HURT PLANT HIRE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Company Registration No. 01853066 (England and Wales)
HURT PLANT HIRE LTD
COMPANY INFORMATION
Directors
Mr P R Fox
Mr J J Flood
Ms C E Barnes
Mr M P Gale
Ms K L Kirk
Mr L J Hardy
Mr I T Coulton
Company number
01853066
Registered office
11 Neptune Court
Hallam Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5LZ
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
HURT PLANT HIRE LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
HURT PLANT HIRE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present the strategic report for the year ended 31 August 2024.
Review of the business
The principal activities of the company are to provide haulage services, plant and machinery hire, contract works and associated activities. The company is the leading operator in its market throughout the North West of England and North Wales. The company has developed a reputation for providing a consistently efficient and reliable service to organisations of any scale. Over 40 years of extensive knowledge and practical experience has been gained within the construction industry.
The company has an average plant fleet of over 320 machines of various types and sizes, and over 100 vehicles in wagon fleet with an average age of under 3 years. The combination of this with the ability to offer low-loader deliveries and maintenance facilities, the commitment to health and safety, regulatory compliance and a pool of highly experienced and fully qualified drivers and machine operators, allows the company to offer an outstanding service to customers utilising the latest industry technology.
Revenue to August 2024 was £53.4m compared with August 2023 at £54.7m. Whilst revenue was reduced, Gross Margin improved with the current year being 23.6% compared to the prior year at 15.5%.
During this year reorganisation and refinancing have occurred as part of preparation for the sale of a majority share to Stellex Capital Management. Significant exceptional expenses have been incurred and written off accordingly as part of deal.
Principal risks and uncertainties
The key risks to the company are considered macroeconomic conditions, general competition and compliance with relevant rules and regulations. The company places significant resources to mitigate these risks as a responsible contractor and employer.
The availability of quarries and landfill sites in the region is also a key risk, which is under constant review by the management team to source new opportunities.
The North West plant hire and earthworks market is highly competitive, so recruitment, training and retention of skilled and experienced employees are key to the company’s success.
The company’s operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk, fuel costs and interest rate risk. The company operates a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs and as such no hedge accounting is applied. As the company trades solely in the UK there is little exposure to foreign exchange risk.
All new customers are reviewed for credit worthiness by the company’s finance team and together with knowledge gained by the directors, all customer debtor balances are actively monitored and managed in order to keep credit risk to as low a level as possible. The company has taken steps to protect from the impact of credit risk by way of a credit insurance policy.
Development and performance
The company continues to invest in its fleet of plant, equipment and vehicles, which, together with retention of skilled employees, allows the company to provide a high quality, value for money and reliable service which the board considers to be a key to its business model.
The company has invested substantially in improving methods of recycling materials for resale where possible which both assists the environment by avoiding unnecessary landfill, assists contract profitability and reduces costs for its customers.
The company has started to undertake steps to deliver material in bulk quantities using both rail and marine to reduce the number of lorries required to deliver the larger quantities in a single movement, allowing for a more carbon efficient way to service our customers.
HURT PLANT HIRE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators
The company’s key performance indicators include health and safety management, the underlying profitability of the business, utilisation of wagons and plant and cash management.
The company continues to focus on improving health and safety and investment in systems to support reporting and training of employees.
Utilisation of plant has averaged at a rate of 73% (2023: 80%). Fleet utilisation has remained consistent at circa 95% throughout the year.
Cash management is monitored daily and continues to support company growth plans and continued reinvestment into both plant and wagon fleets to maintain its reputation for reliability and high quality service. These investments are funded between cash surplus and asset finance as the company seeks to spread funding risk over a number of sources to keep it to an acceptable level whilst remaining agile and able to adapt to market requirements. At the balance sheet date, the company had positive cash balances of £42k (2023: £442k).
The Board's statement on S172
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.
Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the Board’s decision-making process, the Board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.
Stakeholder engagement
Customers
The nature of the business is that there is no high dependency on any one customer and customer profile is not dominated. Bad debt is a risk in the industry along with stretching of payment terms from our customers, however we actively manage these risks using credit insurance to protect the debt and a constant relationship with our customers, many of which are continued repeat business year on year.
Employees
We are a substantial employer within our area and pride ourselves on offering a competitive package to our employees. We further offer training and opportunities for career development within in our business.
Community
As a group we believe it’s important we support the local community where we can, not in just providing local employment but in sponsorship of local junior football teams or supporting the delivery of food around our areas for local foodbanks, education in schools for road safety. We are always looking for ways to get involved.
Our operational sites offer community support and forums to allow local voices to be heard so we can actively work together to reduce our impact and ensure safety is paramount.
HURT PLANT HIRE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Mr P R Fox
Director
25 July 2025
HURT PLANT HIRE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activities of the company continued to be that of haulage services, plant and machinery hire and associated activities.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £29,881,907. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P R Fox
Mr A C Fox
(Resigned 1 December 2023)
Mr J J Flood
Mr S Sweet
(Resigned 1 December 2023)
Ms C E Barnes
Mr M P Gale
Ms K L Kirk
Mr G B Leeming
(Resigned 7 October 2024)
Mr L J Hardy
Mr I T Coulton
Mr M Hierons
(Appointed 1 December 2023 and resigned 26 September 2024)
Mr I D Robinson
(Appointed 14 February 2024 and resigned 27 September 2024)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins, staff meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Business relationships
The directors recognise the need to foster the company's business relationships, with suppliers, customers and others. The directors focus on open communication in order to create positive business relationships to ensure it can meet its future strategic plans.
Auditor
The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
HURT PLANT HIRE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Energy and carbon report
The UK energy use and carbon emission information required to be reported under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 has been included in the consolidated financial statements of PRF Group Ltd (formerly Fox Brothers Group Ltd), to which this company is included.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr P R Fox
Director
25 July 2025
HURT PLANT HIRE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
The directors are responsible for preparing the annual 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
HURT PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HURT PLANT HIRE LTD
- 7 -
Opinion
We have audited the financial statements of Hurt Plant Hire Ltd (the 'company') for the year ended 31 August 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 August 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HURT PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HURT PLANT HIRE LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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.
As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, compliance with regulations set out within the vehicle operator licence and waste carrier licence, and compliance with health and safety laws.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries in the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to doubtful debt provisions and depreciation methods.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Documenting and verifying all significant related party balances and transactions.
HURT PLANT HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HURT PLANT HIRE LTD (CONTINUED)
- 9 -
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
31 July 2025
HURT PLANT HIRE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
53,391,232
54,685,952
Cost of sales
(40,775,693)
(46,167,347)
Gross profit
12,615,539
8,518,605
Administrative expenses
(6,439,417)
(5,081,426)
Other operating income
54,226
168,097
Operating profit
4
6,230,348
3,605,276
Interest receivable and similar income
8
18,438
9,924
Interest payable and similar expenses
10
(3,302,311)
(2,078,571)
Exceptional finance costs
9
(2,479,371)
Profit before taxation
467,104
1,536,629
Tax on profit
11
12,064
(364,045)
Profit for the financial year
479,168
1,172,584
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HURT PLANT HIRE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
2024
2023
£
£
Profit for the year
479,168
1,172,584
Other comprehensive income
-
-
Total comprehensive income for the year
479,168
1,172,584
HURT PLANT HIRE LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
28,118,532
28,662,382
Current assets
Stocks
14
212,325
266,563
Debtors
15
24,738,412
42,426,933
Cash at bank and in hand
42,001
442,260
24,992,738
43,135,756
Creditors: amounts falling due within one year
16
(15,059,063)
(23,534,626)
Net current assets
9,933,675
19,601,130
Total assets less current liabilities
38,052,207
48,263,512
Creditors: amounts falling due after more than one year
17
(32,970,198)
(14,328,853)
Provisions for liabilities
Deferred tax liability
20
4,034,218
3,484,129
(4,034,218)
(3,484,129)
Net assets
1,047,791
30,450,530
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss reserves
1,037,791
30,440,530
Total equity
1,047,791
30,450,530
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mr P R Fox
Director
Company registration number 01853066 (England and Wales)
HURT PLANT HIRE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
10,000
29,746,080
29,756,080
Year ended 31 August 2023:
Profit and total comprehensive income
-
1,172,584
1,172,584
Dividends
12
-
(478,134)
(478,134)
Balance at 31 August 2023
10,000
30,440,530
30,450,530
Year ended 31 August 2024:
Profit and total comprehensive income
-
479,168
479,168
Dividends
12
-
(29,881,907)
(29,881,907)
Balance at 31 August 2024
10,000
1,037,791
1,047,791
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
1
Accounting policies
Company information
Hurt Plant Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 11 Neptune Court, Hallam Way, Whitehills Business Park, Blackpool, Lancashire, FY4 5LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of PRF Group Ltd (formerly Fox Brothers Group Ltd). These consolidated financial statements are available from its registered office, 11 Neptune Court, Hallam Way, Whitehills Business Park, Blackpool, Lancashire, FY4 5LZ.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
For plant and vehicle hire, revenue is recognised in line with service delivery, the period of hire, or based upon the progress of the relevant contract as appropriate.
Contracting revenue is covered by the construction contracts policy.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over 10 years
Plant and equipment
Straight line over 5-7 years
Fixtures and fittings
Straight line over 3 years/25% reducing balance
Motor vehicles
Straight line over 8 years/25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount of revenue and related costs to recognise in a given period. The stage of completion is measured by the completion of a physical proportion of the contract work and milestones achieved.
Revenue invoiced in advance of the revenue recognition criteria being met is included within deferred income.
Amounts recoverable on contracts not yet invoiced is included within debtors.
Costs incurred in the year in connection with future revenue on a contract are excluded from contract costs. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities
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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful lives of fixed assets
The useful economic life of tangible assets is estimated at the point of purchase and reviewed at each financial reporting date. This judgement is based on management's considerable knowledge of the industry in which the company operates and their understanding of the individual assets.
The estimates may be impacted by factors such as changes in industry practices, asset usage, market conditions, or technological advancements. The rates applied to the different asset categories are detailed on page 15. These estimates are reviewed periodically and may be revised based on new information or changes in circumstances. As of 31 August 2024, the net book value of tangible fixed assets is £28,118,532.
Impairment of trade debtors
At each balance sheet date, the directors and the finance team review outstanding debtor balances to estimate which, if any, should be impaired or provided for. The calculation involves judgement and is based on factors such as the financial position of the customers, historical payment patterns, and any ongoing discussions between the company and its customers.
At 31 August 2024, the outstanding trade debtors amounted to £7,765,636, a provision of £131,571 has been recognised against this balance. The estimation of the impairment provision involves uncertainty and may be revised in the future depending on changes in the financial position of customers.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Supply of plant and machinery, related services and aggregates
52,241,232
54,685,952
Management charges
1,150,000
-
53,391,232
54,685,952
2024
2023
£
£
Turnover analysed by geographical market
UK
53,391,232
54,685,952
2024
2023
£
£
Other significant revenue
Interest income
18,438
9,924
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
4,489,262
296,011
Depreciation of tangible fixed assets held under finance leases
692,908
3,538,103
Loss/(profit) on disposal of tangible fixed assets
79,930
(364,245)
Profit on disposal of other investments
-
(1,099)
Operating lease charges
1,297,852
940,757
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,000
22,000
For other services
Taxation compliance services
2,600
2,500
All other non-audit services
3,500
6,100
2,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Admin and management
31
33
Drivers, operators and contracting
257
298
Total
288
331
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
10,653,558
12,166,820
Social security costs
1,306,828
1,229,906
Pension costs
233,779
286,410
12,194,165
13,683,136
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
256,670
272,823
Company pension contributions to defined contribution schemes
4,161
4,954
260,831
277,777
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
106,033
113,100
Company pension contributions to defined contribution schemes
2,117
2,964
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
16,390
8,035
Other interest income
2,048
1,889
Total income
18,438
9,924
9
Exceptional item
During the year the company incurred finance costs of £2,479,371 associated with the refinancing of its debt. As this is a non-recurring item, it has been presented as an exceptional cost.
10
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
2,853,424
856,197
Interest on finance leases and hire purchase contracts
448,887
1,194,424
Other interest
27,950
3,302,311
2,078,571
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(562,153)
(649,640)
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
550,089
233,545
Changes in tax rates
780,140
Total deferred tax
550,089
1,013,685
Total tax (credit)/charge
(12,064)
364,045
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
467,104
1,536,629
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
116,776
384,157
Tax effect of expenses that are not deductible in determining taxable profit
17,775
48,520
Tax effect of utilisation of tax losses not previously recognised
(316,093)
Adjustments in respect of prior years
(649,640)
Effect of change in corporation tax rate
780,140
Permanent capital allowances in excess of depreciation
731,631
(199,132)
Research and development tax credit
(562,153)
Taxation (credit)/charge for the year
(12,064)
364,045
12
Dividends
2024
2023
£
£
Final paid
29,881,907
478,134
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
30,091,669
228,238
11,985,999
42,305,906
Additions
14,002
19,267,855
42,831
5,108,364
24,433,052
Disposals
(21,764,739)
(6,708)
(3,435,967)
(25,207,414)
At 31 August 2024
14,002
27,594,785
264,361
13,658,396
41,531,544
Depreciation and impairment
At 1 September 2023
9,660,364
100,715
3,882,445
13,643,524
Depreciation charged in the year
979
3,767,561
40,809
1,372,821
5,182,170
Eliminated in respect of disposals
(4,020,971)
(335)
(1,391,376)
(5,412,682)
At 31 August 2024
979
9,406,954
141,189
3,863,890
13,413,012
Carrying amount
At 31 August 2024
13,023
18,187,831
123,172
9,794,506
28,118,532
At 31 August 2023
20,431,305
127,523
8,103,554
28,662,382
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Plant and equipment
2,794,683
16,849,491
Motor vehicles
1,579,231
7,555,186
4,373,914
24,404,677
14
Stocks
2024
2023
£
£
Raw materials and consumables
212,325
266,563
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,634,065
11,356,609
Gross amounts owed by contract customers
1,001,059
203,315
Corporation tax recoverable
564,201
Amounts owed by group undertakings
6,161,953
29,585,588
Other debtors
8,332,506
10,001
Prepayments and accrued income
1,044,628
1,271,420
24,738,412
42,426,933
Trade debtors are stated net of a provision of £131,571 (2023: £191,742).
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
840,752
5,515,947
Other borrowings
18
219,445
Trade creditors
3,991,707
7,847,315
Amounts owed to group undertakings
10,400
52,859
Taxation and social security
1,414,795
1,895,611
Other creditors
7,839,722
7,360,506
Accruals and deferred income
961,687
642,943
15,059,063
23,534,626
The finance lease liabilities are secured upon the assets to which they relate.
The asset based finance included within other creditors is a rolling facility, secured against trade debtors and other unencumbered assets.
Total secured creditors due within one year amounted to £8,540,752 (2023: £13,095,898).
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
2,857,230
14,100,150
Other borrowings
18
228,703
Other creditors
30,112,968
32,970,198
14,328,853
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Creditors: amounts falling due after more than one year
(Continued)
- 26 -
The finance lease liabilities are secured upon the assets to which they relate.
The asset based finance included within other creditors is a rolling facility, secured against trade debtors and other unencumbered assets.
Total secured creditors due after one year amounted to £32,970,198 (2023: £14,328,853).
18
Loans and overdrafts
2024
2023
£
£
Other loans
448,148
Payable within one year
219,445
Payable after one year
228,703
The loans were secured by fixed and floating charges over the property and undertaking of the company.
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,120,893
6,672,006
In two to five years
3,701,472
16,257,778
4,822,365
22,929,784
Less: future finance charges
(1,124,383)
(3,313,687)
3,697,982
19,616,097
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance lease obligations are secured upon the assets to which they relate.
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,173,067
5,915,241
Tax losses
(2,138,849)
(2,431,112)
4,034,218
3,484,129
2024
Movements in the year:
£
Liability at 1 September 2023
3,484,129
Charge to profit or loss
550,089
Liability at 31 August 2024
4,034,218
The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
233,779
286,410
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
23
Financial commitments, guarantees and contingent liabilities
On 8 March 2023, the company entered into a fixed and floating charge over its property and undertaking of the company to secure the debt of a related company under common ownership. This charge remains in force as at the balance sheet date, 31 August 2024.
24
Operating lease commitments
As lessee
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
24
Operating lease commitments
(Continued)
- 28 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
586,749
196,447
Years 2-5
269,330
214,856
856,079
411,303
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
3,852,150
26
Events after the reporting date
On 19 September 2024, Stellex Capital Management LLC, a US-based private equity firm, acquired a majority shareholding in the group in which the company operates. This transaction occurred after the balance sheet date and is therefore classified as a non-adjusting event under FRS 102.
The directors have assessed the impact of this acquisition and do not consider it to have any immediate effect on the company’s financial position as at 31 August 2024.
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
242,165
2,089,383
770,568
1,880,475
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
12,246
5,562
Other related parties
32,185
1,795,544
HURT PLANT HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
27
Related party transactions
(Continued)
- 29 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,709,160
27,198,607
Other related parties
6,408,962
5,697,054
28
Ultimate controlling party
The parent company is CHPHH Ltd, registered office address: 11 Neptune Court, Hallam Way, Whitehills Business Park, Blackpool, Lancashire, FY4 5LZ.
For the duration of the financial year and to 18 September 2024, the ultimate controlling party was Mr P Fox, majority shareholder of the ultimate parent company, Fox Brothers Group Ltd (now PRF Group Ltd).
From 19 September 2024, the ultimate controlling party was the board of directors of Stellex Capital Management LLC.
2024-08-312023-09-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200Mr P R FoxMr A C FoxMr J J FloodMr S SweetMs C E BarnesMr M P GaleMs K L KirkMr G B LeemingMr L J HardyMr I T CoultonMr M HieronsMr I D Robinson018530662023-09-012024-08-3101853066bus:Director12023-09-012024-08-3101853066bus:Director32023-09-012024-08-3101853066bus:Director52023-09-012024-08-3101853066bus:Director62023-09-012024-08-3101853066bus:Director72023-09-012024-08-3101853066bus:Director92023-09-012024-08-3101853066bus:Director102023-09-012024-08-3101853066bus:Director22023-09-012024-08-3101853066bus:Director42023-09-012024-08-3101853066bus:Director82023-09-012024-08-3101853066bus:Director112023-09-012024-08-3101853066bus:Director122023-09-012024-08-3101853066bus:RegisteredOffice2023-09-012024-08-31018530662024-08-31018530662022-09-012023-08-3101853066core:RetainedEarningsAccumulatedLosses2022-09-012023-08-3101853066core:RetainedEarningsAccumulatedLosses2023-09-012024-08-31018530662023-08-3101853066core:LeaseholdImprovements2024-08-3101853066core:PlantMachinery2024-08-3101853066core:FurnitureFittings2024-08-3101853066core:MotorVehicles2024-08-3101853066core:LeaseholdImprovements2023-08-3101853066core:PlantMachinery2023-08-3101853066core:FurnitureFittings2023-08-3101853066core:MotorVehicles2023-08-3101853066core:ShareCapital2024-08-3101853066core:ShareCapital2023-08-3101853066core:RetainedEarningsAccumulatedLosses2024-08-3101853066core:RetainedEarningsAccumulatedLosses2023-08-3101853066core:ShareCapital2022-08-3101853066core:RetainedEarningsAccumulatedLosses2022-08-3101853066core:ShareCapitalOrdinaryShareClass12024-08-3101853066core:ShareCapitalOrdinaryShareClass12023-08-3101853066core:LeaseholdImprovements2023-09-012024-08-3101853066core:PlantMachinery2023-09-012024-08-3101853066core:FurnitureFittings2023-09-012024-08-3101853066core:MotorVehicles2023-09-012024-08-310185306612023-09-012024-08-310185306612022-09-012023-08-3101853066core:UKTax2023-09-012024-08-3101853066core:UKTax2022-09-012023-08-3101853066core:LeaseholdImprovements2023-08-3101853066core:PlantMachinery2023-08-3101853066core:FurnitureFittings2023-08-3101853066core:MotorVehicles2023-08-31018530662023-08-3101853066core:CurrentFinancialInstruments2024-08-3101853066core:CurrentFinancialInstruments2023-08-3101853066core:Non-currentFinancialInstruments2024-08-3101853066core:Non-currentFinancialInstruments2023-08-3101853066core:Non-currentFinancialInstruments12024-08-3101853066core:Non-currentFinancialInstruments12023-08-3101853066core:WithinOneYear2024-08-3101853066core:WithinOneYear2023-08-3101853066core:BetweenTwoFiveYears2024-08-3101853066core:BetweenTwoFiveYears2023-08-3101853066bus:OrdinaryShareClass12023-09-012024-08-3101853066bus:OrdinaryShareClass12024-08-3101853066bus:OrdinaryShareClass12023-08-3101853066core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-09-012024-08-3101853066core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-09-012023-08-3101853066core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-08-3101853066bus:PrivateLimitedCompanyLtd2023-09-012024-08-3101853066bus:FRS1022023-09-012024-08-3101853066bus:Audited2023-09-012024-08-3101853066bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP