REGISTERED NUMBER: SC050785 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2024

for

J.G. MARTIN PLANT HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

A D Martin

J Malcolm

SECRETARY:

A D Martin

REGISTERED OFFICE:

95 Orbiston Street

Motherwell

ML1 1PX

REGISTERED NUMBER:

SC050785 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

4,116,961

2,852,100

CURRENT ASSETS

Stocks

5

242,102

189,410

Debtors

6

2,014,650

1,818,750

Cash at bank and in hand

204,999

231,225

2,461,751

2,239,385

CREDITORS

Amounts falling due within one year

7

2,849,258

2,318,304

NET CURRENT LIABILITIES

(387,507

)

(78,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,729,454

2,773,181

CREDITORS

Amounts falling due after more than one year

8

1,562,531

760,572

NET ASSETS

2,166,923

2,012,609

CAPITAL AND RESERVES

Called up share capital

12

125,000

125,000

Share premium

13

36,000

36,000

Retained earnings

13

2,005,923

1,851,609

SHAREHOLDERS' FUNDS

2,166,923

2,012,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2025 and were signed on its behalf by:

A D Martin - Director

1.	STATUTORY INFORMATION

J.G. Martin Plant Hire Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The amount shown in the profit and loss account represents income from two streams. Hire income is recognised evenly over the period of the hire, with asset sales recognised at the point of delivery or collection. The turnover is exclusive of value added tax.

Tangible fixed assets

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

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Computer equipment - 2 - 10 years straight line.

Fixtures and fittings - 2 - 10 years straight line.

Plant and Machinery - 2 - 10 years straight line

Land and buildings - 10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. if such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

Stocks

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

Stocks of raw materials and finished goods are valued at the lower of the cost and net realisable value after making allowance for obsolete and slow moving stocks.

Cost of stock is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account. Under certain supply agreements, the company has access to consignment stock.The company does not have access to the benefits of holding the stock or the exposure to the risks of ownership as if it were owned outright until such times as legal title passes and, as a result, such stock is not treated as an asset of the company.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at 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 within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Equity Instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferrred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity intruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 at 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.

Hire purchase and leasing commitments

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, whilst the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight line basis over th lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions

A provision is recognised when a company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

the amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2023 - 69 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

152,930

8,942,000

104,228

84,867

9,284,025

Additions

16,000

2,282,011

5,291

17,987

2,321,289

Disposals

-

(1,511,106

)

-

-

(1,511,106

)

Reversal of impairments

-

56,867

-

-

56,867

At 30 September 2024

168,930

9,769,772

109,519

102,854

10,151,075

DEPRECIATION

At 1 October 2023

124,426

6,167,909

72,224

67,366

6,431,925

Charge for year

3,651

854,670

5,002

9,174

872,497

Eliminated on disposal

-

(1,270,308

)

-

-

(1,270,308

)

At 30 September 2024

128,077

5,752,271

77,226

76,540

6,034,114

NET BOOK VALUE

At 30 September 2024

40,853

4,017,501

32,293

26,314

4,116,961

At 30 September 2023

28,504

2,774,091

32,004

17,501

2,852,100

5.

STOCKS

30.9.24

30.9.23

£

£

Stocks

242,102

189,410

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

1,830,904

1,655,737

Other debtors

125,488

118,204

Prepayments and accrued income

58,258

44,809

2,014,650

1,818,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts (see note 9)

16,814

10,000

Other loans (see note 9)

536,130

503,165

Finance leases (see note 10)

809,545

457,418

Trade creditors

902,012

914,379

Social security and other taxes

43,879

42,678

VAT

201,690

167,030

Other creditors

238,042

79,120

Directors' current accounts

181

370

Accrued expenses

100,965

144,144

2,849,258

2,318,304

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans (see note 9)

6,673

16,673

Other loans (see note 9)

14,498

-

Finance leases (see note 10)

1,541,360

743,899

1,562,531

760,572

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.24

30.9.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

6,814

-

Santander loan

10,000

10,000

Other loans

536,130

503,165

552,944

513,165

Amounts falling due between one and two years:

Santander loan

6,673

16,673

Other loans - 1-2 years

14,498

-

21,171

16,673

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

30.9.24

30.9.23

£

£

Net obligations repayable:

Within one year

809,545

457,418

Between one and five years

1,541,360

743,899

2,350,905

1,201,317

Non-cancellable operating

leases

30.9.24

30.9.23

£

£

Within one year

573,891

248,298

Between one and five years

1,866,043

820,649

In more than five years

523,428

659,289

2,963,362

1,728,236

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.24

30.9.23

£

£

Finance leases

2,350,905

1,201,317

Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.

Amounts outstanding under invoice finance are secured by fixing and floating charges over the company's assets.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

125,000

Ordinary

£1

125,000

125,000

13.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 October 2023

1,851,609

36,000

1,887,609

Profit for the year

203,245

203,245

Dividends

(48,931

)

(48,931

)

At 30 September 2024

2,005,923

36,000

2,041,923

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £46,500 were paid to the directors .

A personal warranty and a personal guarantee of £50,000 has been provided by a company director in respect of the company's invoice finance facility.

Director's remuneration including pensions for the year totalled £140,399 (2023 : £98,086)

15.	ULTIMATE CONTROLLING PARTY

Mr A D Martin holds the majority of the share capital and is therefore considered to be the ultimate controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.G. Martin Plant Hire Limited for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of J.G. Martin Plant Hire Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J.G. Martin Plant Hire Limited and state those matters that we have agreed to state to the Board of Directors of J.G. Martin Plant Hire Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J.G. Martin Plant Hire Limited 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 J.G. Martin Plant Hire Limited. You consider that J.G. Martin Plant Hire Limited 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 J.G. Martin Plant Hire Limited. 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.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

20 June 2025