Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3129false39false2023-01-01falsefalse 01769089 2023-01-01 2024-03-31 01769089 2022-01-01 2022-12-31 01769089 2024-03-31 01769089 2022-12-31 01769089 2022-01-01 01769089 5 2023-01-01 2024-03-31 01769089 5 2022-01-01 2022-12-31 01769089 7 2023-01-01 2024-03-31 01769089 7 2022-01-01 2022-12-31 01769089 d:Director1 2023-01-01 2024-03-31 01769089 d:Director2 2023-01-01 2024-03-31 01769089 d:RegisteredOffice 2023-01-01 2024-03-31 01769089 e:PlantMachinery 2023-01-01 2024-03-31 01769089 e:PlantMachinery 2024-03-31 01769089 e:PlantMachinery 2022-12-31 01769089 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 01769089 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2024-03-31 01769089 e:MotorVehicles 2023-01-01 2024-03-31 01769089 e:MotorVehicles 2024-03-31 01769089 e:MotorVehicles 2022-12-31 01769089 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 01769089 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2024-03-31 01769089 e:OfficeEquipment 2023-01-01 2024-03-31 01769089 e:OfficeEquipment 2024-03-31 01769089 e:OfficeEquipment 2022-12-31 01769089 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 01769089 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2024-03-31 01769089 e:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 01769089 e:LeasedAssetsHeldAsLessee 2023-01-01 2024-03-31 01769089 e:CurrentFinancialInstruments 2024-03-31 01769089 e:CurrentFinancialInstruments 2022-12-31 01769089 e:CurrentFinancialInstruments 1 2024-03-31 01769089 e:CurrentFinancialInstruments 1 2022-12-31 01769089 e:Non-currentFinancialInstruments 2024-03-31 01769089 e:Non-currentFinancialInstruments 2022-12-31 01769089 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 01769089 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 01769089 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 01769089 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 01769089 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 01769089 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 01769089 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 01769089 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 01769089 e:ReportableOperatingSegment1 2023-01-01 2024-03-31 01769089 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 01769089 f:UnitedKingdom 2023-01-01 2024-03-31 01769089 f:UnitedKingdom 2022-01-01 2022-12-31 01769089 e:ShareCapital 2023-01-01 2024-03-31 01769089 e:ShareCapital 2024-03-31 01769089 e:ShareCapital 2022-01-01 2022-12-31 01769089 e:ShareCapital 2022-12-31 01769089 e:ShareCapital 2022-01-01 01769089 e:RetainedEarningsAccumulatedLosses 2023-01-01 2024-03-31 01769089 e:RetainedEarningsAccumulatedLosses 2024-03-31 01769089 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01769089 e:RetainedEarningsAccumulatedLosses 2022-12-31 01769089 e:RetainedEarningsAccumulatedLosses 2022-01-01 01769089 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01769089 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01769089 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 01769089 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01769089 e:OtherDeferredTax 2024-03-31 01769089 e:OtherDeferredTax 2022-12-31 01769089 d:OrdinaryShareClass1 2023-01-01 2024-03-31 01769089 d:OrdinaryShareClass1 2024-03-31 01769089 d:OrdinaryShareClass1 2022-12-31 01769089 d:FRS102 2023-01-01 2024-03-31 01769089 d:Audited 2023-01-01 2024-03-31 01769089 d:FullAccounts 2023-01-01 2024-03-31 01769089 d:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31 01769089 e:WithinOneYear 2024-03-31 01769089 e:WithinOneYear 2022-12-31 01769089 e:BetweenOneFiveYears 2024-03-31 01769089 e:BetweenOneFiveYears 2022-12-31 01769089 e:MoreThanFiveYears 2024-03-31 01769089 e:MoreThanFiveYears 2022-12-31 01769089 e:HirePurchaseContracts e:WithinOneYear 2024-03-31 01769089 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 01769089 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-03-31 01769089 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 01769089 2 2023-01-01 2024-03-31 01769089 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-03-31 01769089 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 01769089 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-03-31 01769089 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 01769089 e:LeasedAssetsHeldAsLessee 2024-03-31 01769089 e:LeasedAssetsHeldAsLessee 2022-12-31 01769089 g:PoundSterling 2023-01-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01769089









STOKEY PLANT HIRE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
STOKEY PLANT HIRE LIMITED
 
 
COMPANY INFORMATION


Directors
I M Jones 
S E Jones 




Registered number
01769089



Registered office
Halesfield 25

Telford

TF7 4FP




Independent auditors
Bennett Whitehouse Limited
Chartered Accountants & Statutory Auditor

Waterfront One

Waterfront Business Park

Brierley Hill

West Midlands

DY5 1LX





 
STOKEY PLANT HIRE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11 - 12
Statement of cash flows
 
13 - 14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 33

 
STOKEY PLANT HIRE LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report for the 15 month period ended 31 March 2024. 

Business review
 
The Directors report on an extended period which despite various challenges has proved to be a relatively stable financial period. 
The company's key performance indicators are as follows:
Turnover: £13.94m v £12.38m, equating to circa £1m reduction based on months in respective periods  
Gross profit: £1.48m v £1.30m, reporting increased profitability
Gross profit percentage: 10.6% v 10.5% 
Operating profit: £760k v £772k 
Shareholder funds: £810k v £738k 
The Directors reflect upon a period that has been problematic with general increased costs and certain internal staffing issues which have impacted upon the business. The Directors are pleased that the company retains an overall strong position, together with assets that will enable it to meet it's customers needs, secured with a stable foundation on which the company can grow and prosper.

Principal risks and uncertainties
 
The management of the business and the nature of the company's strategy are subject to a number of risks. The Directors have set out below the principal risks facing the business. The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.
Economic downturn
The success of the business is reliant on the needs of civil engineering projects heavy reliable land moving plant and equipment.
Inflation and the cost of living crisis:
Global inflationary pressures that have arisen following the outbreak of the war in Ukraine continue to represent the largest risk to the business. These pressures are seen most clearly in relation to the operating requirments of the plant fleet, being fuel and consumable parts. 
Liquidity risk
The Company has large financing requirements relating to its significant operating plant fleet which it operates. The Company has in place sufficient varied means to ensure that this is manageable and cash inflows remain sufficient to finance these requirements, alternative support structures are also available to the Directors. The Directors continually monitor cash flow forecasts in order to further manage liquidity risk.
Interest rate risk
Considering the debt profile of the Company, increases in interest rates presents a risk for future finance requirements. The continued policy of regular rate monitoring and ongoing dialogue with our lenders are in place to help mitigate this risk.
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control; hence, we are constantly assessing our plans in line with the current environment.

Page 1

 
STOKEY PLANT HIRE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


This report was approved by the board and signed on its behalf.



S E Jones
Director

Date: 27 December 2024
Page 2

 
STOKEY PLANT HIRE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the Period ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company in the year under review was that of renting and leasing of construction and civil engineering machinery and equipment.

Results and dividends

The profit for the Period, after taxation, amounted to £183,759 (2022 - £186,800).

Dividends of £4,445 (2022: £2,445) were paid during the year. The Directors do not recommend payment of a final dividend.

Directors

The directors who served during the Period were:

I M Jones 
S E Jones 

Future developments

The Directors continue to monitor their fleet of equipment, selling used and acquiring new equipment as required to meet the needs of their customers. 

Page 3

 
STOKEY PLANT HIRE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsBennett Whitehouse Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S E Jones
Director

Date: 27 December 2024

Page 4

 
STOKEY PLANT HIRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STOKEY PLANT HIRE LIMITED
 

Opinion


We have audited the financial statements of Stokey Plant Hire Limited (the 'company') for the Period ended 31 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the Period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
STOKEY PLANT HIRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STOKEY PLANT HIRE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
STOKEY PLANT HIRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STOKEY PLANT HIRE LIMITED (CONTINUED)


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


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

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry
in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and
regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, health
& safety legislation and FRS102.
We designed audit procedures to respond to the risks of material misstatement in the financial statements.
We focused on laws and regulations that could give rise to a material misstatement in the Company financial
statements. Our tests included, but were not limited to:
• agreement of the financial statement disclosures to underlying supporting documentation;
• enquires of management; and
• obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
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. We also addressed the risk of management override of internal controls, including
testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of
material misstatement due to fraud.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities 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 auditors' report.


Page 7

 
STOKEY PLANT HIRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STOKEY PLANT HIRE LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Gavin Whitehouse BSocSc FCA (senior statutory auditor)
for and on behalf of
Bennett Whitehouse Limited
Chartered Accountants
Statutory Auditor
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX

27 December 2024
Page 8

 
STOKEY PLANT HIRE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December
2024
2022
Note
£
£

  

Turnover
 4 
13,940,486
12,379,205

Cost of sales
  
(12,462,760)
(11,079,666)

Gross profit
  
1,477,726
1,299,539

Distribution costs
  
(34,883)
(27,492)

Administrative expenses
  
(682,811)
(508,081)

Other operating income
 5 
-
8,012

Operating profit
  
760,032
771,978

Interest receivable and similar income
 9 
580
1,089

Interest payable and similar expenses
 10 
(683,553)
(453,286)

Profit before tax
  
77,059
319,781

Tax on profit
 11 
106,700
(132,981)

Profit for the financial Period
  
183,759
186,800

There were no recognised gains and losses for 2024 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 16 to 33 form part of these financial statements.
Page 9

 
STOKEY PLANT HIRE LIMITED
REGISTERED NUMBER: 01769089

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
8,649,277
6,854,344

Current assets
  

Stocks
 14 
117,429
116,684

Debtors: amounts falling due within one year
 15 
1,913,691
3,626,801

Cash at bank and in hand
 16 
8,146
9,255

  
2,039,266
3,752,740

Creditors: amounts falling due within one year
 17 
(4,795,447)
(5,405,962)

Net current liabilities
  
 
 
(2,756,181)
 
 
(1,653,222)

Total assets less current liabilities
  
5,893,096
5,201,122

Creditors: amounts falling due after more than one year
 18 
(4,691,015)
(4,071,654)

Provisions for liabilities
  

Deferred tax
  
(285,000)
(391,700)

Net assets
  
917,081
737,768


Capital and reserves
  

Called up share capital 
  
332,000
332,000

Profit and loss account
  
585,081
405,768

  
917,081
737,768

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S E Jones
Director

Date: 27 December 2024

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
STOKEY PLANT HIRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
332,000
405,768
737,768


Comprehensive income for the Period

Profit for the Period
-
183,759
183,759
Total comprehensive income for the Period
-
183,759
183,759


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,446)
(4,446)


Total transactions with owners
-
(4,446)
(4,446)


At 31 March 2024
332,000
585,081
917,081


The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
STOKEY PLANT HIRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
332,000
221,413
553,413


Comprehensive income for the year

Profit for the year
-
186,800
186,800
Total comprehensive income for the year
-
186,800
186,800


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,445)
(2,445)


Total transactions with owners
-
(2,445)
(2,445)


At 31 December 2022
332,000
405,768
737,768


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
STOKEY PLANT HIRE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Cash flows from operating activities

Profit for the financial Period
183,759
186,800

Adjustments for:

Depreciation of tangible assets
949,223
1,344,692

Loss on disposal of tangible assets
(45,457)
(54,424)

Government grants
-
(8,012)

Interest paid
683,553
453,286

Interest received
(580)
(1,089)

Taxation charge
(106,700)
132,981

(Increase) in stocks
(745)
(3,113)

Decrease/(increase) in debtors
1,713,109
(1,735,355)

(Decrease)/increase in creditors
(7,729)
821,613

Net cash generated from operating activities

3,368,433
1,137,379


Cash flows from investing activities

Purchase of tangible fixed assets
(2,901,513)
(1,347,238)

Sale of tangible fixed assets
202,804
296,269

Government grants received
-
8,012

Interest received
580
1,089

HP interest paid
(493,222)
(341,688)

Net cash from investing activities

(3,191,351)
(1,383,556)

Cash flows from financing activities

Repayment of loans
(72,404)
(54,369)

Repayment of/new finance leases
733,996
(219,693)

Movements on invoice discounting
(639,692)
634,302

Dividends paid
(4,446)
(2,445)

Interest paid
(190,331)
(111,598)

Net cash used in financing activities
(172,877)
246,197

Net increase in cash and cash equivalents
4,205
20

Cash and cash equivalents at beginning of Period
(103,472)
(103,492)

Cash and cash equivalents at the end of Period
(99,267)
(103,472)

Page 13

 
STOKEY PLANT HIRE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December

2024
2022

£
£


Cash and cash equivalents at the end of Period comprise:

Cash at bank and in hand
8,146
9,255

Bank overdrafts
(107,413)
(112,727)

(99,267)
(103,472)


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
STOKEY PLANT HIRE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024






At 1 January 2023
Cash flows
New finance leases
Other non-cash changes
At 31 March 2024
£

£

£

£

£

Cash at bank and in hand

9,255

(1,109)

-

-

8,146

Bank overdrafts

(112,727)

5,314

-

-

(107,413)

Debt due after 1 year

(101,334)

-

-

72,203

(29,131)

Debt due within 1 year

(60,069)

72,404

-

(72,203)

(59,868)

Finance leases

(5,567,738)

2,150,221

(2,884,218)

-

(6,301,735)


(5,832,613)
2,226,830
(2,884,218)
-
(6,490,001)

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Stokey Plant Hire Limited ("the company") is a private limited liability company incorporated and domiciled in the United Kingdom. 
The address of its registered office is: 
Halesfield 25
Telford
TF7 4FP
The financial statements are for the period of 15 months ended 31 March 2024 (2022: period of 12 months ended 31 December 2022).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the financial position and future cash requirements of the business for a period exceeding twelve months from the date of approval of the financial statements and consider that the company has sufficient resources to manage its business risk successfully.  

Page 16

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

- revenue is recognised for services provided in line with the relevant accounting period, amounts invoiced in advance are deferred and recognised in the period to which they relate;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the Period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the Period comprises current and deferred tax. Tax is recognised in profit or loss 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 18

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated 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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
8% to 25%
Motor vehicles
-
10% to 20%
Office equipment
-
25%

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 profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 19

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 20

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 21

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows:
Depreciation and residual values:
The Directors have reviewed the asset lives and associated residual values of all fixed asset classes and has concluded that asset lives and residual values are appropriate.
Impairment of fixed assets:
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Prior impairments are also reviewed for possible reversal at each reporting date.

Page 22

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Plant hire
13,940,486
12,379,205

13,940,486
12,379,205


Period ended
31 March
Year ended
31 December
2024
2022
£
£

United Kingdom
13,940,486
12,379,205

13,940,486
12,379,205


All turnover arose within the United Kingdom.


5.


Other operating income

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Government grants receivable
-
8,012

-
8,012


Page 23

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Other operating lease rentals
532,429
416,464

Fees payable to the company's auditors for the audit of the company's financial statements
5,500
-

Fees payable to the company's auditors for other services
5,500
-


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Wages and salaries
1,306,427
1,083,076

Social security costs
128,872
119,958

Cost of defined contribution scheme
18,470
15,684

1,453,769
1,218,718


The average monthly number of employees, including the directors, during the Period was as follows:


     Period ended
       31 March
       Year ended
      31 December
        2024
        2022
            No.
            No.







Employees
29
39

Page 24

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Directors' remuneration

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Directors' emoluments
106,769
126,716

106,769
126,716



9.


Interest receivable

Period ended
31 March
Year ended
31 December
2024
2022
£
£


Other interest receivable
580
1,089

580
1,089


10.


Interest payable and similar expenses

Period ended
31 March
Year ended
31 December
2024
2022
£
£


Bank interest payable
23,247
19,647

Finance leases and hire purchase contracts
493,222
341,688

Other interest payable
167,084
91,951

683,553
453,286

Page 25

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Taxation


Period ended
31 March
Year ended
31 December
2024
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(106,700)
38,970

Changes to tax rates
-
94,011

Total deferred tax
(106,700)
132,981


Tax on profit
(106,700)
132,981

Factors affecting tax charge for the period/year

The charge to corporation tax is extinguished due to the availability of capital allowances. Deferred tax is recognised on timing differences relating to accelerated capital allowances and the level of unused relief arising from these, namely tax losses carried forward. These provisions are recognised at the substantially enacted rate of 25%.


Factors that may affect future tax charges

The main rate of corporation tax increased to 25% on 1 April 2023, in respect of taxable profits above £250,000. In addition to the main rate there remains a small profit rate of 19% for taxable profits below £50,000. Marginal relief will provide a gradual increase in the corporation tax rate between the small profits rate and the main rate.
Deferred tax balances must be recognised at the future rate applicable when the balance is expected to unwind. As such, deferred tax balances are recognised using the rate of 25%.
Reference should be made to note 21 Deferred Tax for further information.

Page 26

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Dividends

31 March
31 December
2024
2022
£
£


Dividends analysis
4,446
2,445

4,446
2,445


13.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
10,701,993
572,194
30,821
11,305,008


Additions
2,734,630
166,883
-
2,901,513


Disposals
(721,001)
(31,998)
-
(752,999)



At 31 March 2024

12,715,622
707,079
30,821
13,453,522



Depreciation


At 1 January 2023
4,204,404
215,439
30,821
4,450,664


Charge for the Period on owned assets
209,814
-
-
209,814


Charge for the Period on financed assets
707,241
32,178
-
739,419


Disposals
(573,266)
(22,386)
-
(595,652)



At 31 March 2024

4,548,193
225,231
30,821
4,804,245



Net book value



At 31 March 2024
8,167,429
481,848
-
8,649,277



At 31 December 2022
6,497,589
356,755
-
6,854,344

Page 27

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 March
31 December
2024
2022
£
£



Plant and machinery
7,858,155
6,314,128

Motor vehicles
452,522
355,300

8,310,677
6,669,428


14.


Stocks

31 March
31 December
2024
2022
£
£

Machine parts and consumables
117,429
116,684

117,429
116,684



15.


Debtors

31 March
31 December
2024
2022
£
£


Trade debtors
1,766,959
3,534,933

Other debtors
72,409
-

Prepayments and accrued income
74,323
91,868

1,913,691
3,626,801


Other debtors represents VAT repayable.

Page 28

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
8,146
9,255

Less: bank overdrafts
(107,413)
(112,727)

(99,267)
(103,472)



17.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Bank overdrafts
107,413
112,727

Bank loans
59,868
60,069

Trade creditors
1,946,693
1,639,364

Other taxation and social security
51,218
330,920

Obligations under finance lease and hire purchase contracts
1,639,850
1,597,418

Invoice discounting advances
903,831
1,543,523

Other creditors
55,705
69,059

Accruals and deferred income
30,869
52,882

4,795,447
5,405,962


Page 29

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Bank loans
29,131
101,334

Net obligations under finance leases and hire purchase contracts
4,661,884
3,970,320

4,691,015
4,071,654


The following liabilities were secured:

31 March
31 December
2024
2022
£
£



Hire purchase and finance lease contracts
6,301,734
5,567,738

Invoice discounting advances
903,831
1,543,523

Bank overdraft and related borrowings
107,413
112,727

7,312,978
7,223,988

Details of security provided:

The bank overdraft and associated lending is secured by fixed and floating charges over the company's assets.
Invoice discounting advances are secured by an all asset first legal charge and floating charges.
Obligations under hire purchase agreements and finance leases are secured on the assets to which they relate and bear interest at commerical rates.

Page 30

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2024
2022
£
£

Bank loans

Amounts falling due within one year
59,868
60,069

Amounts falling due 1-2 years
29,131
67,352

Amounts falling due 2-5 years
-
33,982

88,999
161,403



20.


Hire purchase and finance leases


31 March
31 December
2024
2022
£
£


Within one year
1,639,850
1,597,418

Between 1-5 years
4,661,884
3,970,320

6,301,734
5,567,738


21.


Deferred taxation






2024


£






At beginning of year
(391,700)


Utilised in year
106,700



At end of year
(285,000)

Page 31

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 March
31 December
2024
2022
£
£


Accelerated capital allowances
(1,502,285)
(829,373)

Tax losses carried forward
1,217,176
437,661

Provisioning
109
12

(285,000)
(391,700)

Tax losses carried forward arise due to the level of capital allowances claimed.


22.


Share capital

31 March
31 December
2024
2022
£
£
Allotted, called up and fully paid



332,000 (2022 - 332,000) Ordinary shares shares of £1.00 each
332,000
332,000



23.


Reserves

Profit and loss account

The profit and loss account represents all accumulated retained profits less dividends paid.


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,259 (2022: £15,684). Contributions totalling £2,308 (2022: £1,543) were payable to the funds at the balance sheet date and are included in creditors.

Page 32

 
STOKEY PLANT HIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

25.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2024
2022
£
£


Not later than 1 year
155,785
131,960

Later than 1 year and not later than 2 years
119,623
56,265

Later than 2 years and not later than 5 years
293,932
-

569,340
188,225

 
Page 33