REGISTERED NUMBER: 03031145 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2026

for

Chepstow Plant International Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

19

DIRECTORS:

E A Hayward

S Hayward

T J Corcoran

I A Ormrod

R Hayward

C E Pickett

SECRETARY:

S Hayward

REGISTERED OFFICE:

Beacon Court

Norman Way

Severn Bridge Industrial Estate

Portskewett

Monmouthshire

NP26 5PT

REGISTERED NUMBER:

03031145 (England and Wales)

AUDITORS:

.

Accountants and Statutory Auditor

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The results for the year and financial position of the company are shown in the annexed financial statements.

The directors aim to present a balanced review of the development and performance of the business during the year and its position at the year end consistent with its size and non-complex nature.

Summary

The year ended 31 March 2026 marked a successful period for Chepstow Plant International. Profit before tax improved by over £1.8m to £1.27m, despite a reduction in top-line performance, while the business also achieved a reduction in its debt-to-equity ratio of over 30%.

These results were delivered alongside continued investment in the fleet, with £14.5m invested in new, more sustainable assets. This demonstrates Chepstow Plant International's resilience, disciplined financial management and commitment to long-term profitability, while positioning the business to respond effectively to future market opportunities.

Principal activities

The principal activities of Chepstow Plant International continue to be the hire of plant and machinery to construction-based markets, notably for earthmoving projects and for supporting the extraction and transport of minerals and aggregates

.

In addition, the company leverages its extensive expertise in the trading of new and used plant, providing complementary support to its operating business and strengthening customer relationships across the UK.

Performance

Chepstow Plant International is one of the leading providers of plant and equipment to the minerals and aggregates industries. The business is focused on providing a safety-first, quality-led service that enables customers to meet their operational objectives through access to modern equipment and specialist expertise in extracting and moving materials.

Operating across the United Kingdom on both short- and long-term contracts, Chepstow Plant International is valued by its customers for its safe, efficient and progressive approach.

The proactive structuring of the business model in response to market dynamics has enabled Chepstow Plant International to achieve profitability against a backdrop of declining revenues. Operationally, the business consistently achieved fleet utilisation of more than 90%, supplementing peaks in demand with third-party hire where appropriate. Combined with robust cost management, this translated into improved operating margins during the period, providing a strong foundation on which the business can continue to build.

Within the cost base, the latter part of the year saw increased uncertainty in fuel pricing, influenced by the escalation of events around Iran and the associated impact on global fuel markets. As a business that consumes significant volumes of fuel, Chepstow Plant International remains exposed to volatility in fuel costs. However, through contractual mechanisms, active cost control and a continued focus on operational efficiency, the business has largely mitigated its exposure during the period. Management remains mindful of the wider inflationary pressures that may arise over the coming months and will continue to monitor and respond to these risks accordingly.

As a capital-intensive business, financing remains a key component of Chepstow Plant International's strategy. The company is pleased with the overall reduction in debt achieved during the year. Given the continued investment of over £14.5m in the fleet, this reduction has supported improved liquidity and placed the business in a more sustainable position for future years. It also allows the business to continue investing in one of the newest, environmentally focused and technologically advanced fleets in the industry.

This improvement has been achieved through considered asset-based restructuring, supported by fleet optimisation and enhanced efficiencies within the operating model. The business has adjusted its focus to enable it to respond quickly and proportionately to market conditions as they have evolved over the past twelve months.

These activities, alongside sound strategic leadership, are positioning the business for sustainable profitability in its fourth decade - a testament to its longevity, resilience and ability to evolve with the market. Although the outlook for economic growth, particularly in some traditional industries, remains uncertain, the actions taken by Chepstow Plant International mean it is well placed to capitalise on future opportunities and diversify into complementary markets within the plant hire industry, and leverage the capabilities of sister companies such as Chepstow Construction and Maintenance within the civil engineering sector.

With an asset base aligned to market demand, high fleet utilisation and the ability to flex its business model in line with customer requirements, Chepstow Plant International is positioned as a sustainable, forward-thinking going concern for the years ahead.

Future developments and outlook

Looking ahead, Chepstow Plant International, with the structures, relationships and operational discipline in place to maintain its trajectory towards sustainable profitability. Although the current and future trading landscape is expected to remain challenging, the return to profitability in FY2026, combined with improved gearing and continued investment in a modern, environmentally focused fleet, provides confidence that the business is well positioned for sustainable growth.

With a flexible business model, strong customer relationships, a progressive approach to health and safety, and a fleet aligned to market requirements, Chepstow Plant International is well placed to support its existing commitments and capitalise on emerging opportunities.

Management remains cautiously confident that the actions taken over the past twelve months have laid a solid foundation for continued profitability and long-term success.

PRINCIPAL RISKS AND UNCERTAINTIES

The business and economic environment continues to be challenging, particularly for construction-affiliated sectors. Margins remain under pressure as businesses focus on minimising their cost base, and Chepstow Plant International is subject to these pressures in the same way as other operators. The company seeks to absorb costs where possible and pass on only those that are unavoidable.

The principal risks faced by Chepstow Plant International are set out below.

Financial risk

As noted above, Chepstow Plant International is a capital-intensive and leveraged business that utilises a number of banking instruments to support its activities. As a result, changes in the Bank of England base rate can have a material impact on interest payment liabilities where financing arrangements are not on fixed terms.

Chepstow Plant International maintains a mixture of fixed and variable agreements to mitigate this exposure and actively restructures agreements where business needs require it. The company retains headroom within its current credit lines, allowing the business to respond flexibly to market conditions.

Liquidity risk

The cost of the equipment maintained within Chepstow Plant International's fleet has increased significantly in recent years. As this represents a material cash outlay for the business, it can affect liquidity when combined with the financial risks noted above.

To mitigate this risk, the business takes a cash-first approach, supported by detailed cash management practices and strong relationships with its institutional banking partners. This helps ensure that liquidity remains positive and supports the achievement of the company's business objectives.

Credit risk

As an SME, Chepstow Plant International has exposure to credit default, which can materially affect performance and cash recovery. Longer payment terms are common, particularly among long-standing blue-chip customers.

For short-term hires, Chepstow Plant International uses credit checking software and references to assess creditworthiness. Where risk is considered unfavourable, pro forma payments and guarantees are required.

Fuel price and inflation risk

The business consumes significant volumes of fuel and is therefore exposed to volatility in fuel prices. During the latter part of the year, increased uncertainty in global fuel markets highlighted this exposure. The company seeks to mitigate this risk through contractual mechanisms, active cost control and a continued focus on operational efficiency. Management will continue to monitor fuel pricing and wider inflationary pressures and respond where appropriate.

ON BEHALF OF THE BOARD:

E A Hayward - Director

15 September 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

E A Hayward

S Hayward

T J Corcoran

I A Ormrod

R Hayward

Other changes in directors holding office are as follows:

C E Pickett - appointed 9 June 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Sec 414C(11) Companies Act 2006 to set out its strategic report information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. It has done so in respect of future developments and financial risk.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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 auditors are 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 auditors are aware of that information.

AUDITORS

The auditors, ., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E A Hayward - Director

15 September 2026

Opinion

We have audited the financial statements of Chepstow Plant International Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

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

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 gained an understanding of the legal and regulatory framework applicable to the company, and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. As in all our audits, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and misappropriation of assets. Audit procedures performed included:

- Discussions with management, including consideration of known or suspected instances of actual and potential litigation and claims, non-compliance with laws and regulations and fraud;

- Identifying and reviewing journal entries to ensure that we understood the reasoning behind them and agreeing that they were appropriate;

- Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

- Agreeing the financial statement disclosures to underlying supporting documentation.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

. (Senior Statutory Auditor)

for and on behalf of .

Accountants and Statutory Auditor

23 September 2026

TURNOVER

3

32,046,009

34,120,601

Cost of sales

17,158,506

17,868,702

GROSS PROFIT

14,887,503

16,251,899

Depreciation

6,869,928

8,866,929

Administrative expenses

4,157,912

4,159,589

11,027,840

13,026,518

3,859,663

3,225,381

Profit/(loss) on disposal of

fixed assets

112,744

320,069

OPERATING PROFIT

6

3,972,407

3,545,450

Interest payable and similar expenses

7

2,700,904

4,082,484

PROFIT/(LOSS) BEFORE TAXATION

1,271,503

(537,034

)

Tax on profit/(loss)

8

278,766

(77,947

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

992,737

(459,087

)

PROFIT/(LOSS) FOR THE YEAR

992,737

(459,087

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

992,737

(459,087

)

FIXED ASSETS

Intangible assets

9

15,206

-

Tangible assets

10

57,733,732

67,837,095

57,748,938

67,837,095

CURRENT ASSETS

Stocks

11

53,921

64,008

Debtors

12

8,061,038

9,545,257

Cash at bank

269,745

1,341,574

8,384,704

10,950,839

CREDITORS

Amounts falling due within one year

13

18,231,841

26,504,023

NET CURRENT LIABILITIES

(9,847,137

)

(15,553,184

)

TOTAL ASSETS LESS CURRENT LIABILITIES

47,901,801

52,283,911

CREDITORS

Amounts falling due after more than one year

14

(24,464,876

)

(30,118,489

)

PROVISIONS FOR LIABILITIES

18

(4,325,616

)

(4,046,850

)

NET ASSETS

19,111,309

18,118,572

CAPITAL AND RESERVES

Called up share capital

19

3,215,000

3,215,000

Retained earnings

20

15,896,309

14,903,572

SHAREHOLDERS' FUNDS

19,111,309

18,118,572

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

E A Hayward - Director

T J Corcoran - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

3,215,000

15,362,659

18,577,659

Changes in equity

Total comprehensive income

-

(459,087

)

(459,087

)

Balance at 31 March 2025

3,215,000

14,903,572

18,118,572

Changes in equity

Total comprehensive income

-

992,737

992,737

Balance at 31 March 2026

3,215,000

15,896,309

19,111,309

Cash flows from operating activities

Cash generated from operations

1

12,608,703

14,598,307

Interest paid

(224,214

)

(392,799

)

Interest element of hire purchase payments paid

(2,476,690

)

(3,689,685

)

Net cash from operating activities

9,907,799

10,515,823

Cash flows from investing activities

Purchase of intangible fixed assets

(17,365

)

-

Purchase of tangible fixed assets

(14,708,865

)

(25,341,492

)

Sale of tangible fixed assets

17,726,614

25,694,612

Net cash from investing activities

3,000,384

353,120

Cash flows from financing activities

Loan repayments in year

(78,125

)

(312,500

)

Net capital advances in year

(10,043,404

)

(10,432,745

)

Net cash from financing activities

(10,121,529

)

(10,745,245

)

Increase in cash and cash equivalents

2,786,654

123,698

Cash and cash equivalents at beginning of year

2

(5,105,177

)

(5,228,875

)

Cash and cash equivalents at end of year

2

(2,318,523

)

(5,105,177

)

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.26

31.3.25

£

£

Profit/(loss) before taxation

1,271,503

(537,034

)

Depreciation charges

6,869,928

8,866,929

Loss on disposal of fixed assets

217,845

877,057

Finance costs

2,700,904

4,082,484

11,060,180

13,289,436

Decrease in stocks

10,087

246,192

Decrease in trade and other debtors

1,484,219

348,097

Increase in trade and other creditors

54,217

714,582

Cash generated from operations

12,608,703

14,598,307

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

269,745

1,341,574

Bank overdrafts

(2,588,268

)

(6,446,751

)

(2,318,523

)

(5,105,177

)

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,341,574

1,126,065

Bank overdrafts

(6,446,751

)

(6,354,940

)

(5,105,177

)

(5,228,875

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

1,341,574

(1,071,829

)

269,745

Bank overdrafts

(6,446,751

)

3,858,483

(2,588,268

)

(5,105,177

)

2,786,654

(2,318,523

)

Debt

Finance leases

(45,646,193

)

10,043,404

(35,602,789

)

Debts falling due within 1 year

(78,125

)

78,125

-

(45,724,318

)

10,121,529

(35,602,789

)

Total

(50,829,495

)

12,908,183

(37,921,312

)

1.	STATUTORY INFORMATION

Chepstow Plant International Limited is a private company, limited by shares, incorporated in the United Kingdom. The registered office is Beacon Court, Norman Way, Severn Bridge Industrial Estate, Portskewett, Monmouthshire.

The nature of the company's operations and principal activities are the sale and hire of plant to the construction industry.

These financial statements are presented in Sterling (£), the company's functional currency, rounded to the nearest pound.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents revenue recognised by the company in respect of sales of goods and supplies of services, excluding value added tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the goods and services have been transferred to the customer.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

50% on cost, 33% on cost, 20% on cost, 15% on cost and 10% on cost

Motor vehicles

-

33% on cost and 15% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes actual cost of purchase and other costs incurred in bringing stock to its present condition.

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.

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 difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting estimates will, by definition, be likely to differ from the related actual results. The estimates and assumption that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Depreciation

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.

The useful economic lives and residual values of the tangible fixed assets are regularly re-assessed and amended, as necessary, to reflect current estimates based on their future economic utilisation and physical condition.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors.

When assessing impairment of trade and other debtors management considers factors including the credit rating of the debtor, the ageing profile of debtors and historical experience.

Recognition of income

Turnover representing the fair value of services provided and work done on contracts during the year is recognised as the contract progresses and the right to consideration is earned as determined by the company.

Non-derivative financial instruments

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents comprise cash at bank and in hand. For the purpose of the cash flow statement cash and cash equivalents are net of bank overdrafts and advances which are repayable on demand.

Loans and borrowings and concessionary loans are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted.

3.

TURNOVER

The turnover and profit (2025 - loss) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

31.3.26

31.3.25

£

£

Contracts

14,408,211

16,463,002

Non operated plant hire

9,193,261

8,865,727

Operated plant hire

6,184,914

7,282,883

Other plant hire income

2,259,623

1,508,989

32,046,009

34,120,601

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

6,184,469

6,618,470

Social security costs

691,623

767,685

Other pension costs

86,444

101,875

6,962,536

7,488,030

The average number of employees during the year was as follows:

31.3.26

31.3.25

Directors

6

5

Administration

18

18

Workshop site and operators

90

111

114

134

5.	DIRECTORS' EMOLUMENTS

31.3.26

31.3.25

£

£

Directors' remuneration

876,177

823,512

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

1