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Registered number: SC071830 ROBERT PURVIS PLANT HIRE LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ROBERT PURVIS PLANT HIRE LIMITED COMPANY INFORMATION
Directors | Mr R Purvis
| Mr C R Purvis
| Ms L M Purvis
| Mrs J J Hepburn
| Mr R M Garmory
Company secretary | Mr C R Purvis
Registered number | SC071830
Registered office | New Thistle House
| Lochview Industrial Estate
| Lochgelly
| Fife
| KY5 9HG
Independent auditors | Sumer Auditco Limited
| Pentland House
| Saltire Centre
| Glenrothes
| Fife
| KY6 2AH
ROBERT PURVIS PLANT HIRE LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 7
Consolidated statement of comprehensive income | 8
Consolidated statement of financial position | 9
Company statement of financial position | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13 - 14
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 38
ROBERT PURVIS PLANT HIRE LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors have pleasure in presenting their strategic report for the year ended 31 March 2025.
Business review
The principal activity of the Group is hire of plant and machinery, transport, and recycling services. The Group’s trading levels remain stable despite a reduction in turnover during the year under review, however, profitability has been adversely impacted due to the suppressed second hand market for the resale of used plant. The combination of the various factors has resulted in an operating profit of £710,753 compared to £1,170,621 in the previous financial year. The Group continues to monitor and control its cashflow requirements, with £241,545 net in bank overdrafts as at the year end date, and the use of hire purchase agreements to fund the majority of asset purchases. The directors acknowledge that the forthcoming accounting period will remain challenging due to the continued pressures within the UK economy, and downturn within the construction sector. However, the directors remain optimistic that the Group will continue to trade profitability. The Group’s key performance indicators are that of turnover growth which only reduced by 4.1% and gross profit which shows a decrease of £784,351 in the year.
Principal risks and uncertainties
The more significant risks currently impacting the Group arise from the continued inflationary pressures within the UK economy and the downturn within the construction sector. The directors continue to monitor all risks facing the Group and place emphasis taking appropriate steps to mitigate their impact where possible, whilst providing a safe workplace environment for the Group’s staff and customer base. The directors acknowledge that the risks facing the Group may continue to have an uncertain impact for a prolonged period but consider that Group is well placed to meet those challenges. In line with other businesses connected to the construction industry, the Group's main commercial risks are the level of construction and house building on-going at any time to generate a requirement for its services. There is the continuing pressure on pricing and the risk associated with the loss of customers to be managed. Those risks which the Group finds itself exposed to are managed by a strong board of directors. The Group's principal financial instruments comprise bank balances, bank overdrafts and other banking facilities, loans to the Group and hire purchase agreements. The main purpose of these instruments is to finance Group operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is detailed below. In respect of bank balances the liquidity risk is managed by maintaining such flexibility through the use of overdrafts and other banking facilities at floating rates of interest. In respect of loans these comprise loans from related parties. In respect of hire purchase agreements, the liquidity risk in respect of these is managed to ensure sufficient funds are available to meet repayments.
Safety and health, environment and quality
The Group recognises the importance of, and has policies and procedures in place to ensure its environmental, health and safety requirements are met at all times. Page 1
ROBERT PURVIS PLANT HIRE LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board on 29 August 2025 and signed on its behalf.
Mr C R Purvis Secretary
Page 2
ROBERT PURVIS PLANT HIRE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £329,891 (2024 - £860,241). Particulars of dividends paid are detailed in the notes to the financial statements.
Directors
The directors who served during the year were:
Mr R Purvis
Mr C R Purvis
Ms L M Purvis
Mrs J J Hepburn
Mr R M Garmory
Page 3
ROBERT PURVIS PLANT HIRE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group or Company since the year end.
Auditors
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 29 August 2025 and signed on its behalf.
Mr C R Purvis Secretary
Page 4
ROBERT PURVIS PLANT HIRE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED
Opinion
We have audited the financial statements of Robert Purvis Plant Hire Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 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 Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
ROBERT PURVIS PLANT HIRE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
ROBERT PURVIS PLANT HIRE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBERT PURVIS PLANT HIRE LIMITED (CONTINUED)
Auditors' 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 Auditors' 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 Group financial statements. 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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 would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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. Mark Gibson (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Pentland House Saltire Centre Glenrothes Fife KY6 2AH 29 August 2025 Page 7
ROBERT PURVIS PLANT HIRE LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 21,875,956 | 22,814,295
Cost of sales |  | (20,199,613) | (20,353,601)
Gross profit |  | 1,676,343 | 2,460,694
Administrative expenses |  | (1,731,368) | (1,964,269)
Other operating income | 5 | 765,778 | 674,196
Operating profit | 6 | 710,753 | 1,170,621
Interest receivable and similar income | 9 | 39,331 | 51,857
Interest payable and similar expenses | 10 | (344,561) | (417,994)
Gain on revaluation of investment properties |  | - | 326,257
Profit before tax |  | 405,523 | 1,130,741
Tax on profit | 11 | (75,632) | (270,500)
Profit for the financial year |  | 329,891 | 860,241
Profit for the year attributable to: |  |  |
Owners of the parent company |  | (329,891) | (860,241)
|  | (329,891) | (860,241)
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 38 form part of these financial statements.
Page 8
ROBERT PURVIS PLANT HIRE LIMITED REGISTERED NUMBER: SC071830 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 178,365 |  | 213,272
Tangible assets | 15 |  | 16,508,992 |  | 17,068,459
Investments | 16 |  | 100 |  | 100
Investment property | 17 |  | 1,948,465 |  | 1,430,000
|  |  | 18,635,922 |  | 18,711,831
Current assets |  |  |  |  |
Stocks | 18 | 316,196 |  | 414,904 |
Debtors: amounts falling due within one year | 19 | 4,189,471 |  | 4,368,231 |
Cash at bank and in hand | 20 | 363,165 |  | 1,843,472 |
|  | 4,868,832 |  | 6,626,607 |
Creditors: amounts falling due within one year | 21 | (9,043,330) |  | (10,669,667) |
Net current liabilities |  |  | (4,174,498) |  | (4,043,060)
Total assets less current liabilities |  |  | 14,461,424 |  | 14,668,771
Creditors: amounts falling due after more than one year | 22 |  | (966,614) |  | (1,142,118)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (1,580,327) |  | (1,504,561) |
|  |  | (1,580,327) |  | (1,504,561)
Net assets |  |  | 11,914,483 |  | 12,022,092
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 137,000 |  | 137,000
Revaluation reserve | 28 |  | 897,897 |  | 897,897
Profit and loss account | 28 |  | 10,879,586 |  | 10,987,195
|  |  | 11,914,483 |  | 12,022,092
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.
Mr R Purvis | Mr C R Purvis
Director | Director
The notes on pages 15 to 38 form part of these financial statements. Page 9
ROBERT PURVIS PLANT HIRE LIMITED REGISTERED NUMBER: SC071830 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 13,306,445 |  | 13,765,324
Investments | 16 |  | 2,172,675 |  | 2,172,675
Investment Property | 17 |  | 1,280,000 |  | 1,280,000
|  |  | 16,759,120 |  | 17,217,999
Current assets |  |  |  |  |
Stocks | 18 | 205,046 |  | 269,416 |
Debtors: amounts falling due within one year | 19 | 3,161,220 |  | 3,547,213 |
Cash at bank and in hand | 20 | 200,000 |  | 1,712,500 |
|  | 3,566,266 |  | 5,529,129 |
Creditors: amounts falling due within one year | 21 | (7,350,830) |  | (9,300,055) |
Net current liabilities |  |  | (3,784,564) |  | (3,770,926)
Total assets less current liabilities |  |  | 12,974,556 |  | 13,447,073
Creditors: amounts falling due after more than one year | 22 |  | (673,655) |  | (959,345)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (1,412,184) |  | (1,340,477) |
|  |  | (1,412,184) |  | (1,340,477)
Net assets |  |  | 10,888,717 |  | 11,147,251
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 137,000 |  | 137,000
Revaluation reserve | 28 |  | 863,204 |  | 863,204
Profit and loss account | 28 |  | 9,888,513 |  | 10,147,047
|  |  | 10,888,717 |  | 11,147,251
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.
Mr R Purvis | Mr C R Purvis
Director | Director
The notes on pages 15 to 38 form part of these financial statements. Page 10
ROBERT PURVIS PLANT HIRE LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 137,000 | 897,897 | 10,987,195 | 12,022,092 | 12,022,092
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 329,891 | 329,891 | 329,891
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | (437,500) | (437,500) | (437,500)
At 31 March 2025 | 137,000 | 897,897 | 10,879,586 | 11,914,483 | 11,914,483
| The notes on pages 15 to 38 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 | 137,000 | 653,204 | 10,698,647 | 11,488,851 | 11,488,851
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 860,241 | 860,241 | 860,241
Transfer to revaluation reserve | - | - | (210,000) | (210,000) | (210,000)
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | (327,000) | (327,000) | (327,000)
Transfer from profit and loss account | - | 244,693 | (34,693) | 210,000 | 210,000
At 31 March 2024 | 137,000 | 897,897 | 10,987,195 | 12,022,092 | 12,022,092
| The notes on pages 15 to 38 form part of these financial statements.
Page 11
ROBERT PURVIS PLANT HIRE LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 137,000 | 863,204 | 10,147,047 | 11,147,251
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 178,966 | 178,966
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (437,500) | (437,500)
At 31 March 2025 | 137,000 | 863,204 | 9,888,513 | 10,888,717
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 137,000 | 653,204 | 9,952,257 | 10,742,461
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 731,790 | 731,790
Transfer to revaluation reserve | - | - | (210,000) | (210,000)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (327,000) | (327,000)
Transfer from profit and loss account | - | 210,000 | - | 210,000
At 31 March 2024 | 137,000 | 863,204 | 10,147,047 | 11,147,251
| The notes on pages 15 to 38 form part of these financial statements.
Page 12
ROBERT PURVIS PLANT HIRE LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 329,891 | 860,241
Adjustments for: |  |
Amortisation of intangible assets | 34,907 | 34,907
Depreciation of tangible assets | 4,432,967 | 4,231,336
(Profit) on disposal of tangible assets | (585,957) | (1,035,101)
Interest paid | 344,561 | 417,994
Interest received | (39,331) | (51,857)
Taxation charge | 75,632 | 270,500
Decrease/(increase) in stocks | 98,708 | (155,388)
Decrease in debtors | 264,263 | 642,204
(Decrease) in creditors | (493,400) | (443,706)
Gain on revaluation of investment properties | - | (326,257)
Corporation tax (paid) | (240,000) | (180,000)
Net cash generated from operating activities | 4,222,241 | 4,264,873
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (4,699,460) | (6,168,757)
Sale of tangible fixed assets | 893,452 | 1,625,429
Purchase of investment properties | - | (22,149)
Interest received | 39,331 | 51,857
HP interest paid | (268,137) | (291,369)
Net cash from investing activities | (4,034,814) | (4,804,989)
Page 13
ROBERT PURVIS PLANT HIRE LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (19,097) | (19,683)
(Repayment of)/new finance leases | (456,497) | (554,766)
Dividends paid | (437,500) | (327,000)
Interest paid | (76,424) | (126,625)
Net cash used in financing activities | (989,518) | (1,028,074)
Net (decrease) in cash and cash equivalents | (802,091) | (1,568,190)
Cash and cash equivalents at beginning of year | 560,546 | 2,128,736
Cash and cash equivalents at the end of year | (241,545) | 560,546
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 363,165 | 1,843,472
Bank overdrafts | (604,710) | (1,282,926)
| (241,545) | 560,546
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
|  | At 1 April 2024 | Cash flows | New finance leases | At 31 March 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 1,843,472 | (1,480,307) | - | 363,165
Bank overdrafts | (1,282,926) | 678,216 | - | (604,710)
Debt due after 1 year | (25,030) | 19,097 | - | (5,933)
Debt due within 1 year | (20,000) | - | - | (20,000)
Finance leases | (4,270,035) | 4,443,326 | (3,986,829) | (3,813,538)
| (3,754,519) | 3,660,332 | (3,986,829) | (4,081,016)
The notes on pages 15 to 38 form part of these financial statements.
Page 14
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Robert Purvis Plant Hire Limited is a company limited by shares, incorporated in Scotland. Its registered office is New Thistle House, Lochview Industrial Estate, Lochgelly, Fife, KY5 9HG. The financial statements are presented in Sterling which is the functional currency of the group and rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 15
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 16
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 17
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 18
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years. Page 19
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 0% - 5% straight line
|  |  |  | Plant and machinery | - | 20% straight line
|  |  |  | Motor vehicles | - | 20%-25% straight line
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Asset under construction | - | Not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. It is the company's policy to maintain freehold property in good condition and depreciation is only provided on freehold property, when in the opinion of the directors, the estimated residual value becomes less than the book value of the property.
| 2.13 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.14 | Investment property
Investment properties are shown at their fair value. Changes in fair value are recognised in profit or loss. Properties rented to other group companies are classified as property, plant and equipment (freehold property) and held at historical cost less depreciation and impairment.
| 2.15 | Valuation of investments
Investments in subsidiaries and associates are measured at cost less accumulated impairment. Page 20
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.18 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.19 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 21
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.21 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.22 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of financial position when the Group 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.
| 2.23 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The most significant estimation within the company’s financial statements relates to depreciation, particularly plant and machinery depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset. Although gains on sale of fixed assets are regularly achieved this arises primarily where assets are sold within their useful lives.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant hire and transport | 12,379,936 | 12,193,176
| Materials and recycling | 9,496,020 | 10,621,119
|  | 21,875,956 | 22,814,295
| All turnover arose within the United Kingdom.
Page 22
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rents receivable | 649,976 | 541,211
| Management charges receivable | 100,800 | 120,768
| Other operating income | 15,002 | 12,217
|  | 765,778 | 674,196
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation of intangible assets | 34,907 | 34,907
| Exchange differences | 996 | 1,441
| Audit fees | 24,325 | 28,300
| Non audit fees from Auditor | 21,170 | 16,000
| Depreciation of tangible fixed assets | 4,432,967 | 4,206,728
| Gain on sale of assets | (585,957) | (1,035,101)
Page 23
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 6,697,868 | 6,776,679 | 4,750,963 | 4,917,211
| Social security costs | 685,448 | 702,214 | 493,099 | 549,746
| Cost of defined contribution scheme | 183,184 | 199,075 | 139,042 | 160,590
|  | 7,566,500 | 7,677,968 | 5,383,104 | 5,627,547
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Number of administrative staff | 14 | 14 | 14 | 14
|  | Number of operatives | 150 | 167 | 110 | 127
|  |  | 164 | 181 | 124 | 141
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 206,200 | 285,013
| Group contributions to defined contribution pension schemes | 32,500 | 20,323
|  | 238,700 | 305,336
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £79,451 (2024 - £113,991).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
| The directors are considered to be the company's Key Management Personnel.
Page 24
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 39,331 | 51,857
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 75,975 | 125,924
| Other loan interest payable | 449 | 701
| Finance leases and hire purchase contracts | 268,137 | 291,369
|  | 344,561 | 417,994
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | (134) | -
|  | (134) | -
| Total current tax | (134) | -
| Deferred tax |  |
| Origination and reversal of timing differences | (119,821) | 747,204
| Deferred tax on revaluation of investment property | - | 81,564
| Deferred tax on losses | 195,396 | (558,057)
| Short term differences | 191 | (211)
| Total deferred tax | 75,766 | 270,500
| Tax on profit | 75,632 | 270,500
Page 25
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 405,523 | 1,130,741
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 101,381 | 282,685
| Effects of: |  |
| Expenses not deductible for tax purposes | 14,472 | 20,124
| Adjustments to tax charge in respect of prior periods | (42,994) | (35,339)
| Depreciation on non-qualifying assets | 2,773 | 3,003
| Capital gains | - | 5,075
| Gain on sale of non qualifying assets | - | (5,025)
| Other differences leading to an increase (decrease) in the tax charge | - | (23)
| Total tax charge for the year | 75,632 | 270,500
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Equity dividends on ordinary shares | 437,500 | 327,000
13. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit/(loss) after tax of the parent Company for the year was £178,966 (2024 - £731,790). Page 26
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 April 2024 | 349,072
| At 31 March 2025 | 349,072
| Amortisation |
| At 1 April 2024 | 135,800
| Charge for the year on owned assets | 34,907
| At 31 March 2025 | 170,707
| Net book value |
| At 31 March 2025 | 178,365
| At 31 March 2024 | 213,272
Page 27
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Asset under construction
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 April 2024 | 4,237,417 | - | 27,065,937 | 1,978,668 | 1,741 | 749,716
| Additions | - | 12,300 | 4,054,272 | 284,008 | - | 348,880
| Disposals | - | - | (2,362,606) | (174,859) | - | -
| Transfers between classes | - | - | 412,131 | - | - | (930,596)
| At 31 March 2025 | 4,237,417 | 12,300 | 29,169,734 | 2,087,817 | 1,741 | 168,000
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | 465,667 | - | 15,110,331 | 1,387,281 | 1,741 | -
| Charge for the year on owned assets | 11,093 | - | 4,169,522 | 252,352 | - | -
| Disposals | - | - | (2,077,025) | (152,945) | - | -
| At 31 March 2025 | 476,760 | - | 17,202,828 | 1,486,688 | 1,741 | -
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 3,760,657 | 12,300 | 11,966,906 | 601,129 | - | 168,000
| At 31 March 2024 | 3,771,750 | - | 11,955,606 | 591,387 | - | 749,716
Page 28
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 April 2024 | 34,033,479
| Additions | 4,699,460
| Disposals | (2,537,465)
| Transfers between classes | (518,465)
| At 31 March 2025 | 35,677,009
| Depreciation |
| At 1 April 2024 | 16,965,020
| Charge for the year on owned assets | 4,432,967
| Disposals | (2,229,970)
| At 31 March 2025 | 19,168,017
| Net book value |
| At 31 March 2025 | 16,508,992
| At 31 March 2024 | 17,068,459
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 6,079,984 | 7,533,317
| Motor vehicles | 47,370 | 150,499
|  | 6,127,354 | 7,683,816
Page 29
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15.Tangible fixed assets (continued)
| Company
|  | Freehold property | Plant and machinery | Motor vehicles | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 3,640,624 | 22,384,024 | 1,014,159 | 580,131 | 27,618,938
| Additions | - | 3,170,272 | 81,983 | - | 3,252,255
| Disposals | - | (1,835,756) | (126,270) | - | (1,962,026)
| Transfers between classes | - | 412,131 | - | (412,131) | -
| At 31 March 2025 | 3,640,624 | 24,130,671 | 969,872 | 168,000 | 28,909,167
| Depreciation |  |  |  |  |
| At 1 April 2024 | 11,595 | 13,210,924 | 631,095 | - | 13,853,614
| Charge for the year on owned assets | - | 3,300,708 | 131,059 | - | 3,431,767
| Disposals | - | (1,578,303) | (104,356) | - | (1,682,659)
| At 31 March 2025 | 11,595 | 14,933,329 | 657,798 | - | 15,602,722
| Net book value |  |  |  |  |
| At 31 March 2025 | 3,629,029 | 9,197,342 | 312,074 | 168,000 | 13,306,445
| At 31 March 2024 | 3,629,029 | 9,173,100 | 383,064 | 580,131 | 13,765,324
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 4,627,901 | 5,858,908
| Motor vehicles | 47,370 | 107,636
|  | 4,675,271 | 5,966,544
Page 30
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Fixed asset investments
| Group
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 April 2024 | 100
| At 31 March 2025 | 100
| Company
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 2,172,575 | 100 | 2,172,675
| At 31 March 2025 | 2,172,575 | 100 | 2,172,675
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Cartmore Transport Limited | Ordinary | 100%
| Eagle Recycling (UK) Limited | Ordinary | 100%
| A M Howie Limited Limited | Ordinary | 100%
| Recycle Fife Limited | Ordinary | 100%
| Langside Quarry Limited | Ordinary | 100%
| Cavelstone Aggregates Limited | Ordinary | 100%
| Associated undertakings
| The following was an associate of the Company:
| Name | Class of shares | Holding
| Inverkeithing Developments Limited | Ordinary | 33.33%
| The registered office of all the above listed subsidiaries and associates is New Thistle House, The Avenue, Lochgelly, Fife, KY5 9HG.
Page 31
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 1,430,000
| Transfers between classes | 518,465
| At 31 March 2025 | 1,948,465
| The 2025 valuations were made by the directors on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 429,176 | 429,176
| Accumulated depreciation and impairments | (225,979) | (215,249)
|  | 203,197 | 213,927
18. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Raw materials and consumables | 316,196 | 414,904 | 205,046 | 269,416
Page 32
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,355,948 | 3,237,420 | 2,453,971 | 2,546,449
| Other debtors | 602,819 | 968,015 | 571,517 | 883,549
| Prepayments and accrued income | 230,704 | 162,796 | 135,732 | 117,215
|  | 4,189,471 | 4,368,231 | 3,161,220 | 3,547,213
20. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 363,165 | 1,843,472 | 200,000 | 1,712,500
| Less: bank overdrafts | (604,710) | (1,282,926) | (516,217) | (1,121,969)
|  | (241,545) | 560,546 | (316,217) | 590,531
21. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 604,710 | 1,282,926 | 516,217 | 1,121,969
| Bank loans | 20,000 | 20,000 | 10,000 | 10,000
| Trade creditors | 1,519,262 | 2,530,251 | 1,285,531 | 2,219,836
| Amounts owed to group undertakings | - | - | 22,510 | 180,816
| Other taxation and social security | 581,397 | 665,283 | 409,954 | 551,770
| Net obligations under hire purchase creditors | 2,852,857 | 3,152,947 | 2,106,874 | 2,663,808
| Other creditors | 3,254,668 | 2,842,043 | 2,896,912 | 2,443,477
| Accruals and deferred income | 210,436 | 176,217 | 102,832 | 108,379
|  | 9,043,330 | 10,669,667 | 7,350,830 | 9,300,055
| Bank borrowings are secured by a standard security over certain properties of the Group and a bond and floating charge. Net obligations under hire purchase creditors are secured by the relevant assets.
Page 33
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 5,933 | 25,030 | 3,333 | 12,500
| Net obligations under hire purchase creditors | 960,681 | 1,117,088 | 670,322 | 946,845
|  | 966,614 | 1,142,118 | 673,655 | 959,345
| Net obligations under hire purchase creditors are secured by the relevant assets.
23. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 20,000 | 20,000 | 10,000 | 10,000
|  | 20,000 | 20,000 | 10,000 | 10,000
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 5,933 | 20,000 | 3,333 | 7,470
|  | 5,933 | 20,000 | 3,333 | 7,470
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | - | 5,030 | - | 5,030
|  | - | 5,030 | - | 5,030
|  | 25,933 | 45,030 | 13,333 | 22,500
Page 34
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
24. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 2,852,857 | 3,152,947 | 2,106,874 | 2,663,808
| Between 1-5 years | 960,681 | 1,117,088 | 670,322 | 946,845
|  | 3,813,538 | 4,270,035 | 2,777,196 | 3,610,653
25. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 363,165 | 1,843,472 | 200,000 | 1,712,500
| Financial assets that are debt instruments measured at amortised cost | 3,718,767 | 3,820,169 | 2,978,437 | 3,429,998
|  | 4,081,932 | 5,663,641 | 3,178,437 | 5,142,498
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | (9,381,495) | (10,973,015) | (7,243,735) | 9,707,630
| Financial assets measured at fair value through profit or loss comprise at bank and in hand.
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors and loans.
Page 35
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
26. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,504,561) | (1,234,061)
| Charged to profit or loss | (75,766) | (270,500)
| At end of year | (1,580,327) | (1,504,561)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,340,477) | (1,129,359)
| Charged to profit or loss | (71,707) | (211,118)
| At end of year | (1,412,184) | (1,340,477)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (1,778,223) | (2,219,607) | (1,449,144) | (1,778,921)
| Chargeable gains | (299,299) | (299,299) | (287,735) | (287,735)
| Tax losses carried forward | 496,601 | 1,013,560 | 324,301 | 725,603
| Short term timing differences | 594 | 785 | 394 | 576
|  | (1,580,327) | (1,504,561) | (1,412,184) | (1,340,477)
Page 36
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
27. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 121,000 (2024 - 121,000) Ordinary A shares of £1.00 each | 121,000 | 121,000
|  | 5,000 (2024 - 5,000) Ordinary B shares of £1.00 each | 5,000 | 5,000
|  | 2,000 (2024 - 2,000) Ordinary C shares of £1.00 each | 2,000 | 2,000
|  | 2,000 (2024 - 2,000) Ordinary D shares of £1.00 each | 2,000 | 2,000
|  | 5,000 (2024 - 5,000) Ordinary E shares of £1.00 each | 5,000 | 5,000
|  | 1,000 (2024 - 1,000) Ordinary F shares of £1.00 each | 1,000 | 1,000
|  | 1,000 (2024 - 1,000) Ordinary G shares of £1.00 each | 1,000 | 1,000
|  |  | 137,000 | 137,000
| All shares rank Pari-Passu in all respects other than dividends which may be voted on individual share classes.
28. | Reserves
Revaluation reserve The revaluation reserve includes all cumulative fair value valuation surplus in relation to investment properties, less any deferred tax provisions. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
29. | Contingent liabilities
During the year ended 31 March 2025 a tragic fatal accident occurred resulting in the sad death of an employee of the group. The circumstances surrounding the accident have been investigated by the Health & Safety Executive and it has been intimated that this may result in a penalty being levied against the company. The directors consider that the company has strong levels of health and safety standards and the company has taken legal representation. At the time of preparing the financial statements as the level of any potential penalty is not reliably ascertainable no provision has been made in the accounts for any penalty that may fall due.
30. | Capital commitments
| At 31 March 2025 the Group and Company had capital commitments as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Contracted for but not provided in these financial statements | - | 540,000 | - | (540,000)
Page 37
ROBERT PURVIS PLANT HIRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
31. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £183,184 (2024 - £199,075). Contributions totalling £2,704 (2024 - £3,148) were payable to the fund at the reporting date and are included in creditors.
32. | Related party transactions
| The Company and Group has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group. During the year, the Company entered into the following transactions with related parties:
|  | 2025 | 2024
|  | £ | £
| Sales to other related parties other than group companies | 5,638,874 | 7,112,749
| Purchases from other related parties other than group companies | 476,045 | 435,664
| Net trading balances due from other related parties other than group companies | 657,655 | 584,118
| Rent received | 380,481 | 384,297
| Amounts due to other related parties other than group companies | (2,525,780) | (2,112,500)
| Amounts due from entities over which the company has joint control/significant influence | 216,695 | 210,313
| Included within other creditors is an amount of £Nil (2024 - £150,000) owing to a director. The director's loan is repayable on demand and there is no interest charged on this loan.
33. | Controlling party
The parent Company was under the control of Mr R Purvis throughout the current and previous year. Mr R Purvis is the majority shareholder.
Page 38