J S Fleet Services Limited - Limited company accounts 25.1

REGISTERED NUMBER: 03032242 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 May 2025

for

J S Fleet Services Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditor

3

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

J Sutch

E Sutch

H Sutch-Ware

A Lowrie

SECRETARY:

E Sutch

REGISTERED OFFICE:

Bridle House

1 Bridle Way

Bootle

L30 4UG

REGISTERED NUMBER:

03032242 (England and Wales)

AUDITOR:

DJH Audit Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

L25QQ

BANKERS:

HSBC

99-101 Lord Street

Liverpool

L2 6PG

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of crane hire.

DIVIDENDS

The total distribution of dividends for the year ended 31 May 2025 will be £2,000,000 (2024 - £465,000).

The distribution in the year includes a non-cash dividend in specie to the parent company of £1.6m.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

J Sutch

E Sutch

H Sutch-Ware

A Lowrie

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

ON BEHALF OF THE BOARD:

J Sutch - Director

15 December 2025

Opinion

I have audited the financial statements of J S Fleet Services Limited (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception

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

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

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

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

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

-	I have not received all the information and explanations I require for my audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

My 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 a Report of the Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

-

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;

-

Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;

-

Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with
applicable law and regulations;

-

Challenging assumptions and judgements made by management in its significant accounting estimates;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.

Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Timothy Cherry FCCA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

L25QQ

15 December 2025

TURNOVER

2,220,000

2,620,000

Administrative expenses

1,841,038

2,006,585

378,962

613,415

Other operating income

144,000

OPERATING PROFIT

522,962

757,415

Interest receivable and similar income

316

6,758

523,278

764,173

Interest payable and similar expenses

567,198

349,815

(LOSS)/PROFIT BEFORE TAXATION

(43,920

)

414,358

Tax on (loss)/profit

(151,301

)

417,415

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

107,381

(3,057

)

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

14,419,374

14,486,844

Investments

6

1,000

Investment property

7

-

1,600,000

14,420,374

16,087,844

CURRENT ASSETS

Debtors

8

1,105,594

1,154,893

Cash at bank

103,141

28,019

1,208,735

1,182,912

CREDITORS

Amounts falling due within one year

9

3,829,186

2,842,907

NET CURRENT LIABILITIES

(2,620,451

)

(1,659,995

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,799,923

14,427,849

CREDITORS

Amounts falling due after more than one
year

10

(7,188,881

)

(7,772,887

)

PROVISIONS FOR LIABILITIES

12

(2,017,892

)

(2,169,193

)

NET ASSETS

2,593,150

4,485,769

CAPITAL AND RESERVES

Called up share capital

13

1,000

Revaluation in year

14

-

687,591

Retained earnings

14

2,592,150

3,797,178

SHAREHOLDERS' FUNDS

2,593,150

4,485,769

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

J Sutch - Director

1.	STATUTORY INFORMATION

J S Fleet Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income and crane hire charges between the parent and the subsidiary.

Intangible assets

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

Tangible fixed assets

Tangible fixed assets are initially measured at costs and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Items of crane equipment purchased at a cost of more than £1,000 each are capitalised and depreciated, otherwise their costs are immediately written off as revenue expenditure.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

10% reducing balance

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

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

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

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

Basic financial assets

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

Impairment of financial assets

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, to the extent that they will reverse in the foreseeable future.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing differences, having regard to capital expenditure plans for the foreseeable future.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Group relief

Since the company owns more than 75% of the ordinary share capital of John Sutch Cranes Limited, both companies are eligible for group relief of losses. Under this arrangement, tax losses of one company are surrendered and offset against the taxable profits of the other company so as to minimise the total amount of corporation tax payable by the group companies.

No payment is made between the companies in respect of group relief.

Hire purchase and leasing commitments

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

Leases are classified as finance leases whenever the terms of the leases transfer substantially all of the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. Te related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Distributions to equity holders

Dividends to the company's shareholders are recognised as a liability in the financial statements in the period in which they are approved and are recorded in the statement of changes in equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

800,000

AMORTISATION

At 1 June 2024

and 31 May 2025

800,000

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

COST

At 1 June 2024

20,978,866

72,078

30,329

21,081,273

Additions

2,230,532

-

2,230,532

Disposals

(1,360,258

)

-

(1,360,258

)

At 31 May 2025

21,849,140

72,078

30,329

21,951,547

DEPRECIATION

At 1 June 2024

6,507,624

56,476

30,329

6,594,429

Charge for year

1,756,668

1,502

-

1,758,170

Eliminated on disposal

(820,426

)

-

(820,426

)

At 31 May 2025

7,443,866

57,978

30,329

7,532,173

NET BOOK VALUE

At 31 May 2025

14,405,274

14,100

-

14,419,374

At 31 May 2024

14,471,242

15,602

-

14,486,844

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

Fixed assets, included in the above, which are held under finance lease agreements are as follows:

Company

31.5.25

31.5.24

£

Plant and machinery

12,968,040

11.056,063

Motor vehicles

-

12,968,040

11,056,063

Depreciation charge for the year

1,571,861

1,100,665

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2024

and 31 May 2025

1,000

NET BOOK VALUE

At 31 May 2025

1,000

At 31 May 2024

1,000

7.	INVESTMENT PROPERTY

Total

£

COST

At 1 June 2024

1,600,000

Disposals

(1,600,000

)

At 31 May 2025

-

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

1,600,000

8.

DEBTORS

31.5.25

31.5.24

£

Amounts falling due within one year:

Other debtors

25,786

-

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,079,808

1,154,893

Aggregate amounts

1,105,594

1,154,893

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

Bank loans and overdrafts

40,000

87,533

Finance leases (see note 11)

2,531,149

2,235,825

Trade creditors

822

3,900

Taxation and social security

526,230

503,655

Other creditors

730,985

11,994

3,829,186

2,842,907

An unlimited cross company guarantee dated 19 April 2012 has also been provided by John Sutch Cranes Limited and J S Fleet Services Limited as security over the total bank loans and overdrafts due to the bank.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.5.25

31.5.24

£

Finance leases (see note 11)

7,188,881

7,772,887

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

709,223

1,190,555

The aggregate obligations (current and non-current) of £9,720,030 (2024 - £10,008,712) under finance leases and hire purchase agreements are secured against the assets to which they relate. The maturity of the obligations is disclosed above.

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.5.25

31.5.24

£

Net obligations repayable:

Within one year

2,531,149

2,235,825

Between one and five years

6,479,658

6,582,332

In more than five years

709,223

1,190,555

9,720,030

10,008,712

Non-cancellable

operating leases

31.5.25

31.5.24

£

Within one year

27,935

Between one and five years

30,263

60,525

58,198

88,460

12.	PROVISIONS FOR LIABILITIES

31.5.25

31.5.24

£

Deferred tax

1,942,892

2,094,193

Other provisions

75,000

2,017,892

2,169,193

Deferred tax

£

Balance at 1 June 2024

2,094,193

Provided during year

(151,301

)

Balance at 31 May 2025

1,942,892

Plant and Machinery

Maintenance Provision

£

Balance at 1 June 2024

(75,000

)

Provided during year

0

Balance at 31 May 2025

(75,000

)

The company recognises a provision for the restoration of Plant and Machinery that is held on the balance

sheet arising from use of the assets by a unrelated third parties. The provision is estimated based on the best estimate of the expenditure that would be required should an obligation arises taking into consideration time value. The provision for such expenditure currently sits at £75,000. (2024: £75,000).

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.25

31.5.24

value:

£

1,000

Ordinary

1

1,000

Called up share capital represents the nominal value of shares that have been issued. The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

14.

RESERVES

Retained

Revaluation

earnings

in year

Totals

£

At 1 June 2024

3,797,178

687,591

4,484,769

Profit for the year

107,381

Dividends

(2,000,000

)

(2,000,000

)

Revaluation Reserve Transfer

687,591

(687,591

)

-

At 31 May 2025

2,592,150

-

2,592,150

Retained earnings includes all current and prior period retained profits and losses less distributions.

15.	RELATED PARTY DISCLOSURES

SUBSIDIARY COMPANY

The company is a majority shareholder in John Sutch Cranes Limited.

In the year, J S Fleet Limited charged rent of £144,000 (2024 - £144,000) and made sales of £2,220,000 (2024 - £2,620,000) to John Sutch Cranes Limited.

John Sutch Cranes Limited is a company incorporated in England & Wales that prepares group accounts which are publicly available. Copies of those accounts are available from the registered office which is 1 Bridle Road, Bootle, Merseyside, L30 4UG.