1 October 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP122155052023-10-012024-09-29122155052024-09-29122155052023-09-3012215505core:WithinOneYear2024-09-2912215505core:WithinOneYear2023-09-3012215505core:AfterOneYear2024-09-2912215505core:AfterOneYear2023-09-3012215505core:ShareCapital2024-09-2912215505core:ShareCapital2023-09-3012215505core:RetainedEarningsAccumulatedLosses2024-09-2912215505core:RetainedEarningsAccumulatedLosses2023-09-3012215505bus:Director12023-10-012024-09-2912215505bus:RegisteredOffice2023-10-012024-09-2912215505core:NetGoodwill2023-10-012024-09-2912215505core:Goodwill2023-10-012024-09-2912215505core:OtherResidualIntangibleAssets2023-10-012024-09-2912215505core:LandBuildings2023-10-012024-09-2912215505core:PlantMachinery2023-10-012024-09-2912215505core:OfficeEquipment2023-10-012024-09-2912215505core:MotorVehicles2023-10-012024-09-29122155052022-10-012023-09-3012215505core:NetGoodwill2024-09-2912215505core:IntangibleAssetsOtherThanGoodwill2024-09-2912215505core:NetGoodwill2023-10-0112215505core:IntangibleAssetsOtherThanGoodwill2023-10-01122155052023-10-0112215505core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-2912215505core:NetGoodwill2023-09-3012215505core:IntangibleAssetsOtherThanGoodwill2023-09-3012215505core:LandBuildings2023-10-0112215505core:PlantMachinery2023-10-0112215505core:LandBuildings2024-09-2912215505core:PlantMachinery2024-09-2912215505core:LandBuildings2023-09-3012215505core:PlantMachinery2023-09-301221550512023-10-012024-09-2912215505countries:EnglandWales2023-10-012024-09-2912215505bus:AuditExemptWithAccountantsReport2023-10-012024-09-2912215505bus:PrivateLimitedCompanyLtd2023-10-012024-09-2912215505bus:SmallEntities2023-10-012024-09-2912215505bus:FullAccounts2023-10-012024-09-29
Company registration number:
12215505
HPS Plant Hire Ltd
Unaudited Filleted Financial Statements for the year ended
29 September 2024
HPS Plant Hire Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of HPS Plant Hire Ltd
Year ended
29 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
HPS Plant Hire Ltd
for the year ended
29 September 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
HPS Plant Hire Ltd
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
HPS Plant Hire Ltd
and state those matters that we have agreed to state to the Board of Directors of
HPS Plant Hire Ltd
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
HPS Plant Hire Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
HPS Plant Hire Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
HPS Plant Hire Ltd
. You consider that
HPS Plant Hire Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of HPS Plant Hire Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8
Laceby Business Park
Laceby
North East Lincs
DN37 7DP
United Kingdom
Date:
17 March 2025
HPS Plant Hire Ltd
Statement of Financial Position
29 September 2024
20242023
Note££
Fixed assets    
Intangible assets 5
241,351
 
282,002
 
Tangible assets 6
6,682,757
 
8,577,081
 
6,924,108
 
8,859,083
 
Current assets    
Debtors 7
2,942,564
 
2,692,848
 
Cash at bank and in hand
79,048
 
14,768
 
3,021,612
 
2,707,616
 
Creditors: amounts falling due within one year 8
(6,061,503
)
(8,412,715
)
Net current liabilities
(3,039,891
)
(5,705,099
)
Total assets less current liabilities 3,884,217   3,153,984  
Creditors: amounts falling due after more than one year 9
(95,593
)
(672,490
)
Provisions for liabilities
(590,498
)
(727,482
)
Net assets
3,198,126
 
1,754,012
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
3,198,125
 
1,754,011
 
Shareholders funds
3,198,126
 
1,754,012
 
For the year ending
29 September 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
17 March 2025
, and are signed on behalf of the board by:
M Hague
Director
Company registration number:
12215505
HPS Plant Hire Ltd
Notes to the Financial Statements
Year ended
29 September 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Railway Street
,
Grimsby
,
North East Lincolnshire
,
DN32 7BN
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line
Other intangible assets
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 20 years
Plant and machinery
10% straight line
Office equipment
10% straight line
Motor vehicles
12.5% straight line

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
10
(2023:
12.00
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 October 2023
and
29 September 2024
365,467
 
41,050
 
406,517
 
Amortisation      
At
1 October 2023
112,615
 
11,900
 
124,515
 
Charge
36,547
 
4,104
 
40,651
 
At
29 September 2024
149,162
 
16,004
 
165,166
 
Carrying amount      
At
29 September 2024
216,305
 
25,046
 
241,351
 
At 30 September 2023
252,852
 
29,150
 
282,002
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 October 2023
2,352,812
 
8,904,954
 
11,257,766
 
Additions
124,199
 
357,578
 
481,777
 
Disposals -  
(2,063,331
)
(2,063,331
)
At
29 September 2024
2,477,011
 
7,199,201
 
9,676,212
 
Depreciation      
At
1 October 2023
310,850
 
2,369,835
 
2,680,685
 
Charge
122,568
 
852,928
 
975,496
 
Disposals -  
(662,726
)
(662,726
)
At
29 September 2024
433,418
 
2,560,037
 
2,993,455
 
Carrying amount      
At
29 September 2024
2,043,593
 
4,639,164
 
6,682,757
 
At 30 September 2023
2,041,962
 
6,535,119
 
8,577,081
 

7 Debtors

20242023
££
Trade debtors
103,438
 
215,351
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,772,256
 
2,338,722
 
Other debtors
66,870
 
138,775
 
2,942,564
 
2,692,848
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
2,625,000
 
2,500,000
 
Trade creditors
249,994
 
327,912
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
420,953
 
285,168
 
Taxation and social security
396,504
 
530,545
 
Other creditors
2,369,052
 
4,769,090
 
6,061,503
 
8,412,715
 
Creditors falling due with one year include amounts due under hire purchase and lease agreements of £298,630 (2023 - £577,316) which are secured on the assets concerned, and also a bank loan of £2,625,000 which is secured on various assets of this company, and of other group companies.

9 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
95,593
 
672,490
 
Creditors falling due after more than one year include amounts due under hire purchase and lease agreements of £94,318 (2023 - £670,901) which are secured on the assets concerned.

10 Guarantees and other financial commitments

The company operates a defined contribution 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 £4,088 (2023: £9,542). Contributions amounting to £537 (2023: £1,330) were outstanding at the period end.

11 Director's advances, credit and guarantees

Amounts owed by the director amounted to £NIL (2023: £80,830). The loan is subject to interest at HMRC approved rates, and is repayable on demand.