Company registration number 906595 (England and Wales)
MACSALVORS (PLANT HIRE) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MACSALVORS (PLANT HIRE) LTD
COMPANY INFORMATION
Director
Mr N C MacQuarrie
Secretary
Mr N C MacQuarrie
Company number
906595
Registered office
Newham Road
TRURO
Cornwall
TR1 2SU
Auditor
BK Plus Audit Limited
45 Lemon Street
Truro
Cornwall
TR1 2NS
MACSALVORS (PLANT HIRE) LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
MACSALVORS (PLANT HIRE) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 2025.

Principal activities

The principal activity of the company is the provision of crane and plant hire services.

Macsalvors (Plant Hire) Limited is a specialist mobile crane company, providing crane hire and specialist haulage services, including all terrain cranes, low loaders, compact cranes, spider cranes, mini crawlers and HIAB lorries, principally throughout the South West. The company has over 50 years of experience and offers services to a wide range of sectors, principally construction, major utility companies and the public sector.

The company also provides tow bar and tyre services.

Review of the business

The results of Macsalvors (Plant Hire) Limited are set out on pages 7 to 8 and show a profit on ordinary activities before tax of £1,360,615 (202 4 - £1,13 9,370). This reflects a continued positive market and the company's progress made against previous years.

The shareholders' funds total £9,199,144 (202 4 - £8,179,052).

The performance of the company during this period is in line with the Director's expectations. The operations of the company continued throughout the year.

Macsalvors (Plant Hire) Limited continues to maintain positive business relationships with its customers, suppliers, bank and other professional firms.

Growth in the construction industry continue d to benefit Macsalvors (Plant Hire) Limited.

The company is pro-active in maintaining a high quality fleet level and continues to invest heavily in plant. The company has healthy liquid reserves.

Principal risks and uncertainties

The construction industry is the key market served and there is a correlation between the cyclical nature of this sector and the performance of the company.

Macsalvors (Plant Hire) Limited's customers in the construction industry increase their demand for its services when there is growth in the sector and excess capacity - however demand is decreased when growth reduces.

The company anticipates current year market conditions to remain competitive but at similar levels.

Key performance indicators

The managing Director reviews the KPI's on both a monthly and quarterly basis.

KPI's reviewed include Gross Profit, Operating Profit and Net profit percentages by services rendered, Debtor days, Current ratio, Return on Capital Employed and Asset Cover ratio, together with quarterly comparisons between forecast and actual performances.

On behalf of the board

Mr N C MacQuarrie
Director
3 November 2025
MACSALVORS (PLANT HIRE) LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr N C MacQuarrie
Financial instruments

Credit risk is considered to be significant, but this is mitigated by the strong systems and controls put in place by management, who maintain a strict policy on debt.

Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to hold cash assets safely and profitably.

Auditor

The auditor, BK Plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N C MacQuarrie
Director
3 November 2025
MACSALVORS (PLANT HIRE) LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

MACSALVORS (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACSALVORS (PLANT HIRE) LTD
- 4 -
Opinion

We have audited the financial statements of Macsalvors (Plant Hire) Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, 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 March 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 director's 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 director 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 director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

MACSALVORS (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACSALVORS (PLANT HIRE) LTD (CONTINUED)
- 5 -
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 or the director's r eport.

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

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

- Identify and assess the risks of material misstatement of the financial statements due to fraud;

- Obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;

- Respond appropriately to fraud and suspected fraud identified during the audit.

- However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

- We identified the laws and regulations applicable to the company through discussions with directors and from our knowledge and experience of the relevant sector;

- The audit principal ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

- The Companies Act 2006

- FRS102

- Employment Legislation

- GDPR

- Tax legislation

- Health and Safety

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;

- Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remain alert to instances of non-compliance throughout the audit.

MACSALVORS (PLANT HIRE) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACSALVORS (PLANT HIRE) LTD (CONTINUED)
- 6 -

- We assessed the susceptibility of the company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

- Making enquiries of management as to whether they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

- Reviewing the financial statements and testing the disclosures against supporting documentation;

- Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

- Inspecting and testing journal entries to identify unusual or unexpected transactions;

- Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

- Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

- The areas we identified as being susceptible to misstatement through fraud were:

- Management bias in the estimates and judgements made;

- Management override of controls;

- Posting of unusual journals or transactions; and

- Revenue recognition.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

The purpose of our audit work and to whom we owe our responsibilities

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.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Limited, Statutory Auditor
Chartered Certified Accountants
45 Lemon Street
Truro
Cornwall
TR1 2NS
3 November 2025
MACSALVORS (PLANT HIRE) LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
2
9,268,359
8,179,200
Cost of sales
(6,783,998)
(6,103,809)
Gross profit
2,484,361
2,075,391
Administrative expenses
(1,182,535)
(983,511)
Other operating income
31,141
16,101
Operating profit
3
1,332,967
1,107,981
Interest receivable and similar income
7
27,689
32,238
Interest payable and similar expenses
8
(41)
(849)
Profit before taxation
1,360,615
1,139,370
Tax on profit
9
(340,523)
(272,183)
Profit for the financial year
1,020,092
867,187
Retained earnings brought forward
8,178,951
7,311,764
Retained earnings carried forward
9,199,043
8,178,951
MACSALVORS (PLANT HIRE) LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,636,095
7,552,331
Current assets
Stocks
11
1,000
1,000
Debtors
12
1,725,513
2,051,140
Cash at bank and in hand
819,630
2,001,887
2,546,143
4,054,027
Creditors: amounts falling due within one year
13
(850,680)
(1,635,415)
Net current assets
1,695,463
2,418,612
Total assets less current liabilities
11,331,558
9,970,943
Provisions for liabilities
Deferred tax liability
14
2,132,414
1,791,891
(2,132,414)
(1,791,891)
Net assets
9,199,144
8,179,052
Capital and reserves
Called up share capital
16
101
101
Profit and loss reserves
17
9,199,043
8,178,951
Total equity
9,199,144
8,179,052

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 3 November 2025
Mr N C MacQuarrie
Director
Company registration number 906595 (England and Wales)
MACSALVORS (PLANT HIRE) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
1,833,616
2,063,299
Interest paid
(41)
(849)
Net cash inflow from operating activities
1,833,575
2,062,450
Investing activities
Purchase of tangible fixed assets
(3,194,521)
(2,263,321)
Proceeds from disposal of tangible fixed assets
151,000
801,431
Interest received
27,689
32,238
Net cash used in investing activities
(3,015,832)
(1,429,652)
Financing activities
Payment of finance leases obligations
-
0
(33,293)
Net cash used in financing activities
-
(33,293)
Net (decrease)/increase in cash and cash equivalents
(1,182,257)
599,505
Cash and cash equivalents at beginning of year
2,001,887
1,402,382
Cash and cash equivalents at end of year
819,630
2,001,887
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

Macsalvors (Plant Hire) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Newham Road, TRURO, Cornwall, TR1 2SU.

1.1
Basis of preparation

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, The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of returns, rebates and discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods, including tyres, tow bars and other items, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, 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 at the point of sale.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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 a contract to provide services including plant hire is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:.

(a) the amount of revenue can be measured reliably;

(b) it is probable that the economic benefits associated with the transaction will flow to the entity;

(c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

(d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -

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
2% reducing balance
Leasehold improvements
Over the term of the lease
Plant and equipment
10% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 creditors 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 creditors 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

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.

2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
67,448
87,651
Rendering of services
9,200,911
8,091,549
9,268,359
8,179,200
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Turnover and other revenue
(Continued)
- 15 -
2025
2024
£
£
Other revenue
Interest income
27,689
32,238
Rent receivable
23,000
23,000
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(8,141)
6,899
Depreciation of tangible fixed assets
1,025,803
866,493
Profit on disposal of tangible fixed assets
(66,046)
(199,560)
Operating lease charges
14,570
11,585
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
10,000
5
Employees

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

2025
2024
Number
Number
Administration and support
7
7
Crane and other plant operators
58
51
Other departments
1
2
Total
66
60

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,550,167
2,981,081
Social security costs
413,222
343,371
Pension costs
197,545
189,990
4,160,934
3,514,442
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
96,827
120,704
Company pension contributions to defined contribution schemes
68,810
63,620
165,637
184,324

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
27,689
32,238
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
27,689
32,238
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
41
539
Other interest on financial liabilities
-
0
118
41
657
Other finance costs:
Interest on finance leases and hire purchase contracts
-
192
41
849
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
340,523
272,183
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 17 -

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
1,360,615
1,139,370
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
340,154
284,843
Tax effect of expenses that are not deductible in determining taxable profit
-
0
435
Tax increase/(decrease) from effect of capital allowances and depreciation
16,881
36,795
Tax increase/(decrease) from effect of (gains)/losses on disposal of tangible fixed assets
(16,512)
(49,890)
Taxation charge for the year
340,523
272,183

Deferred tax has been recognised at the corporation tax rate of 25%.

10
Tangible fixed assets
Freehold buildings
Leasehold improvements
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
122,195
48,579
13,808,642
198,982
436,807
14,615,205
Additions
-
0
-
0
3,041,896
-
0
152,625
3,194,521
Disposals
-
0
-
0
(402,767)
-
0
(79,522)
(482,289)
At 31 March 2025
122,195
48,579
16,447,771
198,982
509,910
17,327,437
Depreciation and impairment
At 1 April 2024
39,517
44,197
6,502,387
150,762
326,011
7,062,874
Depreciation charged in the year
1,653
-
0
948,468
12,056
63,626
1,025,803
Eliminated in respect of disposals
-
0
-
0
(326,730)
-
0
(70,605)
(397,335)
At 31 March 2025
41,170
44,197
7,124,125
162,818
319,032
7,691,342
Carrying amount
At 31 March 2025
81,025
4,382
9,323,646
36,164
190,878
9,636,095
At 31 March 2024
82,678
4,382
7,306,255
48,220
110,796
7,552,331
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
11
Stocks
2025
2024
£
£
Raw materials and consumables
1,000
1,000
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,596,021
1,712,857
Other debtors
2,000
2,360
Prepayments and accrued income
127,492
335,923
1,725,513
2,051,140
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
245,923
978,493
Taxation and social security
144,593
216,524
Other creditors
10,035
4,824
Accruals and deferred income
450,129
435,574
850,680
1,635,415
14
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
2,383,564
1,867,021
Tax losses
(251,150)
(75,130)
2,132,414
1,791,891
MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Deferred taxation
(Continued)
- 19 -
2025
Movements in the year:
£
Liability at 1 April 2024
1,791,891
Charge to profit or loss
340,523
Liability at 31 March 2025
2,132,414
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
197,545
189,990

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.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
2,000
2,000
100
100
Ordinary shares of of 50p each
1
1
1
1
2,001
2,001
101
101

Rights, preferences and restrictions

Ordinary shares of 50p each 'Class 1' have the following rights, preferences and restrictions:

There are no restrictions on the distribution of dividends and they are non redeemable.

Ordinary shares of 5p each 'Class 2' have the following rights, preferences and restrictions:

Distribution of dividends on these shares are restricted, which is deferred until the first 10% of distribution is paid to 'Class 1 shareholders'. These shares are non redeemable.

17
Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

18
Directors' transactions

During the year the company paid rent to the Director and a Shareholder amounting to £48,000 each (2024 - £41,330 each).

The Director has advanced monies to the company on an interest free basis. The loan is unsecured and repayable on demand. At the balance sheet date the amount due to the Director was £2,778 (2024 - £2,778).

MACSALVORS (PLANT HIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
19
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,020,092
867,187
Adjustments for:
Taxation charged
340,523
272,183
Finance costs
41
849
Investment income
(27,689)
(32,238)
Gain on disposal of tangible fixed assets
(66,046)
(199,560)
Depreciation and impairment of tangible fixed assets
1,025,803
866,493
Movements in working capital:
Decrease/(increase) in debtors
325,627
(18,516)
(Decrease)/increase in creditors
(784,735)
306,901
Cash generated from operations
1,833,616
2,063,299
20
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,001,887
(1,182,257)
819,630
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