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REGISTERED NUMBER: 06612348 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

OLIVER LANDPOWER LIMITED

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


OLIVER LANDPOWER LIMITED

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2024







DIRECTORS: Mr C G Glenister
Ms A C Barnes
Mr A P Hewis
Mr R W Nicholls





REGISTERED OFFICE: Wandon End Works
Luton
Bedfordshire
LU2 8NY





REGISTERED NUMBER: 06612348 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2024

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

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
The principal activities of the company in the year under review were sales, service and parts for agricultural machinery and professional ground care machinery, commercial vehicle sales and hire of vehicles to the event & film industry.

Agricultural machinery sales, service and parts supply are currently carried out from five depots in Luton, Kings Langley, Tingewick, Stratford-upon-Avon and Colchester. Ground care machinery sales, service, parts, commercial vehicle sales and event hire are carried out at the Kings Langley depot using its strategic position just north of London to maximise on alternative markets outside of the core Agricultural business.

The Oliver name has been synonymous with the supply of service to the agricultural sector for over 200 years and today's business still uses this heritage, alongside a strong management team, successful sales professionals and highly trained service engineers to offer the best customer experience. Up to date website, information technology systems and communications allow the company to react to all customer requirements. The event hire business, trading as Oliverbuggyhire, is recognised as one of the most professional operators in the market, serving sporting events, music festivals and the TV & Film industry nationally. The Isuzu pick-up business continues to be an important addition to the business.

All key suppliers to the company are market leaders in their sectors which allows the company to offer the best quality and most desirable products at the most competitive price. Many of our suppliers have a long history with the company and therefore all staff are very experienced in their products.

The key suppliers include global brands JCB, Amazone, McHale, McConnel, Toro, Club Car & Isuzu.

Sales after discounts in the financial year 2023-24 remained very close to the previous year.

All areas of the business are performing well as lead times of products have improved dramatically in most cases,

These conditions have resulted in a net profit before taxation for the year of £319,829.00

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors reviews and documents the principal risks facing the business at least annually.

The directors identify the principal risks and uncertainties facing the company as:-
Competitor
pressure and
level of demand
- the market in which the company operates is considered to be relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the company's products and services over family generations.
Reliance on key
suppliers
- the company's activities could expose it to over reliance on certain suppliers. The directors manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers and products that may be used if necessary.
Loss of key
personnel
- this would pose potential operational difficulties for the company. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future.
Interest Rates - the company identifies that the increased costs of funding to its own running costs and those of its customers, the Directors manage this risk by managing stock levels and adjusting to working with higher cost base. The company works closer with suppliers and preferred finance companies to provide affordable solutions for its customers.


OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2024

FUTURE OUTLOOK
The company has had a strong start to the next financial year, with a strong order book for the rest of the year, however the business is aware that the costs to run the business have increased dramatically and some industry sectors have been impacted by lower commodity prices.

The company supplies market leading products which are in in demand in all sectors which gives more sales opportunities. Control of stock levels and operating costs particularly with increased cost of funds is essential to be able to provide competitive machinery purchasing solutions for our customers and remaining to be profitable.

ON BEHALF OF THE BOARD:





Mr C G Glenister - Director


28 April 2025

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr C G Glenister
Ms A C Barnes
Mr A P Hewis
Mr R W Nicholls

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The company operates within the group's centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities.

The company's principal financial instruments include stocking finance agreements, hire purchase agreements and borrowing from the parent company, the main purpose of which are to provide working capital for the company's operations. In addition, the company has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations.

Liquidity Risk
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business.

Credit Risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DISCLOSURE IN THE STRATEGIC REPORT
Information relating to principal risks and uncertainties the company is facing as well as the future developments of the company has been disclosed in the Strategic Report. Any matters that are Directors' Report disclosure requirements but considered by the directors to be of strategic importance to the group have been included in the Strategic Report.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms A C Barnes - Director


28 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER LANDPOWER LIMITED

Opinion
We have audited the financial statements of Oliver Landpower Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER LANDPOWER LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER LANDPOWER LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk, including fraud, in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of income.
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships.
- Tested journal entries to identify unusual transactions.
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
- Investigated the rationale behind significant or unusual transactions

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER LANDPOWER LIMITED


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 a Report of the Auditors 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.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

28 April 2025

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 SEPTEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 4 46,972,648 46,594,621

Cost of sales 43,884,021 43,343,226
GROSS PROFIT 3,088,627 3,251,395

Distribution costs 1,078,247 880,654
Administrative expenses 1,650,600 1,497,365
2,728,847 2,378,019
OPERATING PROFIT 6 359,780 873,376


Interest payable and similar expenses 7 39,951 33,285
PROFIT BEFORE TAXATION 319,829 840,091

Tax on profit 8 84,297 187,116
PROFIT FOR THE FINANCIAL YEAR 235,532 652,975

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

235,532

652,975

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,436,091 1,445,156

CURRENT ASSETS
Stocks 10 7,416,081 9,421,088
Debtors 11 3,951,606 4,892,441
Cash in hand 1,842 1,946
11,369,529 14,315,475
CREDITORS
Amounts falling due within one year 12 9,073,368 12,039,555
NET CURRENT ASSETS 2,296,161 2,275,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,732,252

3,721,076

CREDITORS
Amounts falling due after more than one
year

13

(481,298

)

(707,225

)

PROVISIONS FOR LIABILITIES 16 (356,159 ) (354,588 )
NET ASSETS 2,894,795 2,659,263

CAPITAL AND RESERVES
Called up share capital 17 557,375 557,375
Retained earnings 2,337,420 2,101,888
SHAREHOLDERS' FUNDS 2,894,795 2,659,263

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr C G Glenister - Director


OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 557,375 1,448,913 2,006,288

Changes in equity
Total comprehensive income - 652,975 652,975
Balance at 30 September 2023 557,375 2,101,888 2,659,263

Changes in equity
Total comprehensive income - 235,532 235,532
Balance at 30 September 2024 557,375 2,337,420 2,894,795

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Oliver Landpower Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c).

In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note 19.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimated outcome.

In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company.

Due to the nature of the industry items of stock held by the company at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock.

Turnover
Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value added taxes.

Turnover from the sale of agricultural and groundcare machinery is recognised in full at the time of delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred. Turnover from the hire of goods is recognised evenly over the term of the hire.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced at the year end and which are determined by reference to the stage of completion.

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold- equally over the remaining period of the lease
Plant and machinery- 25% on cost and 10% on reducing balance
Fixtures and fittings- 25% on cost and 10% on reducing balance
Motor vehicles- 25% on cost

All fixed assets are initially recognised at cost.

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

Financial instruments
The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets and liabilities, including trade and other debtors, trade and other creditors and loans from fellow group companies are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the movement in foreign currency exchange rates between the date of the transaction and payment are taken into account in arriving at the operating result.

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 42,103,353 42,328,962
Rendering of services 3,722,059 3,088,432
Hire of fleet 1,147,236 1,177,227
46,972,648 46,594,621

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 46,117,712 45,977,402
Overseas 854,936 617,219
46,972,648 46,594,621

5. EMPLOYEES AND DIRECTORS

All staff are employed by a group company, labour costs recharged are disclosed within the Related Party Disclosure note.

2024 2023
£    £   
Directors' remuneration - -

During the year, the average number of employees were nil (2023: nil).

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 251,100 213,522
Depreciation - owned assets 262,373 185,942
Depreciation - assets on hire purchase contracts 208,202 275,412
Profit on disposal of fixed assets (79,535 ) (18,881 )
Auditors' remuneration 17,640 16,800

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 39,951 33,285

Interest included in cost of sales:
Stocking interest 301,934 204,486

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 82,726 129,373

Deferred tax 1,571 57,743
Tax on profit 84,297 187,116

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 319,829 840,091
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

79,957

210,023

Effects of:
Capital allowances in excess of depreciation - (5,319 )
Depreciation in excess of capital allowances 3,590 -
Adjustments to tax charge in respect of previous periods 750 -
Effect of change in tax rate - (17,588 )
Total tax charge 84,297 187,116

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 194,289 2,879,302 432,458 1,040,694 4,546,743
Additions 7,685 467,800 12,689 - 488,174
Disposals - (130,477 ) - (42,550 ) (173,027 )
At 30 September 2024 201,974 3,216,625 445,147 998,144 4,861,890
DEPRECIATION
At 1 October 2023 166,018 1,994,355 328,484 612,730 3,101,587
Charge for year 8,655 303,963 23,028 134,929 470,575
Eliminated on disposal - (120,186 ) - (26,177 ) (146,363 )
At 30 September 2024 174,673 2,178,132 351,512 721,482 3,425,799
NET BOOK VALUE
At 30 September 2024 27,301 1,038,493 93,635 276,662 1,436,091
At 30 September 2023 28,271 884,947 103,974 427,964 1,445,156

The net book value of tangible fixed assets includes £ 576,738 (2023 - £ 623,846 ) in respect of assets held under hire purchase contracts.

10. STOCKS
2024 2023
£    £   
Parts stock 985,340 927,976
Wholegoods stock 6,430,741 8,493,112
7,416,081 9,421,088

An impairment loss of £113,568 was recognised in cost of sales against stock during the year (2023 - £266,202).

The net book value of stock includes £1,931,475 (2023 - £3,709,464) in respect of assets held under stocking plan contracts. The net book value of stock includes £490,151 (2023 - £468,491) in respect of assets held under hire purchase contracts.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,613,381 4,644,870
Amounts recoverable on contract 243,339 168,232
Prepayments and accrued income 94,886 79,339
3,951,606 4,892,441

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 517,936 524,413
Trade creditors 4,381,965 7,998,974
Amounts owed to group undertakings 4,131,604 3,336,044
Corporation tax 16,976 129,373
Accruals and deferred income 24,887 50,751
9,073,368 12,039,555

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 481,298 707,225

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 517,936 524,413
Between one and five years 481,298 707,225
999,234 1,231,638

Non-cancellable operating leases
2024 2023
£    £   
Within one year 167,000 167,000
Between one and five years 668,000 668,000
In more than five years 527,795 695,252
1,362,795 1,530,252

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 999,234 1,231,638
Trade creditors 2,640,191 5,611,806
3,639,425 6,843,444

The hire purchase contracts are secured over the assets to which they relate. The trade creditors are secured on stock.

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 356,159 354,588

Deferred
tax
£   
Balance at 1 October 2023 354,588
Provided during year 1,571
Balance at 30 September 2024 356,159

The deferred tax liability expected to reverse next year is £93,000 relating to the reversal of existing timing differences on capital allowances.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
557,375 Ordinary £1 557,375 557,375

Ordinary shares have full voting rights and full entitlement to participate in dividends and capital distributions.

18. CONTINGENT LIABILITIES

The company has entered into a Memorandum Accounts Statement System (MASS) agreement with Barclays Bank Plc for bank facility purposes with the ultimate parent undertaking ATO Holdings Limited and A. T. Oliver & Sons Limited, such that each participant is jointly and severally liable as a principal debtor for all indebtedness owing to the bank on the MASS account.

19. RELATED PARTY DISCLOSURES

Oliver LP 2010 Limited is the parent company. ATO Holdings Limited is the ultimate parent company of the group in whose consolidated financial statements the financial statements of this company are consolidated. The address of the registered office of ATO Holdings Limited is Wandon End Works, Wandon End, Luton, Beds, LU2 8NY. Group accounts can be obtained from this address.

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Management charge 337,092 218,074
Rent 42,600 33,284
Amount due to related party 2,069,835 2,060,680

As noted within the contingent liabilities note, the company is part of the Memorandum Account Statements System group bank facilities with Barclays Bank PLC. The effect of this results in the company holding a memorandum account within the legal bank account of ATO Holdings Limited. The memorandum account is accounted through the inter-company account.

ATO Holdings Limited has provided guarantees to various creditors in respect of the company's stocking loan facilities. At 30 September 2024, the amount owed by Oliver Landower Limited under this guarantee was £3,639,725 (2023: £7,085,655). The maximum liability in respect of this guarantee is £13,265,000 (2023: £11,650,000).

OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

19. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£    £   
Sales 137,269 189,076
Purchases 24,912 53,512
Labour costs 4,550,472 4,041,725
Amount due to related party 2,061,770 1,275,364

The related party's involved in the sales and purchase transactions have not recognised any profit or loss on the transactions.

The balances between related parties are due on demand and not secured.

During the year, a total of key management personnel compensation of £ 474,800 (2023 - £ 529,461 ) was paid.

The directors are considered to be key management and are paid by other group undertakings which is recharged to the company.