Company Registration Number: 09403776
FOR THE YEAR ENDED 31 MARCH 2025
EXPLORE TRANSPORT LIMITED
COMPANY INFORMATION
EXPLORE TRANSPORT LIMITED
CONTENTS
EXPLORE TRANSPORT LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors have pleasure in presenting their report and the financial statements of the Group for the year ended 31 March 2025.
The principal activity of the Group for the year under review was that of the provision of specialist haulage, logistics and plant hire services primarily to the construction sector.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the Group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the Group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.
The business environment in which the Group operates continues to be challenging. The wider construction and logistics sectors in the UK are highly competitive and the risk of material price competition continues to be a principal risk for the business.
With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
Financial risk
The Group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group. The Group does not use derivative financial instruments to manage interest rate costs.
Credit risk
The directors mitigate credit risk by carrying out credit checks, regularly reviewing aged and overdue accounts and taking out credit insurance.
Liquidity risk
The directors believe that the Group has sufficient funds available to support its activities in the future.
With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
Financial risk
The Group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group. The Group does not use derivative financial instruments to manage interest rate costs.
Credit risk
The directors mitigate credit risk by carrying out credit checks, regularly reviewing aged and overdue accounts and taking out credit insurance.
Liquidity risk
The directors believe that the Group has sufficient funds available to support its activities in the future.
The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, being turnover, gross margin and profitability before taxation. Details of these are disclosed in the consolidated statement of comprehensive income on page 10.
Safety and customer service are our key priorities. Our track record to date is excellent and we firmly believe that we are the market leader in both areas. Efficiency and utilisation of the fleet is the main factor underpinning operational returns.
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EXPLORE TRANSPORT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors believe in building long term, strong and sustainable relationships with our customers, suppliers and financial stakeholders. This approach has enabled us to win long term contracts of supply with our customers.
The Group actively plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as possible. The directors are committed to employees’ health, well being and training engaging with external training specialists and providing in-house sessions for team leaders and managers during working time.
Our strategy will only lead to the long-term success of the Group through the engagement and support of our stakeholders. Throughout the planning of strategies around key areas such as diversity, the wellbeing of our people, relationships with suppliers, partnerships, the local community and environment, the Board considers the impact of its decisions on stakeholders in accordance with s172 of the Companies Act 2006. After assessing the relevant factors, the Board considers which course of action best leads to the long-term success of the Group and a reputation amongst our stakeholders as a Group with high standards of business conduct, operating in an ethical and responsible manner in relation to all stakeholders.
The Group actively plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as possible. The directors are committed to employees’ health, well being and training engaging with external training specialists and providing in-house sessions for team leaders and managers during working time.
Our strategy will only lead to the long-term success of the Group through the engagement and support of our stakeholders. Throughout the planning of strategies around key areas such as diversity, the wellbeing of our people, relationships with suppliers, partnerships, the local community and environment, the Board considers the impact of its decisions on stakeholders in accordance with s172 of the Companies Act 2006. After assessing the relevant factors, the Board considers which course of action best leads to the long-term success of the Group and a reputation amongst our stakeholders as a Group with high standards of business conduct, operating in an ethical and responsible manner in relation to all stakeholders.
This report was approved by the Board and signed on its behalf by.
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EXPLORE TRANSPORT 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.
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.
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and 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.
The profit for the year, after taxation and minority interests, amounted to £390k (2024 - £4,310k).
Dividends of £300k (2024: £3,900k) were paid during the year.
The directors who served during the year were:
The directors are not expecting to make any significant changes in the nature of the business in the near future.
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EXPLORE TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The intensity ratio (tCO2e/deliveries made) in the year was 0.12 (2024 - 0.12).
Methodology
The updated 2019 HM Government Environmental Reporting Guidelines, GHG Reporting Protocol – Corporate Standards have been followed and the 2024 UK Government’s Conversion Factors for Company Reporting have been used.
Intensity Ratio
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per delivery made.
Significant Changes (vs prior year)
We have made several operational changes that impacted our carbon footprint. The launch of a national rail division expanded our geographic coverage and required additional vans to support mobile operatives, leading to a rise in Scope 1 transport emissions due to increased mileage and diesel usage. At the same time, we improved depot sustainability by fully removing kerosene heaters and switching to convection electric heating, eiliminating diesel-based heating emissions altogether. While transport emissions rose slightly, this was anticipated and partly balanced by our continued use of HVO across the plant fleet, which remains central to our carbon reduction efforts.
Energy Efficiency Action
We continued to strengthen our commitment to efficiency through our award-nominated mentor-led telematics programme, which promotes safer, more fuel-efficient driving. We also improved our EcoVardis sustainability score for the second year running, reflecting continued progress in our environmental and ethical performance.
Looking ahead, will will introduce Scania's first Hydrogen Fuel Cell Electric Vehicle (FCEV) into the UK as part of the ZEHID Programme and New Battery Electric Vehicles (BEV) with extended ranges as planned. We have also added a large number of double drive tag axle vehicles, which allow the second axle to be lifted when not required, reducing drag and saving fuel. These actions support our goal of a 35% reduction in Scope 1 emissions.
The updated 2019 HM Government Environmental Reporting Guidelines, GHG Reporting Protocol – Corporate Standards have been followed and the 2024 UK Government’s Conversion Factors for Company Reporting have been used.
Intensity Ratio
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per delivery made.
Significant Changes (vs prior year)
We have made several operational changes that impacted our carbon footprint. The launch of a national rail division expanded our geographic coverage and required additional vans to support mobile operatives, leading to a rise in Scope 1 transport emissions due to increased mileage and diesel usage. At the same time, we improved depot sustainability by fully removing kerosene heaters and switching to convection electric heating, eiliminating diesel-based heating emissions altogether. While transport emissions rose slightly, this was anticipated and partly balanced by our continued use of HVO across the plant fleet, which remains central to our carbon reduction efforts.
Energy Efficiency Action
We continued to strengthen our commitment to efficiency through our award-nominated mentor-led telematics programme, which promotes safer, more fuel-efficient driving. We also improved our EcoVardis sustainability score for the second year running, reflecting continued progress in our environmental and ethical performance.
Looking ahead, will will introduce Scania's first Hydrogen Fuel Cell Electric Vehicle (FCEV) into the UK as part of the ZEHID Programme and New Battery Electric Vehicles (BEV) with extended ranges as planned. We have also added a large number of double drive tag axle vehicles, which allow the second axle to be lifted when not required, reducing drag and saving fuel. These actions support our goal of a 35% reduction in Scope 1 emissions.
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EXPLORE TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
It is the Group's policy that employees should be kept as fully informed as practical concerning the activities of the Group.
The Group recognises the high standards required to ensure the health, safety and welfare of its employees at work, its customers and the general public. Group policies in this regard are regularly reviewed with the object of ensuring that these standards are achieved.
The Group recognises the high standards required to ensure the health, safety and welfare of its employees at work, its customers and the general public. Group policies in this regard are regularly reviewed with the object of ensuring that these standards are achieved.
The directors believe in building long term, strong and sustainable relationships with our customers and suppliers. This approach has enabled us to win long term contracts of supply with our customers.
The Group actively plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as is possible. The directors are committed to employees' health, wellbeing and training engaging with specialists for external training and providing in-house sessions for team leaders and managers during working time.
The Group is an equal opportunities employer. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. All disabled employees are eligible for training and promotion within the limits of their disabilities, are given equal consideration with other applicants.
The Group actively plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as is possible. The directors are committed to employees' health, wellbeing and training engaging with specialists for external training and providing in-house sessions for team leaders and managers during working time.
The Group is an equal opportunities employer. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. All disabled employees are eligible for training and promotion within the limits of their disabilities, are given equal consideration with other applicants.
Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the Board and signed on its behalf.
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EXPLORE TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPLORE TRANSPORT LIMITED
We have audited the financial statements of Explore Transport 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 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.
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EXPLORE TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPLORE TRANSPORT LIMITED (CONTINUED)
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.
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.
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.
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EXPLORE TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPLORE TRANSPORT LIMITED (CONTINUED)
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 obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
• We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
• We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: misappropriation of cash and other assets.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired of the directors and third party advisors about actual and potential litigation and claims.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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.
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EXPLORE TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPLORE TRANSPORT LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leeds
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EXPLORE TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
REGISTERED NUMBER: 09403776
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
REGISTERED NUMBER: 09403776
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by by:
The notes on pages 19 to 39 form part of these financial statements.
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EXPLORE TRANSPORT LIMITED
REGISTERED NUMBER: 09403776
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
REGISTERED NUMBER: 09403776
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 19 to 39 form part of these financial statements.
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EXPLORE TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Explore Transport Limited (the "Company") is a private Company limited by shares and incorporated, domiciled and registered in the UK. The registered number is 09403776 and the registered address is Bridge Place, Anchor Boulevard, Admirals Park, Crossways, Dartford, Kent, DA2 6SN.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. All amounts in the financial statements have been rounded to the nearest £1,000.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. All amounts in the financial statements have been rounded to the nearest £1,000.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK 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 Group management to exercise judgement 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. The results of the Company for the year was a profit after tax of £738k (2024: profit after tax of £4,438k).
The following principal accounting policies have been applied:
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.
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.
The Group has made a profit before tax in the current year of £595k and has a net asset position at 31 March 2025 of £15,717k (2024: £15,663k).
Management information and forecasts prepared by the directors indicate that the Group will continue to be profitable which will allow it to operate within its facilities, without breach of covenant, for the next 12 months and beyond.
At the time of approving these financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Management information and forecasts prepared by the directors indicate that the Group will continue to be profitable which will allow it to operate within its facilities, without breach of covenant, for the next 12 months and beyond.
At the time of approving these financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 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 Statement of Comprehensive Income over its useful economic life.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value 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 Statement of Comprehensive Income over its useful economic life.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
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.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The Group believes that the key sources of estimation uncertainty are in respect of the useful lives and residual values of fixed assets and the recoverability of receivables.
In order to mitigate against the estimation uncertainty in respect of fixed assets, the estimated useful lives and residual values are continually monitored by the Group and benchmarked against competitors.
In respect of the recoverability of amounts receivable, the majority of balances outstanding at 31 March 2025 are owed by companies within the Laing O'Rourke group of companies and therefore the Group believes that the risk around their recoverability is minimal.
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
In preparing the financial statements the directors have also considered the likelihood of any post year end impairment to asset values. The directors have concluded that no impairment has arisen and, accordingly, there has been no material diminution in asset values following the year end.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company has trading losses available to offset against future taxable profits of £3,221k (2024: £NIL). The corresponding deferred tax asset has been provided in respect of these losses.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.Tangible fixed assets (continued)
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 31
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 32
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Obligations under finance lease and hire purchase liabilities are secured over the assets to which they relate. Other creditors under invoice discounting facilities are secured over the relevant trade debtors.
Page 33
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Obligations under finance lease and hire purchase liabilities are secured over the assets to which they relate. Bank loans are secured by way of a fixed and floating charge over all assets of the company as well as a negative pledge.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 35
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £936k (2024 - £852k). Contributions totaling £57k (2024 - £64k) were outstanding at the year end.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Identity of related parties with which the Company has transacted:
The Company is jointly controlled by Select Plant Hire Company Limited, a wholly owned subsidiary of Laing O'Rourke Corporation Limited, and Explore Holdings Ltd (formerly WS Transport Limited).
During the year, the Company predominately transacted with companies within the Laing O'Rourke group including but not exclusively to Laing O'Rourke Delivery Limited, Select Plant Hire Company Limited, Explore 2050 Manufacturing Limited, Glass Reinforced Concrete UK Limited and Crown House Technologies Limited.
During the year, the Company supplied plant hire to other joint venture arrangements within the Laing O'Rourke group, Flo JV and BYLOR JV.
WS Transportation Limited and WS Tanker Logistics Limited received and provide general haulage services on an ad-hoc basis.
The Company is jointly controlled by Select Plant Hire Company Limited, a wholly owned subsidiary of Laing O'Rourke Corporation Limited, and Explore Holdings Ltd (formerly WS Transport Limited).
During the year, the Company predominately transacted with companies within the Laing O'Rourke group including but not exclusively to Laing O'Rourke Delivery Limited, Select Plant Hire Company Limited, Explore 2050 Manufacturing Limited, Glass Reinforced Concrete UK Limited and Crown House Technologies Limited.
During the year, the Company supplied plant hire to other joint venture arrangements within the Laing O'Rourke group, Flo JV and BYLOR JV.
WS Transportation Limited and WS Tanker Logistics Limited received and provide general haulage services on an ad-hoc basis.
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EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 38
EXPLORE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The Company has no ultimate controlling party, being jointly owned and controlled by Explore Holdings Limited (formerly WS Transport Limited), registered address: 15 Rosehill, Montgomery Way, Rosehill Estate, Carlisle, Cumbria, CA1 2RW and Select Plant Hire Company Limited (a subsidiary of the Laing O'Rourke Corporation Limited Group), registered address: Bridge Place, Anchor Boulevard, Admirals Park, Crossways, Dartford, Kent, DA2 6SN.
Page 39