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COMPANY REGISTRATION NUMBER: 02310054
Mark One Hire Limited
Financial Statements
31 December 2024
Mark One Hire Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
10
Statement of financial position
11
Notes to the financial statements
13
Mark One Hire Limited
Officers and Professional Advisers
The board of directors
Mr A Ball
Mr M T Newell
Mr C L Potter
Company secretary
Mr M T Newell
Registered office
16 Purdeys Way
Rochford
Essex
England
SS4 1ND
Auditor
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
Bankers
Barclays
Barclays Bank PLC
One Churchill Place
London
E14 5HP
Mark One Hire Limited
Strategic Report
Year ended 31 December 2024
Mark One Hire Limited is part of the Mark One Group Limited, who's core business continues to be the hiring out of a wide range of plant and equipment to the construction industry, as well as the provision of training courses and the sale of small pieces of equipment. The hiring out of large equipment and powered accessed towers in Essex continues to be the major contributor to the company's turnover. The company has continued to grow and sales for the twelve months to 31 December 2024 were £5,854,710 compared to £5,708,817 for the twelve months to 31 December 2023, representing an increase of 2.5%. Cost of sales have increased by 2.5% and as a result, the company has achieved a gross profit of 49% for the year, which is the same as the gross profit for the previous year. Administration costs have increased in the year and as a result, the company has achieved a net profit before taxation of £894,120, compared to a net profit before taxation of £952,739 in the previous year. The company invested heavily in new plant and equipment in the year and continues to support the growth. With the risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control; however, we will continue to maintain a flexible approach to the outlook of our business and review on a regular basis the areas of industry in which we work.
This report was approved by the board of directors on 21 May 2025 and signed on behalf of the board by:
Mr M T Newell
Director
Registered office:
16 Purdeys Way
Rochford
Essex
England
SS4 1ND
Mark One Hire Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr A Ball
Mr M T Newell
Mr C L Potter
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
In accordance with Section 414C(11) of the Companies Act 2006, the company has included a Strategic Report within the financial statements, outlining the performance of the company along with a description of the principal risks and uncertainties facing the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 21 May 2025 and signed on behalf of the board by:
Mr M T Newell
Director
Registered office:
16 Purdeys Way
Rochford
Essex
England
SS4 1ND
Mark One Hire Limited
Independent Auditor's Report to the Members of Mark One Hire Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Mark One Hire Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. - Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations 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 In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Enquiring of management as to actual and potential litigation and claims Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
S C Drain
(Senior Statutory Auditor)
For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
22 May 2025
Mark One Hire Limited
Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
5,854,710
5,708,817
Cost of sales
2,982,617
2,909,331
------------
------------
Gross profit
2,872,093
2,799,486
Administrative expenses
1,936,229
1,804,375
------------
------------
Operating profit
5
935,864
995,111
Other interest receivable and similar income
9
15,241
10,196
Interest payable and similar expenses
10
56,985
52,568
------------
------------
Profit before taxation
894,120
952,739
Tax on profit
11
228,735
338,861
---------
---------
Profit for the financial year and total comprehensive income
665,385
613,878
---------
---------
Dividends paid and payable
12
( 192,024)
( 171,170)
Retained earnings at the start of the year (as previously reported)
4,697,224
4,373,828
Prior period adjustments
(119,312)
------------
------------
Retained earnings at the start of the year (restated)
4,697,224
4,254,516
------------
------------
Retained earnings at the end of the year
5,170,585
4,697,224
------------
------------
All the activities of the company are from continuing operations.
Mark One Hire Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
13
3,435,192
3,445,924
Current assets
Stocks
14
74,264
61,743
Debtors
15
3,396,408
2,621,647
Cash at bank and in hand
742,999
1,371,869
------------
------------
4,213,671
4,055,259
Creditors: amounts falling due within one year
16
1,279,392
1,302,074
------------
------------
Net current assets
2,934,279
2,753,185
------------
------------
Total assets less current liabilities
6,369,471
6,199,109
Creditors: amounts falling due after more than one year
17
256,732
633,846
Provisions
19
727,583
653,468
------------
------------
Net assets
5,385,156
4,911,795
------------
------------
Capital and reserves
Called up share capital
22
54,747
54,747
Share premium account
23
159,824
159,824
Profit and loss account
23
5,170,585
4,697,224
------------
------------
Shareholders funds
5,385,156
4,911,795
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
Mark One Hire Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr A Ball
Mr M T Newell
Director
Director
Mr C L Potter
Director
Company registration number: 02310054
Mark One Hire Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Purdeys Way, Rochford, Essex, SS4 1ND, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Mark One Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Long leasehold property
-
Straight Line over lease term
Plant and machinery
-
20% Reducing balance / 33% Straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Provisions
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays a fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they full due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
295,946
268,457
Rendering of services
5,558,764
5,440,360
------------
------------
5,854,710
5,708,817
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
879,517
819,032
Gains on disposal of tangible assets
( 163,115)
( 155,006)
Impairment of trade debtors
3,691
19,359
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
9,700
9,500
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
58
58
Administrative staff
12
14
Management staff
3
3
----
----
73
75
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,303,588
2,286,961
Social security costs
20,651
20,652
Other pension costs
43,144
41,811
------------
------------
2,367,383
2,349,424
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
199,024
198,915
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
15,241
10,118
Other interest receivable and similar income
78
--------
--------
15,241
10,196
--------
--------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
3,316
3,633
Interest on obligations under finance leases and hire purchase contracts
53,111
48,935
Other interest payable and similar charges
558
--------
--------
56,985
52,568
--------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
154,620
121,249
Deferred tax:
Origination and reversal of timing differences
74,115
217,612
---------
---------
Tax on profit
228,735
338,861
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
894,120
952,739
---------
---------
Profit on ordinary activities by rate of tax
223,530
224,084
Adjustment to tax charge in respect of prior periods
( 25,752)
Effect of expenses not deductible for tax purposes
446
51
Effect of capital allowances and depreciation
4,740
4,598
Effect of different UK tax rates on some earnings
136,248
Short term timing differences
19
103
Effect of additional capital allowances claimed
( 471)
---------
---------
Tax on profit
228,735
338,861
---------
---------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
192,024
171,170
---------
---------
13. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
528,990
114,618
6,367,797
660,366
1,369,331
9,041,102
Additions
757,145
7,300
219,927
984,372
Disposals
( 532,444)
( 60,687)
( 593,131)
---------
---------
------------
---------
------------
------------
At 31 Dec 2024
528,990
114,618
6,592,498
667,666
1,528,571
9,432,343
---------
---------
------------
---------
------------
------------
Depreciation
At 1 Jan 2024
64,438
97,133
3,947,627
501,796
984,184
5,595,178
Charge for the year
10,475
5,728
696,162
28,758
138,394
879,517
Disposals
( 444,619)
( 32,925)
( 477,544)
---------
---------
------------
---------
------------
------------
At 31 Dec 2024
74,913
102,861
4,199,170
530,554
1,089,653
5,997,151
---------
---------
------------
---------
------------
------------
Carrying amount
At 31 Dec 2024
454,077
11,757
2,393,328
137,112
438,918
3,435,192
---------
---------
------------
---------
------------
------------
At 31 Dec 2023
464,552
17,485
2,420,170
158,570
385,147
3,445,924
---------
---------
------------
---------
------------
------------
Tangible assets held at valuation
Freehold property was deemed to be shown at fair value at the year end by the directors. The historical cost of the freehold property was £528,990.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2024
930,810
218,559
1,149,369
---------
---------
------------
At 31 December 2023
1,167,420
140,778
1,308,198
------------
---------
------------
14. Stocks
2024
2023
£
£
Consumables
74,264
61,743
--------
--------
15. Debtors
2024
2023
£
£
Trade debtors
754,360
574,213
Amounts owed by group undertakings
2,383,987
1,785,577
Prepayments and accrued income
123,381
104,737
Amounts owed by related companies
27,572
Other debtors
134,680
129,548
------------
------------
3,396,408
2,621,647
------------
------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,447
29,765
Trade creditors
88,783
105,676
Accruals and deferred income
172,592
24,550
Corporation tax
124,620
189,242
Social security and other taxes
294,909
243,099
Obligations under finance leases and hire purchase contracts
439,156
574,754
Director loan accounts
113,228
113,240
Pension creditor
10,441
10,107
Other creditors
7,216
11,641
------------
------------
1,279,392
1,302,074
------------
------------
The mortgage held with Barclays is secured by a legal charge over a freehold property asset. Barclays Bank Plc holds a debenture over the assets of Mark One Hire Limited .
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
49,573
78,021
Obligations under finance leases and hire purchase contracts
207,159
555,825
---------
---------
256,732
633,846
---------
---------
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
439,156
574,754
Later than 1 year and not later than 5 years
207,159
555,825
---------
------------
646,315
1,130,579
---------
------------
19. Provisions
Deferred tax (note 20)
£
At 1 January 2024
653,468
Additions
74,115
---------
At 31 December 2024
727,583
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
727,583
653,468
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
727,583
653,468
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 43,144 (2023: £ 41,811 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
48,000
48,000
48,000
48,000
Ordinary B shares of £ 1 each
4,747
4,747
4,747
4,747
Ordinary C shares of £ 1 each
2,000
2,000
2,000
2,000
--------
--------
--------
--------
54,747
54,747
54,747
54,747
--------
--------
--------
--------
23. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
113,000
140,750
Later than 1 year and not later than 5 years
52,708
165,708
---------
---------
165,708
306,458
---------
---------
25. Directors' advances, credits and guarantees
At the balance sheet date the company was owed £77,119 (2023: £77,018) by a director of the company. No interest is payable on this loan. This balance is included within other debtors.
26. Related party transactions
At the balance sheet date the company owed £113,228 (2023: £113,240) to two of the directors of the company. No interest is payable on these loans. The balance is included within creditors. In the year the company was charged rent of £30,000 (2023: £30,000) from a company in which the directors of Mark One Hire Ltd are also directors. At the year end the company was owed £nil (2023: £27,572) from this company. In the year the company incurred costs of £2,537 (2023: £2,045) from a company in which a director of Mark One Hire Ltd is also a director. At the year end Mark One Hire Ltd owed this company £475 (2023: £33). The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transaction with group companies.
27. Controlling party
The parent undertaking and ultimate parent company is Mark One Group Limited, a company incorporated in England and Wales. The registered office address is 16 Purdeys Way, Rochford, Essex, SS4 1ND.