REGISTERED NUMBER: 07676894 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st March 2025

for

Kitching Plant Hire Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S A Kitching

J D Kitching

M J Kitching

REGISTERED OFFICE:

Camwal Road

Starbeck

Harrogate

North Yorkshire

HG1 4PT

REGISTERED NUMBER:

07676894 (England and Wales)

ACCOUNTANTS:

F E Metcalfe & Co Limited

Chartered Accountants

4 Old Market Place

Ripon

North Yorkshire

HG4 1EQ

FIXED ASSETS

Intangible assets

5

656,279

761,285

Tangible assets

6

9,355,681

9,713,096

10,011,960

10,474,381

CURRENT ASSETS

Stocks

142,775

183,249

Debtors

7

1,128,386

995,110

Cash at bank

6,785,462

5,636,255

8,056,623

6,814,614

CREDITORS

Amounts falling due within one year

8

5,439,302

2,687,000

NET CURRENT ASSETS

2,617,321

4,127,614

TOTAL ASSETS LESS CURRENT LIABILITIES

12,629,281

14,601,995

CREDITORS

Amounts falling due after more than one year

9

-

(2,510,644

)

PROVISIONS FOR LIABILITIES

10

(1,792,000

)

(1,678,000

)

NET ASSETS

10,837,281

10,413,351

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

10,837,181

10,413,251

SHAREHOLDERS' FUNDS

10,837,281

10,413,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2025 and were signed on its behalf by:

J D Kitching - Director

1.	STATUTORY INFORMATION

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

2.	STATEMENT OF COMPLIANCE

These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"). The financial statements have been prepared under the historical cost convention.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

The turnover represents net invoiced sales of machinery and the hire of plant and equipment, excluding value added tax.

Turnover is measured at the fair value of the consideration received or receivable for machinery sold and for services provided, net of VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually the date of hire of the machinery and the despatch date for the sale of machinery.

Goodwill and intangible assets

Goodwill, being the amount paid in connection with the acquisition of the business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Short Leasehold 5% reducing balance

Plant and machinery 20% straight line on cost

Motor vehicles 20% straight line on cost

Stocks

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

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and profit before taxation as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Interest receivable

Interest income is recognised using the effective interest method.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2024 - 24 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2024

and 31st March 2025

2,100,112

AMORTISATION

At 1st April 2024

1,338,827

Amortisation for year

105,006

At 31st March 2025

1,443,833

NET BOOK VALUE

At 31st March 2025

656,279

At 31st March 2024

761,285

6.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1st April 2024

57,647

15,810,183

660,272

16,528,102

Additions

-

2,060,754

257,602

2,318,356

Disposals

-

(2,547,653

)

(62,800

)

(2,610,453

)

At 31st March 2025

57,647

15,323,284

855,074

16,236,005

DEPRECIATION

At 1st April 2024

26,766

6,618,868

169,372

6,815,006

Charge for year

1,544

1,509,660

93,859

1,605,063

Eliminated on disposal

-

(1,512,465

)

(27,280

)

(1,539,745

)

At 31st March 2025

28,310

6,616,063

235,951

6,880,324

NET BOOK VALUE

At 31st March 2025

29,337

8,707,221

619,123

9,355,681

At 31st March 2024

30,881

9,191,315

490,900

9,713,096

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st April 2024

-

298,900

298,900

Additions

164,700

167,245

331,945

Transfer to ownership

-

(298,900

)

(298,900

)

At 31st March 2025

164,700

167,245

331,945

DEPRECIATION

At 1st April 2024

-

35,868

35,868

Charge for year

19,764

20,069

39,833

Transfer to ownership

-

(35,868

)

(35,868

)

At 31st March 2025

19,764

20,069

39,833

NET BOOK VALUE

At 31st March 2025

144,936

147,176

292,112

At 31st March 2024

-

263,032

263,032

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

986,045

905,804

Other debtors

58,055

-

Prepayments

84,286

89,306

1,128,386

995,110

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Redeemable preference shares

4,510,644

2,000,000

Hire purchase contracts

127,481

66,662

Trade creditors

249,696

151,186

Corporation Tax

65,136

154,107

Social security and other taxes

167,817

93,948

Other creditors

9,966

9,287

Vendor loans

47,847

24,901

Accruals

260,715

186,909

5,439,302

2,687,000

The Redeemable Preference Shares rank pari passu with the voting rights of ordinary shareholders, they have no dividend rights and can be redeemed at the option of the shareholders providing that certain conditions have been met by the company. The preference shares are redeemable at par. The value of the preference shares that can be redeemed at any one time is restricted to the lower of 2,000,000 preference shares and half of the distributable reserves of the company. There is no date by which the preference shares must be redeemed.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Redeemable preference shares

-

2,510,644

10.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

1,792,000

1,678,000

Deferred tax

£

Balance at 1st April 2024

1,678,000

Increase due to additional

accelerated capital allowances

114,000

Balance at 31st March 2025

1,792,000

The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary shares

£1

100

100

4,510,664

Redeemable Preference shares

£1

-

-

100

100

12.	CAPITAL COMMITMENTS

31.3.25

31.3.24

£

£

Contracted but not provided for in the

financial statements

47,500

-

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2025 and 31st March 2024:

31.3.25

31.3.24

£

£

M J Kitching

Balance outstanding at start of year

-

50,106

Amounts advanced

-

44,543

Amounts repaid

-

(94,649

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

J D Kitching

Balance outstanding at start of year

-

48,879

Amounts advanced

-

2,019

Amounts repaid

-

(50,898

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Interest at the official HMRC rate of 2.25% was charged on the loan advances in the prior accounting period and amounted to £1,819.