FOR THE YEAR ENDED 30 SEPTEMBER 2025
PLANTFORCE RENTALS LTD
COMPANY INFORMATION
PLANTFORCE RENTALS LTD
CONTENTS
PLANTFORCE RENTALS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Plantforce is a national provider of modern, advanced, and environmentally responsible plant hire machinery, tailored to the construction, highway maintenance, rail, major projects and energy industries. We lead the way in machine control technology, people-plant interface and telematic reporting.
We provide self-drive and operated plant across our entire extensive fleet range, including a dedicated Major Projects workforce.
We provide self-drive and operated plant across our entire extensive fleet range, including a dedicated Major Projects workforce.
Turnover for the financial year ended 30 September 2025 remained broadly consistent with the prior year, reflecting the underlying strength and resilience of the business despite a reduction in activity within Major Projects. This decrease was effectively balanced by robust growth across our Depot operations. As noted in the previous year, activity began to accelerate in Autumn 2024 following the general election, and this improved market sentiment continued throughout the reporting period.
The change in leadership on HS2 and the subsequent budget and programme “reset” announced in April led to reduced demand for specific categories of Operated Heavy Plant during the Summer. This contributed to a loss for the year of £1.5m, compared with a profit of £2.2m in 2024. Notwithstanding this temporary impact, the business enters the next financial year with strengthened operational foundations and a clear trajectory for improved performance.
During the year, the business secured several notable successes with major national clients and achieved new framework agreements spanning our Depot network. These partnerships align with our strategic focus on high quality clients with consistent, long-term demand for our comprehensive fleet and service offering. The full financial benefit of these new relationships is expected to materialise in the forthcoming year.
Investment in people, equipment, and operational capability remained central to our long-term growth strategy. At the outset of the year, we undertook a fleet refresh, disposing of £6.0m of older assets. Over the course of the year, we invested a further £22.1m in Capital Expenditure, including £20.8m dedicated to enhancing our fleet to support national accounts and Major Projects. To expand our national footprint and further improve service delivery, we opened a new depot in Wigan and upgraded our workshop and Digital facilities in Weston-Super-Mare, ensuring our infrastructure remains aligned with the evolving needs of clients across the UK.
The change in leadership on HS2 and the subsequent budget and programme “reset” announced in April led to reduced demand for specific categories of Operated Heavy Plant during the Summer. This contributed to a loss for the year of £1.5m, compared with a profit of £2.2m in 2024. Notwithstanding this temporary impact, the business enters the next financial year with strengthened operational foundations and a clear trajectory for improved performance.
During the year, the business secured several notable successes with major national clients and achieved new framework agreements spanning our Depot network. These partnerships align with our strategic focus on high quality clients with consistent, long-term demand for our comprehensive fleet and service offering. The full financial benefit of these new relationships is expected to materialise in the forthcoming year.
Investment in people, equipment, and operational capability remained central to our long-term growth strategy. At the outset of the year, we undertook a fleet refresh, disposing of £6.0m of older assets. Over the course of the year, we invested a further £22.1m in Capital Expenditure, including £20.8m dedicated to enhancing our fleet to support national accounts and Major Projects. To expand our national footprint and further improve service delivery, we opened a new depot in Wigan and upgraded our workshop and Digital facilities in Weston-Super-Mare, ensuring our infrastructure remains aligned with the evolving needs of clients across the UK.
The implementation of our strategy is subject to a number of key risks: -
Sector – The business operates in the construction industry and on major infrastructure projects so is exposed to the associated risks such as slowdown in economic activity or delays on government projects.
Health & Safety – Safe operations are core to the client relationships and a key focus in tenders to win or retain contracts. Working unsafely could result in early removal from framework agreements. Management spends significant time and resources on building and maintaining a culture of safe working across the business.
Credit risk – A credit insurance policy is in place to limit risk. Debtors are actively managed to control debtor days and ensure prompt payment.
Funding – The banking facilities were extended during the year, and the term now runs until March 2027. It is important that we retain the confidence of the funding providers and comply with quarterly covenants and other obligations to ensure the smooth operation of the facilities and future renewals or extensions.
Cash Flow – Liquidity is monitored as part of the day-to-day financial processes. Regular forecasts are prepared for visibility and to ensure we remain within our available facilities.
Interest Rates – The majority of the funding lines are subject to variable interest rates. While it is likely rates have peaked, we remain exposed to future movements.
Sector – The business operates in the construction industry and on major infrastructure projects so is exposed to the associated risks such as slowdown in economic activity or delays on government projects.
Health & Safety – Safe operations are core to the client relationships and a key focus in tenders to win or retain contracts. Working unsafely could result in early removal from framework agreements. Management spends significant time and resources on building and maintaining a culture of safe working across the business.
Credit risk – A credit insurance policy is in place to limit risk. Debtors are actively managed to control debtor days and ensure prompt payment.
Funding – The banking facilities were extended during the year, and the term now runs until March 2027. It is important that we retain the confidence of the funding providers and comply with quarterly covenants and other obligations to ensure the smooth operation of the facilities and future renewals or extensions.
Cash Flow – Liquidity is monitored as part of the day-to-day financial processes. Regular forecasts are prepared for visibility and to ensure we remain within our available facilities.
Interest Rates – The majority of the funding lines are subject to variable interest rates. While it is likely rates have peaked, we remain exposed to future movements.
Page 1
PLANTFORCE RENTALS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors confirm that, during the financial year, they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have had regard to the matters set out in section 172(1) of the Companies Act 2006. In particular, the directors have:
∙Considered long-term consequences of decisions, ensuring strategic plans support sustainable growth and resilience.
∙Engaged with stakeholders, including employees, customers, suppliers, and regulators, to understand their perspectives and incorporate feedback into decision-making.
∙Maintained high standards of business conduct, ensuring compliance with legal and regulatory requirements.
∙Fostered positive relationships with suppliers and partners to secure reliable, ethical, and cost-effective supply chains.
∙Monitored environmental and social impacts, integrating sustainability initiatives into operations.
∙Reviewed and managed risks to safeguard the company’s assets, reputation, and operational continuity.
The Board believes these actions have contributed to the Company’s ability to deliver consistent value to shareholders while upholding its responsibilities to wider society.
This report was approved by the board on 25 February 2026 and signed on its behalf.
Page 2
PLANTFORCE RENTALS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors present their report and the financial statements for the year ended 30 September 2025.
The loss for the year, after taxation, amounted to £1,494,120 (2024:profit £2,236,587).
A dividend of £215,638 was paid during the year (2024: £Nil).
The Directors who served during the year were:
The Directors consider that the company is well positioned to continue to deliver its strategic objectives. Over the coming year, the company will focus on the continued execution of its existing strategy, with an emphasis on safety, quality, and operational efficiency. The Directors do not anticipate any material changes to the company’s overall strategic direction and will continue to invest in people, assets and systems to support long-term performance, strengthen customer relationships and manage risk appropriately.
In accordance with our responsibilities under section 172 of the Companies Act 2006, our Board remains committed to fostering meaningful business relationships with suppliers, customers, and other stakeholders. These engagements form a vital component of our decision-making and contribute to long-term strategic goals.
Suppliers
We work closely with key suppliers through regular contact to coordinate on matters including additions to our fleet and recruitment of Plant Operators to ensure we are ready and able to meet the needs of clients. Working jointly with suppliers, we can bring innovation and new technology into the sector to support safety, efficiency, and the environment.
Customers
We engage with key clients on an on-going basis with regular formal and informal performance reviews and feedback. We conduct an annual customer survey to measure Net Promoter Score. We also support and deliver safety events for clients on their sites or at our premises, for Safety Stand-down Days and topics such as “People-Plant Interface”.
Other Stakeholders
We are members of various associations and bodies, for Plant Hire, Construction, and wider industry. Engagement here helps us understand and influence the sectors we work within. The Company has a Community Team with representatives from across business functions and our depot network, that works internally and external with our Employees and the local community, for example, with charity events. They deliver a programme of events throughout the year.
Suppliers
We work closely with key suppliers through regular contact to coordinate on matters including additions to our fleet and recruitment of Plant Operators to ensure we are ready and able to meet the needs of clients. Working jointly with suppliers, we can bring innovation and new technology into the sector to support safety, efficiency, and the environment.
Customers
We engage with key clients on an on-going basis with regular formal and informal performance reviews and feedback. We conduct an annual customer survey to measure Net Promoter Score. We also support and deliver safety events for clients on their sites or at our premises, for Safety Stand-down Days and topics such as “People-Plant Interface”.
Other Stakeholders
We are members of various associations and bodies, for Plant Hire, Construction, and wider industry. Engagement here helps us understand and influence the sectors we work within. The Company has a Community Team with representatives from across business functions and our depot network, that works internally and external with our Employees and the local community, for example, with charity events. They deliver a programme of events throughout the year.
Page 3
PLANTFORCE RENTALS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
We are committed to helping our clients reduce their environmental impact through cutting edge technologies and innovative solutions. Whether it’s delivering hybrid and low-emission machinery, deploying advanced machine control to optimise efficiency, or utilising digital simulation to cut carbon from training processes, we enable our clients to operate with greater sustainability and productivity.
Internally, we are driving continuous improvement to reduce our own consumption and eliminate waste across our operations. From investing in energy efficient infrastructure and transport to exploring hydrogen and dual-fuel options, our goal is to minimise our environmental footprint and set the standard for responsible business practices in the plant hire industry. By addressing both client needs and our internal processes, we are accelerating the journey towards a low-carbon future.
Plantforce has committed to;
• Net Zero carbon emissions by 2045
• Reduce carbon emissions to 50% of 2021 levels by 2030
• Reduce carbon intensity to 50% of 2021 levels by 2030
Internally, we are driving continuous improvement to reduce our own consumption and eliminate waste across our operations. From investing in energy efficient infrastructure and transport to exploring hydrogen and dual-fuel options, our goal is to minimise our environmental footprint and set the standard for responsible business practices in the plant hire industry. By addressing both client needs and our internal processes, we are accelerating the journey towards a low-carbon future.
Plantforce has committed to;
• Net Zero carbon emissions by 2045
• Reduce carbon emissions to 50% of 2021 levels by 2030
• Reduce carbon intensity to 50% of 2021 levels by 2030
Greenhouse Gas Emissions were calculated using the activity data and the emissions conversion factors per the GHG Corporate Standard.
Principal Energy Efficiency Actions
We continue to strive for energy and carbon reduction arising from our activities. During this reporting period, we have:
• Further replacement of workshop lighting with energy efficient LED systems at majority of depots, is now complete.
• Expansion of hybrid/ electric company vehicle fleet - is ongoing
• Installation of fast vehicle chargers to improve utilisation of electric vehicle use is ongoing
• HVO stocked at depots to facilitate customer request for hired machinery to run on HVO/ low emission fuel, is now complete
• Implemented 'Green Travel Policy', is now complete
• Implemented 'Green Meeting Policy', is now complete
We continue to strive for energy and carbon reduction arising from our activities. During this reporting period, we have:
• Further replacement of workshop lighting with energy efficient LED systems at majority of depots, is now complete.
• Expansion of hybrid/ electric company vehicle fleet - is ongoing
• Installation of fast vehicle chargers to improve utilisation of electric vehicle use is ongoing
• HVO stocked at depots to facilitate customer request for hired machinery to run on HVO/ low emission fuel, is now complete
• Implemented 'Green Travel Policy', is now complete
• Implemented 'Green Meeting Policy', is now complete
Page 4
PLANTFORCE RENTALS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.
During the year, the company identified that the long-term dividend payable under the articles of association had not been recognised as a liability in the previous financial statements. Under FRS 102, financial instruments that create a present obligation to deliver cash or another financial asset should be recognised as a liability. The instrument represents a perpetual obligation to pay dividends and therefore meets the definition of a financial liability.
The omission resulted in an understatement of creditors and an overstatement of equity in the prior year, and the understatement of interest payable. The comparative figures have been restated to include the long term dividend liability from the first day of the corresponding period. The impact of the restatement is detailed in note 21.
The omission resulted in an understatement of creditors and an overstatement of equity in the prior year, and the understatement of interest payable. The comparative figures have been restated to include the long term dividend liability from the first day of the corresponding period. The impact of the restatement is detailed in note 21.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 5
PLANTFORCE RENTALS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Page 6
PLANTFORCE RENTALS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD
We have audited the financial statements of Plantforce Rentals Ltd (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 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.
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.
Page 7
PLANTFORCE RENTALS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Page 8
PLANTFORCE RENTALS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (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 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 have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Chief Financial Officer, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS102 and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included health and safety and employment legislation.
Audit response to risks identified
We identified recognition of revenue as a key audit matter related to the potential risk of fraud; our procedures to respond to risks identified included the following:
∙Performing various substantive tests of detail related to the recognition of revenue.
∙Reviewing the financial statement disclosures and testing supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
∙Enquiring of management concerning actual and potential litigation or claims.
Page 9
PLANTFORCE RENTALS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANTFORCE RENTALS LTD (CONTINUED)
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
∙Assessed whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
∙Reviewed minutes of meetings of the Board of Directors.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 Auditors
10 Temple Back
BS1 6FL
Page 10
PLANTFORCE RENTALS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 11
PLANTFORCE RENTALS LTD
REGISTERED NUMBER:02677625
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
Page 12
