Company registration number 07654907 (England and Wales)
THOMAS PLANT HIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
THOMAS PLANT HIRE LIMITED
COMPANY INFORMATION
Directors
Mr W L Thomas
Mrs S E Thomas
Miss L L Thomas
Mr D Sullivan
(Appointed 26 September 2024)
Secretary
Mrs S E Thomas
Company number
07654907
Registered office
Tai Hirion
Lywybr Hir
Caerwys
Flintshire
United Kingdom
CH7 5BL
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
THOMAS PLANT HIRE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
10 - 16
THOMAS PLANT HIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report for the year ended 31 May 2024.
Review of the Business
During the year, the company saw sales remain steady at £43m. Gross margins improved slightly at 6.2% (2023 - 5.4%)
2024 has been a profitable year for the company during a challenging economic period for the UK with relatively high levels of inflation, higher bank base rates and a depressed residential property market.
The parent comapny continued to invest in plant and machinery during the year to meet demand and continuously reviews the asset base to ensure the company is well placed to meet demand in the industry.
The overall net asset position of the company continued to strengthen with overall net assets now standing at £5.7m (2023 - £5.2m).
Principal Risks and Uncertainties
As is the nature of the industry, there is always an inherent risk. However the company aims to minimise it's exposure by a diversification of activity and a spread amongst customers, reducing reliance on any one area. The company implements regular credit control to further minimise exposure to financial risks.
External factors include the economic environment, however this appears to be strong with large numbers of high value projects both in progress and being planned for for the future, as evidenced by the contracting forward order book.
Miss L L Thomas
Director
31 January 2025
THOMAS PLANT HIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of renting and leasing construction and civil engineering machinery and equipment.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. 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 W L Thomas
Mrs S E Thomas
Miss L L Thomas
Mr D Sullivan
(Appointed 26 September 2024)
Donations
During the year the company made donations to local charitable organisations totalling £11,164 (2023: £8,318).
Financial instruments
Group treasury risk
The parent company operates a treasury function which is responsible for managing the liquidity and interest risks associated with the group's activities.
Liquidity risk
The parent company manages the Group cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The directors anticipate the business environment will continue to be competitive with economic challenges around the level of interest rates and price inflation in the construction sector.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
THOMAS PLANT HIRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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.
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.
Going Concern
Details of the Company's business activities and the factors likely to affect its future development, performance and financial position are set out in the Strategic Report. The Directors have undertaken a comprehensive review of the Company's forecasts for 2025 and 2026. As part of this review, the directors considered the potential impact of reasonable downside scenarios on the Company's base case forecast. Based on the current and expected trading patterns and the support from the paent company, the outlook for the next 12 months and beyond remains positive. The Company meets its day-to-day working capital requirements through its cash reserves and support from the parent company.
In 2022, the parent Company secured an asset-based, lending facility to provide long-term financing for the Group and enables it to fund growth, investment opportunities and fluctuations in working capital. The directors' review of the Group forecasts and projections show that the Group and Company has sufficient headroom to support its operations for the period of assessment. At the time of approving the financial statements, the directors consider that the Company has adequate resources to remain in operation for the foreseeable future and have no reason to believe that a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on the going concern basis of accounting.
On behalf of the board
Miss L L Thomas
Director
31 January 2025
THOMAS PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THOMAS PLANT HIRE LIMITED
- 4 -
Opinion
We have audited the financial statements of Thomas Plant Hire Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of income and retained earnings, the balance sheet 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:
give a true and fair view of the state of the company's affairs as at 31 May 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.
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.
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:
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.
THOMAS PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF THOMAS PLANT HIRE LIMITED
- 5 -
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 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, 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.
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.
THOMAS PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF THOMAS PLANT HIRE LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Helen Davies
Senior Statutory Auditor
For and on behalf of Azets Audit Services
3 February 2025
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
THOMAS PLANT HIRE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
43,723,095
43,282,256
Cost of sales
(41,023,170)
(40,962,472)
Gross profit
2,699,925
2,319,784
Administrative expenses
(1,841,036)
(1,662,187)
Operating profit
4
858,889
657,597
Interest payable and similar expenses
7
(438,795)
(333,177)
Profit before taxation
420,094
324,420
Tax on profit
8
Profit for the financial year
420,094
324,420
Retained earnings brought forward
5,246,983
4,922,563
Retained earnings carried forward
5,667,077
5,246,983
THOMAS PLANT HIRE LIMITED
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
9
180,297
180,292
Debtors
10
13,009,986
12,679,469
Cash at bank and in hand
148,087
295,693
13,338,370
13,155,454
Creditors: amounts falling due within one year
11
(7,671,292)
(7,908,470)
Net current assets
5,667,078
5,246,984
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
15
5,667,077
5,246,983
Total equity
5,667,078
5,246,984
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Miss L L Thomas
Director
Company Registration No. 07654907
THOMAS PLANT HIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
1
4,922,563
4,922,564
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
324,420
324,420
Balance at 31 May 2023
1
5,246,983
5,246,984
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
420,094
420,094
Balance at 31 May 2024
1
5,667,077
5,667,078
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
1
Accounting policies
Company information
Thomas Plant Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tai Hirion, Lywybr Hir, Caerwys, Flintshire, United Kingdom, CH7 5BL.
1.1
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Thomas Holdings (North West) Limited. These consolidated financial statements are available from the registered office at Tai Hirion Lywybr Hir Caerwys Flintshire United Kingdom CH7 5BL.
1.2
Going concern
The financial statements have been prepared on the going concern basis. The Directors have reviewed the Company's financial position, performance and future development and believe the Company has adequate resources to continue in operational existence for the foreseeable future. Details of this review are set out in the Directors' report.true
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover, derived from the principal activity, is calculated on the basis of the hire of machines during the period.
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Stocks
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
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.
1.6
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.
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.
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.
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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.
1.8
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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
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.
There are no judgements or key sources of estimation uncertainty.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Plant Hire
43,723,095
43,282,256
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
21,600
Plant and skip hire
21,672,903
21,858,015
Rent
607,558
515,270
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
116
152
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Employees
(Continued)
- 14 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,742,598
4,186,681
Social security costs
483,463
444,083
Pension costs
109,079
102,334
5,335,140
4,733,098
An intercompany recharge is made in the year and included as part of subcontractor labour.
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
17,000
35,946
7
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
411,317
333,177
Interest on finance leases and hire purchase contracts
27,478
-
438,795
333,177
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
8
Taxation
The actual 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
420,094
324,420
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
105,024
61,640
Tax effect of utilisation of tax losses not previously recognised
(61,640)
Group relief
(105,024)
Taxation charge for the year
-
-
9
Stocks
2024
2023
£
£
Consumable items
180,297
180,292
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,801,790
7,055,458
Amounts owed by group undertakings
3,986,255
5,281,147
Prepayments and accrued income
221,941
342,864
13,009,986
12,679,469
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,501,223
1,098,699
Amounts owed to group undertakings
356,637
3,481,861
Taxation and social security
601,157
503,646
Other creditors
4,183,965
2,824,264
Accruals and deferred income
28,310
7,671,292
7,908,470
Included in other creditors is an invoice finance facility of £4,183,965 (2023: £2,821,340) which is secured on the trade debtors.
THOMAS PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,079
102,334
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.
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
14
Secured debts
The is a cross company guarentee across the Group held within Thomas Holdings (Morth West) Limited, the balance of this facility as at 31 May 2024 was £104,632,169.
15
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
5,246,983
4,922,563
Profit for the year
420,094
324,420
At the end of the year
5,667,077
5,246,983
16
Related party transactions
The company has taken advantage of the exemption within FRS 102 Section 33.1A from the requirements to disclose transactions with other wholly owned companies within the same group.
All related party transactions are under the normal course of business.
17
Ultimate controlling party
Thomas Holdings (North West) Limited is regarded by the directors as being the company's ultimate parent company.
The ultimate controlling party is Mr W L Thomas.
2024-05-312023-06-01falseCCH SoftwareCCH Accounts Production 2024.210Mr W L ThomasMiss L L ThomasMr D SullivanMr D SullivanMrs S E Thomasfalsefalse076549072023-06-012024-05-3107654907bus:Director12023-06-012024-05-3107654907bus:CompanySecretaryDirector12023-06-012024-05-3107654907bus:Director22023-06-012024-05-3107654907bus:Director32023-06-012024-05-3107654907bus:CompanySecretary12023-06-012024-05-3107654907bus:Director42023-06-012024-05-3107654907bus:RegisteredOffice2023-06-012024-05-31076549072024-05-31076549072022-06-012023-05-3107654907core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3107654907core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3107654907core:RetainedEarningsAccumulatedLosses2023-05-3107654907core:RetainedEarningsAccumulatedLosses2022-05-3107654907core:RetainedEarningsAccumulatedLosses2024-05-3107654907core:RetainedEarningsAccumulatedLosses2023-05-3107654907core:ShareCapital2024-05-3107654907core:ShareCapital2023-05-31076549072023-05-3107654907core:ShareCapital2022-05-3107654907core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3107654907core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3107654907core:CurrentFinancialInstruments2024-05-3107654907core:CurrentFinancialInstruments2023-05-3107654907core:UKTax2023-06-012024-05-3107654907core:UKTax2022-06-012023-05-3107654907bus:PrivateLimitedCompanyLtd2023-06-012024-05-3107654907bus:FRS1022023-06-012024-05-3107654907bus:Audited2023-06-012024-05-3107654907bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP