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REGISTERED NUMBER: 02144098 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

MERVYN LAMBERT PLANT LTD

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


MERVYN LAMBERT PLANT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: M Lambert
P J West
M R Thompson





REGISTERED OFFICE: 89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA





BUSINESS ADDRESS: Millpond Farm
Garboldisham
Diss
Norfolk
IP22 2SP





REGISTERED NUMBER: 02144098 (England and Wales)





AUDITORS: Walter Wright
Chartered Accountants
Registered Auditor
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024


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

REVIEW OF BUSINESS
The nature of the company's operations and principal activities are the hire and sale of plant and equipment.

The directors are satisfied with the results for 2024 which are broadly in line with expectations.

PRINCIPAL RISKS AND UNCERTAINTIES
As with many businesses our income can fluctuate as a result of factors outside of our control. To minimise this risk we have a broad spread of customers. We recognise the importance of our staff and are committed to their training and development. The business also faces the normal risks and uncertainties that apply to similar businesses. The directors regularly review the major risks which impact the business. Existing controls are analysed and further actions required identified.

ANALYSIS OF DEVELOPMENT AND PERFORMANCE
Please refer to the attached financial statements for more detail.

Key performance indicators


2024 2023

Gross profit percentage 26.58% 29.32%
Net profit percentage 11.36% 18.50%
Current ratio 120% 164%
Average trade debtor days 62 days 55 days

ON BEHALF OF THE BOARD:





M R Thompson - Director


24 July 2025

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024


The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the hire and sale of plant and equipment.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £650,000.

RESEARCH AND DEVELOPMENT
By the nature of its trade the company is not actively involved in research and development. The directors do however closely monitor developments in technology and business practice, with a view to implementing efficiencies and greater levels of customer service. Emphasis is placed on capital expenditure and the use of modern equipment at all levels.

FUTURE DEVELOPMENTS
The directors consider the end of year financial position satisfactory, with the company well placed to develop and expand its activities in the foreseeable future.

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

M Lambert
P J West
M R Thompson

Other changes in directors holding office are as follows:

J M Lambert - resigned 28 March 2024

FINANCIAL INSTRUMENTS
The company finances its operations through profits and the use of local currency operational bank accounts and hire purchase liabilities. The directors' objectives are to retain sufficient liquid funds in its operational locations to enable the company to meet its day to day obligations as they fall due, and to maximise returns on funds.

In order to manage credit risk, the company sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection histories. Debts are actively chased by the credit control department.


MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Walter Wright, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M R Thompson - Director


24 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MERVYN LAMBERT PLANT LTD


Opinion
We have audited the financial statements of Mervyn Lambert Plant Ltd (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MERVYN LAMBERT PLANT LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our procedures in relation to fraud included but were not limited to:

- enquiries of management whether they have knowledge of any actual, suspected or alleged fraud;
- gaining an understanding of the internal controls established to mitigate risk related to fraud;
- discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates; and
- addressing the risk of fraud through management override of controls by performing journal entry testing.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MERVYN LAMBERT PLANT LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kevin Brown ACA MAAT (Senior Statutory Auditor)
for and on behalf of Walter Wright
Chartered Accountants
Registered Auditor
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA

24 July 2025

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 3 20,230,178 22,158,731

Cost of sales 14,853,270 15,661,881
GROSS PROFIT 5,376,908 6,496,850

Administrative expenses 2,589,591 2,035,519
2,787,317 4,461,331

Other operating income 10,338 7,600
OPERATING PROFIT 5 2,797,655 4,468,931

Interest receivable and similar income 138,928 116,763
2,936,583 4,585,694

Interest payable and similar expenses 6 637,556 485,717
PROFIT BEFORE TAXATION 2,299,027 4,099,977

Tax on profit 7 601,452 977,566
PROFIT FOR THE FINANCIAL YEAR 1,697,575 3,122,411

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,697,575 3,122,411


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,697,575

3,122,411

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 106,671 120,005
Tangible assets 10 28,029,778 23,181,744
Investments 11 306,071 206,070
Investment property 12 924,571 418,546
29,367,091 23,926,365

CURRENT ASSETS
Stocks 13 1,600,446 1,294,340
Debtors 14 6,147,492 5,689,673
Cash at bank and in hand 3,231,739 5,774,132
10,979,677 12,758,145
CREDITORS
Amounts falling due within one year 15 9,173,525 7,757,979
NET CURRENT ASSETS 1,806,152 5,000,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,173,243

28,926,531

CREDITORS
Amounts falling due after more than one
year

16

(8,536,079

)

(7,588,388

)

PROVISIONS FOR LIABILITIES 19 (2,380,589 ) (2,129,143 )
NET ASSETS 20,256,575 19,209,000

CAPITAL AND RESERVES
Called up share capital 20 51 51
Retained earnings 21 20,256,524 19,208,949
SHAREHOLDERS' FUNDS 20,256,575 19,209,000

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





M Lambert - Director


MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 51 16,736,538 16,736,589

Changes in equity
Dividends - (650,000 ) (650,000 )
Total comprehensive income - 3,122,411 3,122,411
Balance at 31 October 2023 51 19,208,949 19,209,000

Changes in equity
Dividends - (650,000 ) (650,000 )
Total comprehensive income - 1,697,575 1,697,575
Balance at 31 October 2024 51 20,256,524 20,256,575

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,796,124 7,515,277
Interest paid - (17,574 )
Interest element of hire purchase
payments paid

(637,556

)

(468,143

)
Tax paid (444,597 ) (789,771 )
Net cash from operating activities 3,713,971 6,239,789

Cash flows from investing activities
Purchase of intangible fixed assets - (133,339 )
Purchase of tangible fixed assets (1,546,690 ) (683,528 )
Purchase of fixed asset investments (100,001 ) (206,070 )
Purchase of investment property (26,025 ) -
Sale of tangible fixed assets 4,693,818 4,186,293
Interest received 138,928 116,763
Net cash from investing activities 3,160,030 3,280,119

Cash flows from financing activities
Capital repayments in year (7,095,274 ) (6,403,439 )
Amount introduced by directors 1,638,000 1,664,000
Amount withdrawn by directors (3,388,018 ) (709,140 )
Movement in associated company balance 78,898 (178,898 )
Equity dividends paid (650,000 ) (650,000 )
Net cash from financing activities (9,416,394 ) (6,277,477 )

(Decrease)/increase in cash and cash equivalents (2,542,393 ) 3,242,431
Cash and cash equivalents at
beginning of year

2

5,774,132

2,531,701

Cash and cash equivalents at end of
year

2

3,231,739

5,774,132

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,299,027 4,099,977
Depreciation charges 5,955,610 5,735,179
Profit on disposal of fixed assets (2,452,051 ) (2,656,475 )
Finance costs 637,556 485,717
Finance income (138,928 ) (116,763 )
6,301,214 7,547,635
(Increase)/decrease in stocks (306,106 ) 57,861
(Increase)/decrease in trade and other debtors (1,787,976 ) 1,749,156
Increase/(decrease) in trade and other creditors 588,992 (1,839,375 )
Cash generated from operations 4,796,124 7,515,277

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 3,231,739 5,774,132
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 5,774,132 2,531,701


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.11.23 Cash flow changes At 31.10.24
£    £    £    £   
Net cash
Cash at bank
and in hand 5,774,132 (2,542,393 ) 3,231,739
5,774,132 (2,542,393 ) 3,231,739
Debt
Finance leases (12,733,609 ) 7,095,274 (8,345,387 ) (13,983,722 )
(12,733,609 ) 7,095,274 (8,345,387 ) (13,983,722 )
Total (6,959,477 ) 4,552,881 (8,345,387 ) (10,751,983 )

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024


4. MAJOR NON-CASH TRANSACTIONS

The non cash transactions relating to finance leases represent the capital value of the new hire purchase agreements during the year.

During the year, the company acquired freehold property amounting to £3,620,000 from a Director, which has been offset against against amounts previously owed to the company.

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be appropriate and reasonable in the circumstances.

a) Critical judgements in applying the entity's accounting policies
There is no area within the company's accounts where management has been required to apply a critical judgement.

b) Key accounting estimates and assumptions

(i) Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in 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.

(ii) Impairment of debtors
An allowance for the impairment of trade debtors is considered. This requires management's best estimate of impairment to specific debts on the basis of objective evidence that is available.

Turnover
Turnover represents the sales of goods and services.

Turnover is measured at the fair value of consideration received or receivable, net of returns, trade discounts and volume rebates.

Hire turnover is recognised in the income statement on a straight-line basis over the period of the hire.

Turnover arising from plant sales is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer.

Turnover arising from services is recognised in the income statement when the service is performed.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Licences are being amortised evenly over their estimated useful life of ten years.

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and vehicles - 25% on cost and 15% on cost
Office equipment - 25% on cost

The directors consider that its freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Investments in associates
Investments in associate undertakings are measured at cost less impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

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

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

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

2024 2023
£    £   
Hire of plant etc 16,362,926 15,723,192
Machine sales etc 3,867,252 6,435,539
20,230,178 22,158,731

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 20,230,178 22,158,731
20,230,178 22,158,731

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,618,643 4,040,322
Social security costs 502,653 425,893
Other pension costs 152,440 85,309
5,273,736 4,551,524

The average number of employees during the year was as follows:
2024 2023

Direct 85 80
Administration 24 22
Management 3 4
112 106

2024 2023
£    £   
Directors' remuneration 375,302 406,502
Directors' pension contributions to money purchase schemes 41,692 3,701

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 134,700 129,272

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and vehicles 58,968 54,508
Depreciation - owned assets 1,081,349 990,528
Depreciation - assets on hire purchase contracts 4,860,927 4,731,317
Profit on disposal of fixed assets (2,452,051 ) (2,656,475 )
Licences amortisation 13,334 13,334
Auditors' remuneration 12,925 11,750
Auditors' remuneration for non audit work 1,050 1,086

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest paid - 17,574
Hire purchase 637,556 468,143
637,556 485,717

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 350,006 554,597
Corporation tax re prior year - 523
Total current tax 350,006 555,120

Deferred tax 251,446 422,446
Tax on profit 601,452 977,566

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 2,299,027 4,099,977
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

574,757

1,024,994

Effects of:
Expenses not deductible for tax purposes 27,196 25,816
Adjustments to tax charge in respect of previous periods - 523
Marginal rates / changes in corporation tax rates - (61,138 )
Indexation on chargeable gains (501 ) (309 )
Other timing differences - (12,320 )
Total tax charge 601,452 977,566

8. DIVIDENDS
2024 2023
£    £   
Interim 650,000 650,000

9. INTANGIBLE FIXED ASSETS
Licences
£   
COST
At 1 November 2023
and 31 October 2024 133,339
AMORTISATION
At 1 November 2023 13,334
Amortisation for year 13,334
At 31 October 2024 26,668
NET BOOK VALUE
At 31 October 2024 106,671
At 31 October 2023 120,005

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. TANGIBLE FIXED ASSETS
Freehold Short Plant and Office
property leasehold vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 1,429,181 1,383,725 45,588,815 1,238,886 49,640,607
Additions 3,319,642 - 9,642,356 70,079 13,032,077
Disposals - - (7,996,084 ) - (7,996,084 )
Reclassification/transfer 1,383,725 (1,383,725 ) - - -
At 31 October 2024 6,132,548 - 47,235,087 1,308,965 54,676,600
DEPRECIATION
At 1 November 2023 - 972,003 24,375,902 1,110,958 26,458,863
Charge for year - 73,307 5,803,509 65,460 5,942,276
Eliminated on disposal - - (5,754,317 ) - (5,754,317 )
Reclassification/transfer 1,045,310 (1,045,310 ) - - -
At 31 October 2024 1,045,310 - 24,425,094 1,176,418 26,646,822
NET BOOK VALUE
At 31 October 2024 5,087,238 - 22,809,993 132,547 28,029,778
At 31 October 2023 1,429,181 411,722 21,212,913 127,928 23,181,744

Short leasehold property and related depreciation costs were reclassified during the period following the acquisition by the company of the freehold site on which the properties were situated.

The net book value of assets held under finance leases or hire purchase contracts, included above are as follows:


20242023
££
Plant and vehicles19,268,50417,876,789
19,268,50417,876,789

11. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 November 2023 206,070
Additions 100,001
At 31 October 2024 306,071
NET BOOK VALUE
At 31 October 2024 306,071
At 31 October 2023 206,070

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


11. FIXED ASSET INVESTMENTS - continued

Included within fixed asset investments is a 40% holding in the ordinary share capital of Intelligent Traffic Systems Ltd, a company incorporated in England and Wales.The company registered office is situated at Rookery Farm Grays Lane, Pulham Market, Diss, England, IP21 4XQ. As at 31 March 2023, the aggregate capital and reserves of the company amounted to £1,329,162 and the profit for the year amounted to £359,046.

During the period the company acquired a 20% holding in the ordinary share capital of TMO Traffic Highways Ltd, a company incorporated in England and Wales.The company registered office is situated at Building 1 Roy Humphrey Site, A140 Ipswich Road, Brome, Eye, Suffolk, England, IP23 8AW. As at 30 June 2024, the aggregate capital and reserves of the company amounted to £622,890 and the profit for the year amounted to £109,544.

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023 418,546
Additions 506,025
At 31 October 2024 924,571
NET BOOK VALUE
At 31 October 2024 924,571
At 31 October 2023 418,546

The investment property was valued by the directors on 31 October 2024.

13. STOCKS
2024 2023
£    £   
Stocks 942,423 862,037
Finished goods 658,023 432,303
1,600,446 1,294,340

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,433,642 3,000,491
Amounts owed by associates 100,000 178,898
Other debtors 832,274 1,128,425
Director's current account - 1,251,259
VAT 352,613 -
Prepayments and accrued income 428,963 130,600
6,147,492 5,689,673

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 5,447,643 5,145,221
Trade creditors 2,103,289 1,160,987
Corporation tax 25,006 119,597
Social security and other taxes 132,939 124,818
VAT - 419,677
Other creditors 251,433 22,518
Wages and salaries control 114,469 50,289
Director's current account 618,723 -
Accrued expenses 480,023 714,872
9,173,525 7,757,979

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 8,536,079 7,588,388

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,447,643 5,145,221
Between one and five years 8,536,079 7,588,388
13,983,722 12,733,609

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,796 129,390
Between one and five years - 245,796
5,796 375,186

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 13,983,722 12,733,609

Bank borrowings are secured by a debenture over the company's trade debtors dated 25 April 1990, and by personal guarantees provided by Mr M Lambert.

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,384,339 2,129,143
Other timing differences (3,750 ) -
2,380,589 2,129,143

Deferred
tax
£   
Balance at 1 November 2023 2,129,143
Charge to Income Statement during year 251,446
Balance at 31 October 2024 2,380,589

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
51 Ordinary £1 51 51

The shares are non-redeemable, entitle the holders to one vote per share at any general meeting of the company, entitle the holders to participate in all approved distributions and to participate in any capital distribution on winding up.

21. RESERVES
Retained
earnings
£   

At 1 November 2023 19,208,949
Profit for the year 1,697,575
Dividends (650,000 )
At 31 October 2024 20,256,524

22. CONTINGENT LIABILITIES

The company has guaranteed certain borrowings of Intelligent Traffic Systems Limited, an entity in which the company has a participating interest. As at 31 October 2024, the guaranteed borrowings amounted to £3,673,831 (31 October 2023 £3,218,326).

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 1,300,000 1,500,000

MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
M Lambert
Balance outstanding at start of year 1,251,259 2,206,119
Amounts advanced 3,388,018 709,140
Amounts repaid (4,639,277 ) (1,664,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,251,259

Advances to directors are repayable to the company on demand and are interest free.

25. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 41,957 -
Purchase of fixed assets 3,620,000 -
Rent paid 120,000 120,000
Dividend paid 650,000 650,000
Amount due from related party - 1,251,259
Amount due to related party 618,723 -

Other related parties
2024 2023
£    £   
Sales 1,694,537 1,705,114
Amount due from related party 692,765 426,572

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Lambert.

27. PENSIONS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £152,440 (2023 - £85,309 ).