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Registered number: 02677625
















PLANTFORCE RENTALS LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


































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PLANTFORCE RENTALS LTD

 
COMPANY INFORMATION


DIRECTORS
C Murphy (appointed 31 July 2024)
C Trott 
D Searle (resigned 30 January 2024)
J Powles 
P Oldham 
R Powell 
S Mercer 
W Caplan 




COMPANY SECRETARY
C Murphy



REGISTERED NUMBER
02677625



REGISTERED OFFICE
Bristol Depot
Winterstoke Road

Weston-Super-Mare

Bristol

BS23 3YW




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






PLANTFORCE RENTALS LTD


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 28


PLANTFORCE RENTALS LTD

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

BUSINESS OVERVIEW
 
Plantforce is a national provider of modern, advanced, and environmentally responsible plant hire machinery, tailored to the construction, highway maintenance, rail, major projects and energy industries. We lead the way in machine control technology, people-plant interface and telematic reporting. 
We provide self-drive and operated plant across our entire extensive fleet range, including a dedicated Major Projects workforce. 

BUSINESS REVIEW
 
Turnover in 2024 significantly increased on the previous year driven by growth in Major Projects following our investment in 2023. The local depots were broadly consistent year on year as higher interest rates continued alongside the uncertainty created by the General Election. Activity started to increase later in the summer, after the election, and has continued to climb through the Autumn.
The result for the year was a profit before tax of £2.4m (2023: loss £1.8m) as a result of the growth in turnover.
We continued to invest in people, equipment, and processes to support our national accounts and Major Projects. Capital expenditure totalled £18.6m in the period including £17.7m in our hire fleet of modern high specification plant.
During the year, former COO Sam Mercer stepped up as the new CEO, as founder Claire Trott moved into a new role as Founder Executive Director. This transition is part of the next phase of planned growth, as we celebrate our 25-year anniversary, and aim to consolidate Plantforce’s position as a trusted Tier 1 and Major Projects supplier.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The implementation of our strategy is subject to a number of key risks: -
Sector – The business operates in the construction industry and on major infrastructure projects so is exposed to the associated risks such as slowdown in economic activity or delays on government projects.
Health & Safety – Safe operations are core to the client relationships and a key focus in tenders to win or retain contracts. Working unsafely could result in early removal from framework agreements. Management spends significant time and resources on building and maintaining a culture of safe working across the business.
Credit risk – A credit insurance policy is in place to limit risk. Debtors are actively managed to control debtor days and ensure prompt payment.
Funding – The banking facilities were renewed during the year with a two-year term with an option to extend for a further 12 months. It is important that we retain the confidence of the funding providers and comply with quarterly covenants and other obligations to ensure the smooth operation of the facilities and future renewals or extensions.
Cash Flow – Liquidity is monitored as part of the day-to-day financial processes. Regular forecasts are prepared for visibility and to ensure we remain within our available facilities.
Interest Rates – The majority of the funding lines are subject to variable interest rates. While it is likely rates have peaked, we remain exposed to future movements.

Page 1


PLANTFORCE RENTALS LTD


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
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This report was approved by the board on 30 January 2025 and signed on its behalf.



C Murphy
Director
Page 2


PLANTFORCE RENTALS LTD

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

PRINCIPAL ACTIVITY

Plantforce is a national provider of plant hire machinery, tailored to the construction, rail, major project and energy industries. We lead the way in machine control technology, people plant interface and telematic reporting.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,427,724 (2023: loss £1,784,273).

No dividend has been proposed or paid during the year (2023: £Nil).

DIRECTORS

The directors who served during the year were:

C Murphy (appointed 31 July 2024)
C Trott 
D Searle (resigned 30 January 2024)
J Powles 
P Oldham 
R Powell 
S Mercer 
W Caplan 

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


PLANTFORCE RENTALS LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
This report was approved by the board and signed on its behalf.
 






C Murphy
Director

Date: 30 January 2025

Bristol Depot
Winterstoke Road
Weston-Super-Mare
Bristol
BS23 3YW
Page 4


PLANTFORCE RENTALS LTD

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 5


PLANTFORCE RENTALS LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD
OPINION


We have audited the financial statements of Plantforce Rentals Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity, Analysis of Net Debt 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 September 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


PLANTFORCE RENTALS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (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 5, 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


PLANTFORCE RENTALS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management, including the Chief Financial Officer, about their own identification and assessment of the risk of irregularities. 
For any matters identified we have obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.

In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override.

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

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

Audit response to risks identified

We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:

Performing various substantive tests of detail related to the recognition of revenue.
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation or claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting
Page 8


PLANTFORCE RENTALS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (CONTINUED)

estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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.






Ria Burridge FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

31 January 2025
Page 9


PLANTFORCE RENTALS LTD

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
57,785,425
42,856,396

Cost of sales
  
(42,439,415)
(34,017,704)

Gross profit
  
15,346,010
8,838,692

Administrative expenses
  
(7,657,476)
(6,734,240)

Other operating income
 5 
15,419
31,340

Operating profit
 6 
7,703,953
2,135,792

Interest payable and similar expenses
 9 
(5,276,229)
(3,920,065)

Profit/(loss) before tax
  
2,427,724
(1,784,273)

Profit/(loss) for the financial year
  
2,427,724
(1,784,273)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 15 to 28 form part of these financial statements.

Page 10


PLANTFORCE RENTALS LTD
REGISTERED NUMBER:02677625

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
78,407,349
74,292,696

  
78,407,349
74,292,696

Current assets
  

Stocks
 12 
289,533
334,190

Debtors: amounts falling due within one year
 13 
15,919,794
10,828,767

Cash at bank and in hand
 14 
345,599
1,930,834

  
16,554,926
13,093,791

Creditors: amounts falling due within one year
 15 
(30,646,810)
(78,306,112)

Net current liabilities
  
 
 
(14,091,884)
 
 
(65,212,321)

Total assets less current liabilities
  
64,315,465
9,080,375

Creditors: amounts falling due after more than one year
 16 
(57,516,981)
(4,757,606)

  

Net assets
  
6,798,484
4,322,769


Capital and reserves
  

Called up share capital 
 19 
345,852
292,626

Share premium account
 20 
16,173
16,173

Capital redemption reserve
 20 
96,937
96,937

Other reserves
 20 
4,428
1,609

Profit and loss account
 20 
6,335,094
3,915,424

  
6,798,484
4,322,769


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





C Murphy
Director

Date: 30 January 2025

The notes on pages 15 to 28 form part of these financial statements.
Page 11

PLANTFORCE RENTALS LTD



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Treasury shares
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 October 2022
291,161
16,173
96,937
3,074
5,698,232
6,105,577



Comprehensive income for the year


Loss for the year
-
-
-
-
(1,784,273)
(1,784,273)



Transactions with owner


Sale of treasury shares
1,465
-
-
(1,465)
1,465
1,465





At 1 October 2023
292,626
16,173
96,937
1,609
3,915,424
4,322,769



Comprehensive income for the year


Profit for the year
-
-
-
-
2,427,724
2,427,724



Transactions with owner


Shares issued during the year
56,045
-
-
-
-
56,045


Purchase of own shares
(4,395)
-
-
4,395
(9,630)
(9,630)


Sale of treasury shares
1,576
-
-
(1,576)
1,576
1,576



At 30 September 2024
345,852
16,173
96,937
4,428
6,335,094
6,798,484



The notes on pages 15 to 28 form part of these financial statements.

Page 12

PLANTFORCE RENTALS LTD


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
2,427,724
(1,784,273)

Adjustments for:

Depreciation of tangible assets
12,787,450
12,146,239

Profit on disposal of tangible assets
(460,496)
(109,129)

Interest paid
5,276,229
3,920,065

Decrease/(increase) in stocks
44,657
(76,189)

(Increase)/decrease in debtors
(5,091,027)
614,891

Increase in creditors
825,223
915,885

Increase/(decrease) in invoice discounting facility
4,871,285
(685,069)

Net cash generated from operating activities

20,681,045
14,942,420


Cash flows from investing activities

Purchase of tangible fixed assets
(18,140,296)
(18,653,956)

Sale of tangible fixed assets
2,116,570
7,073,883

HP and ABL interest paid
(4,636,821)
(3,482,091)

Net cash from investing activities

(20,660,547)
(15,062,164)

Cash flows from financing activities

Issue of ordinary shares
56,045
-

New loans
2,568,955
7,630,000

Repayment of loans
(270,834)
(207,173)

Repayment of/new finance leases
(3,498,799)
(5,311,531)

Interest paid
(453,046)
(337,127)

Sale of own shares
1,576
1,465

Purchase of own shares
(9,630)
-

Net cash used in financing activities
(1,605,733)
1,775,634

Net (decrease)/increase in cash and cash equivalents
(1,585,235)
1,655,890

Cash and cash equivalents at beginning of year
1,930,834
274,944

Cash and cash equivalents at the end of year
345,599
1,930,834


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
345,599
1,930,834

345,599
1,930,834


Page 13


PLANTFORCE RENTALS LTD


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024






As restated At 1 October 2023
Cash flows
New finance leases
Other non-cash changes
At 30 September 2024
£

£

£

£

£

Cash at bank and in hand

1,930,834

(1,585,235)

-

-

345,599

Debt due after 1 year

(2,466,799)

(2,568,955)

-

(48,662,664)

(53,698,418)

Debt due within 1 year

(52,952,215)

(4,600,452)

-

48,489,933

(9,062,734)

Finance leases

(8,023,827)

3,498,799

(1,221,778)

-

(5,746,806)



(61,512,007)
(5,255,843)
(1,221,778)
(172,731)
(68,162,359)

The notes on pages 15 to 28 form part of these financial statements.
Page 14


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Plantforce Rentals Ltd is a limited liability company incorporated in the United Kingdom. The registered office is Bristol Depot, Winterstoke Road, Weston-Super-Mare, Avon, BS23 3YW.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

 
2.2

GOING CONCERN

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The directors make this assessment in respect of a period of one year from the date of approval of the financial statements.
The business maintains financial forecasts which are discussed at monthly board meetings and refreshed on a regular basis. These include balance sheet and cash projections. 
Within its range of options, the business can reduce debt service costs and release cash if needed by reducing fleet size. 
In April 2024 Plantforce renewed its £60m of financing facilities (£52m asset backed lending (ABL) revolving credit facility (RCF) and £8m invoice financing) with two lenders. The ABL facility provides Plantforce the flexibility to buy and sell equipment. The facilities have cashflow, leverage and performance covenants which are reported quarterly and monitored monthly. The facility is due for renewal in April 2026. 
The directors conclude that it is appropriate to prepare the accounts on a going concern basis for the year ended 30 September 2024. 

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 15


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
33% straight line
Plant and machinery
-
5 - 25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line

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.

 
2.5

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.6

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.

 
2.7

CASH AND CASH EQUIVALENTS

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

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 Statement of Financial Position 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 16


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.8
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.

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.

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 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.

 
2.9

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.

Page 17


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.10

GOVERNMENT GRANTS

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

 
2.11

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.

 
2.12

OPERATING LEASES: THE COMPANY AS LESSEE

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

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

 
2.13

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.14

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 18


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

TAXATION

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 reporting date in the countries where the Company operates and generates income.



3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The  preparation  of  the  financial  statements  requires  management  to  make  judgments,  estimates  and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the  amounts  reported  for  revenues  and  expenses  during  the  year.  However,  the  nature  of  estimation means that actual outcomes could differ from those estimates.
 
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
 
The following judgments have had the most significant effect on the amounts recognised in the financial statements:

Lease commitments
The  company  has  entered  into  commercial  leases  as  a  lessee  for  the  use  of  property,  plant  and equipment.  The  classification  of  such  leases  as  operating  or  finance  lease  requires  the  Company  to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains of acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position.
 
Depreciation rates
As described in note 2.4 to the financial statements, the directors have determined the useful economic life of tangible fixed assets and are recognising a provision for depreciation based on this, which can be seen in note 10. The determination of useful economic life was taken on the basis of historical experience of residual values and useful lives of those assets.
Deferred tax
Deferred tax is being carried in the financial statements at nil balance due to the availability of trading losses cancelling out any potential liability as at the year end. In the financial statements the asset has not been recognised due to uncertainty over the timing of realising these losses.


4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.

Page 19


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
15,419
31,340

15,419
31,340



6.


OPERATING PROFIT

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

2024
2023
£
£

Depreciation of tangible fixed assets
12,787,450
12,146,239

Fees payable to Company's auditor for the audit of the Company's annual financial statements
23,250
22,250

Fees payable to the Company's auditor for non-audit services
4,650
4,500

Defined contribution pension cost
265,698
209,257

Profit on disposal of fixed assets
(460,496)
(109,129)


7.


EMPLOYEES

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


2024
2023
£
£

Wages and salaries
9,406,656
8,555,975

Social security costs
1,043,184
955,348

Cost of defined contribution scheme
265,698
209,257

10,715,538
9,720,580


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


        2024
        2023
            No.
            No.







Operators, logistics and transport
97
90



Management and administration
86
87

183
177

Page 20


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


DIRECTORS' REMUNERATION

2024
As restated 2023
£
£

Directors' emoluments
506,039
558,444

Company contributions to defined contribution pension schemes
7,930
6,669

513,969
565,113


During the year retirement benefits were accruing to 4 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £157,500 (2023: £159,277).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
As restated 2023
£
£


Bank interest payable
4,481,043
3,340,274

Other loan interest payable
323,732
296,564

Finance leases and hire purchase contracts
471,454
283,227

5,276,229
3,920,065

The prior year interest expenses have been reanalysed to be presented under the appropriate headings.


10.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-
Page 21


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 22.01%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
2,427,724
(1,784,273)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 22.01%)
606,931
(392,718)

EFFECTS OF:


Expenses not deductable for tax purposes
5,605
9,661

Fixed asset differences
-
(91,571)

Remeasurement of deferred tax for changes in tax rates
-
(64,590)

Deferred tax not recognised
(608,420)
539,727

Other permanent differences
545
(509)

Income not taxable for tax purposes
(4,661)
-

TOTAL TAX CHARGE FOR THE YEAR
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST OR VALUATION


At 1 October 2023
600,181
103,413,341
5,450,384
279,576
109,743,482


Additions
139,746
17,864,206
523,927
30,298
18,558,177


Disposals
(2,087)
(5,544,352)
(572,992)
(6,598)
(6,126,029)



At 30 September 2024

737,840
115,733,195
5,401,319
303,276
122,175,630



DEPRECIATION


At 1 October 2023
545,858
32,298,745
2,451,473
154,710
35,450,786


Charge for the year on owned assets
30,423
11,974,805
741,214
41,008
12,787,450


Disposals
(2,087)
(3,945,956)
(515,874)
(6,038)
(4,469,955)



At 30 September 2024

574,194
40,327,594
2,676,813
189,680
43,768,281



NET BOOK VALUE



At 30 September 2024
163,646
75,405,601
2,724,506
113,596
78,407,349



At 30 September 2023
54,323
71,114,596
2,998,911
124,866
74,292,696

Assets on Finance lease or under Hire Purchase
Included within the net book value of £78,407,349 is £7,029,679 (2023: £11,408,799) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £1,249,155 (2023: £1,899,895).

Assets under Asset Backed Lending (ABL) arrangement
Inluded within the net book value of £78,407,349 is £66,426,668 (2023: £60,135,044) relating to assets held under an asset backed lending facility agreement. The depreciation charged to the financial statements in the year in respect of such assets amounted to £11,195,557 (2023: £9,741,652).

Page 23


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


STOCKS

2024
2023
£
£

Stocks - Parts for Repairs & Maintenance
289,533
334,190

289,533
334,190



13.


DEBTORS

2024
2023
£
£


Trade debtors
12,598,961
8,652,165

Other debtors
892,765
743,368

Prepayments and accrued income
2,428,068
1,433,234

15,919,794
10,828,767



14.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
345,599
1,930,834

345,599
1,930,834


Page 24


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
As restated 2023
£
£

Bank loans
7,047,276
52,175,991

Other loans
2,015,458
776,224

Trade creditors
18,419,027
18,635,934

Other taxation and social security
323,435
290,602

Obligations under finance lease and hire purchase contracts
1,928,243
5,733,020

Other creditors
145,807
127,566

Accruals and deferred income
767,564
566,775

30,646,810
78,306,112


The company's bank loans consist of both the asset backed lending (ABL) facility of £Nil (2023: £50,000,000) and the invoice discounting facility of £7,047,276 (2023: £2,175,991).

In the prior year the invoice discounting facility was classified as 'other creditors', this has been reclassified to 'bank loans' to more accurately reflect the nature of the balance.


16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
52,000,000
-

Other loans
1,698,418
2,466,799

Net obligations under finance leases and hire purchase contracts
3,818,563
2,290,807

57,516,981
4,757,606


The following liabilities were secured:

2024
As restated 2023
£
£



Bank loans
59,047,276
52,175,991

59,047,276
52,175,991

Details of security provided:

Bank loans include an asset backed lending (ABL) revolving credit facility (RCF) secured over the company's assets by fixed and floating charge in favour of National Westminster Bank plc and Wells Fargo Capital Finance ltd as security agents. Bank loans also include an invoice discounting facility secured over the company's assets by fixed and floating charge in favour of National Westminster Bank plc as security agent. 

Page 25


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
7,047,276
52,175,991

Other loans
2,015,458
776,224


9,062,734
52,952,215

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
541,666
541,666


541,666
541,666

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
52,000,000
-

Other loans
1,156,752
1,925,133


53,156,752
1,925,133


62,761,152
55,419,014



18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,928,243
5,733,020

Between 1-2 years
3,818,563
2,290,807

5,746,806
8,023,827
Page 26


PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



219,603 (2023: 213,665) Ordinary shares of £1.0000 each
219,603
213,665
126,249 (2023: 78,961) A Ordinary shares of £1.0000 each
126,249
78,961
3,300 (2023: 3,300) B Ordinary shares of £0.0001 each
-
-

345,852

292,626


On 1 February 2024 the company purchased 4,395 Ordinary shares into Treasury. 
On 18 April 2024 the company sold 1,576 Ordinary shares from Treasury at par. 
On 18 April 2024 the company issued 8,757 Ordinary shares at par and issued 47,288 A Ordinary shares at par.


20.


RESERVES

Share premium account

The share premium account records the amount above the nominal value received for shares issued, less transaction costs.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company and subsequently cancelled.

Treasury shares

The treasury share reserve records the nominal value of shares held by the company. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


21.


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 £265,698 (2023: £209,257). Contributions totaling £54,318 (2023: £50,944) were payable to the fund at the balance sheet date.

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PLANTFORCE RENTALS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
145,333
192,000

Later than 1 year and not later than 5 years
207,500
210,833

Later than 5 years
2,500
32,500

355,333
435,333


23.


RELATED PARTY TRANSACTIONS

All related party transactions are on normal commercial rates and normal commercial terms.


2024
2023
£
£

Sale to entities under common ownership
982,012
2,967,737
Purchases from entities under common ownership
17,470,970
15,473,922
Interest charged by entities under common ownership
115,420
100,847
Owed (to)/from shareholders of the company
(1,599,903)
(1,859,556)
Owed (to)/from entities under common ownership
(13,848,057)
(16,508,864)

On 18 April 2024 the company transferred 1,576 £1 Treasury shares to a director at par.
Key management personnel
The directors, who have authority and responsibility for planning, directing and controlling the activities of the company, are considered to be key management personnel. Total compensation in respect of these individuals is £660,767 (2023: £635,174).

 
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