Company registration number 02486925 (England and Wales)
MAMMOET (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MAMMOET (UK) LIMITED
COMPANY INFORMATION
Directors
G Mosford
(Appointed 1 June 2023)
M Sadler
Company number
02486925
Registered office
Beatrix House
Tyne View Terrace
Wallsend
Tyne And Wear
United Kingdom
NE28 6SG
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
MAMMOET (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Income statement
12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16 - 31
MAMMOET (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

The company is a wholly-owned subsidiary of Mammoet Europe Holding BV and operates as part of the UK division. The principal activity of the company is the provision of heavy lift craneage and transportation services to the petrochemical, power nuclear, civil and offshore industries. There have not been any significant changes in the company's principal activities in the year under review. The directors are not, at the date of this report, aware of any likely major changes in the company's activities in the next year.

Review of the business

In 2023, Mammoet (UK) Ltd upheld its leading market position in multi-discipline heavy lifting and transportation services. The company continued to leverage strong rental master service agreements and successfully executed multiple projects across key infrastructure sectors. Additionally, it responded to urgent client needs by undertaking rapid deployment projects, reinforcing its reputation for reliability. Asset and personnel utilization remained in line with projections, contributing to overall profitability.

Throughout 2023, the company continued to use specialized equipment from its parent company to optimize asset utilization across the group. However, regulatory challenges related to cross-border equipment movement, taxation complexities, and administrative burdens, have restricted flexibility in deploying resources.

Given these circumstances, the company will continuously assess and adjust its resource allocation to meet demand efficiently. This includes ensuring technical, safety, and environmental factors align with long-term sustainability objectives.

All UK facilities and project sites were regularly monitored and audited to maintain high safety standards, strengthen client relations, and drive repeat business.

Key financial performance indicators for the company include turnover, profitability, and return on capital. For the year ending 31 December 2023, turnover was £78,753,000 (2022: £75,791,000) with an operating profit of £4,778,000 (2022: £2,690,000). The company achieved increased revenue and profitability due to enhanced margins.

Principal risks and uncertainties

The company faces ongoing challenges from market competition, an increasing number of assets within the UK sector, and rising operational costs. Smaller competitors looking to expand pose an additional risk, reinforcing the necessity for Mammoet to uphold the highest standards of service to differentiate itself.

The UK is seeing substantial investment in infrastructure, particularly in emerging industries such as carbon capture and hydrogen. While these projects present opportunities, there is a risk that Mammoet’s existing workload could limit its ability to capitalize on them. To mitigate this, the company must focus on strategic investment in key areas to ensure it is well-positioned to participate in these evolving markets.

Group-level risks affecting Mammoet (UK) Ltd are detailed in Mammoet Holding BV’s Annual Report, which is not included in this report.

MAMMOET (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Promoting the success of the company
Section 172 statement

The directors of Mammoet (UK) Ltd have a responsibility under Section 172 of the UK Companies Act 2006 to act in a manner that promotes the company’s success for the benefit of its stakeholders.

Long-term decision-making follows a structured governance process that aligns with Mammoet’s global and local strategies. Decisions undergo thorough review and require approval from both local management and, when necessary, Mammoet Europe Holding BV. This ensures that all key stakeholders' interests are considered in alignment with Mammoet’s philosophy of ‘Doing Good Business.’

Employees remain the company’s most valuable asset, and Mammoet continues to prioritize their growth and job satisfaction. Training programs through Mammoet Academy provide employees with opportunities for professional development, enhancing their contributions to the company. Regular communication channels ensure ongoing engagement and a supportive work environment.

Building strong relationships with stakeholders—including customers and suppliers—is central to Mammoet’s approach. A structured customer feedback system enables the company to assess its performance and make necessary improvements. Regular engagement at multiple levels ensures a deep understanding of client needs and business challenges, fostering long-term partnerships.

Suppliers are also integral to Mammoet’s success. Where possible, the company establishes long-term framework agreements with key suppliers to enhance quality and efficiency, delivering greater value to clients.

Mammoet remains committed to reducing its environmental impact. The company actively adopts innovative technologies to minimize emissions and has continued to modernize its equipment fleet with environmentally friendly machinery. This will remain a priority as Mammoet pursues its goal of reducing its carbon footprint.

Mammoet’s corporate culture is shaped by its core values: Be Responsible, Take Care, Perform as a Team, Love the Work, and Results Count. Ethical business conduct is a top priority, and all employees undergo regular compliance training. A whistleblowing policy and reporting channels are in place to uphold transparency and integrity.

The company maintains a strong commitment to diversity, inclusion, and equal opportunities for all employees. Additionally, Mammoet remains steadfast in its efforts to eliminate modern slavery and human trafficking from its business and supply chain, as outlined in its publicly available Modern Slavery Statement.

Future developments

The company aims to maintain high utilization rates for its rental assets while negotiating adjusted pricing structures to reflect rising costs. To achieve this, Mammoet will continue delivering high-quality, value-added services, including turnkey solutions for customers.

Strategic efforts will focus on ensuring that the UK business structure aligns with both market demand and the expectations of its parent company. One key area of opportunity is the offshore wind sector, where the company plans to expand its project fleet with specialized, in-house developed equipment. This tooling has already been successfully deployed within the broader Mammoet group and is expected to play a pivotal role in upcoming UK projects.

Recruiting top-tier personnel will remain a priority to support project execution as the order book continues to grow. Despite a change in the UK Government, expectation is that most major infrastructure projects that were in the planning stages under the previous administration will proceed.

The transition towards renewable energy, carbon capture, hydrogen, and large-scale infrastructure developments presents substantial growth potential for Mammoet UK. Having successfully completed multiple front-end engineering studies, the company is well-positioned to secure a significant portion of these projects as they advance into execution and delivery phases.

Looking ahead, the UK’s focus on energy independence—through investments in nuclear and offshore renewable energy—creates a robust pipeline of opportunities for Mammoet UK to continue delivering strong results in 2024 and beyond.

MAMMOET (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

M Sadler
Director
7 March 2025
MAMMOET (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £4,947,300 (2022: £Nil). The directors do not recommend payment of a further dividend.

Directors

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

G Mosford
(Appointed 1 June 2023)
G Steward
(Resigned 1 June 2023)
M Sadler
Financial instruments

Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The company actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the Company is deemed sufficient to minimise the Company's exposure to cash flow and liquidity risk.

Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Company policies are aimed at minimising this risk. The company does not consider that it is materially exposed to foreign exchange risk.

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The company also utilises insurance policies to protect against non-payment of debt. The company does not consider that it is materially exposed to credit risk.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

MAMMOET (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Energy and carbon report
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
12,901,290
11,211,458
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
2,864.00
2,509.00
- Fuel consumed for owned transport
-
-
2,864.00
2,509.00
Scope 2 - indirect emissions
- Electricity purchased
166.00
153.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
107.00
71.00
Total gross emissions
3,137.00
2,733.00
Intensity ratio
Tonnes CO2e per turnover
0.039
0.038
Quantification and reporting methodology

The GHG reporting framework used is the GHG Protocol Corporate Standard, which is compliant with ISO 14064-Part 1: Greenhouse Gases. It also aligns with the guidance provided by Defra for measuring and reporting GHG emissions.

 

The total energy consumption and associated greenhouse gas emissions have been calculated using a combination of actual data and estimations. Fuel consumptions were provided for both the fleet and the grey fleet. Invoices were used to gather electricity and gas consumption data.

 

As part of our 3-yearly audit checks, we’ve identified an error in historical emissions reporting data linked to the use of conversion factors for diesel consumption thereby impacting Scope 1 emissions. As part of our commitment to sustainability and transparency of reporting, we’ve updated the calculations the reflect the changes in this report. All emissions figures from 2020 (base year) through to 2022 have been updated to reflect appropriate emissions factors and resultant scope 1 emissions for diesel consumption. We have implemented a base year recalculation policy in line with ISO 16046 guidelines. We have recalculated our base year emissions and all subsequent years. This ensures the continued accuracy and consistency of our emissions reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per turnover, the recommended ratio for the sector.

MAMMOET (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Measures taken to improve energy efficiency

Energy efficiency measures implemented by Mammoet UK in 2023:

 

1. Encouraging Flexible Working: Employees were allowed to work from home, leading to a reduction in energy consumption related to car travel and office buildings.

 

2. Electric Car Charging Facilities: Additional electric car charging facilities were installed at Maxima House and Hixon to promote the use of electric vehicles among employees.

 

3. Green Vehicle Policy: A company-wide policy was introduced to purchase only full electric or hybrid cars for staff members, further supporting sustainable transportation options.

 

4. Solar Panel Sourcing: Mammoet UK is currently in the process of sourcing solar panels for Maxima House, aiming to harness renewable energy and reduce reliance on traditional power sources.

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.

On behalf of the board
M Sadler
Director
7 March 2025
MAMMOET (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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.

MAMMOET (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAMMOET (UK) LIMITED
- 8 -
Opinion

We have audited the financial statements of Mammoet (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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:

MAMMOET (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAMMOET (UK) LIMITED
- 9 -
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.

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.

MAMMOET (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAMMOET (UK) LIMITED
- 10 -

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.

 

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: ISO certification and compliance; Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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.

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.

MAMMOET (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAMMOET (UK) LIMITED
- 11 -
Brian Laidlaw BA CA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
7 March 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
MAMMOET (UK) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£ 000
£ 000
Turnover
3
78,753
75,791
Cost of sales
(64,785)
(57,611)
Gross profit
13,968
18,180
Administrative expenses
(9,190)
(15,490)
Operating profit
4
4,778
2,690
Interest receivable from group undertakings
8
-
7
Other interest receivable and similar income
8
197
-
0
Interest payable to group undertakings
9
(118)
(474)
Other interest payable and similar expenses
9
(29)
(59)
Profit before taxation
4,828
2,164
Tax on profit
10
191
(495)
Profit for the financial year
5,019
1,669

The income statement has been prepared on the basis that all operations are continuing operations.

MAMMOET (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
£ 000
£ 000
Profit for the year
5,019
1,669
Other comprehensive income
-
-
Total comprehensive income for the year
5,019
1,669
MAMMOET (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£ 000
£ 000
£ 000
£ 000
Fixed assets
Tangible assets
12
39,219
36,922
Current assets
Stocks
15
288
133
Debtors
16
20,155
20,080
Cash at bank and in hand
2,465
2,975
22,908
23,188
Creditors: amounts falling due within one year
17
(22,709)
(20,744)
Net current assets
199
2,444
Total assets less current liabilities
39,418
39,366
Creditors: amounts falling due after more than one year
18
(1,220)
(1,462)
Provisions for liabilities
Provisions
20
3,675
3,295
Deferred tax liability
21
7,717
7,875
(11,392)
(11,170)
Net assets
26,806
26,734
Capital and reserves
Called up share capital
23
21,510
21,510
Profit and loss reserves
5,296
5,224
Total equity
26,806
26,734
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
M Sadler
Director
Company Registration No. 02486925
MAMMOET (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£ 000
£ 000
£ 000
Balance at 1 January 2022
21,510
3,555
25,065
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,669
1,669
Balance at 31 December 2022
21,510
5,224
26,734
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
5,019
5,019
Dividends
11
-
(4,947)
(4,947)
Balance at 31 December 2023
21,510
5,296
26,806
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Mammoet (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beatrix House, Tyne View Terrace, Wallsend, Tyne And Wear, United Kingdom, NE28 6SG.

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 £ 000.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. 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:

 

 

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The company's ultimate parent undertaking, SHV Holdings BV includes the company in its consolidated financial statements. The consolidated financial statements of SHV Holdings BV are prepared in accordance with Dutch GAAP and are available to the public and may be obtained from SHV Holdings NV, Rijnkade 1, 3511LC Utrecht, The Netherlands.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.2
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.

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

The directors have prepared cash flow forecasts for the period of 12 months from the date of approval of the financial statements which indicate that, taking account of reasonably possible downsides including the impact of rising cost bases due to the current economic environment within the UK, the company will have sufficient funds through its ongoing trading, to meet its liabilities as they fall due for that period.

 

The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Contract revenue recognition

 

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.

 

Contract work in progress us stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

 

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

1.4
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:

Land and buildings
25 - 35 years straight line
Plant and machinery
3 - 30 years straight line until 0 - 25% residual value

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.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.8
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.

1.9
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 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.

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.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

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.

1.10
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.

1.11
Taxation

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

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

Non- monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

Taxation

Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The carrying amount is £5,248,000 (2022 - £4,957,000).

 

 

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
3
Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
2022
£ 000
£ 000
Turnover analysed by class of business
Sale of goods
78,753
75,791
2023
2022
£ 000
£ 000
Turnover analysed by geographical market
UK
75,597
68,060
Europe
2,821
7,347
Rest of World
335
384
78,753
75,791

The amount of contract revenue recognised as Turnover in the year was £61,693,915 (2022 - £61,337,984).

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£ 000
£ 000
Exchange gains
(52)
(147)
Depreciation of owned tangible fixed assets
5,248
4,957
Profit on disposal of tangible fixed assets
(2,672)
(1,705)
Operating lease charges
554
357
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£ 000
£ 000
For audit services
Audit of the financial statements of the company
68
62
6
Employees

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

2023
2022
Number
Number
Administration and support
85
90
Other departments
337
315
Total
422
405
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

2023
2022
£ 000
£ 000
Wages and salaries
28,813
24,773
Social security costs
3,106
2,834
Pension costs
798
729
32,717
28,336
7
Directors' remuneration
2023
2022
£ 000
£ 000
Remuneration for qualifying services
242
173
Company pension contributions to defined contribution schemes
32
49
274
222

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£ 000
£ 000
Remuneration for qualifying services
149
92
Company pension contributions to defined contribution schemes
6
29
8
Interest receivable and similar income
2023
2022
£ 000
£ 000
Interest income
Interest on bank deposits
197
-
0
Interest receivable from group companies
-
0
7
Total income
197
7
Disclosed on the income statement as follows:
Interest receivable from group undertakings
-
7
Other interest receivable and similar income
197
-
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
9
Interest payable and similar expenses
2023
2022
£ 000
£ 000
Interest payable to group undertakings
118
474
Other interest on financial liabilities
5
35
Interest on finance leases and hire purchase contracts
24
24
147
533
Disclosed on the income statement as follows:
Interest payable to group undertakings
118
474
Other interest payable and similar expenses
29
59
10
Taxation
2023
2022
£ 000
£ 000
Current tax
UK corporation tax on profits for the current period
1,588
548
Adjustments in respect of prior periods
(1,621)
27
Total current tax
(33)
575
Deferred tax
Origination and reversal of timing differences
140
(54)
Changes in tax rates
(18)
(17)
Adjustment in respect of prior periods
(280)
(9)
Total deferred tax
(158)
(80)
Total tax (credit)/charge
(191)
495
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 26 -

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:

2023
2022
£ 000
£ 000
Profit before taxation
4,828
2,164
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,136
411
Tax effect of expenses that are not deductible in determining taxable profit
77
39
Tax effect of income not taxable in determining taxable profit
-
0
(230)
Adjustments in respect of prior years
(1,482)
17
Effect of change in corporation tax rate
(18)
(17)
Depreciation on assets not qualifying for tax allowances
96
-
0
-
0
275
Taxation (credit)/charge for the year
(191)
495
11
Dividends
2023
2022
£ 000
£ 000
Final paid
4,947
-
0
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
12
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£ 000
£ 000
£ 000
Cost
At 1 January 2023
6,700
40,568
47,268
Additions
-
0
13,082
13,082
Disposals
-
0
(15,566)
(15,566)
At 31 December 2023
6,700
38,084
44,784
Depreciation and impairment
At 1 January 2023
1,078
9,268
10,346
Depreciation charged in the year
160
5,088
5,248
Eliminated in respect of disposals
-
0
(10,029)
(10,029)
At 31 December 2023
1,238
4,327
5,565
Carrying amount
At 31 December 2023
5,462
33,757
39,219
At 31 December 2022
5,622
31,300
36,922

The carrying value of land and buildings comprises:

2023
2022
£ 000
£ 000
Freehold
5,462
5,622
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
100
100
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 and 31 December 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Tusk Lifting Ltd
49d Sadler Forster Way, Teeside Industrial Estate, Stockton-On-Tees, England, TS17 9JY, England
Supply and distribution of lifting equipment
Ordinary
100.00

Post year end and prior to the approval of these financial statements the 100% owned investment in Tusk Lifting Ltd was disposed of for the consideration of £1,594,955.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
15
Stocks
2023
2022
£ 000
£ 000
Raw materials and consumables
288
133
16
Debtors
2023
2022
Amounts falling due within one year:
£ 000
£ 000
Trade debtors
11,564
12,686
Gross amounts owed by contract customers
4,092
3,584
Corporation tax recoverable
1,199
390
Amounts owed by group undertakings
1,539
2,051
Other debtors
485
136
Prepayments and accrued income
1,276
1,233
20,155
20,080
17
Creditors: amounts falling due within one year
2023
2022
Notes
£ 000
£ 000
Bank loans
19
244
228
Payments received on account
2,743
4,194
Trade creditors
2,881
3,242
Amounts owed to group undertakings
12,108
9,713
Taxation and social security
999
827
Other creditors
742
651
Accruals and deferred income
2,992
1,889
22,709
20,744

Included within amounts owed to group undertakings is an unsecured loan of £3,398,000 (2022: £189,000) which is repayable on 30 days' notice by the lender, Mammoet Finance B.V. Interest of 3.2% per annum is charged on this loan.

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£ 000
£ 000
Bank loans and overdrafts
19
1,220
1,462
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
19
Loans and overdrafts
2023
2022
£ 000
£ 000
Bank loans
1,464
1,690
Payable within one year
244
228
Payable after one year
1,220
1,462

Included with loans and borrowings are bank loans of £1,464,000 (2022: £1,690,000) repayable by instalments. The loan matures on 24 November 2027. Interest is charged at 1.34%.

 

20
Provisions for liabilities
2023
2022
£ 000
£ 000
Loss Provision
3,675
3,295
Movements on provisions:
Loss Provision
£ 000
At 1 January 2023
3,295
Additional provisions in the year
488
Reversal of provision
(108)
At 31 December 2023
3,675

The provision is in relation to long term contracts where forecast losses have been provided for and charged to the Income Statement immediately. Management will regularly review the progress of the contract and the provision will be released against future costs as contracts progress.

MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
21
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£ 000
£ 000
Accelerated capital allowances
7,766
7,916
Retirement benefit obligations
(49)
(41)
7,717
7,875
2023
Movements in the year:
£ 000
Liability at 1 January 2023
7,875
Credit to profit or loss
(158)
Liability at 31 December 2023
7,717

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£ 000
£ 000
Charge to profit or loss in respect of defined contribution schemes
798
729

The company operates a defined contribution pension scheme for all qualifying employees.

Included within the statement of financial position is unpaid pension contributions of £195,415 (2022: £165,494).

23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£ 000
£ 000
Issued and fully paid
Ordinary of £1 each
21,510,000
21,510,000
21,510
21,510
MAMMOET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
24
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:

2023
2022
£ 000
£ 000
Within one year
797
416
Between two and five years
1,046
301
1,843
717
The amount of non-cancellable operating lease payments recognised as an expense during the year was £995,547 (2022 - £326,000).
25
Ultimate controlling party

The company's immediate parent is Mammoet Europe Holding BV, incorporated in Netherlands.

 

The ultimate parent is SHV Holdings NV, incorporated in Netherlands.

 

The parent of the largest group in which these financial statements are consolidated is SHV Holdings NV, incorporated in Netherlands.

 

The address of SHV Holdings NV is:

SHV Holdings NV, Rijnkade 1, 3511LC Utrecht, The Netherlands

 

The parent of the smallest group in which these financial statements are consolidated is Mammoet Holdings BV, incorporated in Netherlands.

 

The address of Mammoet Holdings BV is:

Mammoet Holdings BV, Karel Doormanweg 47, Haven 580, 3115 JD, PO Box 570, 2100 AN Schiedam

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