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Financial Statements
Keltbray Plant Limited
For the year ended 31 October 2024





































Registered number: 01675402

 
Keltbray Plant Limited
 

Company Information


Directors
P Burnside 
V Corrigan 
P Deacy 
D James (resigned 15 August 2024)
M O'Hagan 
B Kerr (appointed 4 February 2025)




Company secretary
R Sittlington (appointed 16 October 2024)



Registered number
01675402



Registered office
St. Andrew's House
Portsmouth Road

Esher

Surrey

England

KT10 9TA




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Santander UK plc
2 Triton Square

Regent's place

London

NW1 3AN





 
Keltbray Plant Limited
 

Contents



Page
Strategic report
1 - 7
Directors' report
8 - 9
Independent auditor's report
10 - 13
Statement of comprehensive income
14
Statement of financial position
15
Statement of changes in equity
16
Notes to the financial statements
17 - 32


 
Keltbray Plant Limited
 

Strategic report
For the year ended 31 October 2024

The directors present the strategic report of the Company for the year ended 31 October 2024.

Business performance
 
The Company's main activity is the supply and management of owned plant, management of externally hired plant, the provision of owned vehicle haulage services and management of external haulage hire. 
The majority of the Company's turnover is with other members of the Keltbray Group, but some external plant hire is carried out to ensure the plant rates are competitive in the market. The Group rationale for having its own internal plant hire and haulage operation are: 
 
it provides certainty of supply in areas of operation which are key to the successful execution of demolition, civil, rail and reinforced concrete structures contracts 
 
it captures the downstream profit which would otherwise go outside the Group 
 
it provides a centre of excellence for the management and development of plant and haulage services; and 
 
it ensures that the Group always has access to top quality, specialist plant, which meets the highest standards including the increasing emissions standards required for operating a haulage fleet within central London. 

The Company is reliant on the performance of the Group's businesses and seeks to constantly monitor its fleet to ensure that it is able to support the Group's continuing diversification. 
The turnover of £68.5m is a reduction from the previous period (2023: £90.0m). 
The like-for-like sales have increased during the period, despite a reduction in the utilization of the haulage fleet. The fleet is being progressively upgraded and re-focused during 2024/25. 
The company continues to improve the internal plant reporting with emphasis on highlighting the utilisation of its own plant, detailed capital expenditure appraisal, implementing a disposal strategy and ensuring hire rates are economic. It has also developed specialist plant to meet the requirement of contracts and clients.

Financial Overview

The company has delivered an acceptable set of results despite concerns arising from political uncertainty and a general softening of central London house prices, which in turn is contributing to the reduction in the number of new central London mixed use projects and the delay in others. 
The company's cash position has remained largely static with cash at bank of £9.2m at the year end (2023: £9.3m).
The Operating profit for the year of £1.4m (2023: £2.8m) reflects the planned turnaround in the operation of the business as it pivots to changes in the Group’s working demands.

Page 1

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024

Health, Safety and Wellbeing

The Health, Safety and Wellbeing of the workforce remains the construction industry's biggest challenge and the directors remain fully focused on ensuring it remains at the forefront of all that the company does. We continue to work towards ensuring that everyone goes home safe after every working day and managing activities to mitigate against any longer term health issues being created. 
Every operations facing director now dedicates at least one specific period per month to engaging directly with our people and focussing specifically on their safety, health and wellbeing. Our workforce remains pivotal to all that the company does, the directors have and will continue to invest in our people's welfare and resilience, equipping them to keep themselves and those around them safe at all times. 

Key performance indicators
 
The directors consider the key performance indicators are turnover quality, maintenance of operating margins, control of working capital and cash, and reduction in health and safety incident rates. These are monitored at board meetings and for each business unit at monthly management meetings. 
The directors expect that the company turnover on a like for like basis, will grow from the 2024 levels in line with the Group's improving awarded work statistics, but in the medium term there may be some further contraction in certain business work streams due to an uncertain economic climate resulting from the macro economic conditions in Europe and further afield, however the current tender pipeline of the underlying business units remains strong. 
Operating margins in most of the company's internal customer businesses had fallen and the directors believe the margins are currently performing at a reasonable level, commensurate with the current condition of the market. Directors continually review business performance and plans to ensure that actions are taken to reorganise, restructure or cease operations where businesses do not show potential to meet the required returns. 
Working capital is reviewed through monitoring of debtor and WIP days and 17 week cash forecasts for each business. 
Targets are set annually for the continued reduction in health and safety incident rates annually. Incidents are reviewed at each board and business unit management meeting together with incident rate statistics, near miss/close call incidents and trend analysis to assist with prevention of future incidents.

Page 2

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024

Principal risks and uncertainties
 
Operational 
The directors have in place delegated authorities for all business units to ensure commitments on behalf of the company are made at the appropriate level. 
The directors are committed to maintaining the health, safety and wellbeing of its employees. Providing a healthy and safe working environment for its employees is a key part of this and this commitment is also an essential part of its risk management strategy to reduce the impact of any serious incident on the Group's reputational and financial status. 
The company has a satisfactory workload. 
The company has a procurement process which seeks to address the robustness of its key supply chain partners and the status of its debtors. 
Financial 
The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. 
Credit risk
The company has a low exposure to credit risk due to its market being confined to other members of the Keltbray Group. 
Liquidity risk 
The company is financed with appropriate long term and short term finance to match the need of the business. The Keltbray Group has finance facilities in place with related parties to fund capital expenditure and operating working capital. 
The directors will continue to monitor developments and take appropriate mitigating action as needed. Nonetheless, the directors are confident that the actions taken, the strength of its client base and the strong balance sheet will enable the Group to trade through these difficult times. 
The Group continues to operate our normal supply chain payment practices and is committed to be a responsible contractor in the current environment. 
Interest rate cash flow risk 
The company hire purchase and lease financial liabilities bear interest at a fixed rate. The overdraft facilities are at a variable rate but will remain under review to ensure the company performance is not impacted if interest rates increase.

Page 3

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024

Corporate Social Responsibility

Sustainability 
As a key player developing and maintaining Britain's built environment, the directors' goal is to make a positive contribution to the world we live and work in and to be the best in our sector. 
As a market leading specialist engineering solutions provider, our ambition is to continue to position sustainability at the heart of what we do and, in the solutions, we provide to our clients, to ensure we run a profitable business with a commitment to helping society prosper. This is captured in the Group's core purpose: "To redefine the way sustainable developments is delivered". Keltbray do this using a framework based on the three pillars of sustainability, including the generation of economic, social and environmental value, aligned to the UN Sustainability Goals, and Government Industrial Strategy sustainability targets 
Together with the safety and wellbeing of our people, our core sustainability objectives are to minimise our carbon footprint by reducing waste to landfill, optimising efficient energy and materials resources, and engaging proactively with the people who work at Keltbray and the communities that host us. We firmly believe this generates mutual value for our customers by supporting their own sustainability commitments, whilst enhancing our own business in addressing the global challenges determined by the UN Sustainable Development Goals. To this end we have committed to the achievement of the Net Carbon Zero by 2050 or sooner through the application of the Science Based Targets initiative. 
During the financial year, we made good progress in embedding our Group Sustainability and Social Value strategy across the Group   particularly in areas of employee wellbeing, carbon reduction, energy efficiency, product innovation, community relations, social engagement and responsible financial management. 
As part of the company's commitment to achieving sustainable growth the directors work closely with employees and partners, such as customers and suppliers, as well as standard setting bodies, regulators and trade bodies. 
In line with the Keltbray long term business plan, objectives are set annually in consultation with operational managers and the Keltbray Group Board. They are constructed to support our clients' priorities and optimising industry leading standards. 
The Managing Directors of Keltbray's operating business units are responsible for legal and ethical compliance, and the implementation and monitoring of their units' sustainable development performance. This is done with support from a centralised Health, Safety, Quality and Environment function and the Group wide Training & Development function. Keltbray's performance is also independently audited to ensure governance and compliance with internal and external standards

Opportunities and Diversity

The directors aim to provide a workplace where everyone is respected and treated fairly. The goal is also to promote training and development and engage positively with local communities and other stakeholders. 
Employees are selected based on their 'can do' attitude and ability to do the job irrespective of gender, sexual orientation, marital status, age, ethnic origin, religion or disability. 
The Company is committed to widen the talent pool to tap into the real diversity that exists in this country, particularly in terms of female and ethnic minority capacity. 

 
Page 4

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024


Environment

The directors are committed to minimising the impact our operations have on the environment, and continue to focus on optimising resources, improving air quality by reducing harmful emissions, reducing waste to landfill and championing environmental innovations.

Streamlined Energy & Carbon Reporting

One of the most pressing sustainability issues of present time is climate change; we recognise that our operations form part of the problem and bold change is needed. We have therefore set Net Zero as our own organisational goal to realise the benefits for ourselves, and importantly, our customers. 
Our pledge to reach Net Zero underpins all three pillars of sustainability and we recognise the need to move 'beyond zero' - building a resilient business that puts the wellbeing of our teams, the natural environment and our stakeholders requirements at the heart of everything we do. 
Keltbray has identified a series of actions to reduce emissions from its operational activities. These include decarbonising our fleet and plant/equipment by investing in new power trains and fuels. 
We are not just investing in new equipment, but we are also assessing and changing the way we operate. A perfect example of this is the use of river barges instead of Heavy Good Vehicles (HGVs) to move material from projects using the UK's extensive waterways to reach our own remediation processing facilities. 
Keltbray aims to improve energy efficiency in both its project delivery operations and its fixed buildings and depots. Fossil fuels are being replaced increasingly by renewable energy sources. Increased energy efficiency is vital to reducing our carbon footprint and the associated costs both within our own operations, as well as benefiting our customers, the end users and the local communities who host us when we deliver projects.


Mandatory requirement
Reporting
Year 2022 - 2023
Reporting
Year 2023 - 2024
Keltbray's consumption used to calculate emissions (kWh)
85,187,550
72,202,606
Keltbray's Scope 1 emissions from combustion of fuel for Plant & Machinery (tC02e)
10,195
8,144
Keltbray's Scope 1 emissions from combustion of fuel for On Road Vehicles (tC02e)
9,238
8,724
Keltbray's Scope 1 emissions from gas combustion (tC02e)
88
136
UK Scope 2 emissions from purchased electricity (tC02e)
398
618
UK Scope 3 emissions from all indirect emissions (tC02e)
144,368
130,991.31
Total gross emissions (tC02e)
164,287
148,612
Intensity ratio (Scope 1 & 2 emissions tC02e/£'m turnover)
37.5
28.19

Page 5

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024

Section 172 Statement
 
Activities of the Main Board in 2024
Section 172 of the Companies Act 2006 requires a director of a Company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, among other matters, to the: 
1. likely consequences of any decisions in the long term; 
2. interests of the Company's employees; 
3. need to foster the Company's business relationships with suppliers, customers and others; 
4. impact of the Company's operations on the community and environment; 
5. desirability of the Company maintaining a reputation for high standards of business conduct; and 
6. need to act fairly as between members of the Company. 
In discharging our section 172 duties, we have regard to the factors set out above. We also have regard to other factors that we consider relevant to the decision being made by providing guidance on the following areas: 
 
Purpose and leadership 
Board Composition 
Director responsibilities 
Opportunity and risk 
Succession and Remuneration; and 
Stakeholders 

We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Company's purpose, and values together with its strategic priorities and having a clear governance process in place for decision making, we do however, aim to make sure that our decisions are consistent and predictable. 
As is normal for large private companies, we delegate authority for day to day management of the Company to executives and then engage management in setting, approving and overseeing execution of the business strategy and related policies. We regularly review health, safety and environmental matters, financial and operational performance as well as other areas over the course of the financial year including the Group's business strategy, key risks, employee related matters, diversity and inclusivity, corporate responsibility, governance, compliance and legal matters. 
As a result of this we have had an overview of engagement with stakeholders and other relevant factors which allows us to understand the nature of the stakeholders' concerns and to comply with our section 172 duty to promote the success of the company.
 
Page 6

 
Keltbray Plant Limited
 

Strategic report (continued)
For the year ended 31 October 2024


The following table provides examples of how the directors have satisfied their duty under section 172 of the companies act 2006 to engage with our stakeholders in 2024:


Duty to promote the success of the Company, with regard to:
Actions of the Board
The likely consequences of any decision in the long term
The company directors have co-operated with the Executive Board of the Group to develop a 5 year strategic plan for the Group of which the company is part. The company directors have been involved in the re-training of the Keltbray code of conduct which is designed to build a culture of long term development rather than short term gains. This is supported by a comprehensive corporate governance system which has been implemented by the Group and which the company adheres to.
The interests of the Company’s employees
The company operates a comprehensive Health, Safety and wellbeing strategy for the company, including the continued support for the mental health first aid programme. The company adopts a policy of inclusion in all aspects of employment.
The need to foster the Company’s business relationships with suppliers, customers and others
The company has a Doing Business with Keltbray guide to suppliers and subcontractors which provides advice on how to develop a sustainable working relationship between the company and its suppliers. The company has adopted the Group sustainability policy and this includes guidance on how the company interacts with its stakeholders.
The impact of the Company’s operations on the community and the environment
The company adheres to the Group Environmental and sustainability policy. The company’s commitment to the environment is as set out in the Keltbray website:
www.keltbray.com/sustainability.
The desirability of the Company maintaining a reputation for high standards of business conduct
The company is fully committed to the Groups Code of Conduct and corporate governance programme. These corporate governance guidelines are supported by detailed delegated authorities.
The need to act fairly between members of the Company
The company has a single ultimate shareholder who shares the group commitment to corporate governance and the code of conduct.


This report was approved by the board of directors on 8 July 2025 and signed on behalf of the board by.




P Burnside
Director
 
Registered office:
St.Andrew's House
Portsmouth Road
Esher
Surrey
England
KT10 9TA

Page 7

 
Keltbray Plant Limited
 
 
Directors' report
For the year ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

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.

Dividends

Dividends of £900,000 were declared and paid during the year (2023: £Nil).

Directors

The directors who served during the year were:

P Burnside 
V Corrigan 
P Deacy 
D James (resigned 15 August 2024)
M O'Hagan 

Disclosure of information in the strategic report

Please refer to the strategic report regarding business review, financial overviews, principal risks and uncertainties, key performance indicators and corporate social responsibilities.

Page 8

 
Keltbray Plant Limited
 

Directors' report (continued)
For the year ended 31 October 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Events after the reporting period

In June 2025, the Group entered into a re-financing arrangement with Metro Bank under which an overdraft facility of £10m and a revolving credit facility of £20m were made available to the Group. There are no current plans to draw down the RCF but this provides the Group with significant liquidity headroom to support future growth.
There have been no further events affecting the Company since the year end.

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 July 2025 and signed on its behalf.
 





P Burnside
Director

Page 9

 
 
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Independent auditor's report to the members of Keltbray Plant Limited
 

Opinion


We have audited the financial statements of Keltbray Plant Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 October 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Keltbray Plant Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 October 2024 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.



Page 10

 
 
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Independent auditor's report to the members of Keltbray Plant Limited (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic 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.

Page 11

 
 
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Independent auditor's report to the members of Keltbray Plant Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 



As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations to compliance with Date Privacy laws, employment laws and health and safety laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and compliance with UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off unusual transactions.
 
Page 12

 
 
img7fd7.png

Independent auditor's report to the members of Keltbray Plant Limited (continued)


We apply professional scepticism throughout the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/ inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the polices and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including recoverability of debtors, and useful economic lives of tangible assets; and 
review the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.


 
 
Ms. Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants
Statutory Auditors
Belfast
Date: 8 July 2025
Page 13

 
Keltbray Plant Limited
 

Statement of comprehensive income
For the year ended 31 October 2024

2024
2023
Note
£
£

  

Turnover
 4 
68,449,949
90,247,726

Cost of sales
  
(65,674,905)
(79,909,979)

Gross profit
  
2,775,044
10,337,747

Administrative expenses
  
(4,148,743)
(10,110,955)

Other operating income
 5 
2,792,354
2,591,584

Operating profit
 6 
1,418,655
2,818,376

Interest receivable and similar income
 9 
578,613
-

Interest payable and similar expenses
 10 
(1,510,268)
(997,109)

Profit before tax
  
487,000
1,821,267

Tax on profit
 11 
(390,525)
(211,420)

Profit for the financial year
  
96,475
1,609,847

All amounts relate to continuing operations.

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

The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
Keltbray Plant Limited
Registered number:01675402

Statement of financial position
As at 31 October 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
22,760,402
27,174,195

Investments
 14 
1,000
1,000

  
22,761,402
27,175,195

Current assets
  

Stocks
 15 
965,334
1,472,512

Debtors: amounts falling due within one year
 16 
17,150,469
28,286,367

Cash at bank and in hand
 17 
9,244,588
9,268,828

  
27,360,391
39,027,707

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(37,885,714)
(52,419,902)

Net current liabilities
  
 
 
(10,525,323)
 
 
(13,392,195)

Total assets less current liabilities
  
12,236,079
13,783,000

Creditors: amounts falling due after more than one year
 19 
(10,860,178)
(11,603,574)

  

Net assets
  
1,375,901
2,179,426


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Share premium account
 23 
150
150

Profit and loss account
 23 
1,325,751
2,129,276

Shareholders' funds
  
1,375,901
2,179,426


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 July 2025.




P Burnside
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
Keltbray Plant Limited
 

Statement of changes in equity
For the year ended 31 October 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2023
50,000
150
2,129,276
2,179,426



Profit for the year
-
-
96,475
96,475

Dividends: Equity capital
-
-
(900,000)
(900,000)


At 31 October 2024
50,000
150
1,325,751
1,375,901


The notes on pages 17 to 32 form part of these financial statements.


Statement of changes in equity
For the year ended 31 October 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
50,000
150
519,429
569,579



Profit for the year
-
-
1,609,847
1,609,847


At 31 October 2023
50,000
150
2,129,276
2,179,426


The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

1.


General information

Keltbray Plant Limited is a private Company limited by shares and incorporated in England and Wales. The registered office is St. Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA, England. 
The principal activity of the Company is that of  supply of plant and the hire of haulage services. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:

 
2.2

Going concern

The activities of the Keltbray Group, along with the factors that may affect its future performance and position are set out in the directors’ report. 
The Group recognises the economic and trading uncertainties resulting from macroeconomic and geopolitical issues within the UK and further afield, which lead to both cost price inflation and aggressive pricing practices are still being felt by a number of Main Contractors. The Specialist Engineering sector is now emerging from these issues. 
This is driven by our contract durations which are typically of shorter duration and by our balance of contracts which include cost reimbursable contracts as a growing proportion of our overall portfolio. 
Keltbray’s robust governance over work winning activities have led to the Group continuing to step away from a number of bids which were deemed to be below the minimum margin required for that business. This, combined with the Group’s significant awarded workload, provides a more resilient base for the business and allows the directors to take a longer term view of the markets in which the Group chooses to operate. 
The directors regularly review the working capital requirements of the Group in terms of monthly cash flow forecasting, quarterly re-forecasting and annual budget scenarios. Forecasts have been prepared up to 31 October 2027. These forecasts, whilst subject to inherent uncertainties, note continued increasing turnover, increased margins associated with profitable trading and stabilising levels of working capital investment.
As a response to the demand side uncertainty in some of the Group’s traditional markets, the Group has focused its work winning activities on those major projects, in both infrastructure and counter recessionary markets which provide a hedge against the more cyclical sectors.
 
Page 17

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)


2.2
Going concern (continued)

Margins are forecast to modestly increase year-on-year during the forecast period, which reflects the business impact of increased governance over tendering and the Group’s increased focus on Infrastructure over both divisions. 
The Group has prepared a cash flow forecast for the period from 31 October 2024, until 31 October 2027 and the directors consider that Group has sufficient cash reserves and finance facilities to meet its financial obligations as they fall due. As a fully self-funded business there are no external financial covenants to comply with.
As outlined in the financial statements of Keltbray Group Limited, the Group has been the subject of a civil penalty issued by the CMA in respect of an investigation into historical allegations of cover pricing in the demolition industry. The directors have made a provision for £18 million in respect of the regulatory penalty plus associated legal fees. 
The directors have assessed the impact of this matter in making their going concern assessment and  they have incorporated the  timing of the three year deferred payment arrangement, as agreed with the CMA and set out in an Order of the Court, into the cash flow forecast. 
After making enquiries, and considering the factors and sensitivities outlined above for a range of scenarios and considering the diversified customer base and extensive body of awarded work, the directors are confident that the Group has adequate resources to continue its operational existence for the foreseeable future. Therefore, they continue to adopt a going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue recognition

Turnover represents invoiced sales net of value added tax in respect of hire of plant and haulage services.

 
2.4

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.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.7

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.

  
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Company operates 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.

 
2.10

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 19

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.11

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.

The estimated useful lives range as follows:

Land and buildings
-
50 years
Plant and machinery
-
3 to 7 years
Motor vehicles
-
4 years
Fixtures and fittings
-
7 years

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.

  
2.12

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 profit or loss.

Page 20

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

  
2.19

Share capital

The ordinary share capital of the Company is presented as equity.

Page 21

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 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.
Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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 Profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for 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 an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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.
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 profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 22

 
Keltbray Plant Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. Based on managements' assessment as at 31 October 2024, there were no changes in the estimated useful lives of tangible assets.


4.


Turnover

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


2024
2023
£
£

Sale of goods and services
68,449,949
90,247,726

68,449,949
90,247,726


The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

Page 23

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

5.


Other operating income

2024
2023
£
£

Profit on disposal of fixed assets
-
4,700

Release of deferred profit on sale & leaseback of fixed assets
-
2,457,824

Other operating income
2,792,354
129,060

2,792,354
2,591,584



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
9,235,818
9,129,229

Other operating lease rentals
396,672
266,409

The audit fee is borne by ultimate parent Company Keltbray Group Limited.


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,733,493
5,697,053

Social security costs
4,767,488
4,060,305

Cost of defined contribution scheme
115,151
172,135

6,616,132
9,929,493


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


        2024
        2023
            No.
            No.







Administrative
35
65



Direct Labour
72
98

107
163

Page 24

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

8.


Directors' remuneration

The directors of the company received total remuneration from Keltbray Group Limited as follows: 


2024
2023
£
£

Directors' emoluments
4,104,968
3,634,511

Company contributions to defined contribution pension schemes
18,713
18,095

4,123,681
3,652,606


The total remuneration of the highest paid director was £2,476,766 (2023: £1,563,826).


9.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
578,613
-

578,613
-


10.


Interest payable and similar expenses

2024
2023
£
£


Interest on obligations under finance leases and hire purchase contracts
1,009,336
196,061

Interest due to group undertakings
500,932
801,048

1,510,268
997,109

Page 25

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
486,397
-


486,397
-


Total current tax
486,397
-

Deferred tax


Origination and reversal of timing differences
(188,104)
211,420

Adjustments in respect of prior periods
92,232
-

Total deferred tax
(95,872)
211,420


Tax on profit
390,525
211,420

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
487,000
1,821,266


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
121,750
410,109

Effects of:


Expenses not deductible for tax purposes
46
30,739

Effect of revenue exempt from tax
-
(158,895)

Chargeable gains/(losses)
69,279
42,946

Fixed asset differences
366,454
316,172

Other tax adjustments, reliefs and transfers
(498,328)
(42,958)

Other
-
26,925

Adjustment to tax charge in respect of previous periods
486,397
-

Adjustment to tax charge in respect of previous periods - deferred tax
92,232
-

Group relief surrendered
(247,305)
(434,614)

Remeasurement of deferred tax for changes in tax rates
-
20,996

Total tax charge for the year
390,525
211,420

Page 26

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
900,000
-

900,000
-


13.


Tangible assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
11,542
70,412,234
3,495,549
116,351
74,035,676


Additions
540,421
9,075,199
1,162,595
-
10,778,215


Transfers intra group
-
(16,889,766)
-
(25,815)
(16,915,581)


Disposals
-
(12,093,205)
(920,829)
-
(13,014,034)



At 31 October 2024

551,963
50,504,462
3,737,315
90,536
54,884,276



Depreciation


At 1 November 2023
11,542
44,740,380
1,993,209
116,351
46,861,482


Charge for the year
-
8,408,829
826,989
-
9,235,818


Transfers intra group
-
(11,835,934)
-
(25,815)
(11,861,749)


Disposals
-
(11,457,232)
(654,445)
-
(12,111,677)



At 31 October 2024

11,542
29,856,043
2,165,753
90,536
32,123,874



Net book value



At 31 October 2024
540,421
20,648,419
1,571,562
-
22,760,402



At 31 October 2023
-
25,671,854
1,502,340
-
27,174,194

Page 27

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

           13.Tangible assets (continued)

Finance leases

Included within the carrying value of plant and machinery is £20.1m relating to assets held under finance lease or hire purchase agreements.


14.


Investments





Shares in group undertakings

£



Cost


At 1 November 2023
1,000



At 31 October 2024
1,000






15.


Stocks

2024
2023
£
£

Work in progress
965,334
1,472,512

965,334
1,472,512



16.


Debtors

2024
2023
£
£


Trade debtors
131,139
1,290,266

Amounts owed by group undertakings
12,649,287
21,554,003

Other debtors
2,223,739
3,836,334

Prepayments and accrued income
1,395,685
951,017

Deferred taxation
750,619
654,747

17,150,469
28,286,367


Page 28

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

16.Debtors (continued)

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Trade debtors are stated after a provision of £Nil (2023:£140,790).
Included in Other debtors is a balance owed by a director of the Company of £Nil (2023: £354,000).


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,244,588
9,268,828

9,244,588
9,268,828



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,053,207
11,521,354

Amounts owed to group undertakings
19,074,937
23,883,454

Corporation tax
71,179
89,404

Accruals and deferred income
7,857,503
10,008,585

Obligations under finance lease and hire purchase contracts
5,828,888
6,917,105

37,885,714
52,419,902


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


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
10,860,178
11,603,574

10,860,178
11,603,574


Deferred income:
Deferred income relates to the excess of proceeds over the carrying value of certain items of plant and machinery which were subject to a sale and leaseback transaction during the prior year. In accordance with the provisions in Section 20 of FRS 102, this excess has been deferred and is being amortised over the term of the lease. 

Page 29

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Not later than 1 year
5,828,888
6,917,106

Later than 1 year and not later than 5 years
10,860,178
11,603,574

16,689,066
18,520,680


21.


Deferred tax asset

The deferred tax included in the statement of financial position is as follows:





2024
2023


£

£






At beginning of year
654,747
866,167


Charged to profit or loss
95,872
(211,420)



At end of year
750,619
654,747

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
750,619
654,747

750,619
654,747


22.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000


Page 30

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

23.


Reserves

Share premium account

Includes any premium received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period retained profits and losses.


24.


Pension commitments

The Company operates a defined contributions 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 £115,151 (2023: £172,135 ). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date.


25.


Contingencies

In the prior year, group bank borrowings were held with Santander UK Plc. There was a cross-company guarantee in place between Keltbray Group (Holdings) Limited, Keltbray Holdings Limited, Keltbray Plant Limited, Keltbray Rail Limited, Keltbray Environmental Ltd, Keltbray Environmental Materials Management Limited, Keltbray Structures Limited, Keltbray Consulting & Engineering Limited, Wentworth House Rail Systems Limited, Keltbray Energy Limited, Keltbray Built Environment Limited, Keltbray Management Services Limited and Keltbray Highways Limited. In addition, the bank held a debenture over all of the assets and undertakings of each of the aforementioned companies. In the current year, all bank borrowings were repaid as part of the wider restructure.


26.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
595,008
250,000

Later than 1 year and not later than 5 years
2,380,032
1,000,000

Later than 5 years
3,173,376
2,989,167

6,148,416
4,239,167

Page 31

 
Keltbray Plant Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

27.


Related party transactions

At the year end the Company had the following balances with related parties:


2024
2023
£
£

Amounts owed by related parties
294,179
-

During the year the Company made sales to related parties of £204,014 (2023: £204,014) and purchases from related parties of £5,326 (2023: £Nil).
The related parties involved in the aforementioned transactions are related by virtue of ultimate common shareholders and directors, including fellow group undertakings which are not 100% owned subsidiaries of Keltbray Group Limited. 
No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.


28.


Controlling party

At 31 October 2024, the Company was a wholly owned subsidiary of intermediate parent Company Keltbray Holdings Limited. The ultimate parent Company is Project Osprey Holdings Limited, a Company incorporated in England and Wales. 
The largest and smallest group in which the group is consolidated is Keltbray Group Limited, a company incorporated in England and Wales. The address is St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA.
The Company's ultimate controlling party is B Kerr who is the majority shareholder of the ultimate parent Company Project Osprey Holdings Limited. The registered office is St. Andrews House, Portsmouth Road, Esher, Surrey, England, KT10 9 TA.
These financial statements are available to the public from Companies House.


29.


Events after the reporting period

In June 2025, the Group entered into a re-financing arrangement with Metro Bank under which an overdraft facility of £10m and a revolving credit facility of £20m were made available to the Group. There are no current plans to draw down the RCF but this provides the Group with significant liquidity headroom to support future growth.
There have been no further events affecting the Company since the year end.

Page 32