decisions that would most likely promote the success of the Group for the benefit of its members and stakeholders. In line with Section 172(1) the board have taken the necessary steps to ensure adequate considerations have taken place on the following:

- likely consequences of any decisions in the long term;
- interests of the company's employees;
- need to foster the Group's business relationships with suppliers, customers and others;
- impact of the Group's operations on the community and environment;
- desirability of the company maintaining a reputation for high standards of business conduct; and
- need to act fairly between members of the company.

The board considers that the Groups outlined below represent the Group's key stakeholders. It is imperative that quality engagement is achieved throughout all stakeholder relationships, and this is at the forefront of Sudhir Power (UK)'s decision making processes; a few examples of which are set out below:

Customers
- In such a competitive market, The Group prides itself on maintaining high levels of customer service which is
highlighted throughout our customer retention statistics.
- Within the Group we have employed dedicated professionals to manage customer relationships and have even
taken this a step further by employing a Customer Experience Manager. This enables us to continuously improve
both our performance and our image with our customers.

Employees
- The Group recognises the importance of its people and staff retention. Employees are a reflection of the
company, so we ensure that our staff's values align with that of the business.
- The aim is always to be the employer of choice within the industry. Wages and working conditions therefore
reflect this and the staff enjoy several benefits, including bonuses, private health care, excellent holiday
entitlement and promotion opportunities as the group always looks to promote from within.

Suppliers
- Our aim is to build long lasting and positive relationships with our suppliers. We are constantly communicating
with one another to ensure both parties benefit from the business relationship.
- Health and Safety is paramount throughout the supply chain; therefore, we ensure that our suppliers adhere to
acceptable product standards and make recommendations for improvements where appropriate.

Community and Environment
- The board recognises the increased scrutiny on carbon footprints; therefore, we pride ourselves on having a fleet
made up of mainly electric equipment. We have also invested heavily in batteries as a more sustainable source
of energy over diesel generators.
- The Group also understands the importance of having that connection with local communities, therefore it
invests heavily in local sports clubs and businesses. On top of this the business also gets involved with
charitable fundraising - highlighted by all revenue from one fleet item being donated for good causes within the
local area.

Finance Providers
- One key strength of the Group is our relationships throughout the banking industry. Funders provide the
company with capital resource at very competitive rates to purchase equipment, therefore enabling growth and
the ability to service an increased customer base.
- As a result, we recognise the importance of ensuring that we protect and manage their investments through both
informed and commercially viable capital expenditure decisions.

The Board of Directors regularly reviews and updates the above as it sees fit. Any updates are communicated to employees and can be accessed at any point in time. The Group understands that stakeholders are critical to the success of any business and will continue to ensure that the requirements of Section 172 are adhered to.

ON BEHALF OF THE BOARD:





P Munjal - Director


27 September 2024

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activities of the group in the year under review was that of leasing of powered access hire equipment, construction and building or demolition equipment, motor equipment, mining and oilfield equipment, cranes for construction purposes, scaffolding, containers and onshore and offshore oil and gas fields and facilities services.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024 (2023: none)

The directors do not recommend payment of a dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P Munjal
S Seth

FINANCIAL INSTRUMENTS
The principal financial instruments of the Group comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the Group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

POLITICAL DONATIONS AND EXPENDITURE
Neither the company nor group made made any political donations during the current or preceding year.

BRANCHES OUTSIDE THE UK
The group operates a foreign branch in Abu Dhabi.

STREAMLINED ENERGY AND CARBON REPORTING
The Group aims to minimise the lasting impact of its operations on the environment. We monitor closely our electricity, gas, and fuel usage. The following tables detail energy consumption and greenhouse gas emissions (GHG) from the activities of the Group during the period 1 April 2023 to March 2024. Our greenhouse gas emissions, reportable under SECR during the period specified above, were 1,974.46 tonnes CO2e. This figure has been calculated using the UK Government's most recent CHG Conversion Factors for Company Reporting (28 June 2023), This is in line with standard industry practice and allows fair comparison with other UK businesses.

This figure includes all the material Scope 1 and Scope 2 emissions, required to be disclosed by the specified legislation. There were no additional Scope 3 emissions to include.

The following figures make up the baseline reporting for Group. Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets. Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations. There were no Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by the reporting company.

The total consumption (kWh) figures for energy supplies reportable by the Group are as follows:

Utility 31 March 2024
Natural Gas 333,794
Company Owned Vehicles 6,728,917
Purchased Electricity 918,353
Total 7,981,009 kWh







SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


The total emission (tCO2e) figures for energy supplies reportable by the Group are as follows:

Utility and Scope 31 March 2024
Natural Gas (Scope 1) 61.05
Company Owned Vehicles (Scope 1) 190.17
Electricity (Scope 2) 1,723.24
Total 1,974.46 tCO2e

An intensity metric of tCO2e per Em turnover has been applied for the annual total emissions of the Group. The result of this analysis is as follows:


Intensity
30 November
2023
Metric 2.85
tCO2e / £100'000


Reporting Boundary, Methodology and Exclusions
We have reported on all sources of GHG emissions and energy usage, associated emissions, energy efficiency actions and energy performance for EVO Group Limited, under the government policy Streamlined Energy & Carbon Reporting (SECR), as implemented by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

We have followed the 2019 UK Government environmental reporting guidance. We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2019 to calculate the above disclosure. There are no material omissions from the mandatory reporting scope. The reporting period is 1 April 2023 to March 2024, as per the financial statements.

Engagement with Suppliers, Customers and Others
Details of engagement with suppliers, customers and others can be found in the section 172(1) statement on page 7 of the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Munjal - Director


27 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUDHIR POWER (UK) LIMITED


Opinion
We have audited the financial statements of Sudhir Power (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUDHIR POWER (UK) LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Employment Law and Health and Safety Regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulation, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
or with unusual descriptions;
- Challenging assumptions made by management in their significant accounting estimates, in particular the useful
economic lives of tangible assets and carrying value of investments and goodwill.

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. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUDHIR POWER (UK) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

27 September 2024

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 69,386,206 50,971,368

Cost of sales (17,295,045 ) (15,125,049 )
GROSS PROFIT 52,091,161 35,846,319

Administrative expenses (39,002,364 ) (27,759,428 )
13,088,797 8,086,891

Other operating income 57,544 28,392
OPERATING PROFIT 5 13,146,341 8,115,283

Interest receivable and similar income 2,875 1,853
13,149,216 8,117,136

Interest payable and similar expenses 6 (4,733,059 ) (1,777,283 )
PROFIT BEFORE TAXATION 8,416,157 6,339,853

Tax on profit 7 (2,112,030 ) (1,554,644 )
PROFIT FOR THE FINANCIAL YEAR 6,304,127 4,785,209
Profit attributable to:
Owners of the parent 6,304,127 4,785,209

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 6,304,127 4,785,209


OTHER COMPREHENSIVE INCOME
Foreign exchange translation differences (298,783 ) (626,785 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(298,783

)

(626,785

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

6,005,344

4,158,424

Total comprehensive income attributable to:
Owners of the parent 6,005,344 4,158,424

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 7,729,942 8,878,540
Tangible assets 10 82,641,209 69,125,880
Investments 11 - -
90,371,151 78,004,420

CURRENT ASSETS
Stocks 12 1,848,322 927,037
Debtors 13 17,583,263 14,583,350
Cash at bank and in hand 1,179,900 334,098
20,611,485 15,844,485
CREDITORS
Amounts falling due within one year 14 (80,048,352 ) (70,894,136 )
NET CURRENT LIABILITIES (59,436,867 ) (55,049,651 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,934,284

22,954,769

CREDITORS
Amounts falling due after more than one
year

15

(14,938,112

)

(13,229,721

)

PROVISIONS FOR LIABILITIES 18 (2,572,002 ) (2,306,222 )
NET ASSETS 13,424,170 7,418,826

CAPITAL AND RESERVES
Called up share capital 19 250,000 250,000
Retained earnings 20 13,174,170 7,168,826
SHAREHOLDERS' FUNDS 13,424,170 7,418,826

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





P Munjal - Director


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

COMPANY STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 64,491 77,193
Investments 11 17,052,411 17,052,411
17,116,902 17,129,604

CURRENT ASSETS
Debtors 13 45,069,052 34,689,521
Cash at bank 178,616 78,805
45,247,668 34,768,326
CREDITORS
Amounts falling due within one year 14 (61,618,513 ) (51,056,147 )
NET CURRENT LIABILITIES (16,370,845 ) (16,287,821 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

746,057

841,783

PROVISIONS FOR LIABILITIES 18 (25,463 ) (24,659 )
NET ASSETS 720,594 817,124

CAPITAL AND RESERVES
Called up share capital 19 250,000 250,000
Retained earnings 20 470,594 567,124
SHAREHOLDERS' FUNDS 720,594 817,124

Company's (loss)/profit for the financial year (95,757 ) 131,011

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





P Munjal - Director


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 250,000 3,010,402 3,260,402

Changes in equity
Total comprehensive income - 4,158,424 4,158,424
Balance at 31 March 2023 250,000 7,168,826 7,418,826

Changes in equity
Total comprehensive income - 6,005,344 6,005,344
Balance at 31 March 2024 250,000 13,174,170 13,424,170

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 250,000 439,071 689,071

Changes in equity
Total comprehensive income - 128,053 128,053
Balance at 31 March 2023 250,000 567,124 817,124

Changes in equity
Total comprehensive income - (96,530 ) (96,530 )
Balance at 31 March 2024 250,000 470,594 720,594

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 29,273,286 12,333,372
Tax paid (1,879,430 ) (337,038 )
Net cash from operating activities 27,393,856 11,996,334

Cash flows from investing activities
Purchase of tangible fixed assets (27,839,850 ) (23,717,740 )
Sale of tangible fixed assets 468,127 301,491
Interest received 2,875 1,853
Net cash from investing activities (27,368,848 ) (23,414,396 )

Cash flows from financing activities
New loans in year 10,378,687 18,463,167
Hire purchase capital repayments in year (5,722,668 ) (5,702,489 )
Hire purchase interest (997,787 ) (568,218 )
Finance costs (3,732,377 ) (1,209,065 )
Net cash from financing activities (74,145 ) 10,983,395

Decrease in cash and cash equivalents (49,137 ) (434,667 )
Cash and cash equivalents at beginning
of year

2

334,098

1,383,061
Effect of foreign exchange rate changes 894,939 (614,296 )
Cash and cash equivalents at end of year 2 1,179,900 334,098

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 8,416,157 6,339,853
Depreciation charges 18,942,550 13,807,979
Profit on disposal of fixed assets (229,877 ) (23,403 )
Amortisation charges 1,148,598 1,148,598
Tax - (1,429,082 )
Finance costs 4,733,059 1,777,283
Finance income (2,875 ) (1,853 )
33,007,612 21,619,375
Increase in stocks (921,285 ) (299,143 )
Increase in trade and other debtors (2,257,296 ) (3,189,611 )
Decrease in trade and other creditors (555,745 ) (5,797,249 )
Cash generated from operations 29,273,286 12,333,372

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 1,179,900 334,098
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 334,098 1,383,061


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£    £    £    £   
Net cash
Cash at bank
and in hand 334,098 845,802 1,179,900
334,098 845,802 1,179,900
Debt
Finance leases (20,261,436 ) 4,750,532 - (21,262,122 )
Debts falling due
within 1 year (50,851,655 ) 50,851,655 - -
(71,113,091 ) 55,602,187 - (21,262,122 )
Total (70,778,993 ) 56,447,989 - (20,082,222 )

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Sudhir Power (UK) Limited is a group, registered in England and Wales. Its registered office address is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, United Kingdom, LE7 4UZ and the registered number is 10487556.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within accounting policies below.

Significant judgements and estimates
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Carrying value of investments
The investment is held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

(ii) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and deferred tax liability 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.

(iii) Recoverability of amounts owed by group undertakings
At each reporting date, amounts owed by group undertakings are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the income statement.

(iv) Impairment of intangible assets and goodwill
The group considers whether intangible assets and goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

Going concern
As at 31 March 2024 the company has net current liabilities of £16,370,845 (2023: 16,287,821) and net assets of £720,594 (2023: £817,124). The group has net current liabilities of £59,349,962 (2023: £55,049,651) and net assets of £13,511,075 (2023: £7,418,826). The directors have prepared the financial statements on a going concern basis as the parent undertaking, Sudhir Power Limited, will support the group financially and will make sufficient funds available to ensure the group can meet its debts as they fall due. The loan due to Sudhir Power Limited will not be recalled until Sudhir Power (UK) Limited have sufficient funds to repay the balance. The directors have confirmed that adequate cash resources will be available to cover the group's requirements for working capital and capital expenditure for at least twelve months from the date of these accounts.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at the fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the group's sales channels have been met.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life which is expected to be 10 years.

Tangible fixed assets
Tangible assets are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a straight line basis.

Depreciation is provided on the following basis:

Freehold property- 5 years straight line
Leasehold land and buildings- 5 years straight line
Plant and Machinery- 3 to 20 years straight line
Fixtures and fittings- 5 years straight line
Motor vehicles- 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Investment in subsidiaries
Investment in the subsidiary companies is held at cost less accumulated impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Income Statement.

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 the Income Statement.

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 the Income Statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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.

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

Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the liability is extinguished, is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
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.


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
The group's functional and presentational currency is GBP and is rounded to the nearest £.

Foreign currency transactions are translated into the functional currency using spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the result of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. Assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at the closing rate and the result of overseas operations at actual rate are recognised in Other Comprehensive Income.

Operating and finance lease commitments
At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the group’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

(iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the Income Statement, to reduce the lease expense, on a straight-line basis over the period of the lease.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to income statement in the period to which they relate.

Share capital
Ordinary shares are classified as equity.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Hire and associated sales 68,710,721 50,257,953
Machine sales 324,741 335,288
Training 350,744 378,127
69,386,206 50,971,368

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 31,150,148 27,654,354
Rest of world 38,236,058 23,317,014
69,386,206 50,971,368

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 13,297,246 10,506,489
Social security costs 1,038,636 903,563
Other pension costs 206,983 166,923
14,542,865 11,576,975

The average number of employees during the year was as follows:
2024 2023

Administration 193 167
Engineering and distribution 298 216
491 383

2024 2023
£    £   
Directors' remuneration 183,729 155,349

Key management compensation
Key management includes the directors and members of senior management of the group. The compensation paid or payable to key management for employee service amounted to £1,237,280 (2023: £2,136,350) for the year ended 31 March 2024.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,956 1,551
Depreciation - owned assets 18,942,550 13,807,979
Profit on disposal of fixed assets (229,877 ) (23,403 )
Goodwill amortisation 1,148,598 1,148,598
Audit of the parent company
and the group's consolidated
financial statements 16,136 17,075
Audit of the company's
subsidiaries 27,800 21,400
Foreign exchange differences 93,401 (36,941 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 3,653,953 1,186,297
Finance charges 81,319 22,768
Hire purchase 997,787 568,218
4,733,059 1,777,283

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,876,986 1,238,370
Adjustment to prior years (43,245 ) 9,135
Total current tax 1,833,741 1,247,505

Deferred tax 278,289 307,139
Tax on profit 2,112,030 1,554,644

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 8,416,157 6,339,853
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

2,104,039

1,204,572

Effects of:
Expenses not deductible for tax purposes 573,223 248,537
Other timing differences (57,831 ) -
Chargeable gains 2,314 9,690
Adjustments in respect of prior years (6,933 ) 26,535
Super deduction - (53,446 )

Changes in tax rates - 69,538

Non taxable income (33,535 ) (9,092 )
Tax rate differences between jurisdictions (469,247 ) 58,310
Total tax charge 2,112,030 1,554,644

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Foreign exchange translation differences (298,783 ) - (298,783 )

2023
Gross Tax Net
£    £    £   
Foreign exchange translation differences (626,785 ) - (626,785 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 11,485,984
AMORTISATION
At 1 April 2023 2,607,444
Amortisation for year 1,148,598
At 31 March 2024 3,756,042
NET BOOK VALUE
At 31 March 2024 7,729,942
At 31 March 2023 8,878,540

10. TANGIBLE FIXED ASSETS

Group
Long
Freehold leasehold
land & land & Plant and
buildings buildings machinery
£    £    £   
COST
At 1 April 2023 26,974 927,898 93,608,339
Additions - 234,205 32,664,026
Disposals - - (517,334 )
Exchange differences - - (1,273,490 )
At 31 March 2024 26,974 1,162,103 124,481,541
DEPRECIATION
At 1 April 2023 20,861 189,774 26,495,783
Charge for year 1,956 181,628 18,358,878
Eliminated on disposal - - (353,288 )
Exchange differences - - (383,334 )
At 31 March 2024 22,817 371,402 44,118,039
NET BOOK VALUE
At 31 March 2024 4,157 790,701 80,363,502
At 31 March 2023 6,113 738,124 67,112,556

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 303,604 1,256,973 500 96,124,288
Additions 123,024 569,813 - 33,591,068
Disposals - (257,880 ) - (775,214 )
Exchange differences - (6,318 ) (11 ) (1,279,819 )
At 31 March 2024 426,628 1,562,588 489 127,660,323
DEPRECIATION
At 1 April 2023 88,473 203,223 294 26,998,408
Charge for year 72,119 327,888 81 18,942,550
Eliminated on disposal - (183,676 ) - (536,964 )
Exchange differences - (1,541 ) (5 ) (384,880 )
At 31 March 2024 160,592 345,894 370 45,019,114
NET BOOK VALUE
At 31 March 2024 266,036 1,216,694 119 82,641,209
At 31 March 2023 215,131 1,053,750 206 69,125,880

The net carrying amount of assets held under finance leases included in plant, machinery, fixtures and fittings and motor vehicles is £26,424,188 (2023: £26,154,583).

Company
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 106,547 47,380 500 154,427
Additions - 11,619 - 11,619
Exchange differences (2,210 ) (733 ) (11 ) (2,954 )
At 31 March 2024 104,337 58,266 489 163,092
DEPRECIATION
At 1 April 2023 56,883 20,057 294 77,234
Charge for year 13,159 9,379 81 22,619
Exchange differences (976 ) (271 ) (5 ) (1,252 )
At 31 March 2024 69,066 29,165 370 98,601
NET BOOK VALUE
At 31 March 2024 35,271 29,101 119 64,491
At 31 March 2023 49,664 27,323 206 77,193

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 17,052,411
NET BOOK VALUE
At 31 March 2024 17,052,411
At 31 March 2023 17,052,411

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Sudhir Equipment Rental Company
Registered office: Saudi Arabia
Nature of business: Leasing of construction and leasing equipment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 15,003,176 6,785,730
Profit for the year 8,460,883 4,609,221

Star Platforms Limited
Registered office: United Kingdom
Nature of business: Powered access hire and sales
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 8,593,731 7,332,797
Profit for the year 2,243,033 1,485,922

Star Power Hire Limited
Registered office: United Kingdom
Nature of business: Plant and machinery hire and sales
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 479,336 695,820
(Loss)/profit for the year (216,484 ) 34,108


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


12. STOCKS

Group
2024 2023
£    £   
Stocks 1,848,322 927,037

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 16,030,154 13,260,477 183,103 188,279
Amounts owed by group undertakings - - 44,835,990 34,279,036
Other debtors 102,303 239,201 29,554 155,947
VAT - 284,652 - -
Deferred tax asset - - - 53,270
Prepayments 1,450,806 799,020 20,405 12,989
17,583,263 14,583,350 45,069,052 34,689,521

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 6,596,684 7,198,986 - -
Trade creditors 8,830,879 10,476,258 - -
Amounts owed to group undertakings 60,988,260 50,851,655 60,988,260 50,851,655
Tax 1,158,537 1,204,226 - -
Social security and other taxes 216,613 197,995 - -
VAT 771,959 - - -
Other creditors 1,059,432 553,213 607,897 182,586
Accrued expenses 425,988 411,803 22,356 21,906
80,048,352 70,894,136 61,618,513 51,056,147

Included within Other creditors are pension contributions payable of £39,333 (2023: £2,847).

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 14,665,438 13,062,450
Accruals and deferred income 272,674 167,271
14,938,112 13,229,721

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 6,596,684 7,198,986
Between one and five years 14,665,438 13,062,450
21,262,122 20,261,436

The future minimum hire purchase lease payments are as follows:
2024 2023
£ £
Not later than one year 7,251,132 6,651,767
Later than one year and not later than five years 15,170,974 14,743,037
Total gross payments 22,422,106 21,394,804
Less: finance charges (1,159,984 ) (1,133,368 )
Carrying amount of liability 21,262,122 20,629,436

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,667,879 1,682,857
Between one and five years 3,796,718 4,357,436
In more than five years 1,518,570 2,062,455
6,983,167 8,102,748

Leases relate to commercial vehicles and other motor vehicles and lease for the properties the group trades from.

The finance leases are secured by the lessors' title to the leased assets and the directors consider that the carrying amount of the obligations under the finance leases approximate to their fair value. Interest rates underlying all obligations are fixed at respective contract rates.

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 21,262,122 20,261,436

The hire purchase contracts are secured by the lessors' title to the leased assets and the directors consider that the carrying amount of the obligations under the finance leases approximate to their fair value. Interest rates underlying all obligations are fixed at respective contract rates.

SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 2,576,916 2,423,276 13,853 -
Tax losses carried forward (540 ) (138,853 ) (540 ) -
Other timing differences (16,524 ) (2,860 ) - -
2,559,852 2,281,563 13,313 -

Other provisions 12,150 24,659 12,150 24,659

Aggregate amounts 2,572,002 2,306,222 25,463 24,659

Group
Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 2,281,563 24,659
Charge to Income Statement during year 278,289 -
End of service benefits - (12,509 )
Balance at 31 March 2024 2,559,852 12,150

Company
Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 (53,270 ) 5,480
Charge to Income Statement during year 66,583 -
Balance at 31 March 2024 13,313 5,480

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250,000 Ordinary 1 250,000 250,000

The holder of the ordinary shares is entitled to receive dividends as declared from time to time, and is entitled to one vote per share at meetings of the group. All shares rank equally with regard to the Company's residual assets.


SUDHIR POWER (UK) LIMITED (REGISTERED NUMBER: 10487556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


20. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 7,168,826
Profit for the year 6,304,127
Foreign exchange translation
differences (298,783 )
At 31 March 2024 13,174,170

Company
Retained
earnings
£   

At 1 April 2023 567,124
Deficit for the year (95,757 )
Foreign exchange translation
differences (773 )
At 31 March 2024 470,594


21. ULTIMATE PARENT COMPANY

Sudhir Power Limited, a company incorporated in India, owns the entire share capital of Sudhir Power (UK) Limited and is considered the ultimate parent company.

22. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company and group incurred interest charges on a loan provided by Sudhir Power Limited, the ultimate parent company, of £3,653,953 (2023: £1,186,297). The amount payable at the year end including interest amounted to £60,685,820 (2023: £50,402,963) and is included within Amounts owed to group undertaking within creditors.

During the year the company made purchases of £223,223 (2023: £232,285) from Sudhir Gensets FZE, a company owned by Sudhir Power Limited, the ultimate parent company. At the year end the company owed £302,440 (2023: £448,692).

During the year the company and group made purchases of £183,729 (2023: £155,349) from Eterniti Limited, a company with a common directorship. At the year end the company and group owed £46,584 (2023: £nil).

All related party loans are considered repayable on demand.

23. ULTIMATE CONTROLLING PARTY

R Seth, by virtue of his majority shareholding in the ultimate parent company, Sudhir Power Limited is considered the ultimate controlling party.