Caseware UK (AP4) 2023.0.135 2023.0.135 falsetruetruetruetruetruehire of manned and unmanned plant, and other equipment292023-05-01false30false 05147633 2023-05-01 2024-04-30 05147633 2022-05-01 2023-04-30 05147633 2024-04-30 05147633 2023-04-30 05147633 2022-05-01 05147633 1 2023-05-01 2024-04-30 05147633 1 2022-05-01 2023-04-30 05147633 d:CompanySecretary1 2023-05-01 2024-04-30 05147633 d:Director1 2023-05-01 2024-04-30 05147633 d:Director2 2023-05-01 2024-04-30 05147633 d:Director3 2023-05-01 2024-04-30 05147633 d:Director3 2024-04-30 05147633 d:Director4 2023-05-01 2024-04-30 05147633 d:Director4 2024-04-30 05147633 d:RegisteredOffice 2023-05-01 2024-04-30 05147633 e:Buildings 2023-05-01 2024-04-30 05147633 e:Buildings 2024-04-30 05147633 e:Buildings 2023-04-30 05147633 e:Buildings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05147633 e:PlantMachinery 2023-05-01 2024-04-30 05147633 e:PlantMachinery 2024-04-30 05147633 e:PlantMachinery 2023-04-30 05147633 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05147633 e:MotorVehicles 2023-05-01 2024-04-30 05147633 e:FurnitureFittings 2023-05-01 2024-04-30 05147633 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05147633 e:Goodwill 2023-05-01 2024-04-30 05147633 e:Goodwill 2024-04-30 05147633 e:Goodwill 2023-04-30 05147633 e:CurrentFinancialInstruments 2024-04-30 05147633 e:CurrentFinancialInstruments 2023-04-30 05147633 e:Non-currentFinancialInstruments 2024-04-30 05147633 e:Non-currentFinancialInstruments 2023-04-30 05147633 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 05147633 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 05147633 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 05147633 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 05147633 e:ShareCapital 2024-04-30 05147633 e:ShareCapital 2023-04-30 05147633 e:ShareCapital 2022-05-01 05147633 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05147633 e:RetainedEarningsAccumulatedLosses 2024-04-30 05147633 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05147633 e:RetainedEarningsAccumulatedLosses 2023-04-30 05147633 e:RetainedEarningsAccumulatedLosses 2022-05-01 05147633 d:OrdinaryShareClass1 2023-05-01 2024-04-30 05147633 d:OrdinaryShareClass1 2024-04-30 05147633 d:OrdinaryShareClass1 2023-04-30 05147633 d:FRS102 2023-05-01 2024-04-30 05147633 d:Audited 2023-05-01 2024-04-30 05147633 d:FullAccounts 2023-05-01 2024-04-30 05147633 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05147633 e:Subsidiary1 2023-05-01 2024-04-30 05147633 e:Subsidiary1 1 2023-05-01 2024-04-30 05147633 e:Subsidiary2 2023-05-01 2024-04-30 05147633 e:Subsidiary2 1 2023-05-01 2024-04-30 05147633 e:Subsidiary3 2023-05-01 2024-04-30 05147633 e:Subsidiary3 1 2023-05-01 2024-04-30 05147633 e:Subsidiary4 2023-05-01 2024-04-30 05147633 e:Subsidiary4 1 2023-05-01 2024-04-30 05147633 e:Subsidiary5 2023-05-01 2024-04-30 05147633 e:Subsidiary5 1 2023-05-01 2024-04-30 05147633 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 05147633 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 05147633 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-04-30 05147633 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 05147633 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 05147633 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 05147633 e:RetirementBenefitObligationsDeferredTax 2024-04-30 05147633 e:RetirementBenefitObligationsDeferredTax 2023-04-30 05147633 e:OtherDeferredTax 2024-04-30 05147633 e:OtherDeferredTax 2023-04-30 05147633 2 2023-05-01 2024-04-30 05147633 6 2023-05-01 2024-04-30 05147633 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-04-30 05147633 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-30 05147633 f:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05147633










F.G.S. Plant Limited










Annual report and financial statements

For the year ended 30 April 2024

 
F.G.S. Plant Limited
 

Company Information


Directors
T L Heathcote 
S Willy 
N R Heathcote 
B Minter 




Company secretary
J West



Registered number
05147633



Registered office
Ferry House
New Hythe Lane

New Hythe

Aylesford

Kent

ME20 7PA




Independent auditors
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
F.G.S. Plant Limited
 

Contents



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 26


 
F.G.S. Plant Limited
 

Strategic report
For the year ended 30 April 2024

Introduction
 
The principal activities of FGS Plant are centred around the provision of bespoke plant and equipment solutions
utilising assets shared across the wide array of construction related activities. At the core of the business, supplying construction and house building equipment take the focus however, through diversification, listening to the latest trends and legislative movements, more emphasis has been placed upon environmental sustainability, green schemes and using alternative fuel sources. Our established plant hire division lends itself neatly to providing the resources to undertake a wrapped supply and delivery of the bespoke services and machinery required by our client base.

Business review
 
During the trading year, the Company invested a further £3.5m on assets across all activities ensuring reliability within the core fleet used to service the construction and house building industries whilst also harnessing the latest technology and environmental considerate machinery in order to minimise carbon impact. 
In order to diversify we also acquired a toilet and welfare company to enhance our offering to our more traditional customers and events hire companies.

Page 1

 
F.G.S. Plant Limited
 

Strategic report (continued)
For the year ended 30 April 2024

Principal risks and uncertainties
 
The daily management of the businesses and the execution of the strategies are subject to several risks. The predominate business risks affecting the Company are:
Operating Costs
Throughout the year, increased costs of operation caused by inflationary pressures have been widely seen particularly with regards to the cost of new machinery, this coupled with only a slight increase in hire rates is challenging. These hire rates are being closely monitored to ensure we maintain sustainable return on investment. 
Investment in the latest machinery has assisted in ensuring we have the most fuel-efficient assets within our operations, the benefit of which is passed through our services to our customers. The Company is adopting EV technology where possible and applicable whilst acknowledging that our services.
Equipment
The supply of new equipment has lagged through the year with many manufacturers quoting up to twelve month order to delivery periods makes the CAPEX replacement program challenging when existing equipment requirements for servicing and repair escalate. Early communication with key suppliers of future equipment requirements is being carried out, endeavouring to mitigate potential delays.
Liquidity Risk
Regular increasing interest rates when funding expansion by borrowing is under close review, where possible, this continues to be minimised whilst ensuring the Company has sufficient resources to meet the working capital needs of the business. 
Credit Risk
The majority of customers who wish to trade on credit terms are subject to regular credit verification procedures and must trade within the credit limit allowance granted to their account which will be inextricably linked to their credit rating provided by outsourced specialist industry rating services. Credit account customers will not be allowed to place further orders for goods and services which will exceed their approved rating. Prepayment is required from customers requiring services ahead of a trade account being approved.
Trade debtors are reviewed on a weekly basis and provision is made for doubtful debts where considered necessary. In the case where debtors cannot settle their account within the agreed terms, an orderly installment payment plan is established to provide a certain and regular balance reduction; during this period, no further business will be placed on the account.
Legislative risk
Environmental standards in the UK continue to improve and the Company is committed to being at the forefront of legislation led change. Any such change is viewed as positive, presenting more opportunities for the early adopter and swiftly capitalizing upon these opportunities wherever possible.
Health and safety
The Company is fully committed to the health and safety of all staff and any visitors of Company sites. Regular internal and external HSE led audits have been undertaken through the year with minor housekeeping centric improvements being recommended. Internal H&S managers routinely meet to share innovation and the latest best practice which is implemented relevant to the local operations within their jurisdiction. Ongoing staff one-to- one training and safety/hazard awareness courses are rolled out across the business locations as a matter of course.
Page 2

 
F.G.S. Plant Limited
 

Strategic report (continued)
For the year ended 30 April 2024

Financial position
The financial position of the Company is considered to be strong by the Directors and is in line with their expectations. The strength of the Company is improving further throughout the coming period although challenging economic conditions will be continually monitored. Positive consistent cash generation continues which contributes to reinvestment in staff and assets.

Financial key performance indicators
 
The Directors consider operating profit to be the key measure of performance of the business. During the year the Company generated a combined operating profit of £808k (2023: £851k) and a further strengthening of the balance sheet by £1.185m.


This report was approved by the board on 29 January 2025 and signed on its behalf.



S Willy
Director

Page 3

 
F.G.S. Plant Limited
 

 
Directors' report
For the year ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 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 judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,184,554 (2023 - £838,197).

The company did not declare a dividend during the financial year.

Directors

The directors who served during the year were:

T L Heathcote 
S Willy 
N R Heathcote (appointed 1 March 2024)
B Minter (appointed 1 March 2024)

Future developments

Whilst we acquired a toilet and welfare hire company before year end, we will continue to look at expansion with possibly more acquisitions with our aim being to provide a nationwide service. 

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.

Page 4

 
F.G.S. Plant Limited
 

 
Directors' report (continued)
For the year ended 30 April 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsKreston Reeves LLPwill 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 Willy
Director
Date: 29 January 2025

Page 5

 
F.G.S. Plant Limited
 

 
Independent auditors' report to the members of F.G.S. Plant Limited
 

Opinion


We have audited the financial statements of F.G.S. Plant Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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.


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.


Page 6

 
F.G.S. Plant Limited
 

 
Independent auditors' report to the members of F.G.S. Plant Limited (continued)


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 year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 4, 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 7

 
F.G.S. Plant Limited
 

 
Independent auditors' report to the members of F.G.S. Plant 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;
Assessment of identified fraud risk factors;
Challenging assumptions and judgments made by management in its significant accounting estimates;
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity;
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 8

 
F.G.S. Plant Limited
 

 
Independent auditors' report to the members of F.G.S. Plant Limited (continued)


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.




Tracey Becker (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
Canterbury

30 January 2025
Page 9

 
F.G.S. Plant Limited
 

Statement of comprehensive income
For the year ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,809,029
5,371,581

Cost of sales
  
(3,970,546)
(3,902,624)

Gross profit
  
1,838,483
1,468,957

Administrative expenses
  
(1,046,639)
(630,107)

Other operating income
 5 
16,550
12,000

Operating profit
  
808,394
850,850

Income from participating interests
  
1,360,552
134,321

Interest receivable and similar income
 9 
7,138
5,024

Interest payable and similar expenses
 10 
(561,587)
(164,493)

Profit before tax
  
1,614,497
825,702

Tax on profit
 11 
(429,943)
12,495

Profit for the financial year
  
1,184,554
838,197

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
F.G.S. Plant Limited
Registered number: 05147633

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
10,704,887
10,112,093

Investments
 14 
13,919,542
6,682,595

  
24,624,429
16,794,688

Current assets
  

Debtors: amounts falling due within one year
 15 
3,885,506
2,266,651

Cash at bank and in hand
 16 
729,952
1,458,290

  
4,615,458
3,724,941

Creditors: amounts falling due within one year
 17 
(9,300,746)
(7,529,162)

Net current liabilities
  
 
 
(4,685,288)
 
 
(3,804,221)

Total assets less current liabilities
  
19,939,141
12,990,467

Creditors: amounts falling due after more than one year
 18 
(8,141,648)
(2,807,471)

Provisions for liabilities
  

Deferred tax
 20 
(1,287,034)
(857,091)

Net assets
  
10,510,459
9,325,905


Capital and reserves
  

Called up share capital 
  
4,700
4,700

Profit and loss account
  
10,505,759
9,321,205

  
10,510,459
9,325,905


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




T L Heathcote
S Willy
Director
Director
Date: 29 January 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
F.G.S. Plant Limited
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
4,700
8,483,008
8,487,708


Comprehensive income for the year

Profit for the year
-
838,197
838,197



At 1 May 2023
4,700
9,321,205
9,325,905


Comprehensive income for the year

Profit for the year
-
1,184,554
1,184,554


At 30 April 2024
4,700
10,505,759
10,510,459


Page 12

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

F.G.S. Plant Limited is a private company limited by shares and is incorporated in England and Wales with the registration number 05147633. The registered office is Ferry House, New Hythe Lane, Aylesford, Kent, ME20 7PA.
The principal activity of the company is the hire of manned and unmanned plant, and other equipment, mainly to Construction Industries.

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 judgement in applying the Company's accounting policies (see note 3).

The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Heathcote Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Stanford Bridge Farm, Station Road, Pluckley, Kent, TN27 0RU..

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 13

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Because of this, the financial statements have been prepared on a going concern basis.
The directors, and their connected companies, will also not draw upon their loans to the detriment of the company's ability to meet its day to day working capital requirements.

 
2.5

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.

 
2.6

Interest income

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

 
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 year in which they are incurred.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 14

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.10

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 and reducing balance methods.

Depreciation is provided on the following basis:

Freehold land and buildings
-
1%
Straight line
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.
Page 15

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 16

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

 
2.15

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

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.

 
2.17

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 17

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

The tax expense for the year 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.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The company has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £10,704,887 at the reporting date (see note 13). These assets are stated at their cost less provision for depreciation and impairment. The company’s accounting policy sets out the approach to
calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
 
Page 18

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.Judgements in applying accounting policies (continued)

Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
4,550
-

Net rents receivable
12,000
12,000

16,550
12,000



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,500
8,100

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
1,301,222
1,136,381

Social security costs
140,846
130,287

Cost of defined contribution scheme
66,477
60,861

1,508,545
1,327,529


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


        2024
        2023
            No.
            No.







Employees
30
29


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
142,332
100,215

Company contributions to defined contribution pension schemes
44,733
40,000

187,065
140,215


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
7,138
5,024


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
338,887
15,847

Finance leases and hire purchase contracts
222,700
148,646

561,587
164,493

Page 20

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

11.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
429,943
(12,495)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,614,497
825,702


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
403,624
160,929

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
20,650
11,936

Capital allowances for year in excess of depreciation
3,351
(170,674)

Adjustments to tax charge in respect of prior periods
(4,488)
(14,686)

Other timing differences leading to an increase (decrease) in taxation
(10,007)
-

Group relief
16,813
-

Total tax charge for the year
429,943
(12,495)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

12.


Intangible assets




Goodwill

£





At 1 May 2023
100,000


Disposals
(100,000)



At 30 April 2024

-





At 1 May 2023
100,000


On disposals
(100,000)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 30 April 2023
-




13.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
1,209,095
17,028,696
18,237,791


Additions
-
3,584,579
3,584,579


Disposals
-
(2,604,949)
(2,604,949)



At 30 April 2024

1,209,095
18,008,326
19,217,421



Depreciation


At 1 May 2023
134,120
7,991,578
8,125,698


Charge for the year
12,470
2,040,884
2,053,354


Disposals
-
(1,666,518)
(1,666,518)



At 30 April 2024

146,590
8,365,944
8,512,534



Net book value



At 30 April 2024
1,062,505
9,642,382
10,704,887



At 30 April 2023
1,074,975
9,037,118
10,112,093

Page 22

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 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:


2024
2023
£
£



Plant and machinery
6,072,689
5,490,910


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 May 2023
6,682,595


Additions
7,236,947



At 30 April 2024
13,919,542





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Hire Access Platforms Limited
Ferry House, New Hythe Lane, Aylesford, England, ME20 7PW
Ordinary
100%
Alljay Holdings Limited
Ferry House, New Hythe Lane, Aylesford, England, ME20 7PW
Ordinary
100%
* Clements Plant & Tool Hire Limited
Ferry House, New Hythe Lane, Aylesford, England, ME20 7PW
Ordinary
100%
*Thumb-a-lift Limited
Ferry House, New Hythe Lane, Aylesford, England, ME20 7PW
Ordinary
100%
Four Jays Limited
Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, United Kingdom, TN27 0RU.
Ordinary
100%

* investments indirectly held.

Page 23

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

15.


Debtors

2024
2023
£
£


Trade debtors
900,565
821,697

Amounts owed by group undertakings
257,357
90,291

Amounts owed by Companies under common control
2,544,914
26,142

Other debtors
19,522
1,197,514

Prepayments and accrued income
163,148
131,007

3,885,506
2,266,651



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
729,952
1,458,290



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
326,145
336,051

Amounts owed to group undertakings
7,126,847
4,719,531

Other taxation and social security
99,916
159,304

Obligations under finance lease and hire purchase contracts
1,670,849
1,713,381

Other creditors
14,135
515,925

Accruals and deferred income
62,854
84,970

9,300,746
7,529,162



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,000,000
-

Net obligations under finance leases and hire purchase contracts
2,894,843
2,524,102

Amounts owed to group undertakings
246,805
283,369

8,141,648
2,807,471


Page 24

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,670,849
1,713,381

Between 1-5 years
2,894,843
2,524,102

4,565,692
4,237,483


20.


Deferred taxation




2024


£






At beginning of year
(857,091)


Charged to profit or loss
(429,943)



At end of year
(1,287,034)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,016,477)
(857,091)

Fair value movements
(271,295)
-

Short term timing differences
738
-

(1,287,034)
(857,091)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,700 (2023 - 4,700) Ordinary shares of £1.00 each
4,700
4,700



22.


Reserves

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 25

 
F.G.S. Plant Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

23.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
73,800
-


24.


Pension commitments

The Company operates a defined contributions 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 £66,477 (2023 - £60,861) . Contributions totalling £4,448 (2023 - £2,955) were payable to the fund at the balance sheet date and are included in creditors.


25.Financial commitments

i) On 21 December 2021, an unlimited composite company guarantee was given by F.G.S. Plant Limited and other companies within the Heathcote Holdings group to HSBC Plc.
At 30 April 2024, the total exposure amounted to £21,975,000 (2023: £7,875,000). 
ii) HSBC Plc also have a fixed and floating charges over the assets of the company as an individual entity. As at 30 April 2024, the total exposure in relation to these charges amounted to £Nil (2023: £Nil).


26.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
The following are related party transactions outside of the group:


2024
2023
£
£

Sales to entities controlled by key management personnel
107,680
81,124
Amounts due from entities controlled by key management personnel
6,279
26,142
Amounts due from entities of which the entity has control, joint control or significant interest
1,413,427
1,178,082
Share of profits from entities of which the entity has control, joint control or significant interest
235,344
134,321


27.


Controlling party

The ultimate parent company is Heathcote Holdings Limited due to its 100% shareholding. The ultimate controlling party is T L Heathcote by virtue of his majority shareholding.
F.G.S. Plant Limited are included in the consolidated financial statements of Heathcote Holdings Limited which are available from Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, TN27 0RU. 

Page 26