Company registration number 2445559 (England and Wales)
JET PLANT HIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
JET PLANT HIRE LIMITED
COMPANY INFORMATION
Directors
Mr. S D Witheford
Ms T L Greenhill
Mr S Bithell
Mr I D Mitchell
(Appointed 1 July 2024)
Mr J L Lee
(Appointed 29 November 2024)
Secretary
Mr. S D Witheford
Company number
2445559
Registered office
7c Enterprise Way
Vale Park
Evesham
Worcestershire
United Kingdom
WR11 1GS
Auditor
Kingscott Dix Limited
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
United Kingdom
GL2 5EN
JET PLANT HIRE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
JET PLANT HIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Review of the business

The company's principal activities during the year continued to be the supply of road planing contracting services to the Highways Infrastructure Industry and Local Authorities. There was a 12.6% increase in turnover during the year with the gross profit margin improving to 28.1%. Administrative expenses have been controlled to a similar level as 2024 resulting in an improvement in Operating Profit to £1,470,011 and Net Profit before tax of £1,310,333 for the year.

Inflation started to fall in the early part of the year and remain relatively stable with only small movements and this brought with it some certainty on costs and an increased confidence throughout the highways infrastructure sector to invest in maintaining the highways network.

We continued to invest in capital equipment to support our operations with the latest technology and with a focus on sustainability. In line with our growth strategy we are now operating 30 Wirtgen cold milling machines and this investment allowed for our sales growth of 12.6% while also improving our gross profit margins.

During the year we have strengthened our board with Simon Bithell taking the role of Operations Director and John Lee joining as Transport Director with Ian Mitchell continuing as Non-Executive Director. They all have a wealth of experience operating at board level in large and multinational business and will drive our ambitious growth plans for the coming years.

Our ESG strategy has been determined over the past months and is focussed on addressing the environmental, social and governance challenges facing our stakeholders, and the wider community. We are focussed on long term business sustainability and maintaining ethical and compliant business practices. We created a baseline in 2021 of our emissions and formulated an ambitious strategy on how we support the global target from COP26 of no more than a 1.5 degree rise in climate temperatures. We have continued to drive towards our targets with a relative reduction of 31% in CO2 emissions and our use of fossil fuel by 34% compared with our baseline of 2021. All of our roadplaners are now being fuelled with ethically and sustainably certificated HVO which is having a big impact in reducing our well to wheel CO2 emissions.

We made a commitment to donate 1% of our Net Profits to local charities chosen by our employees and these included St Richards Hospice, The Dogs Trust, Caring Hands in The Vale, Campden Home Nursing, John Martin, Rowcroft Hospice, HITS and Animals in Distress.

Safety remains at the top of our agenda and we maintained our RoSPA Gold Medals for Safety Achievement and also Fleet Safety. We won an industry award at the Motor Transport Awards for Safety Performance as well as being shortlisted for Operational Excellence.

We have spent time asking our customers what they think of us and through a survey of our top 100 customers by turnover we achieved a Net Promoter Score of 85. The Net Promoter Score is a metric that measures customer loyalty and satisfaction by asking customers how likely they are to recommend our services to others. The Retently 2024 NPS benchmark for Construction is a score of 37.

JET PLANT HIRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Principal risks and uncertainties

The board has a proactive approach to risk management with the aim of protecting its employees and customers, and safeguarding the interests of the company and its stakeholders. The company has specific policies to ensure that risks are properly evaluated and managed at appropriate levels in the business. The key risks affecting the business are considered to be competitive pressures and any changes in the Government's and Local Authorities' short and long term highways infrastructure maintenance budgets.

The company's principal financial instruments comprise long term bank loans, finance lease contracts and cash and short-term deposits. The company also has trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative contracts.

The main risks arising from the financial instruments are interest rate risk, credit risk and liquidity risk.

Interest rate risk

The company's exposure to market risk for changes in the interest rates relates primarily to its long term bank loans. The company's exposure to interest rate fluctuations on its borrowing is managed by the use of commercial rates linked to LIBOR.

Credit risk

The company only trades with recognised creditworthy third parties. It is company policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. Credit accounts are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.

Liquidity risk

The company mitigates liquidity risk by managing cash generation by its operations and applying cash collection targets.

JET PLANT HIRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
Key performance indicators

The directors have monitored the performance of the company against key performance indicators including those below:

2025 2024

Turnover (£s) 20,816,455 18,480,321

Gross profit percentage - % 28.15 26.24

Profit before taxation (£s) 1,310,333 970,763

Future Developments

In July 2025 the property was demerged from the trading entity so it now sits in Ickarus Limited. The company entered into a 10 year lease to continue operating from its existing premises in Evesham and Newton Abbot.

In July 2024 a new labour government was elected. In their first budget they have pledged to increase funding on highway maintenance for local authorities with an additional £500m per annum over the next years. We are confident that with these measures and their pledge to tackle potholes nationally, local authorities will have enhanced budgets to spend on highways infrastructure maintenance.

We continue to run our Jet School with new trainees starting every 3 months. The aim of Jet School is to produce highly skilled operators fully immersed in our Jet culture and values. We recognise our industry has an ageing workforce and the Jet School will bring young workers into our industry with the specialist training needed to continue our growth plans. We will run 4 cohorts of trainees each year with a guaranteed job at the end of the training program.

We have won and been shortlisted for a number of awards.

- Listed in The Sunday Times Best Places to Work for medium sized businesses

- RoSPA Fleet Safety Trophy

- Shortlisted MTA Operational Excellence

- Shortlisted Sustainability Magazine Global Awards ESG Program and Company of the Year

- Shortlisted Employee Benefits Awards Best Mental Health Strategy

Mr. S D Witheford
Director
7 August 2025
JET PLANT HIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company continued to be the supply of road planing contracting service to the Construction Industry and Local Authorities.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £450,000. The directors do not recommend payment of a final 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. S D Witheford
Ms T L Greenhill
Mr A D Potter
(Resigned 28 June 2024)
Mr E McGregor
(Resigned 11 April 2025)
Mr S Bithell
Mr I D Mitchell
(Appointed 1 July 2024)
Mr J L Lee
(Appointed 29 November 2024)
Financial instruments

The company's principal financial instruments comprise long term bank loans, finance lease contracts and cash and short term deposits. The company also has trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative contracts.

The main risks arising from the financial instruments are interest rate risk, credit risk and liquidity risk. These risk are described more full in the Strategic Report.

Auditor

Kingscott Dix Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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. S D Witheford
Director
7 August 2025
JET PLANT HIRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -

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;

- 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.

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 6 -
Opinion

We have audited the financial statements of Jet Plant Hire Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 January 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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' r eport 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.

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 7 -
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 identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements

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

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and Safety at Work Act 1974, Provision and Use of Work Equipment Regulations 1998, Environmental Protection Act 1990, employment laws, GDPR and any other regulations recognising the nature of the company’s activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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

JET PLANT HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JET PLANT HIRE LIMITED
- 9 -

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.

E Steward FCCA (Senior Statutory Auditor)
For and on behalf of Kingscott Dix Limited
7 August 2025
2025-08-07
Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
United Kingdom
GL2 5EN
JET PLANT HIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 10 -
2025
2024
Notes
£
£
Revenue
3
20,816,455
18,480,321
Cost of sales
(14,957,494)
(13,630,978)
Gross profit
5,858,961
4,849,343
Administrative expenses
(4,479,275)
(3,752,367)
Other operating income
90,325
79,398
Operating profit
4
1,470,011
1,176,374
Investment income
7
5,117
11,531
Finance costs
8
(264,795)
(217,142)
Other gains and losses
9
100,000
-
Profit before taxation
1,310,333
970,763
Tax on profit
10
(304,036)
(237,199)
Profit for the financial year
1,006,297
733,564
JET PLANT HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2025
31 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
8,769,587
8,345,279
Investment property
15
1,600,000
1,500,000
Investments
13
1,001
1,001
10,370,588
9,846,280
Current assets
Inventories
16
108,783
104,060
Trade and other receivables
17
2,049,786
2,163,717
Cash and cash equivalents
557,620
3,988
2,716,189
2,271,765
Current liabilities
18
(3,151,803)
(3,093,450)
Net current liabilities
(435,614)
(821,685)
Total assets less current liabilities
9,934,974
9,024,595
Non-current liabilities
19
(2,223,819)
(2,173,773)
Provisions for liabilities
Deferred tax liability
22
1,303,694
999,658
(1,303,694)
(999,658)
Net assets
6,407,461
5,851,164
Equity
Called up share capital
24
129
129
Non-distributable revaluation reserve
904,674
904,674
Non-distributable earnings
568,760
367,028
Distributable retained earnings
4,933,898
4,579,333
Total equity
6,407,461
5,851,164
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
Mr. S D Witheford
Director
Company Registration No. 2445559
JET PLANT HIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Revaluation reserve
Non-distributable profits
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 February 2023
129
904,674
367,028
4,193,837
5,465,668
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
733,564
733,564
Dividends
11
-
-
-
(348,068)
(348,068)
Balance at 31 January 2024
129
904,674
367,028
4,579,333
5,851,164
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
1,006,297
1,006,297
Dividends
11
-
-
-
(450,000)
(450,000)
Transfers
-
-
0
201,732
(201,732)
-
Balance at 31 January 2025
129
904,674
568,760
4,933,898
6,407,461
JET PLANT HIRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,917,825
2,128,946
Interest paid
(264,795)
(217,142)
Income taxes refunded
-
0
310,127
Net cash inflow from operating activities
2,653,030
2,221,931
Investing activities
Purchase of property, plant and equipment
(258,285)
(513,384)
Proceeds from disposal of property, plant and equipment
335,750
160,833
Interest received
5,117
11,531
Net cash generated from/(used in) investing activities
82,582
(341,020)
Financing activities
Repayment of bank loans
(22,563)
(193,559)
Payment of finance leases obligations
(1,709,417)
(1,622,047)
Dividends paid
(450,000)
(348,068)
Net cash used in financing activities
(2,181,980)
(2,163,674)
Net increase/(decrease) in cash and cash equivalents
553,632
(282,763)
Cash and cash equivalents at beginning of year
3,988
286,751
Cash and cash equivalents at end of year
557,620
3,988
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
1
Accounting policies
Company information

Jet Plant Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7c Enterprise Way, Vale Park, Evesham, Worcestershire, United Kingdom, WR11 1GS.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors are confident that the company has performed well during this period and will continue to do so for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Freehold Buildings
refer to below regarding revaluations
Plant and machinery
between 17% and 25% reducing balance
Motor vehicles
over 7 years straight line or between 15% and 25% reducing balance
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -

Freehold land is not depreciated.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.6
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of non-current 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.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Inventories

Inventories consist of machine parts, fuel and stationery for the group's own use. They 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 inventories to their present location and condition. Cost is determined using the first in first out method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.9
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.

1.10
Financial instruments

Financial instruments are recognised in the company's statement of financial position 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 trade and other receivables 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.

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.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
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 trade and other payables, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 s ubsequently 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 th r ough 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.

1.11
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.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.12
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 income statement 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 income statement, 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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
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 non-current 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.

1.15
Retirement benefits

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

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
1.16
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 statement of financial position 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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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 in the period are included in profit or loss.

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.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the main production plant asset s is considered a source of significant estimation uncertainty.

The fair value of the investment property is reviewed annually by the directors. An independent valuation was undertaken during the year ended 31 January 2025 and the fair value of £1,600,000 was reflected. The previous valuation which reflected the fair value at 31 Janaury 2025 was undertaken during the year ended 31 January 2022.

During the year ended 31 January 2023, land and buildings included within property, plant and equipment were also subject to independent valuations and the fair values totalling £1,915,000 were reflected. The directors believe this valuation remains in place and is accurate at the year ended 31 January 2025 and 2024.

The directors will review the valuations annually and an independent valuation will be undertaken every five years.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
3
Revenue

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

2025
2024
£
£
Revenue analysed by class of business
Sale of aggregates
2,193,093
1,458,335
Road planing and plant hire services
18,623,362
17,021,986
20,816,455
18,480,321
2025
2024
£
£
Other revenue
Interest income
5,117
11,531
Rental income arising from investment properties
90,000
90,000
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,888
2,750
Depreciation of owned property, plant and equipment
325,225
290,165
Depreciation of property, plant and equipment held under finance leases
1,113,033
871,549
Profit on disposal of property, plant and equipment
(74,322)
(90,139)
Operating lease charges
321,284
383,141
5
Employees

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

2025
2024
Number
Number
Management and administration
25
30
Operatives
88
75
Directors
5
4
Total
118
109
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
5
Employees
(Continued)
- 21 -
2025
2024
£
£
Wages and salaries
5,772,289
5,441,947
Social security costs
652,809
619,856
Pension costs
481,254
214,559
6,906,352
6,276,362
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
522,913
323,374
Company pension contributions to defined contribution schemes
76,833
76,826
599,746
400,200

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
129,872
104,798
Company pension contributions to defined contribution schemes
3,522
1,468
7
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
4,857
2,921
Other interest income
260
8,610
Total income
5,117
11,531
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,857
2,921
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
8
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
67,982
80,209
Other finance costs:
Interest on finance leases and hire purchase contracts
196,813
136,933
264,795
217,142
9
Other gains and losses
2025
2024
£
£
Changes in the fair value of investment properties
100,000
-
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
304,036
237,199

The actual 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:

2025
2024
£
£
Profit before taxation
1,310,333
970,763
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
327,583
233,274
Tax effect of expenses that are not deductible in determining taxable profit
(19,558)
1,916
Change in unrecognised deferred tax assets
(3,989)
(3,832)
Effect of change in corporation tax rate
-
0
9,338
Deferred tax adjustments in respect of prior years
-
0
(3,497)
Taxation charge for the year
304,036
237,199
11
Dividends
2025
2024
£
£
Interim paid
450,000
348,068
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
12
Property, plant and equipment
Freehold Buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2024
1,915,000
7,646,931
5,674,539
15,236,470
Additions
-
0
1,619,785
504,209
2,123,994
Disposals
-
0
(1,004,485)
(435,876)
(1,440,361)
At 31 January 2025
1,915,000
8,262,231
5,742,872
15,920,103
Depreciation and impairment
At 1 February 2024
-
0
4,319,319
2,571,872
6,891,191
Depreciation charged in the year
-
0
878,557
559,701
1,438,258
Eliminated in respect of disposals
-
0
(852,601)
(326,332)
(1,178,933)
At 31 January 2025
-
0
4,345,275
2,805,241
7,150,516
Carrying amount
At 31 January 2025
1,915,000
3,916,956
2,937,631
8,769,587
At 31 January 2024
1,915,000
3,327,612
3,102,667
8,345,279

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and machinery
3,017,264
2,627,300
Motor vehicles
2,050,797
2,006,226
5,068,061
4,633,526

Assets held under finance leases or hire purchase contracts are pledged as security against the liabilities to which they relate.

Tangible fixed assets are pledged as security for the bank facilities under a fixed and floating charge.

Independent valuations were undertaken during the year by BNP Paribas on 15 August 2022 and Vickery Holman Property Consultants on 18 July 2023 which formed the basis of the fair market valuations of two properties totalling £1,915,000 for the year ended 31 January 2023. The directors consider that at 31 January 2025, the valuations still reflected the fair market value based on commercial properties in the local areas of a similar size, structure and state of repair.

If land and buildings had not been revalued, it would have been included at historical costs of £1,242,183 (2024 - £1,242,183) less depreciation of £256,264 (2024 - £244,061).

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
1,001
1,001
14
Subsidiaries

These financial statements are separate company financial statements for Jet Plant Hire Limited.

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
-
Swift Plane Limited
England and Wales
Ordinary
100.00
Tetlaw Contracting Company Limited
England and Wales
Ordinary
100.00
15
Investment property
2025
£
Fair value
At 1 February 2024
1,500,000
Net gains or losses through fair value adjustments
100,000
At 31 January 2025
1,600,000

Investment property comprises a building erected in 2016 on land already owned by the company. An independent valuation was undertaken by BNP Paribas on 15 August 2022 which formed the basis of the fair market valuation for the year ended 31 January 2022. The directors considered that at 31 January 2024, the valuation continued to reflect the fair market value based on commercial properties in the local area of a similar size, structure and state of repair.

During the year ended 31 January 2025, a further valuation was undertaken and this formed the basis of the valuation of the fair market valuation for the year ended 31 January 2025.

The historical cost of investment property is £1,031,240 (2024: £1,031,240).

Investment properties are pledged as security for the bank facilities under a fixed and floating charge.

16
Inventories
2025
2024
£
£
Raw materials and consumables
108,783
104,060

Stock is pledged as security for the bank facilities under a fixed and floating charge.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
17
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
1,662,338
1,811,568
Amounts owed by group undertakings
63,272
63,134
Other receivables
175,899
148,822
Prepayments and accrued income
148,277
140,193
2,049,786
2,163,717

Debtors are pledged as security for the bank facilities under a fixed and floating charge.

18
Current liabilities
2025
2024
Notes
£
£
Bank loans
20
28,056
48,951
Obligations under finance leases
21
1,307,958
1,203,380
Trade payables
1,101,677
1,134,038
Amounts owed to group undertakings
1,000
1,000
Taxation and social security
171,443
154,157
Other payables
110,467
234,490
Accruals and deferred income
431,202
317,434
3,151,803
3,093,450
19
Non-current liabilities
2025
2024
Notes
£
£
Bank loans and overdrafts
20
848,393
850,061
Obligations under finance leases
21
1,375,426
1,323,712
2,223,819
2,173,773
Amounts included above which fall due after five years are as follows:
Payable by instalments
712,344
754,250
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
20
Borrowings
2025
2024
£
£
Bank loans
876,449
899,012
Payable within one year
28,056
48,951
Payable after one year
848,393
850,061

The bank loans are secured by a fixed and floating charge over all the assets of the company.

Interest rates range from base rate plus 2.25% to base rate plus 2.75%. Repayments are by monthly instalments and the final repayment on one of the loans is anticpated to be October 2042. However, it is company practice to repay loans over a shorter period than the contractual requirement, where possible.

21
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
1,307,958
1,203,380
In two to five years
1,375,426
1,323,712
2,683,384
2,527,092

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

The hire purchase and finance lease obligations are secured over the assets to which they relate. Interest rates underlying all obligations under finance leases are fixed at respective contract rates ranging from 2.33% to 8.02%. Amounts are repayable by monthly instalments and are all due by 30 November 2028.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,614,559
1,419,756
Tax losses
(304,214)
(413,973)
Retirement benefit obligations
(6,651)
(6,125)
1,303,694
999,658
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
22
Deferred taxation
(Continued)
- 27 -
2025
Movements in the year:
£
Liability at 1 February 2024
999,658
Charge to profit or loss
304,036
Liability at 31 January 2025
1,303,694
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
481,254
214,559

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.

24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
129
129
129
129
25
Operating lease commitments

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:

2025
2024
£
£
Within one year
303,580
297,059
Between two and five years
189,157
403,690
492,737
700,749
Lessor

The operating leases represent rental income leases to third parties. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
25
Operating lease commitments
(Continued)
- 28 -

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
90,000
90,000
Between two and five years
360,000
360,000
In over five years
142,500
232,500
592,500
682,500
26
Events after the reporting date

After the balance sheet date, a restructure of the group in which the company is a member is being undertaken. A capital reduction demerger is being completed which will result in commercial properties totalling £3,500,000 at 31 January 2025 being transferred. At 31 January 2025, deferred tax relating to the commercial properties has not been recognised as the transfer will take place on a no gain/ no loss basis.

27
Ultimate controlling party

On 22 December 2023, Jet Plant Hire Group Holdings Limited, a company incorporated in England and Wales, became the ultimate parent company. The financial statements of Jet Plant Hire Limited are consolidated in to the group financial statements of Jet Plant Hire Group Holdings Limited.

At the balance sheet date, Mr S D Witheford was the ultimate controlling party.

28
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
1,006,297
733,564
Adjustments for:
Taxation charged
304,036
237,199
Finance costs
264,795
217,142
Investment income
(5,117)
(11,531)
Gain on disposal of property, plant and equipment
(74,322)
(498,762)
Fair value gain on investment properties
(100,000)
-
0
Depreciation and impairment of property, plant and equipment
1,438,258
1,161,714
Movements in working capital:
Increase in inventories
(4,723)
(23,744)
Decrease/(increase) in trade and other receivables
113,931
(41,957)
Decrease in trade and other payables
(25,330)
(53,302)
Cash generated from operations
2,917,825
1,720,323
JET PLANT HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
29
Analysis of changes in net debt
1 February 2024
Cash flows
New finance leases
31 January 2025
£
£
£
£
Cash at bank and in hand
3,988
553,632
-
557,620
Borrowings excluding overdrafts
(899,012)
22,563
-
(876,449)
Obligations under finance leases
(2,527,092)
1,709,417
(1,865,709)
(2,683,384)
(3,422,116)
2,285,612
(1,865,709)
(3,002,213)
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