| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| MERVYN LAMBERT PLANT LTD |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Registered Auditor |
| 89 High Street |
| Hadleigh |
| Ipswich |
| Suffolk |
| IP7 5EA |
| MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 2,787,317 | 4,461,331 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 2,936,583 | 4,585,694 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| MERVYN LAMBERT PLANT LTD (REGISTERED NUMBER: 02144098) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| 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 |
| Interest paid | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Purchase of fixed asset investments | (100,001 | ) | (206,070 | ) |
| Purchase of investment property | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 1,638,000 | 1,664,000 |
| Amount withdrawn by directors | (3,388,018 | ) | (709,140 | ) |
| Movement in associated company balance | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 637,556 | 485,717 |
| Finance income | (138,928 | ) | (116,763 | ) |
| 6,301,214 | 7,547,635 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 | ( |
) | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| 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 |
| Short leasehold | - |
| Plant and vehicles | - |
| Office equipment | - |
| 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 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Direct | 85 | 80 |
| Administration | 24 | 22 |
| Management | 3 | 4 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 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 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and vehicles |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Licences amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Other interest paid |
| Hire purchase |
| 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 |
| Corporation tax re prior year |
| Total current tax |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Adjustments to tax charge in respect of previous periods |
| Marginal rates / changes in corporation tax rates | ( |
) |
| Indexation on chargeable gains | ( |
) | ( |
) |
| Other timing differences | ( |
) |
| Total tax charge | 601,452 | 977,566 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| 9. | INTANGIBLE FIXED ASSETS |
| Licences |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Amortisation for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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: |
| 2024 | 2023 |
| £ | £ |
| Plant and vehicles | 19,268,504 | 17,876,789 |
| 19,268,504 | 17,876,789 |
| 11. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| Additions |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The investment property was valued by the directors on 31 October 2024. |
| 13. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| Finished goods |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Director's current account | - | 1,251,259 |
| VAT |
| Prepayments and accrued income |
| 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) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | - | 419,677 |
| Other creditors |
| Wages and salaries control | 114,469 | 50,289 |
| Director's current account | 618,723 | - |
| Accrued expenses |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 17) |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 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 |
| Other timing differences | (3,750 | ) | - |
| 2,380,589 | 2,129,143 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Charge to Income Statement during year |
| Balance at 31 October 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 October 2024 |
| 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 |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Advances to directors are repayable to the company on demand and are interest free. |
| 25. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Sales |
| Purchase of fixed assets |
| Rent paid | 120,000 | 120,000 |
| Dividend paid | 650,000 | 650,000 |
| Amount due from related party |
| Amount due to related party |
| 2024 | 2023 |
| £ | £ |
| Sales |
| Amount due from related party |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| 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 ). |