Quattro Plant Limited
Annual Report and Financial Statements
For the period ended 1 December 2024
Company Registration No. 02400439 (England and Wales)
Quattro Plant Limited
Company Information
Directors
J Murphy
A Richardson
Company number
02400439
Registered office
Greenway Court
Canning Road
Stratford
London
E15 3ND
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Quattro Plant Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 28
Quattro Plant Limited
Strategic Report
For the period ended 1 December 2024
Page 1

The directors present the strategic report for the period ended 1 December 2024.

Fair review of the business

The company's turnover for the year was £53,385,997 representing a decrease of 2.9% on the previous year.

 

On 31 October 2024 the company's tangible assets, except improvements to property and fixtures and fittings, were formally valued by SIA Group at a fair value in-situ of £48,108,550 representing an increase of £17,336,129 compared to the book value of eligible assets at the time.

 

J Murphy leads a management team that is responsible for the day to day running of the business.

 

In spite of the decline in turnover, the core rail business continues to perform well. The management of the company continue to place emphasis on cost management and efficiency to mitigate cost pressures to the extent possible.

Key performance indicators

The directors use a number of measures to monitor and target the performance of the company. They regard the following as the key financial indicators of performance:

 

Gross profit margin - measuring the ratio of profits generated by the company's operations after direct costs.

 

Operating profit margin - measuring the ratio of profit generated by the company's operations after expenses.

 

Return on capital employed - measuring the return on capital employed based on current market value.

 

Below is a summary of the KPI's, before any adjustments arising from matters under Future Developments:

2024
2023
%
%
Gross profit margin
36.29
40.39
Operating profit margin
2.88
9.92
Return on capital employed
2.88
10.80
EBITDA
£7.212m
£10.662m
Quattro Plant Limited
Strategic Report (Continued)
For the period ended 1 December 2024
Page 2

Financial instruments

 

Treasury operations and financial instruments

Treasury activities take place under procedures and policies monitored by the directors. These policies are designed to minimise the financial risks faced by the company which primarily arise from interest rate, credit and liquidity risks. It is not the policy of the company to enter into speculative transactions.

 

The company uses financial instruments which include bank balances, bank loans and other items arising from its operations such as trade debtors and trade creditors. The main purpose of these financial instruments is to finance the working capital required for the company's operations. The directors review and agree policies for managing financial risks which arise from the existence of financial instruments. These policies and risks remain unchanged from previous periods.

 

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable

needs and to invest cash assets safely and profitably.

 

Short term flexibility is achieved by maintaining appropriate bank facilities.

 

Interest rate risk

The company finances its operations through a mixture of retained profits and bank revolving facilities. The company's exposure to interest rate fluctuations on its borrowings is managed by actively looking to reduce its working capital requirement and by ensuring the best possible terms with the company's bankers.

 

Credit risk

The company's principal financial assets are trade debtors.

 

In order to manage credit risk, credit limits are reviewed by the directors on a regular basis in conjunction with collection history.

 

Future developments

We foresee the company consolidating its current market position. It is anticipated that sales will be consistent year on year, while margins are likely to be maintained. Costs will be controlled so that the company’s financial position can be strengthened. The company will continue to reinvest in its plant and machinery assets which it utilises to provide infrastructure services, with a particular interest in the rail sector. Investments comprises acquisitions of new and replacement assets together with a program of rolling maintenance and mid-life refurbishment of its existing fleet.

 

Disposal of AB2000: Subsequent to year-end Quattro Group has disposed of AB2000 in a management buyout that forms part of a sector-led separation, allowing both businesses to re-focus and specialise in their respective core industries.

 

Facility refinance: Subsequent to year end Quattro Plant has completed a refinance of its asset-based lending banking facilities with PNC and on more favourable terms. The refinance of the facilities improves liquidity within the business, while also offering greater flexibility in the funding of its refurbishment programme.

 

Section 172 (1) Statement

The Company has worked for more than 35 years to build a responsible and sustainable business. The Directors believe that all decisions are made for the long term interests of the Company and its key stakeholders.

 

The Company has always sought to make a positive contribution to the communities in which it operates, and the Directors continue to pursue this policy. As an entrepreneurial business, founded in 1989 by the current majority shareholder, the Company has always taken a long term view to support its people, its communities and its various business interests and relationships.

Quattro Plant Limited
Strategic Report (Continued)
For the period ended 1 December 2024
Page 3
The Company's success depends on the commitment of its employees and its ability to attract and retain them as well as develop their skills. The labour market is facing tumultuous change which is highlighted by the search for scarce skills and by changes in the aspirations of new generations. Retention and employment of new talent is an area of long-term vigilance to ensure sustainability of the business and ensure the transmission of knowledge within the organisation.

To mitigate risk in this area, the Company has incorporated a skills development division to facilitate dynamic career management, promote safe working practices and encourage internal mobility. This has also raised management awareness at work programs.

Maintaining enduring relationships with customers has been a key component of client retention, which the Company does not take for granted. The Company prides itself in being a premier infrastructure services provider, taking the time and effort to understand its customers' requirements and providing a world class service to support them. Being in touch with modern working practices and the ever changing regulations & laws within which its clients operate is at the forefront of the added value Quattro provides.

The Board is aware of the importance of maintaining a strong relationship with its suppliers and the supply chain, which it manages diligently. Our procurement strategy seeks to segment our supply chain by levels of criticality so that procurement activities can be focused on delivering best practice supply chain outcomes, representing value for money, including innovation and an emphasis on sustainability and health & safety. Through the delivery of effective procurement there is also a commitment to creating enduring partnerships with our suppliers.

The Directors are grateful for the ongoing support of its lender and clearing bank provider. Maintaining a clear dialogue and a policy of continuous reporting has provided for a healthy relationship over several years. The Directors value this support and are fully engaged in communications and dialogue with relationship managers and credit committees.

On behalf of the board

J Murphy
Director
29 August 2025
Quattro Plant Limited
Directors' Report
For the period ended 1 December 2024
Page 4

The directors present their annual report and financial statements for the period ended 1 December 2024.

 

The company has an accounting reference date of 30 November. The financial statements are prepared to the nearest Sunday of the accounting reference date which is 1 December 2024 for a 53 week period. The previous financial statements were prepared for a 52 week period to 26 November 2023.

Principal activities

The principal activity of the company continued to be that of providing infrastructure services which includes hiring rail vehicles, sweepers, excavators and ancillary equipment or complimentary attachments.

Results and dividends

The results for the period are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J Murphy
A Richardson
D M Mcloughlin
(Resigned 28 March 2024)
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company has not presented a carbon emissions report as this has been included within the consolidated financial statements of Quattro Group Limited, the company's ultimate parent entity incorporated in England and Wales. These consolidated financial statements are available from Greenway Court, Canning Road, Stratford, London, E15 3ND.

 

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.

Quattro Plant Limited
Directors' Report (Continued)
For the period ended 1 December 2024
Page 5
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 Regulations 2008, Sch. 7 to be contained in the directors report. It has done so in respect of future developments and financial risk management.

On behalf of the board
J Murphy
Director
29 August 2025
Quattro Plant Limited
Directors' Responsibilities Statement
For the period ended 1 December 2024
Page 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:

 

 

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.

Quattro Plant Limited
Independent Auditor's Report
To the Members of Quattro Plant Limited
Page 7
Opinion

We have audited the financial statements of Quattro Plant Limited (the 'company') for the period ended 1 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and 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 FRS 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:

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 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.

Other information

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.

Quattro Plant Limited
Independent Auditor's Report (Continued)
To the Members of Quattro Plant Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

Quattro Plant Limited
Independent Auditor's Report (Continued)
To the Members of Quattro Plant Limited
Page 9
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Quattro Plant Limited
Independent Auditor's Report (Continued)
To the Members of Quattro Plant Limited
Page 10

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Quattro Plant Limited
Independent Auditor's Report (Continued)
To the Members of Quattro Plant Limited
Page 11

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 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.

Karen Wardell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
29 August 2025
Chartered Accountants
Statutory Auditor
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Quattro Plant Limited
Statement of Comprehensive Income
For the period ended 1 December 2024
Page 12
Period
Period
ended
ended
1 December
26 November
2024
2023
Notes
£
£
Turnover
3
53,385,997
54,984,177
Cost of sales
(34,013,427)
(32,775,082)
Gross profit
19,372,570
22,209,095
Administrative expenses
(21,410,045)
(16,753,175)
Operating (loss)/profit
4
(2,037,475)
5,455,920
Interest receivable and similar income
8
-
0
3,269
Interest payable and similar expenses
9
(2,382,884)
(2,018,862)
(Loss)/profit before taxation
(4,420,359)
3,440,327
Taxation
10
75,703
(1,044,542)
(Loss)/profit for the financial period
(4,344,656)
2,395,785

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Quattro Plant Limited
Balance Sheet
As at 1 December 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
31,314,028
26,750,899
Current assets
Stock
13
83,194
97,316
Debtors
14
24,401,979
27,748,961
Cash at bank and in hand
1,107,149
1,595,309
25,592,322
29,441,586
Creditors: amounts falling due within
one year
15
(7,132,988)
(5,686,749)
Net current assets
18,459,334
23,754,837
Total assets less current liabilities
49,773,362
50,505,736
Creditors: amounts falling due after
more than one year
16
(31,574,111)
(27,742,131)
Provisions for liabilities
19
(3,425,527)
(3,645,225)
Net assets
14,773,724
19,118,380
Capital and reserves
Called up share capital
20
628,593
628,593
Profit and loss reserves
14,145,131
18,489,787
Total equity
14,773,724
19,118,380
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
J Murphy
Director
Company Registration No. 02400439
Quattro Plant Limited
Statement of Changes in Equity
For the period ended 1 December 2024
Page 14
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 28 November 2022
628,593
16,094,002
16,722,595
Period ended 26 November 2023:
Profit and total comprehensive income for the period
-
2,395,785
2,395,785
Balance at 26 November 2023
628,593
18,489,787
19,118,380
Period ended 1 December 2024:
Loss and total comprehensive loss for the period
-
(4,344,656)
(4,344,656)
Balance at 1 December 2024
628,593
14,145,131
14,773,724
Quattro Plant Limited
Statement of Cash Flows
For the period ended 1 December 2024
Page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
8,140,972
4,801,452
Interest paid
(2,382,884)
(2,018,862)
Income taxes refunded
63,528
221,992
Net cash inflow from operating activities
5,821,616
3,004,582
Investing activities
Purchase of tangible fixed assets
(10,471,856)
(5,527,384)
Proceeds from disposal of tangible fixed assets
330,100
1,097,805
Interest received
-
0
3,269
Net cash used in investing activities
(10,141,756)
(4,426,310)
Financing activities
Repayment of bank loans
3,831,980
2,384,495
Net cash generated from financing activities
3,831,980
2,384,495
Net (decrease)/increase in cash and cash equivalents
(488,160)
962,767
Cash and cash equivalents at beginning of period
1,595,309
632,542
Cash and cash equivalents at end of period
1,107,149
1,595,309
Quattro Plant Limited
Notes to the Financial Statements
For the period ended 1 December 2024
Page 16
1
Accounting policies
Company information

Quattro Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Greenway Court, Canning Road, Stratford, London, E15 3ND.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Quattro Plant Limited is a wholly owned subsidiary of Quattro Group Limited and the results of Quattro Plant Limited are included in the consolidated financial statements of Quattro Group Limited, the company's ultimate parent entity incorporated in England and Wales. These are available from Greenway Court, Canning Road, Stratford, London, E15 3ND.

1.2
Going concern

The company and the wider Quattro group meets its funding requirements through a group wide Asset Based Finance Facility. This facility provides sufficient headroom for the company’s forecast operations for the foreseeable future. The company truemade a loss for the period of £4,344,656, with turnover of £53,385,997 and had net assets of £14,773,724 at the balance sheet date. The company has traded profitably since the year-end as they have generated profits and positive operating cash flows. The directors have produced forecasts which consider the current economic climate and take into account the financing facility. As a result, they have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents hire charges, excluding VAT. Turnover is recognised when the services are provided to the customer and provision is made for any accrued income arising on hires made not invoiced.

Revenue from contracts for the provision of operated hires is recognised on the dates that the hire is provided.

Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
1
Accounting policies
(Continued)
Page 17
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.

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:

Improvements to property
10% straight line
Civil plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Rail plant and machinery
10% straight line
Motor vehicles
25% reducing balance
Road sweeper machines
Straight line over 7 years
Airplane
No depreciation

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.

The airplane is not depreciated as the directors believe that the asset has an enduring residual value.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.6
Stock

Stock is stated at cost which comprises the cost of bringing fuel to its present location and condition.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
Financial instruments

The company has only basic financial instruments measured at amortised cost, with no instruments classified as other or measured at fair value.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
1
Accounting policies
(Continued)
Page 18
1.10
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.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
1
Accounting policies
(Continued)
Page 19
1.15

Related party disclosures

The company has taken advantage of the exemption within FRS 102 not to disclose transactions with other members of the group.

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.

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.

Depreciation

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of tangible fixed assets and note 1.4 for the useful economic lives for each class of asset.

Deferred tax assets

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies. See note 19 for the carrying amount and further details.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Hire charges
53,385,997
54,984,177
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
53,385,997
54,984,177
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 20
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses
13
8,613
Depreciation of owned tangible fixed assets
5,674,158
5,206,238
Profit on disposal of tangible fixed assets
(95,531)
(444,681)
Operating lease charges - property rental
1,437,332
1,426,366
Operating lease charges - Plant and Machinery
5,801,733
5,486,119
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
86,600
82,500
For other services
Taxation compliance services
11,100
7,920
All other non-audit services
11,100
10,560
22,200
18,480
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Administration
63
72
Operations
150
150
Total
213
222

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
12,659,137
13,658,568
Social security costs
1,423,524
1,384,474
Pension costs
227,996
212,339
14,310,657
15,255,381
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 21
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
454,000
457,891
Company pension contributions to defined contribution schemes
1,321
1,321
455,321
459,212

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
353,963
353,891
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
3,269
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank borrowings
2,382,884
2,018,862
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(127,958)
-
0
Deferred tax
Origination and reversal of timing differences
52,255
1,044,542
Total tax (credit)/charge
(75,703)
1,044,542
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
10
Taxation
(Continued)
Page 22

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(4,420,359)
3,440,327
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.96%)
(1,105,090)
789,899
Tax effect of expenses that are not deductible in determining taxable profit
1,073,925
31,920
Adjustments in respect of prior years
(127,598)
-
0
Other permanent differences
-
0
775
Capital allowances in excess of depreciation
3,319
(24,428)
Other movements
79,741
246,376
Taxation (credit)/charge for the period
(75,703)
1,044,542
11
Intangible fixed assets
Goodwill
Other intangibles
Total
£
£
£
Cost
At 27 November 2023 and 1 December 2024
25,001
34,999
60,000
Amortisation and impairment
At 27 November 2023 and 1 December 2024
25,001
34,999
60,000
Carrying amount
At 1 December 2024
-
0
-
0
-
0
At 26 November 2023
-
0
-
0
-
0
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 23
12
Tangible fixed assets
Improvements to property
Civil plant and machinery
Fixtures, fittings & equipment
Rail plant and machinery
Motor vehicles
Road sweeper machines
Airplane
Total
£
£
£
£
£
£
£
£
Cost
At 27 November 2023
451,712
4,042,337
252,355
64,465,169
2,116,601
5,306,790
517,886
77,152,850
Additions
-
0
782,842
-
0
8,958,218
730,796
-
0
-
0
10,471,856
Disposals
-
0
(104,722)
-
0
(598,399)
(215,571)
(646,395)
-
0
(1,565,087)
At 1 December 2024
451,712
4,720,457
252,355
72,824,988
2,631,826
4,660,395
517,886
86,059,619
Depreciation and impairment
At 27 November 2023
289,862
2,359,464
219,867
42,623,000
1,478,128
3,431,630
-
0
50,401,951
Depreciation charged in the period
16,562
390,108
5,842
4,427,933
258,962
574,751
-
0
5,674,158
Eliminated in respect of disposals
-
0
(45,425)
-
0
(490,362)
(151,306)
(643,425)
-
0
(1,330,518)
At 1 December 2024
306,424
2,704,147
225,709
46,560,571
1,585,784
3,362,956
-
0
54,745,591
Carrying amount
At 1 December 2024
145,288
2,016,310
26,646
26,264,417
1,046,042
1,297,439
517,886
31,314,028
At 26 November 2023
161,850
1,682,873
32,488
21,842,169
638,473
1,875,160
517,886
26,750,899
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 24
13
Stock
2024
2023
£
£
Fuel stock
83,194
97,316
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,578,212
4,794,725
Amounts owed by group undertakings
13,892,991
16,247,076
Other debtors
186,942
1,128,748
Prepayments and accrued income
4,246,903
3,809,528
22,905,048
25,980,077
Deferred tax asset (note 19)
277,075
529,271
23,182,123
26,509,348
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
1,219,856
1,239,613
Total debtors
24,401,979
27,748,961

Trade debtors includes £4,578,212 (2023: £4,794,725) which are subject to an invoice discounting arrangement.

15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,724,493
2,572,631
Amounts owed to group undertakings
8,062
8,062
Corporation tax
133,055
69,527
Other taxation and social security
707,843
449,411
Other creditors
1,642,871
874,720
Accruals and deferred income
916,664
1,712,398
7,132,988
5,686,749

Included within other creditors is an amount of £1,184,000 (2023: £nil) due to one of the directors of the company. There is no fixed repayment date on this balance.

Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 25
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
17
31,574,111
27,742,131
17
Loans and overdrafts
2024
2023
£
£
Bank loans
31,574,111
27,742,131
Payable after one year
31,574,111
27,742,131

At the year end, the company had a credit facility which was on a revolving basis and no amounts were repayable within a year. The interest rate is the base rate plus 2.25 - 3.25%.

 

At the year end, the bank loans, receivables and plant and machinery facilities were secured upon the assets of the company and its associated group companies.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
227,996
212,339

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.

 

At the year end the outstanding liability was £23,870 (2023: £29,441).

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
3,425,527
3,645,225
-
-
Tax losses
-
-
1,496,931
1,768,884
3,425,527
3,645,225
1,496,931
1,768,884
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
19
Deferred taxation
(Continued)
Page 26
2024
Movements in the period:
£
Liability at 27 November 2023
1,876,341
Charge to profit or loss
52,255
Liability at 1 December 2024
1,928,596
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
6,285,930
6,285,930
628,593
628,593

Ordinary shares carry full voting, dividend and capital distribution rights.

21
Operating lease commitments
Lessee

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 one year
2,365,856
1,918,337
Between two and five years
5,262,740
5,101,277
In over five years
2,337,759
2,391,630
9,966,355
9,411,244
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel was as follows.

2024
2023
£
£
Aggregate compensation
1,316,965
1,292,401
Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
22
Related party transactions
(Continued)
Page 27

Other related party transactions

 

During the period the company paid a director £238,219 (2023: £204,000) in respect of rent for premises used by the company.

 

The company entered into transactions with Anglo Swedish Equipment Limited, a company owned by a director of the company. During the year the company made purchases from Anglo Swedish Equipment Limited totalling £641,202 (2023: £158,895) and the company was owed £28,705 (2023: £196,015) by Anglo Swedish Equipment Limited at the balance sheet date.

 

The company entered into transactions with Aqurate Engineering Limited, a company owned by the director of the company. During the year the company incurred costs on behalf of Aqurate Engineering Limited which were recharged totalling £110,001 (2023: £31,299), and also made purchases from Aqurate Engineering Limited totalling £217,101 (2023: £11,563). At the balance sheet date the company was owed £141,301 (2023: £19,735) from Aqurate Engineering.

 

The company entered into transactions with AB2T Limited, a company owned by the director of the company. During the year the company incurred costs on behalf of AB2T Limited which were recharged totalling £6,160 (2023: £511), and the company was owed £6,671 (2023: £511) from AB2T Limited at the balance sheet date.

 

Transactions with Group Companies    

The company has taken advantage of the exemption available under FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

23
Events after the reporting date

Subsequent to year end Quattro Plant has completed a refinance of its asset-based lending banking facilities with PNC, and on more favourable terms. The refinance of the facilities improves liquidity within the business, while also offering greater flexibility in the funding of its refurbishment programme.

24
Ultimate controlling party

The ultimate parent undertaking is Quattro Group Limited. The registered office is Greenway Court, Canning Road, Stratford, London, E15 3ND. Both companies were incorporated in England and Wales.

 

The largest and smallest group of undertakings for which group accounts are drawn up and filed is headed by Quattro Group Limited. The group accounts are available from the company's registered office.

 

The company's ultimate controlling party is J Murphy by virtue of his majority shareholding in the ultimate parent company.

 

25
Contingent liability

Certain group companies have entered into a cross guarantee in respect of borrowings. The assets of the group are pledged as security by way of a fixed and floating charge. The total potential liability at the year-end in respect of this borrowing, including amounts owed by this company, is £37,108,310 (2023: £37,095,421).

Quattro Plant Limited
Notes to the Financial Statements (Continued)
For the period ended 1 December 2024
Page 28
26
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the period after tax
(4,344,656)
2,395,785
Adjustments for:
Taxation (credited)/charged
(75,703)
1,044,542
Finance costs
2,382,884
2,018,862
Investment income
-
0
(3,269)
Gain on disposal of tangible fixed assets
(95,531)
(444,681)
Depreciation and impairment of tangible fixed assets
5,674,158
5,206,238
Movements in working capital:
Decrease in stock
14,122
17,681
Decrease/(increase) in debtors
3,075,029
(5,833,975)
Increase in creditors
1,510,669
400,269
Cash generated from operations
8,140,972
4,801,452
27
Analysis of changes in net debt
27 November 2023
Cash flows
1 December 2024
£
£
£
Cash at bank and in hand
1,595,309
(488,160)
1,107,149
Borrowings excluding overdrafts
(27,742,131)
(3,831,980)
(31,574,111)
(26,146,822)
(4,320,140)
(30,466,962)
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