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REGISTERED NUMBER: 02903463 (England and Wales)
















Walters Plant Hire Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 29 February 2024







Walters Plant Hire Limited (Registered number: 02903463)








Contents of the Consolidated Financial Statements

for the Year Ended 29 February 2024





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

5




Report of the Independent Auditors  

7




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




Notes to the Consolidated Financial Statements

17





Walters Plant Hire Limited



Company Information

for the Year Ended 29 February 2024









DIRECTORS:

S C Llewellyn


P H Richards


M E R Llewellyn





SECRETARY:

S C Llewellyn





REGISTERED OFFICE:

Hirwaun House


13th Avenue


Hirwaun Industrial Estate


Aberdare


Rhondda Cynon Taff


CF44 9UL





REGISTERED NUMBER:

02903463 (England and Wales)





AUDITORS:

Xeinadin Audit Limited


Chartered Accountants


& Statutory Auditors


Highdale House


7 Centre Court


Treforest Industrial Estate


Pontypridd


Rhondda Cynon Taff


CF37 5YR





BANKERS:

Barclays Bank plc


91 Taff Street


Pontypridd


CF37 4YA





SOLICITORS:

Hugh James


Two Central Square


Cardiff


CF10 1FS



Walters Plant Hire Limited (Registered number: 02903463)



Group Strategic Report

for the Year Ended 29 February 2024


The directors present their strategic report of the company and group for the year ended 29 February 2024.


REVIEW OF BUSINESS


The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.


Walters Plant Hire Limited - plant hire and maintenance services

The company continues to operate successfully across numerous related business sectors despite the ongoing challenges of managing the pressures on some of its core costs. The company continues to perform to excellent health, safety and environmental standards.


Key financial highlights

The key financial highlights are as follows:



2024

2023


2022


2021




£'000

£'000


£'000


£'000



Turnover


59,333

54,905


46,918


41,7951



Gross profit


9,411

8,522


6,969


6,079




Profit before tax


2,995

2,031


4,427


4,400




Principal Risks and Uncertainties

The company is very much aware of ongoing challenges particularly in terms of the ever-increasing capital cost base and cost of associated consumables and labour.


Walters UK Limited - civil engineering contractors

The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.


The company has successfully continued to secure new workload and safely and efficiently deliver this and existing contracts. With the management team showing that, as with previous years, the company's success and the wellbeing of its staff is born from continual investment in the right people and innovation.


During the year the UK government continued its strategy of investment in new and improved infrastructure projects across the regions.  The company has continued its success in being awarded, undertaking, and completing UK wide schemes within the infrastructure sector and within both the Welsh and the southwest regions, working for local authorities through frameworks agreements and competitive tenders, Natural Resources Wales along with private developers and house builders. All of these have contributed to the company's profitability and turnover.


High value "Early Contractor Involvement" projects from both repeat business and the growth of new relationships with Tier 1 UK contractors and National Highways continues, this gives a continued forward projection of works for the coming years. The company's continued growth through the regions in general civil engineering, remediation and new development works has further increased its market share and forward order book.


Key financial highlights

The company can again report little to no borrowings, robust reserves and continuing profits for the financial year.  The financial position of the company remains strong.  The company has a robust trading position that instils confidence in clients and enables the company to be attractive to trade with. The company's strength is demonstrated by the gearing ratio that follows:



2024

2023


2022


2021




£'000

£'000


£'000


£'000



Turnover


109,239

98,344


56,889


38,910



Gross profit


7,563

4,087


4,105


6,164




Profit ratio


6.92%

4.16%


7.22%


15,84%



Gross profit:  Turnover




Gearing


0%


0%


0%


0%



Total borrowing: Total assets




Principal Risks and Uncertainties

The key current risks are generally born from the forward uncertainties arising from national budgetary pressures, inflation and interest rates, which are affecting all aspects of the construction industry.




Walters Plant Hire Limited (Registered number: 02903463)



Group Strategic Report

for the Year Ended 29 February 2024


At present the UK government and regional administrations have continued to invest in long term infrastructure projects and local improvements but with the change of government and its budgetary pressures, certain future investment may be uncertain. The company's continued resilience planning and in-house capability and resources, with its highly proactive approach to managing risk, puts the company in a good position to move forward.


Gorrel Equipment Solutions Limited - asset leasing

The company has continued to secure further long-term rental contracts in various sectors and works hard to provide a maintenance service which is second to none.  Cost management remains an ongoing requirement and the directors continue to focus on the company's excellent health, safety and environmental standards.


Key Financial Highlights

The business achieves consistent results year on year.



2024

2023


2022


2021




£'000

£'000


£'000


£'000



Turnover


10,145

8,968


8,051


6,597



Gross profit


2,438

1,923


1,625


1,615




Profit before tax


2,033

1,249


1,310


1,285




Fixed assets


14,602

14,976


15,066


9,831




Principal Risks and Uncertainties

The directors are well aware of the pressures caused by global events and the potential effect on the various costs of the business, including equipment and their associated parts and repair costs.


SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company/group for the benefit of its members as a whole.  In doing this, section 172 requires a director to have regard, amongst other matters, to the:


-  likely consequences of any decisions in the long-term;

-  interests of the company's/group's employees;

-  need to foster the company's/group's business relationships with suppliers, customers and others;

-  impact of the company's/group's operations on the community and environment;

-  desirability of the company/group maintaining a reputation for high standards of business conduct;

-  need to act fairly as between members of the company/group,


In discharging our section 172(1) duties we have regard to the factors set out above


Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture.  As part of the Board's decision making process, the Board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long-term.


ENGAGEMENT WITH EMPLOYEES

Group companies adopt employment policies best suited to their operations and in compliance with UK legislation.  Personnel policies are designed to provide equal opportunities to all in accordance with the group policy.  In particular, the employment of those who have become disabled is continued wherever possible and opportunities are provided for the recruitment, training and development of disabled people.


ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

We continue to focus on excellent customer services whilst maintaining a reputation for being fair and transparent in dealing with clients and suppliers.




Walters Plant Hire Limited (Registered number: 02903463)



Group Strategic Report

for the Year Ended 29 February 2024


STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

The company is proud to continue its record of achievements to date but is always looking to build further and enhance its reputation as a company that takes its corporate responsibility very seriously. The continual review and updating of company initiatives have proven to show an improvement in the safety, health and wellbeing of our employees and stake holders. With an increased emphasis on environmental and carbon management coming to the fore. These initiatives will help to further enhance the company's reputation with clients, regulators, workers, and the general public.


ON BEHALF OF THE BOARD:






M E R Llewellyn - Director



29 November 2024



Walters Plant Hire Limited (Registered number: 02903463)



Report of the Directors

for the Year Ended 29 February 2024


The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Walters Plant Hire Limited is the parent company of a group of companies. The companies are engaged in the provision of plant hire and maintenance services, civil engineering and leasing of assets.

The company is also a subsidiary undertaking of G Walters (Holdings) Limited. The company and its subsidiaries do not have any branches outside the UK.

DIVIDENDS

The total distribution of dividends for the year ended 29 February 2024 £nil (2023: £nil)


RESEARCH AND DEVELOPMENT

The company continues to invest heavily into research and development across all its activities, especially in the data workplace and personnel training, to improve and develop on safety and efficiencies.


FUTURE DEVELOPMENTS

Walters Plant Hire Limited

The continued use of data, systems and technology aligned with the ongoing operation of modern equipment will remain a focus for the company in continuing to provide an excellent customer service.


Walters UK Limited

Regionally in South Wales and the Southwest of England the company continues to successfully increase its market share of civil engineering and road network improvement opportunities.


This includes works direct for local authorities, Welsh Government, Natural Resources Wales, local regional frameworks and regional private developers.


Nationally the company continues to successfully deliver its secured workload on the High Speed 2 works in central England on Section C23, with this contract programmed to continue to at least 2027. Five major National Highways road schemes across the UK continue to be constructed and delivered with a forward workbook through Early Contractor Involvement.


Over the recent year the company has continued its investment heavily in innovation and technology to achieve added efficiencies in delivery and procurement which in turn improves outturn costs and margins.



Gorrel Equipment Solutions Limited

The company continues to secure new contracts as well as successfully renewing contracts with current customers.  Further ongoing investment in new equipment will remain a focus utilising latest technology in continuing to provide an industry leading customer service.


DIRECTORS

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


S C Llewellyn

P H Richards

M E R Llewellyn


FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and group inter company loans.  The main purpose of these instruments is to raise funds to finance the group's operations.


Due to the nature of the financial instruments used by the group there is minimal exposure to price risk.  The group's approach to managing other risks applicable to the financial instruments concerned is shown below.


In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.


Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.


Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due




Walters Plant Hire Limited (Registered number: 02903463)



Report of the Directors

for the Year Ended 29 February 2024


DONATIONS AND EXPENDITURE

During the year the company made charitable donations totalling £33,276 (2023:£20,313).


DIRECTORS' LIABILITY INSURANCE

A liability insurance policy was in force during the financial year for the benefit of the directors of the company and its subsidiaries


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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

-

state whether applicable 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






M E R Llewellyn - Director



29 November 2024


Report of the Independent Auditors to the Members of

Walters Plant Hire Limited


Opinion

We have audited the financial statements of Walters Plant Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 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.


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.


Report of the Independent Auditors to the Members of

Walters Plant Hire Limited



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.


Report of the Independent Auditors to the Members of

Walters Plant Hire Limited



Auditors' responsibilities for the audit of the financial statements

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


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


In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

non-compliance with laws and regulations we have considered the following:


-


The nature of the industry and sector, control environment and business performance;


-


Results of the enquiries of management about their own identification and assessment of the risks of



irregularities;


-


Any matters we have identified having obtained and reviewed the company's documentation of their



policies and procedures relating to:



--


identifying, evaluating and complying with laws and regulations and whether they were aware of any



instances of noncompliance;



--


detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected



or alleged fraud;



--


the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;



--


the matters discussed among the audit engagement team regarding how and where fraud might occur in  



the financial statements and any potential indicators of fraud.



As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation.


In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.


Audit response to risks identified

Our procedures to respond to risks identified included the following:

-


reviewing the financial statement disclosures and testing to supporting documentation to assess compliance



with provisions of relevant laws and regulations described as having a direct effect on the financial statements;


-


enquiring of management concerning actual and potential litigation and claims;


-


performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of



material misstatement due to fraud;


-


reviewing correspondence with HMRC; and


-


in addressing the risk of fraud through management override of controls, testing the appropriateness of journal



entries and other adjustments; assessing whether the judgements made in making accounting estimates are



indicative of a potential bias; and evaluating the business rationale of any significant transactions that are



unusual or outside the normal course of business.



We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.


As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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

Walters Plant Hire 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.





Tania Cregg FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR


29 November 2024



Walters Plant Hire Limited (Registered number: 02903463)



Consolidated

Income Statement

for the Year Ended 29 February 2024



29.2.24


28.2.23


Notes

£   

£   



TURNOVER

141,985,408


133,841,829




Cost of sales

122,573,603


119,309,680



GROSS PROFIT

19,411,805


14,532,149




Administrative expenses

9,716,710


10,318,695



9,695,095


4,213,454




Other operating income

178,727


306,384



OPERATING PROFIT

5

9,873,822


4,519,838




Interest receivable and similar income

1,081,770


275,241



10,955,592


4,795,079




Interest payable and similar expenses

6

1,012,426


591,912



PROFIT BEFORE TAXATION

9,943,166


4,203,167




Tax on profit

7

2,446,323


3,119,308



PROFIT FOR THE FINANCIAL YEAR

7,496,843


1,083,859



Profit attributable to:

Owners of the parent

6,965,501


878,946



Non-controlling interests

531,342


204,913



7,496,843


1,083,859





Walters Plant Hire Limited (Registered number: 02903463)



Consolidated

Other Comprehensive Income

for the Year Ended 29 February 2024



29.2.24


28.2.23


Notes

£   

£   



PROFIT FOR THE YEAR

7,496,843


1,083,859





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

7,496,843


1,083,859




Total comprehensive income attributable to:

Owners of the parent

6,965,501


878,946



Non-controlling interests

531,342


204,913



7,496,843


1,083,859





Walters Plant Hire Limited (Registered number: 02903463)



Consolidated Statement of Financial Position

29 February 2024



29.2.24

28.2.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

157,476


49,866



Tangible assets

11

41,179,175


40,409,197



Investments

12

100,000


100,000



41,436,651


40,559,063




CURRENT ASSETS

Debtors

13

17,479,945


19,304,329



Cash at bank and in hand

28,937,384


18,525,636



46,417,329


37,829,965



CREDITORS

Amounts falling due within one year

14

34,629,356


30,234,193



NET CURRENT ASSETS

11,787,973


7,595,772



TOTAL ASSETS LESS CURRENT

LIABILITIES

53,224,624


48,154,835




CREDITORS

Amounts falling due after more than one year

15

(13,875,469

)

(16,227,720

)



PROVISIONS FOR LIABILITIES

17

(6,464,745

)

(6,065,989

)


NET ASSETS

32,884,410


25,861,126




CAPITAL AND RESERVES

Called up share capital

18

330,000


330,000



Share premium

19

2,463


2,463



Capital redemption reserve

19

2,012,250


2,012,250



Retained earnings

19

29,688,709


22,795,128



SHAREHOLDERS' FUNDS

32,033,422


25,139,841




NON-CONTROLLING INTERESTS

850,988


721,285



TOTAL EQUITY

32,884,410


25,861,126




The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:






M E R Llewellyn - Director




Walters Plant Hire Limited (Registered number: 02903463)



Company Statement of Financial Position

29 February 2024



29.2.24

28.2.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

26,576,758


25,433,523



Investments

12

2,279,250


1,854,250



28,856,008


27,287,773




CURRENT ASSETS

Debtors

13

8,442,434


8,442,045



Cash at bank and in hand

5,086,671


4,838,803



13,529,105


13,280,848



CREDITORS

Amounts falling due within one year

14

13,336,640


13,267,744



NET CURRENT ASSETS

192,465


13,104



TOTAL ASSETS LESS CURRENT

LIABILITIES

29,048,473


27,300,877




CREDITORS

Amounts falling due after more than one year

15

(13,678,682

)

(13,744,061

)



PROVISIONS FOR LIABILITIES

17

(4,566,101

)

(5,141,589

)


NET ASSETS

10,803,690


8,415,227




CAPITAL AND RESERVES

Called up share capital

18

330,000


330,000



Share premium

19

2,463


2,463



Capital redemption reserve

19

2,000,000


2,000,000



Retained earnings

19

8,471,227


6,082,764



SHAREHOLDERS' FUNDS

10,803,690


8,415,227




Company's profit/(loss) for the financial year

2,388,463


(526,641

)



The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:






M E R Llewellyn - Director




Walters Plant Hire Limited (Registered number: 02903463)



Consolidated Statement of Changes in Equity

for the Year Ended 29 February 2024



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   


Balance at 1 March 2022

330,000


22,088,814


2,463




Changes in equity

Dividends

-


(172,632

)

-



Total comprehensive income

-


878,946


-



Balance at 28 February 2023

330,000


22,795,128


2,463




Changes in equity

Dividends

-


(71,920

)

-



Total comprehensive income

-


6,965,501


-



330,000


29,688,709


2,463



Transfers due to change of ownership  

-


-


-



Balance at 29 February 2024

330,000


29,688,709


2,463




Capital



redemption


Non-controlling


Total


reserve


Total


interests


equity

£   

£   

£   

£   


Balance at 1 March 2022

2,012,250


24,433,527


683,457


25,116,984




Changes in equity

Dividends

-


(172,632

)

(167,085

)

(339,717

)


Total comprehensive income

-


878,946


204,913


1,083,859



Balance at 28 February 2023

2,012,250


25,139,841


721,285


25,861,126




Changes in equity

Dividends

-


(71,920

)

(69,605

)

(141,525

)


Total comprehensive income

-


6,965,501


531,342


7,496,843



2,012,250


32,033,422


1,183,022


33,216,444



Transfers due to change of ownership  

-


-


(332,034

)

(332,034

)


Balance at 29 February 2024

2,012,250


32,033,422


850,988


32,884,410





Walters Plant Hire Limited (Registered number: 02903463)



Company Statement of Changes in Equity

for the Year Ended 29 February 2024



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 March 2022

330,000


6,609,405


2,463


2,000,000


8,941,868




Changes in equity

Total comprehensive income

-


(526,641

)

-


-


(526,641

)


Balance at 28 February 2023

330,000


6,082,764


2,463


2,000,000


8,415,227




Changes in equity

Total comprehensive income

-


2,388,463


-


-


2,388,463



Balance at 29 February 2024

330,000


8,471,227


2,463


2,000,000


10,803,690





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements

for the Year Ended 29 February 2024


1.

STATUTORY INFORMATION



Walters Plant Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

STATEMENT OF COMPLIANCE



The group and individual financial statements of Walters Plant Hire Limited have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (''FRS 102'') and the Companies Act 2006


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.



The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company 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 stated in the notes to the accounts.



The company has taken advantage of the exemption in section 408 of the Companies Act 2006 from disclosing its individual profit and loss account.



Financial Reporting Standard 102 - reduced disclosure exemptions


The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows;



the requirement of paragraph 3.17(d);



the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);



the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;



the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued



Basis of consolidation


The group consolidated financial statements include the financial statements of the company and all its subsidiary undertakings made up to 28 February 2024.



The group's consolidated financial statements are also consolidated in the financial statement of its parent, G Walters (Holdings) Limited, a company registered in England and Wales.



A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.



Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.



Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.



Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.



Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.



All intra-group transactions, balances, income and expenses are eliminated on consolidation.



Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The critical judgements made by the management that have a significant effect on the amounts recognised in the financial statements are described below.

29.02.2428.02.23
£   £   
Amounts recoverable on contracts2,062,6011,855,083
Contract accruals14,452,7619,311,276
Foreseeable losses1,223,000260,000
Plant overhaul provision1,573,4912,406,257

The company uses qualified and experienced Quantity Surveyors to calculate the values earned on contracts and the contract costs to the balance sheet date.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Group and value added tax.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

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 each of the Group's sales channels have been met, as described below.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Deposits received in advance for goods are included in creditors due within one year.

Rendering of services
Turnover from the rendering of services under a long term contract is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for the financial year. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer.

Turnover is recognised from plant hire sales and labour recharges on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled. Any charges made in arrears or advance are adjusted for in accrued or deferred income as appropriate.

Rental income
Rents receivable on investment properties are recognised on a straight-line basis in relation to the period. Incentives given to enter into an operating lease are debited to the profit and loss account on a straight-line basis over the period of the lease.

Interest income
Interest income is recognised using the effective interest rate method.


Business combinations and goodwill

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. Where the cost of the business combination is lower than the acquirer's interest in the net fair value of the the identifiable assets and liabilities it is recogonised as negative goodwill. Goodwill is amortised over its expected useful life. The directors have been able to make a reliable estimate of useful life in all cases. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversal of impairment are recognised when the reasons for the impairment no longer apply


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-  

5% on cost and 2% on cost


Short leasehold

-

2% on cost


Plant and machinery

-          

33% on cost, 20% on cost, 20% on cost less residual value, 15% on cost, 14.29% on cost and 10% on cost  


Fixtures and fittings

-      

25% on cost, 20% on cost, 15% on cost and 10% on cost


Motor vehicles

-    

25% on cost, 20% on cost and 20% on cost less residual value


Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Leased assets
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.

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.

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 profit and loss account on a straight-line basis over the period of the lease.

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 profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued



Financial instruments

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

Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, 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 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not 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) despite having retained some significant risks and rewards of ownership, 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.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

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

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


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Research and development

Expenditure on research and development is written off in the year in which it is incurred.



Foreign currencies

Functional and presentation currency
The Group financial statements are presented in pound sterling and rounded to the nearest pound.

The Company's functional and presentation currency is the pound sterling.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance (expense)/ income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'Other operating (losses)/gains'.

Translation
The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertaking, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income' and allocated to non-controlling interest as appropriate.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


3.

ACCOUNTING POLICIES - continued


The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans
The Group operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Annual bonus plan
The Group operates a number of annual bonus plans for employees. An expense is recognised in the profit and loss account when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made


Exceptional items


The Group classifies certain one-off charges or credits that have a material impact on the Group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the Group.



Plant refurbishment


The company has a legal obligation to carry out the full refurbishment of leased plant and machinery in accordance with their operating lease agreements.  Refurbishment expenditure provisions are accrued for in accordance with the stipulation that each item of plant is refurbished by the stated date in each agreement.



Any individual plant refurbishment provision is released once either the renovation work has been completed, or if any lease agreement has been terminated during the year or subsequently terminated following the balance sheet date.



Provisions


Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.



Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.



Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.



Contingencies


Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.



Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


4.

EMPLOYEES AND DIRECTORS




29.2.24

28.2.23




£

£




Wages and salaries

14,443,169

12,222,110



Social security

1,467,666

1,360,195



Pension costs

714,884

639,357



16,625,719

14,221,662



The average number of employees of the company during the year was:




29.2.24



28.2.23





Production staff


190



176




Administrative staff


16



15




Directors


2



2





208



193








29.2.24


28.2.23  





£


£      




Key management personnel' remuneration


1,215,693



1,151,119




Key management personnel's pension contributions to money purchase schemes


62,253



65,073






29.2.24


28.2.23

£   

£   



Directors' remuneration

553,988


420,483




Directors' pension contributions to money purchase schemes  

30,437


47,968





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





Information regarding the highest paid director is as follows:


29.2.24


28.2.23

£   

£   



Emoluments etc

294,462


220,943




Pension contributions to money purchase schemes

10,036


42,684




5.

OPERATING PROFIT



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



29.2.24


28.2.23

£   

£   



Leasing charges

8,315,638


10,280,399




Depreciation - owned assets

7,428,605


7,542,410




Depreciation - assets on hire purchase contracts or finance leases

-


14,280




Profit on disposal of fixed assets

(706,164

)

(60,350

)



Goodwill amortisation

(14,649

)

(23,945

)



Auditors' remuneration

43,700


40,912




Taxation compliance services

6,686


6,250





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


6.

INTEREST PAYABLE AND SIMILAR EXPENSES



29.2.24


28.2.23

£   

£   



Other loan interest

1,010,647


591,837




Interest payable

1,779


-




Hire purchase interest

-


75



1,012,426


591,912




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


29.2.24


28.2.23

£   

£   



Current tax:


UK corporation tax

2,054,680


535,029




Under/(over) provision in earlier years

395


(3,711

)



Total current tax

2,055,075


531,318





Origination and reversal of timing differences

391,248


2,587,990




Tax on profit

2,446,323


3,119,308





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:



29.2.24


28.2.23

£   

£   



Profit before tax

9,943,166


4,203,167




Profit multiplied by the standard rate of corporation tax in the UK of 24.490 %

(2023 - 19 %)  

2,435,081


798,602





Effects of:


Expenses not deductible for tax purposes

24,248


32,301




Capital allowances in excess of depreciation

(834

)

(789

)



Adjustments to tax charge in respect of previous periods

395


(3,713

)



Group relief surrendered/(claimed)  

-


2,331,021




Chargeable gains  

3,424


-




Adjustment to tax charge in respect of previous period - deferred tax

-


(14,585

)



Adjustments to deferred tax  

7,725


615,855




Fixed asset differences  

(24,765

)

(643,599

)



Other tax adjustments, reliefs and taxes  

820


(4,550

)



Remeasure of DT for changes in tax rates  

229


8,765




Total tax charge

2,446,323


3,119,308




8.

INDIVIDUAL INCOME STATEMENT



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




Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


9.

DIVIDENDS




29.2.24



28.2.23





£



£




Ordinary shares of £1 each


-



-




Ordinary B shares of £1 each


141,525



339,717





141,525



339,717




10.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



COST


At 1 March 2023

(239,448

)



Additions

92,961




At 29 February 2024

(146,487

)



AMORTISATION


At 1 March 2023

(289,314

)



Amortisation for year

(14,649

)



At 29 February 2024

(303,963

)



NET BOOK VALUE


At 29 February 2024

157,476




At 28 February 2023

49,866




11.

TANGIBLE FIXED ASSETS



Group


Freehold


Short


Plant and


property


leasehold


machinery

£   

£   

£   



COST


At 1 March 2023

883,166


70,000


59,710,351




Additions

152,837


-


8,962,131




Disposals

-


-


(3,529,779

)



At 29 February 2024

1,036,003


70,000


65,142,703




DEPRECIATION


At 1 March 2023

396,272


31,600


20,515,908




Charge for year

20,437


1,400


7,150,344




Eliminated on disposal

-


-


(2,350,649

)



At 29 February 2024

416,709


33,000


25,315,603




NET BOOK VALUE


At 29 February 2024

619,294


37,000


39,827,100




At 28 February 2023

486,894


38,400


39,194,443





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


11.

TANGIBLE FIXED ASSETS - continued



Group



Fixtures



and


Motor



fittings


vehicles


Totals

£   

£   

£   



COST


At 1 March 2023

278,565


1,372,028


62,314,110




Additions

785


300,402


9,416,155




Disposals

-


(158,133

)

(3,687,912

)



At 29 February 2024

279,350


1,514,297


68,042,353




DEPRECIATION


At 1 March 2023

244,428


716,705


21,904,913




Charge for year

9,436


246,988


7,428,605




Eliminated on disposal

-


(119,691

)

(2,470,340

)



At 29 February 2024

253,864


844,002


26,863,178




NET BOOK VALUE


At 29 February 2024

25,486


670,295


41,179,175




At 28 February 2023

34,137


655,323


40,409,197





Company


Freehold


Short


Plant and


property


leasehold


machinery

£   

£   

£   



COST


At 1 March 2023

883,166


70,000


30,852,288




Additions

152,837


-


4,615,059




Disposals

-


-


(938,794

)



At 29 February 2024

1,036,003


70,000


34,528,553




DEPRECIATION


At 1 March 2023

396,272


31,600


6,327,497




Charge for year

20,437


1,400


3,161,221




Eliminated on disposal

-


-


(612,399

)



At 29 February 2024

416,709


33,000


8,876,319




NET BOOK VALUE


At 29 February 2024

619,294


37,000


25,652,234




At 28 February 2023

486,894


38,400


24,524,791





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


11.

TANGIBLE FIXED ASSETS - continued



Company



Fixtures



and


Motor



fittings


vehicles


Totals

£   

£   

£   



COST


At 1 March 2023

96,980


855,986


32,758,420




Additions

-


78,924


4,846,820




Disposals

-


(70,820

)

(1,009,614

)



At 29 February 2024

96,980


864,090


36,595,626




DEPRECIATION


At 1 March 2023

82,757


486,771


7,324,897




Charge for year

4,406


167,809


3,355,273




Eliminated on disposal

-


(48,903

)

(661,302

)



At 29 February 2024

87,163


605,677


10,018,868




NET BOOK VALUE


At 29 February 2024

9,817


258,413


26,576,758




At 28 February 2023

14,223


369,215


25,433,523




Included in cost of freehold property is freehold land of £313,360 (2023 - £313,360) which is not depreciated.

12.

FIXED ASSET INVESTMENTS



Group


Unlisted


investments

£   



COST


At 1 March 2023


and 29 February 2024

100,000




NET BOOK VALUE


At 29 February 2024

100,000




At 28 February 2023

100,000




Company


Shares in



group


Unlisted



undertakings


investments


Totals

£   

£   

£   



COST


At 1 March 2023

1,754,250


100,000


1,854,250




Additions

425,000


-


425,000




At 29 February 2024

2,179,250


100,000


2,279,250




NET BOOK VALUE


At 29 February 2024

2,179,250


100,000


2,279,250




At 28 February 2023

1,754,250


100,000


1,854,250





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


12.

FIXED ASSET INVESTMENTS - continued



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



Subsidiaries



Gorrel Equipment Solutions Limited


Registered office:


Nature of business: Plant hire


%


Class of shares:

holding



Ordinary

100.00




Walters UK Limited


Registered office:


Nature of business: Civil engineering


%


Class of shares:

holding



Ordinary A

89.18



Ordinary B




Walters Major Projects Limited


Registered office:


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00




13.

DEBTORS



Group


Company



29.2.24


28.2.23


29.2.24


28.2.23


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

10,898,205


11,605,843


6,411,158


5,848,816




Amounts owed by group undertakings

647,466


410,927


1,214,712


678,109




Other debtors

705,973


760,850


76,295


83,905




Sales ledger retentions

1,908,107


1,418,825


-


-




Corporation tax debtor

523,729


550,000


523,729


550,000




VAT

-


375,845


-


232,430




Accrued income

159,577


934,572


144,872


916,520




Amounts recoverable on


contracts

2,062,601


1,855,083


-


-




Prepayments

377,500


408,725


71,668


132,265



17,283,158


18,320,670


8,442,434


8,442,045





Amounts falling due after more than one year:



Sales ledger retentions

196,787


983,659


-


-





Aggregate amounts

17,479,945


19,304,329


8,442,434


8,442,045





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



29.2.24


28.2.23


29.2.24


28.2.23


£   

£   

£   

£   



Trade creditors

3,709,090


6,541,717


1,052,222


1,484,843




Amounts owed to group undertakings

9,567,114


10,716,674


9,548,143


9,744,269




Corporation taxation

1,185,779


224,695


-


-




Social security and other taxes

440,069


459,511


29,911


40,630




VAT

532,669


-


510,868


-




Other creditors

7,279


141,745


1,871


1,751




Other creditors

174,095


-


-


-




Plant overhaul provision

1,495,808


1,373,082


1,495,808


1,373,082




Accruals and deferred income

612,515


556,560


446,844


450,357




Accrued expenses

16,904,938


10,220,209


250,973


172,812



34,629,356


30,234,193


13,336,640


13,267,744




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


Company



29.2.24


28.2.23


29.2.24


28.2.23


£   

£   

£   

£   



Amounts owed to group undertakings

13,678,682


15,244,061


13,678,682


13,744,061




Retentions provision

196,787


983,659


-


-



13,875,469


16,227,720


13,678,682


13,744,061




16.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable operating

leases



29.2.24


28.2.23

£   

£   



Within one year

1,630,775


1,473,367




Between one and five years

10,006,071


9,373,958



11,636,846


10,847,325





Company


Non-cancellable operating

leases



29.2.24


28.2.23

£   

£   



Within one year

1,424,545


1,420,427




Between one and five years

9,067,626


8,189,923



10,492,171


9,610,350





Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


17.

PROVISIONS FOR LIABILITIES



Group


Company



29.2.24


28.2.23


29.2.24


28.2.23


£   

£   

£   

£   



Deferred tax


Accelerated capital allowances

5,164,062


4,772,814


4,488,418


4,108,414




Other provisions


Foreseeable losses

1,223,000


260,000


-


-




Plant overhaul provision due after one year

77,683


1,033,175


77,683


1,033,175



1,300,683


1,293,175


77,683


1,033,175





Aggregate amounts

6,464,745


6,065,989


4,566,101


5,141,589





Group


Deferred


Other



tax


provisions


£   

£   



Balance at 1 March 2023

4,772,814


1,293,175




Provided during year

391,248


963,000




Released due to disposals



Released due to refurbishment

-


(1,716,096

)



Renovation added in the year

-


883,330




Transferred from/(to) short

-


(122,726

)



term liability



Balance at 29 February 2024

5,164,062


1,300,683





Company


Deferred


Plant



tax


overhaulcosts


£   

£   



Balance at 1 March 2023

4,108,414


1,033,175




Provided during year

380,004


-




Released due to disposals



Released due to refurbishments

-


(1,716,096

)



Added for the year

-


883,330




Transferred from / (to) short

-


(122,726

)



term liability



Balance at 29 February 2024

4,488,418


77,683





The company has a legal obligation to carry out a full refurbishment of all large items of leased plant at least once every four years, on the date stated in each agreement.



Losses on long term contracts are provided for as soon as they are first foreseen.


18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

29.2.24


28.2.23


value:

£   

£   



330,000

Ordinary

£1

330,000


330,000





All shares rank pari passu in terms of voting rights, rights to dividends and to a distribution of capital.




Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


19.

RESERVES



Group


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 March 2023

22,795,128


2,463


2,012,250


24,809,841




Profit for the year

6,965,501


6,965,501




Dividends

(71,920

)

(71,920

)



At 29 February 2024

29,688,709


2,463


2,012,250


31,703,422





Company


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 March 2023

6,082,764


2,463


2,000,000


8,085,227




Profit for the year

2,388,463


2,388,463




At 29 February 2024

8,471,227


2,463


2,000,000


10,473,690





Called up share capital - represents the nominal value of shares that have been issued.



Share premium - includes any premium received on issue of share capital.



Other reserves - consists of a capital redemption reserve arising on the historic redemption of preference shares.



Retained earnings - includes all current and prior period retained profits and losses.


20.

PENSION COMMITMENTS



The group operates a defined contribution pension scheme for certain directors and contributes to separate individual defined contribution schemes for some employees.  The assets of all schemes are held separately from those of the group in independently administered funds.  The pension cost charge represents contributions payable by the group to the funds and amounted to £714,884 (2023 - £639,357).  There were £75,288 of outstanding pension contributions at the year end (2023 - £70,859).


21.

ULTIMATE PARENT COMPANY



The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in England and Wales.  Copies of the group accounts can be obtained from the registered office of Walters Plant Hire Limited. The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited.


22.

OTHER FINANCIAL COMMITMENTS



At 29 February 2024, the company and its fellow subsidiaries had active contract bonds of £1,891,201 (2023: £1,891,201). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G Walters (Holdings) Limited, the parent undertaking, Walters Plant Hire Limited and its fellow subsidiary undertakings, Walters UK Limited, Walters Resources Limited, Walters Environmental Limited, G Walters (Leasing) Limited, Walters Land Limited and Headaway (Europe) Limited.  It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited.



Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


23.

RELATED PARTY DISCLOSURES



Walters Plant Hire Limited administered a group VAT scheme during the year on behalf of its parent company G Walters (Holdings) Limited..  At the year end G Walters (Holdings) Limited owed the company £Nil (2023: £Nil).



The group has taken advantage of the exemption within FRS 102 which allows transactions entered into between member of a group not to be disclosed on the basis that any subsidiary undertaking party to the transaction is a wholly-owned members of the group.



Transactions with subsidiaries not wholly owned within the group and also transaction with fellow group members of Walters Plant Hire Limited's parent company G Walters (Holdings) Limited are shown below.



The group both sold to and purchased services from fellow group companies during the year.  The total values of these transactions were as follows:



29.2.24



28.2.23





Sales


Purchases



Sales


Purchases





£


£



£


£





Walters Plant Hire Limited



7,025,682


30,704,243



3,402,714


25,877,430




G Walters (Holdings) Limited



35,172


622,980



33,639


378,657




Gorrel Equipment Solutions

Limited



7,928


6,995



5,579


6,405




Walters UK Limited



30,711,238


7,033,610



25,883,834


3,408,293




Walters Environmental Limited



2,701,942


837,202



258,440


612,604




Walters Land Limited



470,217


174,943



     733,004


166,428




G Walters (Leasing) Limited



264,220


8,450,104



167,226


12,370,524




Walters Resources Limited



161,829


27,735,960



144,433


24,835,469




Walters Asset Management

Limited



25,650


15,394,076



30,700


12,949,896




Lloyd Walters Industrial Services

Limited



4,658,280


-



4,227,781


-




Walters Residential Limited



3,544


-



7,339


-




Pennant Walters Holdings Limited



227,789


-



163,714


-




Pennant Walters Hirwaun  Limited



6,624


-



734


-





Balances due at year end:



29.2.24



28.2.23





Debtor


Creditor



Debtor


Creditor





£


£



£


£





Walters Plant Hire Limited



639,961


966,619



879,257


235,855




Gorrel Equipment Solutions

Limited



828


-



1,035


1,200




Walters UK Limited



966,619


640,789



237,055


880,292




Walters Environmental Limited



441,780


69,254



79,781


70,713




Walters Land Limited



178,886


14,840



134,403


14,331




G Walters (Leasing) Limited



-


11,598,551



166,726


13,076,910




Walters Resources Limited



-


2,454,327



-


2,781,667




Walters Asset Management

Limited



3,000


378,930



3,000


869,433




Lloyd Walters Industrial Services

Limited



1,399,239


-



2,289,823


-




Walters Residential Limited



2,600


-



6,912


-




G Walters (Holdings) Limited



21,200


8,770,661



20,500


9,147,681




Pennant Walters Holdings Limited



172,620


-



112,270


-





The group made sales of £4,296 (2023: £4,199,430) during the year to Celtic Energy Limited, which is controlled by Mr R Walters, one of the directors of the ultimate parent company G Walters (Holdings) Limited.  At the year end Celtic Energy Limited owed the group £Nil (2023: £3,364)). At the year end the  group owed Celtic Energy Limited NIL (2023: £9,613).



During the year the group made sales and recharges of £Nil (2023: £10,449) to All Terrain Tyres Limited, a company in which Mr PH Richards is a director. At the year end, All Terrain Tyres Limited owed the group £Nil (2023: £1,040). The group made purchases of £642,245 (2023: £955,074) during the year from All Terrain Tyres Limited. At the year end, the group owed All Terrain Tyres Limited £45,084 (2023: £77,627).




Walters Plant Hire Limited (Registered number: 02903463)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 29 February 2024


During the year the group made sales and recharges of £51,996 (2023: £50,648), the group also made purchases of £1,513,695 (2023: £1,060,000) from G Walters (Consultancy) Limited a company that is controlled by the directors of the ultimate parent company G Walters (Holdings) Limited.  At the year end the group owed G Walters (Consultancy) Limited £57,720 (2023: £124,320) and G Walters (Consultancy) Limited owed the group £1,865 (2023: £Nil).



The group loaned money in an earlier year to Walters Regeneration Limited, an associated company to the group.  Walters Regeneration Limited owed the group £497,433 (2023: £497,433) at the year end.



No balances with related parties are secured.