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Registration number: 14975649

HV Excavators Ltd
(Formerly known as Hercules Site Services (Suction Excavators) Limited)
Annual Report and Audited Financial Statements
for the Period from 1 October 2024 to 31 January 2025

HV Excavators Ltd

Contents

Company Information | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 6
Profit and Loss Account | 7
Balance Sheet | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 to 18

HV Excavators Ltd

Company Information

Directors | P D Wheatcroft S P Quinn S P Quinn G Lee

Registered office | Welsh Way Poulton Cirencester Gloucestershire GL7 5SZ

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

HV Excavators Ltd

Directors' Report for the Period from 1 October 2024 to 31 January 2025

The directors present their report and the financial statements for the period from 1 October 2024 to 31 January 2025.

Directors of the company

The directors, who held office during the period, were as follows:

B K Korkmaz (resigned 11 February 2025)

P D Wheatcroft

The following directors were appointed after the period end:

S P Quinn (appointed 11 February 2025)

S P Quinn (appointed 11 February 2025)

G Lee (appointed 25 April 2025)

Principal activity

The principal activity of the company is the supply of suction excavator services for the UK infrastructure industry.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the board on 9 October 2025 and signed on its behalf by:

......................................... P D Wheatcroft Director

HV Excavators Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Directors' 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 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.

HV Excavators Ltd

Independent Auditor's Report to the Members of HV Excavators Ltd

Opinion

We have audited the financial statements of HV Excavators Ltd (the 'company') for the period from 1 October 2024 to 31 January 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 101 Reduced Disclosure Framework (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 loss for the period 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

HV Excavators Ltd

Independent Auditor's Report to the Members of HV Excavators Ltd

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors’ remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was 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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

HV Excavators Ltd

Independent Auditor's Report to the Members of HV Excavators Ltd

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

......................................
Martin Howard (Senior Statutory Auditor)
Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

9 October 2025

HV Excavators Ltd

Profit and Loss Account for the Period from 1 October 2024 to 31 January 2025

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Turnover | 1,885,748 | 6,014,958
Cost of sales | (251,376) | (2,632,534)
Gross profit | 1,634,372 | 3,382,424
Administrative expenses | (2,063,947) | (5,155,689)
Operating loss | (429,575) | (1,773,265)
Interest payable and similar expenses | (172,255) | (585,832)
Loss before tax | (601,830) | (2,359,097)
Tax on loss | 160,675 | -
Loss for the period | (441,155) | (2,359,097)

The company has no other comprehensive income for the year.

HV Excavators Ltd

(Registration number: 14975649)
Balance Sheet as at 31 January 2025

| Note | 31 January 2025 £ | 30 September 2024 £
Fixed assets |  |  |
Tangible assets | 9 | 413,304 | 393,666
Right of use assets | 10 | 8,862,614 | 9,622,489
|  | 9,275,918 | 10,016,155
Current assets |  |  |
Stocks |  | 73,637 | 71,046
Receivables | 11 | 1,462,360 | 1,569,607
Cash at bank and in hand |  | 327,586 | 301,125
|  | 1,863,583 | 1,941,778
Payables: Amounts falling due within one year | 12 | (2,399,135) | (2,418,086)
Net current liabilities |  | (535,552) | (476,308)
Total assets less current liabilities |  | 8,740,366 | 9,539,847
Payables: Amounts falling due after more than one year | 12 | (6,730,803) | (7,240,305)
Provisions for liabilities | 8 | - | (67,000)
Net assets |  | 2,009,563 | 2,232,542
Capital and reserves |  |  |
Called up share capital | 15 | 1 | 1
Capital contribution reserve |  | 4,809,814 | 4,591,638
Retained earnings |  | (2,800,252) | (2,359,097)
Shareholders' funds |  | 2,009,563 | 2,232,542

Approved by the board on 9 October 2025 and signed on its behalf by:

......................................... P D Wheatcroft Director

HV Excavators Ltd

Statement of Changes in Equity for the Period from 1 October 2024 to 31 January 2025

| Called up share capital £ | Capital contribution reserve £ | Retained earnings £ | Total £
At 1 October 2024 | 1 | 4,591,638 | (2,359,097) | 2,232,542
Loss for the period | - | - | (441,155) | (441,155)
Other capital contribution reserve movements | - | 218,176 | - | 218,176
At 31 January 2025 | 1 | 4,809,814 | (2,800,252) | 2,009,563

| Called up share capital £ | Capital contribution reserve £ | Retained earnings £ | Total £
Loss for the period | - | - | (2,359,097) | (2,359,097)
New share capital subscribed | 1 | - | - | 1
Other capital redemption reserve movements | - | 4,591,638 | - | 4,591,638
At 30 September 2024 | 1 | 4,591,638 | (2,359,097) | 2,232,542

The capital contribution reserve relates to the value of assets that have been hived down from a parent company.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 1 | General information

The company is a private company limited by share capital, incorporated and domiciled in United Kingdom.

The address of its registered office is:
Welsh Way
Poulton
Cirencester
Gloucestershire
GL7 5SZ

These financial statements were authorised for issue by the board on 9 October 2025.

| 2 | Accounting policies

Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
The company’s previous ultimate parent undertaking, Hercules Real Estate Limited includes the company in its consolidated financial statements up until 11th February 2025. The consolidated financial statements of Hercules Real Estate Limited are prepared in accordance with International Financial Reporting Standards as adopted by the EU, and are available to the public on the companies house website.
The company meets the definition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial Reporting Council. In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
• Cash Flow Statement and related notes;
• Disclosures in respect of transactions with wholly owned subsidiaries;
• Disclosures regarding financial instruments;
• Disclosures on fair values;
• Disclosures in respect of the compensation of Key Management Personnel;
• Disclosure in respect of capital management;
• Disclosures in respect of revenue contracts with customers;
• Disclosures in respect of leases.
• Impairment of assets; and
• The effect of new but not yet effective IFRSs;
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. The financial statements are prepared on the historical cost basis.
These financial statements are presented in pounds sterling.
The preparation of financial statements in conformity with FRS 101 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities that are not readily apparent from other sources. 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 and in any future periods affected.
The company’s business activities, together with the factors likely to affect its future development, position and strategy, are set out in the strategic report on pages 2 and 3.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

Going concern
The directors have prepared forecasts that cover a period of 12 months from approval of these financial statements. On the basis of those forecasts, they are confident that the company will remain profitable and cash-generative, and therefore have sufficient resources to continue to trade for the foreseeable future. As a result, the directors have adopted the going concern basis of accounting.

Revenue

Recognition

Revenue is earned from the provision of services relating to suction excavators.
This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers. Amounts invoiced but unpaid at the balance sheet date are included within trade receivables.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures, fittings and equipment | 20% reducing balance
Motor Vehicles | 10% reducing balance
Right of use assets: Property | Straight line over the term of the lease
Right of use assets:Machinery | 8.3% reducing balance
Right of use assets: Motor Vehicles | Straight line over the term of the lease

Impairment
At each reporting date, the company reviews the carrying amounts of its fixed assets (property, plant and equipment, right-of-use assets, and intangible assets other than goodwill) to determine whether there is any indication that they are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extant of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised as an expense within profit or loss immediately.
If the impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, provided the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been previously recognised for that asset.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Trade receivables

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling prices less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade payables

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

Leases

The company as lessee

The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments that depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.

Subsequent measurement

After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are [presented separately as non-operating /included in finance cost] in the profit and loss account, unless the costs are included in the carrying amount of another asset applying other applicable standards. Variable lease payments not included in the measurement of the lease liability, are included in operating expenses in the period in which the event or condition that triggers them arises.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for tangible assets. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Past-service costs are recognised immediately in profit or loss.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 3 | Turnover

The total revenue of the Company for the period has been derived from its principal activity wholly undertaken in the United Kingdom.

| 4 | Operating profit

Arrived at after charging

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Depreciation of property, plant and equipment | 14,686 | 43,487
Depreciation of right of use assets - machines | 283,373 | 917,694
Depreciation on right of use assets - property | 26,175 | 78,452
Depreciation of right of use asset - motor vehicles | 10,214 | 28,904
Impairment loss | 444,730 | 2,000,000

| 5 | Interest payable and similar expenses

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Interest expense on lease liability | 167,842 | 556,048
Other finance costs | 4,413 | 29,784
| 172,255 | 585,832

| 6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Wages and salaries | 703,038 | 2,247,927
Social security costs | 81,581 | 257,107
Pension costs, defined benefit scheme | 22,911 | 47,915
| 807,530 | 2,552,949

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

| 1 October 2024 to 31 January 2025 No. | 3 July 2023 to 30 September 2024 No.
Operational | 46 | 47

| 7 | Directors' remuneration

Directors remuneration is borne by a parent company.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 8 | Income tax

Tax charged/(credited) in the profit and loss account

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Deferred taxation |  |
Arising from origination and reversal of temporary differences | 31,374 | -
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | (192,049) | -
Total deferred taxation | (160,675) | -

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK of 25%.
The differences are reconciled below:

| 1 October 2024 to 31 January 2025 £ | 3 July 2023 to 30 September 2024 £
Loss before tax | (601,830) | (2,359,097)
Corporation tax at standard rate | (150,458) | (589,774)
Increase from effect of expenses not deductible in determining taxable profit (tax loss) | 82 | 682,671
Increase arising from group relief tax reconciliation | 181,750 | -
Deferred tax credit from unrecognised temporary difference from a prior period | (192,049) | -
Transfer of trade | - | (92,897)
Total tax credit | (160,675) | -

Deferred tax

Deferred tax movement during the period:

| At 1 October 2024 £ | Recognised in profit and loss £ | At 31 January 2025 £
Fixed asset timing differences | (2,393,673) | 659,555 | (1,734,118)
Tax losses | 2,326,673 | (498,881) | 1,827,793
| (67,000) | 160,674 | 93,675

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 9 | Tangible assets

| Fixtures, fittings and equipment £ | Motor vehicles £ | Total £
Cost
At 1 October 2024 | 232,036 | 205,117 | 437,153
Additions | 34,324 | - | 34,324
At 31 January 2025 | 266,360 | 205,117 | 471,477
Depreciation
At 1 October 2024 | 22,975 | 20,512 | 43,487
Charge for the period | 8,533 | 6,153 | 14,686
At 31 January 2025 | 31,508 | 26,665 | 58,173
Carrying amount
At 31 January 2025 | 234,852 | 178,452 | 413,304
At 30 September 2024 | 209,061 | 184,605 | 393,666

| 10 | Right of use assets

| Machinery £ | Property £ | Motor vehicles £ | Total £
Cost
At 1 October 2024 | 11,134,353 | 1,320,608 | 192,578 | 12,647,539
Additions | - | 4,617 | - | 4,617
At 31 January 2025 | 11,134,353 | 1,325,225 | 192,578 | 12,652,156
Depreciation
At 1 October 2024 | 2,917,694 | 78,452 | 28,904 | 3,025,050
Charge for the period | 283,373 | 26,175 | 10,214 | 319,762
Impairment | 444,730 | - | - | 444,730
At 31 January 2025 | 3,645,797 | 104,627 | 39,118 | 3,789,542
Carrying amount
At 31 January 2025 | 7,488,556 | 1,220,598 | 153,460 | 8,862,614
At 30 September 2024 | 8,216,659 | 1,242,156 | 163,674 | 9,622,489

| 11 | Trade and other receivables

| 31 January 2025 £ | 30 September 2024 £
Trade receivables | 1,230,059 | 1,055,413
Amounts due from group undertakings | - | 125
Accrued income | - | 259,893
Prepayments | 111,903 | 97,149
Other receivables | 26,723 | 157,027
Income tax asset | 93,675 | -
| 1,462,360 | 1,569,607

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 12 | Trade and other payables

Due within one year | Note | 31 January 2025 £ | 30 September 2024 £
Lease liabilities | 13 | 2,111,140 | 2,124,994
Trade payables |  | 82,720 | 80,262
Accrued expenses |  | 112,805 | 104,781
Social security and other taxes |  | 65,140 | 93,918
Outstanding defined contribution pension costs |  | 7,036 | 8,117
Other payables |  | 20,294 | 6,014
|  | 2,399,135 | 2,418,086

Due after one year | Note | 31 January 2025 £ | 30 September 2024 £
Lease liabilities | 13 | 6,730,803 | 7,240,305

| 13 | Leases

The Group leases certain vehicles and items of plant and machinery. With the exception of short-term leases and leases of low value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset (Note 10) and a lease liability.
All future cashflows are included. The property leases are subject to rent reviews every five years. The nature of the rent reviews is such that annual rentals are adjusted to prevailing market rates unless that would lead to a reduction. In accordance with IFRS 16, any future increases in annual rentals arising from rent reviews are not included in the calculation of the lease liabilities. Any future increases in annual rentals will result in prospective adjustments to the lease liabilities at the point of the rent review.

Lease liabilities maturity analysis

A maturity analysis of lease liabilities based on gross cash flow is reported in the table below:

| 31 January 2025 £ | 30 September 2024 £
Less than one year | 2,111,140 | 2,124,994
Between one and five years | 6,946,485 | 7,327,737
5 years | 1,132,969 | 1,445,058
Future finance charges | (1,348,651) | (1,532,490)
Total lease liabilities | 8,841,943 | 9,365,299

| 14 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £47,915 (2024 - £Nil.
Contributions totalling £7,036 (2024 - £8,117) were payable to the scheme at the end of the period and are included in payables.

HV Excavators Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 January 2025

| 15 | Share capital

Allotted, called up and fully paid shares

| 31 January 2025 | 30 September 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 1 | 1 | 1 | 1

| 16 | Parent and ultimate parent undertaking

The company's immediate parent is SNC Holdings (NW) Limited, incorporated in England and Wales.

The ultimate controlling party is Mr S Quinn.

| 17 | Non adjusting events after the financial period

The Company was sold to SNC Holdings (NW) Ltd on February 11th 2025.