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Registered number: 06378361
















MOLSON EQUIPMENT SERVICES LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


































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MOLSON EQUIPMENT SERVICES LTD

 
COMPANY INFORMATION


DIRECTORS
R Powell 
J Powles 




COMPANY SECRETARY
A Marsh



REGISTERED NUMBER
06378361



REGISTERED OFFICE
Smoke Lane Industrial Estate

Avonmouth

Bristol

BS11 0YA




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
HSBC
3 Temple Quay

Bristol

BS1 6DZ






MOLSON EQUIPMENT SERVICES LTD


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Directors' responsibilities statement
 
6
Independent auditors' report
 
7 - 10
Statement of comprehensive income
 
11
Statement of financial position
 
12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 31


MOLSON EQUIPMENT SERVICES LTD

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

BUSINESS REVIEW
 
The directors consider that the company has performed to expectations in the 2024 financial year given the very difficult market and economic conditions that were faced. In the UK the prolonged period of elevated interest rates coupled with uncertainty over the timing of any cuts in those rates and the absence of positive economic news throughout the year stifled demand, especially amongst housebuilders. Volumes in our core excavator market declined 50% year on year, albeit we increased our market share. Turnover fell year on year by £40.2m to £186.2m and, as a result of keen price competition in the UK market, gross margin reduced to 7.7% (2023: 10.6%) and as a result of market conditions and our continued investment in staff, brands and technology the company recorded an operating profit for the year of £nil (2023: £4.1m). 
At the year end, the company had net assets of £17.5m (2023: £19.0m). During the current financial year there are clear signs of improvement in the UK market for our products and services but those improvements, and the general macroeconomic outlook in the UK, still require a period of stability to take root.  Consequently, trading remains challenging but our funders and bankers, our shareholders and our manufacturer partners remain supportive of the company and our strategy. In addition, we have an energised and motivated team that continues to deliver exceptional service for our customers.  As such, the directors believe the company's position to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors have reviewed and agreed policies for managing the financial risks, and these are summarised below:
Market Risk
As with most businesses, market risk encompasses three types of risk, being price risk, interest rate risk and currency risk:

Price risk
The company continues to compete effectively by continually monitoring its product range and responding to activities in the market. Since the COVID pandemic, the company has seen significant impacts to pricing caused by factors external to its market.  Immediately following the COVID pandemic, supply chain issues and the Ukraine war resulted in significant increases in the cost of raw materials that drove up the price of steel and latterly weak economic growth has caused the market to reduce and drive greater price competition.  In each case, the company has worked closely with its manufacturer partners to ensure the key products the company sells remain competitive and the company has been able to grow market share in these key product lines.  The impact of the US government’s new approach to tariffs has yet to be felt but the company remains confident that it again will be able to navigate any market disruption through close collaboration with our partners. 

Interest rate risk
Company bank borrowings incur interest at market rates. The company mitigates its exposures through the ongoing monitoring of the rates being applied.  Additionally, demand for the company’s products is impacted by interest rates because customers finance a significant proportion of the product that they purchase from us and, as a result, interest costs are a significant component of a customer’s total cost of ownership.  In order to mitigate the impact of interest rates on our business, we adopt a variety of strategies including in depth customer engagement to understand customer perception and plans, analysis of data to identify trends and close cooperation with our manufacturer partners to adjust pricing and order intake.

Currency risk
The company makes a number of purchases and sales in currencies other than sterling. The company maintains foreign currency bank accounts and through close monitoring of exchange rates aims to convert funds to sterling when rates are appropriate. The company utilises forward exchange current contracts to hedge its short-term exposure. 

Credit risk
Credit risk is tightly controlled as machines are not usually released to the customer until paid for and most are financed by an external funder, net of any deposit paid by the customer. Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to cash collection.
 
Page 1


MOLSON EQUIPMENT SERVICES LTD


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Liquidity risk
The company ensures sufficient liquidity is available to meet foreseeable needs through regular cash flow forecasting and negotiation of appropriate financing arrangements.
 
FINANCIAL KEY PERFORMANCE INDICATORS
 
The company uses a number of key performance indicators to monitor its performance:
 
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DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The board of directors of the Company consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and having regard (amongst other matters) to factors (a) to (f) S172 Companies Act 2006, in the decisions taken during the year ended 30 September 2024. Specifically, the Board ensure in all decisions taken that

Business is conducted morally and ethically, in line with Molson's Code of Conduct
Short-term gains do not have an adverse consequence on Molson's long-term strategy, success and benefits
Employee welfare, training and interests are taken care of
Customer and supplier relationships are strong, mutually beneficial and comply with Molson's policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility)
Any community and environmental impacts as a result of Molson's operations are considered

During the financial year, Molson:

Worked closely with its manufacturer partners, other suppliers and customers to meet demand for product
Continued the investment in its IT platform and infrastructure and continued the roll out of storeCMD (an e-commerce platform) and fleetCMD (a fleet management website) to customers
Continued the roll out of the Molson Academy. The Academy identifies the training and development needs of all staff across all departments and puts in place the relevant opportunities for staff to be successful in their role and career. During 2024 we delivered 6,372 hours of training.


This report was approved by the board and signed on its behalf.



J Powles
Director

Date: 31 March 2025
Page 2


MOLSON EQUIPMENT SERVICES LTD

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is the sale of new construction, aggregate processing and waste handling equipment supplied by a number of large international manufacturing companies, the purchase and sale of used equipment, and the sale of related parts and services.  During the year being reported on we have also launched fleetCMD, a digital platform that enables our customers to utilise data to manage their fleets more efficiently and effectively, and storeCMD, an e-commerce portal.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £1,578,000 (2023: profit £1,842,000).

DIRECTORS

The directors who served during the year were:

R Powell 
J Powles 

ENGAGEMENT WITH EMPLOYEES

The directors have engaged with employees across the business through a devolved system of management that encourages individual initiative and collaboration between all levels of the organisation to ensure employees feel empowered and valued. Molson’s success is built on great customer service and its employees are key to delivering that, so the interests of employees are always taken into account where relevant in the principal decisions taken by the company.
During this financial year, the Company has maintained its focus on the training and development of its staff and this year we added Bircham Newton and Middlesborough Colleges to our existing engineering apprenticeship partnership with Weston College. We have also continued with our support of English Premiership Rugby’s education and employability programme, HITZ, and a number of our graduates from that scheme have been awarded HITZ Ambassador status by Premiership Rugby in recognition of their ongoing contribution to the programme.  Our Community Champions programme, which coordinates our charitable and community support activities, has gone from strength to strength this year with highlights including the Lighthouse “make it visible” mental health tour to all our depots, the “wear it pink” campaign we undertook with 2 of our partners, DSM Demolition Ltd and Strickland MFG UK Ltd, in support of Breast Cancer, and the 11th year participating in the MacMillan coffee morning.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Molson attended several conferences/trade shows and manufacturer events, including Hillhead and ScotPlant with selected customers. These events give our customers an opportunity to provide direct feedback to manufacturers which in turn drives product development to ensure the products we distribute meet the market demand. We continue to work closely with businesses across the sector on our industry leading fleetCMD portal, enabling customers to access the key information on their entire plant fleet in one place, allowing them to take action to optimise efficiency and reduce emissions. Molson continues to grow the scale of its customer base, supporting and partnering with customers delivering strategic infrastructure projects for the UK and we were proud to receive two awards from Suez in the year, the first for our ESG work and the second as their overall Supplier of the Year. Molson continues to partner with progressive suppliers, allowing customers to access the most efficient machinery, including fully electric and hybrid alternatives, to support them in minimising carbon emissions.

Page 3


MOLSON EQUIPMENT SERVICES LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The company recognises the need to act responsibly to reduce greenhouse gases and other emissions both directly in its own consumption and indirectly by influencing its manufacturer partners and customers to reduce their emissions. In 2024 Molson continued to roll out fleetCMD as a strategic tool for customers with plant and machinery, enabling customers to gain visibility over their entire fleet and its carbon emissions, helping inform their actions on the road to net zero. 
Directly, Molson has continued to switch its vehicle fleet to electric and hybrid power units, with 15 vehicles now in our fleet, and is rolling out electric vehicle charging points across its sites. Additionally, the Company utilises solar and biomass power at a number of sites and installed 97.99kWp of solar panel generating capacity at our Head Office during the year. 
Indirectly, the Company has been working with its manufacturer partners and the wider business community to promote the uptake of electrical powered equipment and Tier V engines as well as investigating the feasibility of hydrogen fuelled power units.  In September 2024 we hosted a SevernNet community event on Decarbonising Mobile Heavy Equipment.  Over 100 delegates from business and the community in and around the Avonmouth area attended an event  focussed on the technology and the drive towards alternative fuel use in construction equipment.
In 2022 we entered into a partnership with Treedom to plant trees in sustainable agroforestry projects around the world. As well as providing income opportunities for rural communities, the trees planted absorb CO2, emit oxygen and counteract soil erosion. Our commitment is to plant 2,000 trees by 2025 and to date we have planted 1,960.  We have also recently started working with PrintReleaf to offset paper usage by planting trees.
The Group’s UK energy consumption (in KwH) and the CO2 equivalent emissions in tonnes (CO2e):

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MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4


MOLSON EQUIPMENT SERVICES LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






J Powles
Director

Date: 31 March 2025

Smoke Lane Industrial Estate
Avonmouth
Bristol
BS11 0YA
Page 5


MOLSON EQUIPMENT SERVICES LTD

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 6


MOLSON EQUIPMENT SERVICES LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LTD
OPINION


We have audited the financial statements of Molson Equipment Services Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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  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 loss 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  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  report. We are independent of the Company in accordance with the ethical requirements that are relevant to  audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled  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  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  Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or  knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 7


MOLSON EQUIPMENT SERVICES LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LTD (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In  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  opinion:


adequate accounting records have not been kept, or returns adequate for  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  audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 6, 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.


Page 8


MOLSON EQUIPMENT SERVICES LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LTD (CONTINUED)

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 an Auditors' report that includes  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  responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Identifying and assessing potential risks related to irregularities
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below

We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management, including the Chief Operating Officer, about their own identification and assessment of the risk of irregularities.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included health and safety, and employment legislation.
Page 9


MOLSON EQUIPMENT SERVICES LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LTD (CONTINUED)

Audit response to risks identified

We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Performing various substantive tests of detail related to the recognition of revenue;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of  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  Auditors' report.


USE OF  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 2006Our 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 Auditors' 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  audit work, for this report, or for the opinions we have formed.


Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

31 March 2025
Page 10


MOLSON EQUIPMENT SERVICES LTD

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
186,189
226,447

Cost of sales
  
(169,931)
(202,497)

GROSS PROFIT
  
16,258
23,950

Administrative expenses
  
(16,276)
(19,860)

Other operating income
  
45
(20)

OPERATING PROFIT
 5 
27
4,070

Interest payable and similar expenses
 8 
(2,899)
(1,402)

(LOSS)/PROFIT BEFORE TAX
  
(2,872)
2,668

Tax on (loss)/profit
 9 
1,294
(826)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(1,578)
1,842

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 14 to 31 form part of these financial statements.
Page 11


MOLSON EQUIPMENT SERVICES LTD
REGISTERED NUMBER:06378361

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

FIXED ASSETS
  

Intangible assets
 10 
8,079
5,031

Tangible assets
 11 
10,369
8,509

  
18,448
13,540

CURRENT ASSETS
  

Stocks
 12 
93,873
113,448

Debtors: amounts falling due within one year
 13 
61,265
48,690

Cash at bank and in hand
 14 
992
12,471

  
156,130
174,609

Creditors: amounts falling due within one year
 15 
(154,334)
(164,054)

NET CURRENT ASSETS
  
 
 
1,796
 
 
10,555

TOTAL ASSETS LESS CURRENT LIABILITIES
  
20,244
24,095

Creditors: amounts falling due after more than one year
 16 
(2,331)
(4,604)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 19 
(458)
(458)

NET ASSETS
  
17,455
19,033


CAPITAL AND RESERVES
  

Share premium account
 21 
630
630

Profit and loss account
 21 
16,825
18,403

  
17,455
19,033


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Powles
Director

Date: 31 March 2025

The notes on pages 14 to 31 form part of these financial statements.
Page 12


MOLSON EQUIPMENT SERVICES LTD


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000


At 1 October 2022
630
16,561
17,191



Profit for the year
-
1,842
1,842



At 1 October 2023
630
18,403
19,033



Loss for the year
-
(1,578)
(1,578)


AT 30 SEPTEMBER 2024
630
16,825
17,455


The notes on pages 14 to 31 form part of these financial statements.
Page 13


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Molson Equipment Services Limited is a private limited company incorporated in England and Wales. The registered office is Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Molson Group Limited as at 30 September 2024 and these financial statements may be obtained from Unit 4, Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.

The Company has also taken advantage of the requirements under Section 9 Consolidated and Separate Financial Statements paragraph 9.3.

Page 14


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

The company's turnover reduced to £186.2m (2023: £226.4m) due to a challenging economic environment and the company also saw a decrease in gross profit margin to 8.8% (2023: 10.6%). The company recorded a net loss before tax of £2.9m (2023: profit of £2.7m) reflecting the company's continued investment in people, facilities, and marketing in the face of a challenging market, as well as higher prevailing interest rates. 
At the year end, the company had net assets of £17.5m (2023: £19.0m). Trading in the first half of the current financial year has been in line with management expectations and the company's order intake has enabled it to maintain its market share position. The directors therefore believe the company's position to be satisfactory. 
Molson Equipment Services Limited is a wholly owned subsidiary of Molson Group Limited, the ultimate parent company. At the year end, the group had net assets of £16.3m (2023: £27.8m).
The directors have prepared forecasts that show the group and company is able to realise its assets and settle its liabilities as they fall due in the normal course of business for a period of at least 12 months from the date of approval of these financial statements. Therefore these financial statements are prepared on a going concern basis.

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
the Company has received payment for the goods in full; or, if agreed in writing that the goods can transfer to the purchaser before full payment has been received, it is probable that the Company will receive payment due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Rendering of services
 
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably. 

 
2.6

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.7

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.8

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 16


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

PENSIONS

The Company participates in a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays 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 fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 17


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.13

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

 Development expenditure  -  3 - 10 years
  Goodwill    -  10 years
  Trademarks              -  6 years

 
2.14

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
5-20% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25-67% 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 18


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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 the Statement of Comprehensive Income. 

 
2.16

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

  
2.20

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument 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. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 

Page 20


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES 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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgments
Lease commitments
The company determines whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainty
Impairment of fixed assets
The company determines whether there are indicators of impairment of tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Valuation of stock provision
The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, auction prices, and market demand.
Debtors provisioning
Debtors, including amounts owed from group undertakings, are subject to impairment reviews to determine whether current or future events and circumstances indicate that the estimated future cash flows derived from the asset have been adversely impacted. 

Page 21


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Sale of construction equipment
157,552
199,522

Servicing of construction equipment
19,883
18,781

Hire of equipment
8,754
8,144

186,189
226,447


Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
182,809
214,242

Rest of Europe
2,529
9,382

Rest of the World
851
2,823

186,189
226,447



5.


OPERATING PROFIT

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

2024
2023
£000
£000

Depreciation
2,686
2,545

Exchange differences
(1,138)
(250)

Other operating lease rentals
1,283
1,375

Amortisation
28
542


6.


AUDITORS' REMUNERATION

2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
55
39

FEES PAYABLE TO THE COMPANY'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:

Taxation compliance services
10
7

Page 22


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
12,568
12,014

Social security costs
1,383
1,501

Cost of defined contribution scheme
286
246

14,237
13,761




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales, Sales support and Servicing
235
189



Administrative
34
71

269
260


8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Bank interest payable
376
113

Interest payable on stocking plans
2,326
1,110

Finance leases and hire purchase contracts
197
165

Other interest payable
-
14

2,899
1,402

Page 23


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


TAXATION


2024
2023
£000
£000

CORPORATION TAX


Current tax on profits for the year
(1,294)
826


TOTAL CURRENT TAX
(1,294)
826

DEFERRED TAX

TOTAL DEFERRED TAX
-
-


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(1,294)
826

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 22%). The differences are explained below:

2024
2023
£000
£000


(Loss)/profit on ordinary activities before tax
(2,872)
2,668


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 22%)
(718)
587

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
84
35

Fixed asset differences
142
37

Adjustments to tax charge in respect of prior periods
(899)
(293)

Other tax adjustments, reliefs and transfers
(70)
466

Remeasurement of deferred tax for changes in tax rates
-
(6)

Group relief
167
-

TOTAL TAX CHARGE FOR THE YEAR
(1,294)
826

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges. 

Page 24


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


INTANGIBLE ASSETS




Development expenditure
Trademarks
Goodwill
Total

£000
£000
£000
£000



COST


At 1 October 2023
6,522
215
924
7,661


Additions
3,076
-
-
3,076



At 30 September 2024

9,598
215
924
10,737



AMORTISATION


At 1 October 2023
1,519
187
924
2,630


Charge for the year
-
28
-
28



At 30 September 2024

1,519
215
924
2,658



NET BOOK VALUE



At 30 September 2024
8,079
-
-
8,079



At 30 September 2023
5,003
28
-
5,031



Page 25


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


TANGIBLE FIXED ASSETS





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000
£000



COST


At 1 October 2023
6,122
1,056
7,143
1,301
15,622


Additions
1,883
88
2,647
168
4,786


Disposals
-
(3)
(1,022)
(24)
(1,049)



At 30 September 2024

8,005
1,141
8,768
1,445
19,359



DEPRECIATION


At 1 October 2023
1,927
728
3,512
946
7,113


Charge for the year
684
175
1,576
251
2,686


Disposals
-
(3)
(795)
(11)
(809)



At 30 September 2024

2,611
900
4,293
1,186
8,990



NET BOOK VALUE



At 30 September 2024
5,394
241
4,475
259
10,369



At 30 September 2023
4,195
328
3,631
355
8,509

Included within the net book value is £5,556,639 (2023: £3,534,000) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £1,693,292 (2023: £905,000).


12.


STOCKS

2024
2023
£000
£000

Parts stock
12,273
12,667

Work in progress
2,151
1,800

Finished goods and goods for resale
79,449
98,981

93,873
113,448


Page 26


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


DEBTORS

2024
2023
£000
£000


Trade debtors
24,837
23,874

Amounts owed by group undertakings
24,915
13,821

Other debtors
2,841
446

Prepayments and accrued income
8,672
10,549

61,265
48,690


Amounts owed by group undertakings are unsecured and repayable on demand. 


14.


CASH AND CASH EQUIVALENTS

2024
2023
£000
£000

Cash at bank and in hand
992
12,471

Less: bank overdrafts
(3,143)
-

(2,151)
12,471


Page 27


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£000
£000

Bank overdrafts
3,143
-

Other loans
33,384
12,281

Trade creditors
63,957
94,203

Amounts owed to group undertakings
37,235
40,207

Corporation tax
-
254

Other taxation and social security
2,290
4,163

Obligations under finance lease and hire purchase contracts
1,344
1,235

Other creditors
74
116

Accruals and deferred income
12,907
11,595

154,334
164,054


Amounts owed to group undertakings are unsecured and repayable on demand. 

The following liabilities were secured:

2024
2023
£000
£000



Obligations under finance lease and hire purchase contracts
1,344
1,235

1,344
1,235

Details of security provided:

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

Page 28


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£000
£000

Other loans
-
3,446

Net obligations under finance leases and hire purchase contracts
2,331
1,158

2,331
4,604


The following liabilities were secured:

2024
2023
£000
£000



Obligations under finance lease and hire purchase contracts
2,331
1,158

2,331
1,158

Details of security provided:

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


17.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
33,384
12,281


33,384
12,281

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
-
3,446


-
3,446



33,384
15,727


Page 29


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£000
£000


Within one year
1,344
1,235

Between 1-5 years
2,331
1,158

3,675
2,393


19.


DEFERRED TAXATION




2024
2023


£000

£000






At beginning of year
(458)
(458)



AT END OF YEAR
(458)
(458)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(458)
(458)

(458)
(458)


20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,600 (2023: 10,600) Ordinary shares of £0.0001 each
1
1



21.


RESERVES

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with
the issuing of shares are deducted from share premium.

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 30


MOLSON EQUIPMENT SERVICES LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


PENSION COMMITMENTS

The company participates in a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £286,000 (2023: £246,000). At the year end there was outstanding contributions of £72,000 (2023: £62,000).


23.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
619
619

Later than 1 year and not later than 5 years
804
1,418

Later than 5 years
-
8

1,423
2,045


24.


RELATED PARTY TRANSACTIONS

All related party transactions are on normal commercial rates and normal commercial terms.
The company is consolidated within Molson Group Limited accounts and has therefore taken advantage of the exemption available under the requirements of Section 33 Related Party Disclosures paragraph 33.1A, in not providing details of any transactions which have been eliminated on consolidation.
Related party balances/transactions are as follows:


2024
2023
£000
£000

Sales to entities under common control
19,594
14,574
Purchases from entities under common control
3,217
13,094
Owed by entities under common control
14,154
14,783
Owed to entities under common control
253
118


25.


CONTROLLING PARTY

Molson Equipment Services Limited is a wholly owned subsidiary of Molson Group Limited, a company incorporated in the United Kingdom. There is no ultimate controlling party.
 
Page 31