Company registration number 08230772 (England and Wales)
GREENPOWER PLANT HIRE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GREENPOWER PLANT HIRE LTD
COMPANY INFORMATION
Directors
Mr D Green
Mrs N Green
Mr R Ward
(Appointed 28 February 2024)
Company number
08230772
Registered office
Coppice Farm
Coppice Lane
Middleton
Tamworth
England
B78 2BU
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
GREENPOWER PLANT HIRE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
GREENPOWER PLANT HIRE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

1. Business Overview

Greenpower Plant Hire Ltd has demonstrated robust growth in the financial year ending 30 September 2024. Despite a challenging post-COVID business environment, the company increased turnover by 12.6%, reaching approximately £14 million, reflecting successful business development efforts and a strong customer base. Net profit increased to £1.4 million from £886k in the prior year, with net assets rising to £6.9 million.

Development and performance

2. Performance Analysis

Strengths:

 

Challenges:

Principal risks and uncertainties

3. Strategic Recommendations

A. Financial Management

 

B. Revenue Growth

 

C. Operational Efficiency

GREENPOWER PLANT HIRE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

D. Risk Mitigation

 

E. Workforce Development

Key performance indicators

4. Key Performance Indicators (KPIs)

To track the effectiveness of these strategies, implement and monitor the following KPIs:

Other information and explanations

5. Outlook and Conclusion

While external risks such as rising interest rates and a potential housing market downturn pose challenges, Greenpower Plant Hire Ltd is well-positioned for sustained growth through its investment in modern fleet and market expansion strategies. By implementing the recommendations above, the company can strengthen profitability, operational efficiency, and financial resilience, ensuring long-term success.

On behalf of the board

Mr D Green
Director
3 February 2025
GREENPOWER PLANT HIRE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of renting and leasing of plant and machinery.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £60,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Green
Mrs N Green
Mr R Ward
(Appointed 28 February 2024)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D Green
Director
3 February 2025
GREENPOWER PLANT HIRE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GREENPOWER PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENPOWER PLANT HIRE LTD
- 5 -
Opinion

We have audited the financial statements of Greenpower Plant Hire Ltd (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GREENPOWER PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENPOWER PLANT HIRE LTD (CONTINUED)
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GREENPOWER PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENPOWER PLANT HIRE LTD (CONTINUED)
- 7 -

Use of our report

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

Amy Cotterill ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
3 February 2025
GREENPOWER PLANT HIRE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,012,706
11,679,058
Cost of sales
(4,510,586)
(3,555,458)
Gross profit
9,502,120
8,123,600
Administrative expenses
(7,175,823)
(5,764,012)
Other operating income
500
3,200
Operating profit
4
2,326,797
2,362,788
Interest receivable and similar income
7
9,637
45
Interest payable and similar expenses
8
(1,000,346)
(760,241)
Profit before taxation
1,336,088
1,602,592
Tax on profit
9
78,924
(716,017)
Profit for the financial year
1,415,012
886,575

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GREENPOWER PLANT HIRE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,415,012
886,575
Other comprehensive income
-
-
Total comprehensive income for the year
1,415,012
886,575
GREENPOWER PLANT HIRE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
47,485
-
0
Tangible assets
12
24,035,967
20,529,936
24,083,452
20,529,936
Current assets
Debtors
13
3,238,806
2,705,209
Cash at bank and in hand
1,038,706
1,107,503
4,277,512
3,812,712
Creditors: amounts falling due within one year
14
(6,752,462)
(5,896,143)
Net current liabilities
(2,474,950)
(2,083,431)
Total assets less current liabilities
21,608,502
18,446,505
Creditors: amounts falling due after more than one year
15
(13,371,867)
(11,268,453)
Provisions for liabilities
Deferred tax liability
18
1,336,628
1,415,552
(1,336,628)
(1,415,552)
Net assets
6,900,007
5,762,500
Capital and reserves
Called up share capital
20
100
100
Revaluation reserve
638,386
855,891
Profit and loss reserves
6,261,521
4,906,509
Total equity
6,900,007
5,762,500

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Mr D  Green
Director
Company registration number 08230772 (England and Wales)
GREENPOWER PLANT HIRE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100
924,362
4,011,463
4,935,925
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
886,575
886,575
Dividends
10
-
-
(60,000)
(60,000)
Transfers
-
(68,471)
68,471
-
Balance at 30 September 2023
100
855,891
4,906,509
5,762,500
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,415,012
1,415,012
Dividends
10
-
-
(60,000)
(60,000)
Transfers
-
(217,505)
-
0
(217,505)
Balance at 30 September 2024
100
638,386
6,261,521
6,900,007
GREENPOWER PLANT HIRE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
5,012,207
4,453,859
Interest paid
(1,000,346)
(760,241)
Net cash inflow from operating activities
4,011,861
3,693,618
Investing activities
Purchase of intangible assets
(47,485)
-
0
Purchase of tangible fixed assets
(5,107,403)
(8,481,082)
Proceeds from disposal of tangible fixed assets
1,066,259
1,645,998
Interest received
9,637
45
Net cash used in investing activities
(4,078,992)
(6,835,039)
Financing activities
Proceeds from new bank loans
58,334
-
0
Repayment of bank loans
-
0
(31,169)
Payment of finance leases obligations
-
0
3,476,934
Dividends paid
(60,000)
(60,000)
Net cash (used in)/generated from financing activities
(1,666)
3,385,765
Net (decrease)/increase in cash and cash equivalents
(68,797)
244,344
Cash and cash equivalents at beginning of year
1,107,503
863,159
Cash and cash equivalents at end of year
1,038,706
1,107,503
GREENPOWER PLANT HIRE LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Greenpower Plant Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Coppice Farm, Coppice Lane, Middleton, Tamworth, England, B78 2BU.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
Over 5 years
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 14 -
2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5% - 20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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

GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 17 -
2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
14,012,706
11,679,058
2024
2023
£
£
Other revenue
Interest income
9,637
45
Grants received
500
3,000
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(500)
(3,000)
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
2,826,153
2,051,977
Loss/(profit) on disposal of tangible fixed assets
30,276
(123,895)
Operating lease charges
332,113
304,333
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
52
49

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
729,523
629,611
Social security costs
192,416
170,883
Pension costs
20,429
17,585
942,368
818,079
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
12,500
12,500
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,637
45
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,637
45
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,450
-
Other finance costs:
Interest on finance leases and hire purchase contracts
991,896
760,241
1,000,346
760,241
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(78,924)
716,017

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,336,088
1,602,592
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
334,022
400,648
Tax effect of expenses that are not deductible in determining taxable profit
(2,699)
531,319
Gains not taxable
-
0
(22,247)
Tax effect of utilisation of tax losses not previously recognised
(26,320)
-
0
Permanent capital allowances in excess of depreciation
-
0
(759,871)
Deferred tax adjustments in respect of prior years
(383,927)
-
0
Utilisation of tax losses
-
0
(152,376)
Deferred tax
-
0
716,017
Leased cars
-
0
2,527
Taxation (credit)/charge for the year
(78,924)
716,017
10
Dividends
2024
2023
£
£
Interim paid
60,000
60,000
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
11
Intangible fixed assets
Website development
£
Cost
At 1 October 2023
-
0
Additions
47,485
At 30 September 2024
47,485
Amortisation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
47,485
At 30 September 2023
-
0
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
29,603,612
12,503
684,445
30,300,560
Additions
7,561,361
-
0
84,863
7,646,224
Disposals
(1,618,064)
(10,658)
(15,000)
(1,643,722)
At 30 September 2024
35,546,909
1,845
754,308
36,303,062
Depreciation and impairment
At 1 October 2023
9,572,105
10,774
187,745
9,770,624
Depreciation charged in the year
2,735,477
369
90,307
2,826,153
Eliminated in respect of disposals
(316,305)
(10,658)
(2,719)
(329,682)
At 30 September 2024
11,991,277
485
275,333
12,267,095
Carrying amount
At 30 September 2024
23,555,632
1,360
478,975
24,035,967
At 30 September 2023
20,031,507
1,729
496,700
20,529,936
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,161,409
2,673,215
Amounts owed by group undertakings
3,471
3,644
Other debtors
53,756
10,000
Prepayments and accrued income
20,170
18,350
3,238,806
2,705,209
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
47,222
33,333
Obligations under finance leases
17
5,087,765
4,607,913
Trade creditors
1,362,683
911,791
Taxation and social security
54,409
139,387
Other creditors
138,766
160,269
Accruals and deferred income
61,617
43,450
6,752,462
5,896,143
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
66,667
22,222
Obligations under finance leases
17
13,305,200
11,246,231
13,371,867
11,268,453
16
Loans and overdrafts
2024
2023
£
£
Bank loans
113,889
55,555
Payable within one year
47,222
33,333
Payable after one year
66,667
22,222
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,087,765
4,607,913
In two to five years
13,305,200
11,246,231
18,392,965
15,854,144

The obligation under finance leases are secured by a fixed and floating charge over plant and equipment hire.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,163,893
1,415,552
Tax losses
(827,265)
-
1,336,628
1,415,552
2024
Movements in the year:
£
Liability at 1 October 2023
1,415,552
Credit to profit or loss
(78,924)
Liability at 30 September 2024
1,336,628
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,429
17,585

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
72,975
81,413
Between two and five years
31,584
52,928
104,559
134,341
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Shark Attachments Limited
45,224
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Shark Attachments Limited
-
3,644
Adapt Plant Hire Ltd
3,471
-
23
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,415,012
886,575
Adjustments for:
Taxation (credited)/charged
(78,924)
716,017
Finance costs
1,000,346
760,241
Investment income
(9,637)
(45)
Loss/(gain) on disposal of tangible fixed assets
30,276
(123,895)
Depreciation and impairment of tangible fixed assets
2,826,153
2,051,977
Movements in working capital:
(Increase)/decrease in debtors
(533,597)
206,694
Increase/(decrease) in creditors
362,578
(43,705)
Cash generated from operations
5,012,207
4,453,859
GREENPOWER PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
24
Analysis of changes in net debt
1 October 2023
Cash flows
Other non-cash changes
30 September 2024
£
£
£
£
Cash at bank and in hand
1,107,503
(68,797)
-
1,038,706
Borrowings excluding overdrafts
(55,555)
(58,334)
-
(113,889)
Obligations under finance leases
(15,854,144)
-
(2,538,821)
(18,392,965)
(14,802,196)
(127,131)
(2,538,821)
(17,468,148)
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