| REGISTERED NUMBER: 02903463 (England and Wales) |
| Walters Plant Hire Limited |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 28 February 2025 |
| REGISTERED NUMBER: 02903463 (England and Wales) |
| Walters Plant Hire Limited |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 28 February 2025 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 28 February 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Statement of Financial Position | 13 |
| Company Statement of Financial Position | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Walters Plant Hire Limited |
| Company Information |
| for the Year Ended 28 February 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Suite 2d |
| Building 1 Eastern Business Park |
| St Mellons |
| Cardiff |
| South Glamorgan |
| CF3 5EA |
| BANKERS: | Barclays Bank plc |
| 91 Taff Street |
| Pontypridd |
| CF37 4YA |
| SOLICITORS: |
| Two Central Square |
| Cardiff |
| CF10 1FS |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Group Strategic Report |
| for the Year Ended 28 February 2025 |
| The directors present their strategic report of the company and group for the year ended 28 February 2025. |
| REVIEW OF BUSINESS |
| The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company. |
| Walters Plant Hire Limited - group consolidated results |
| Key financial highlights |
| The key financial highlights for the group are as follows: |
| 2025 | 2024 | 2023 | 2022 |
| £'000 | £'000 | £'000 | £'000 |
| Turnover | 156,021 | 141,985 | 133,841 | 95,716 |
| Gross profit | 26,161 | 19,412 | 14,532 | 12,689 |
| Gross profit % | 16.77% | 13.67% | 10.86% | 13.26% |
| Profit before tax | 13,176 | 9,943 | 4,203 | 5,891 |
| Walters Plant Hire Limited (individual company results) - plant hire and maintenance services |
| The company continues to operate successfully across numerous business sectors and continues its focus to achieve excellent health, safety and environmental standards. |
| Key financial highlights |
| The key financial highlights are as follows: |
| 2025 | 2024 | 2023 | 2022 |
| £'000 | £'000 | £'000 | £'000 |
| Turnover | 73,602 | 59,333 | 54,905 | 46,918 |
| Gross profit | 17,134 | 9,411 | 8,522 | 6,969 |
| Profit before tax | 8,180 | 2,995 | 2,031 | 4,427 |
| Principal Risks and Uncertainties |
| The principal risks would be focussed on changes to the markets in which it operates and the general economic environment. |
| Adopting new technology is key whilst strong resilience to Cybersecurity and System failures remains a key focus. |
| Walters UK Limited (individual company results) - civil engineering contractors |
| The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company. |
| The company has successfully continued to secure new workload and safely and efficiently deliver this and existing contracts. With the management team showing that, as with previous years, the company's success and the wellbeing of its staff is born from continual investment in the right people and innovation. |
| Central Government has maintained its strategy of investment in new and improved infrastructure projects across the regions. The company has continued to be successful in award, undertaking, and completion of UK wide schemes within the infrastructure sector and within the Welsh and southwestern regions, working for local authorities through frameworks agreements and competitive tenders, National Resources Wales along with private developers and house builders. All of these have contributed to the company's profitability and turnover. |
| Turnover has increased across all activities both nationally and regionally through successful delivery of key infrastructure and civils activities. This includes key regional successes and the continuation of 5 major national road schemes married to another successful delivery year on HS2 working to the route wide reset year. |
| Repeat business and the growth of new relationships with Tier 1 UK contractors and National Highways continues, giving a continued forward projection of works for the coming years, along with further successes from "Early Contractor Involvement" opportunities. The company has continued its growth through the regions in general civil engineering, remediation and new development works and has further increased its market share and forward order book. |
| Key financial highlights |
| The company can again report little to no borrowings, robust reserves and continuing profits for the financial year. The financial position of the company remains strong. The company has a robust trading position that instils confidence in clients and enables the company to be attractive to trade with. The company's strength is demonstrated by the gearing ratio that follows: |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Group Strategic Report |
| for the Year Ended 28 February 2025 |
| 2025 | 2024 | 2023 | 2022 |
| £'000 | £'000 | £'000 | £'000 |
| Turnover | 120,387 | 109,239 | 98,344 | 56,890 |
| Gross profit | 6,187 | 7,563 | 4,087 | 4,105 |
| Profit ratio | 5.14% | 6.92% | 4.16% | 7.22% |
| Gross profit: Turnover |
| Gearing | 0% | 0% | 0% | 0% |
| Total borrowing: Total assets |
| Principal Risks and Uncertainties |
| The key current risks are generally born from the continuation of forward uncertainties arising from national budgetary pressures, inflation and interest rates, tied to the change of National Government which are affecting all aspects of the construction industry. |
| Currently infrastructure is continuing with National Highways works on track but looking forward to RIS3 where delivery model and activities may change. |
| At present the UK government and regional administrations have continued to invest in long term infrastructure projects and local improvements but with the change of government certain future investment may be uncertain. With the company's continued resilience planning and in-house capability and resources, with its highly proactive approach to managing risk, puts the company in a good position to continue its successes in a potentially challenging period. |
| Gorrel Equipment Solutions Limited (individual company results) - asset leasing |
| The company has continued to secure further long-term rental contracts in various sectors and works hard to provide a maintenance service which is second to none. Cost management remains an ongoing requirement and the directors continue to focus on the company's excellent health, safety and environmental standards. |
| Key Financial Highlights |
| The business achieves consistent results year on year. |
| 2025 | 2024 | 2023 | 2022 |
| £'000 | £'000 | £'000 | £'000 |
| Turnover | 10,167 | 10,145 | 8,968 | 8,051 |
| Gross profit | 2,841 | 2,438 | 1,923 | 1,625 |
| Profit before tax | 2,458 | 2,033 | 1,249 | 1,310 |
| Fixed assets | 13,630 | 14,602 | 14,976 | 15,066 |
| Principal Risks and Uncertainties |
| The implications of USA tariffs has been felt by the company in terms of procuring new equipment. The existing customer portfolio has also been effected by these world economic factors. Close scrutiny of interest rates and inflation will be key to maintaining the operating margins of the business and securing the long term viability of the business. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Group Strategic Report |
| for the Year Ended 28 February 2025 |
| SECTION 172(1) STATEMENT |
| Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company/group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the: |
| - likely consequences of any decisions in the long-term; |
| - interests of the company's/group's employees; |
| - need to foster the company's/group's business relationships with suppliers, customers and others; |
| - impact of the company's/group's operations on the community and environment; |
| - desirability of the company/group maintaining a reputation for high standards of business conduct; |
| - need to act fairly as between members of the company/group, |
| In discharging our section 172(1) duties we have regard to the factors set out above |
| Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the Board's decision making process, the Board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long-term. |
| ENGAGEMENT WITH EMPLOYEES |
| Group companies adopt employment policies best suited to their operations and in compliance with UK legislation. Personnel policies are designed to provide equal opportunities to all in accordance with the group policy. In particular, the employment of those who have become disabled is continued wherever possible and opportunities are provided for the recruitment, training and development of disabled people. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| We continue to focus on excellent customer service whilst maintaining a reputation for being fair and transparent in dealing with clients and suppliers. |
| STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
| The company is proud to continue its record of achievements to date but is always looking to build further and enhance its reputation as a company that takes its corporate responsibility very seriously. The continual review and updating of company initiatives have proven to show an improvement in the safety, health and wellbeing of our employees and stake holders. With an increased emphasis on environmental and carbon management coming to the fore. These initiatives will help to further enhance the company's reputation with clients, regulators, workers, and the general public. |
| ON BEHALF OF THE BOARD: |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Report of the Directors |
| for the Year Ended 28 February 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 28 February 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of Walters Plant Hire Limited is the parent company of a group of companies. The companies are engaged in the provision of plant hire and maintenance services, civil engineering and leasing of assets. |
| The company is also a subsidiary undertaking of G Walters (Holdings) Limited. The company and its subsidiaries do not have any branches outside the UK. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 28 February 2025 £nil (2024: £nil) |
| RESEARCH AND DEVELOPMENT |
| The company has continued to invest heavily into research and development across all its activities, especially in the new data workplace initiatives and personnel training, to improve, develop and secure safe working practices, improvements and efficiencies. |
| FUTURE DEVELOPMENTS |
| Walters Plant Hire Limited |
| The continued use of data, systems and technology aligned with the ongoing operation of modern equipment will remain a focus for the company in continuing to provide an excellent customer service. There are numerous projects and initiatives that the company continues to research and develop to allow them to further improve efficiency and the potential for carbon reduction.. |
| Walters UK Limited |
| Regionally in South Wales and the Southwest of England the company continues to successfully increase its market share across civil engineering. This includes works direct for local authorities, Welsh Government, National Resources Wales, local regional frameworks and regional private developers. |
| There is a further potential increase in framework opportunities from national clients on a regional basis. |
| Nationally the company continues to successfully deliver its secured workload on the High Speed 2 works in central England, with this contract programmed to continue to at least 2028. Five major National Highways road schemes across the UK continue to be constructed and delivered and a successful forward workbook has been achieved through major Early Contractor Involvement contracts. |
| The company has committed to continued heavy investment in innovation and technology to achieve added efficiencies in delivery and procurement which in turn improves outturn costs and margins. |
| Gorrel Equipment Solutions Limited |
| The company continues to secure new contracts as well as successfully renewing contracts with current customers. Further ongoing investment in new equipment will remain a focus utilising latest technology in continuing to provide an industry leading customer service. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| The group's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds to finance the group's operations. |
| Due to the nature of the financial instruments used by the group there is minimal exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
| In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
| Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Report of the Directors |
| for the Year Ended 28 February 2025 |
| DONATIONS AND EXPENDITURE |
| During the year the company made charitable donations totalling £43,895 (2024: £33,276). |
| DIRECTORS' LIABILITY INSURANCE |
| A liability insurance policy was in force during the financial year for the benefit of the directors of the company and its subsidiaries |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Walters Plant Hire Limited |
| Opinion |
| We have audited the financial statements of Walters Plant Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2025 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Walters Plant Hire Limited |
| 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Walters Plant Hire Limited |
| 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following: |
| non-compliance with laws and regulations we have considered the following: |
| - | The nature of the industry and sector, control environment and business performance; |
| - | Results of the enquiries of management about their own identification and assessment of the risks of |
| irregularities; |
| - | Any matters we have identified having 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 noncompliance; |
| -- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected |
| or alleged fraud; |
| -- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| -- | the matters discussed among the audit engagement team regarding how and where fraud might occur in |
| the financial statements and any 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 identified the greatest potential for fraud in the following areas: timing of recognition of income.. 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 UK Companies Act, health and safety 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. |
| Audit response to risks identified |
| Our procedures to respond to risks identified included the following: |
| - | reviewing the financial statement disclosures and testing to 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 and claims; |
| - | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of |
| material misstatement due to fraud; |
| - | reviewing correspondence with HMRC; and |
| - | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal |
| entries and other adjustments; assessing 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. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. |
| As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
| 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. |
| Report of the Independent Auditors to the Members of |
| Walters Plant Hire Limited |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Suite 2d |
| Building 1 Eastern Business Park |
| St Mellons |
| Cardiff |
| South Glamorgan |
| CF3 5EA |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Consolidated |
| Income Statement |
| for the Year Ended 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Notes | £ | £ |
| TURNOVER | 156,020,543 | 141,985,408 |
| Cost of sales | 129,859,163 | 122,573,603 |
| GROSS PROFIT | 26,161,380 | 19,411,805 |
| Administrative expenses | 13,478,905 | 9,716,710 |
| 12,682,475 | 9,695,095 |
| Other operating income | 178,888 | 178,727 |
| OPERATING PROFIT | 5 | 12,861,363 | 9,873,822 |
| Interest receivable and similar income | 1,838,108 | 1,081,770 |
| 14,699,471 | 10,955,592 |
| Interest payable and similar expenses | 6 | 1,523,068 | 1,012,426 |
| PROFIT BEFORE TAXATION | 13,176,403 | 9,943,166 |
| Tax on profit | 7 | 3,326,273 | 2,446,323 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 9,516,093 | 6,965,501 |
| Non-controlling interests | 334,037 | 531,342 |
| 9,850,130 | 7,496,843 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 9,850,130 | 7,496,843 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
9,850,130 |
7,496,843 |
| Total comprehensive income attributable to: |
| Owners of the parent | 9,516,093 | 6,965,501 |
| Non-controlling interests | 334,037 | 531,342 |
| 9,850,130 | 7,496,843 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Consolidated Statement of Financial Position |
| 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 129,932 | 157,476 |
| Tangible assets | 11 | 68,571,606 | 41,179,175 |
| Investments | 12 | - | 100,000 |
| 68,701,538 | 41,436,651 |
| CURRENT ASSETS |
| Debtors | 13 | 45,611,693 | 17,479,945 |
| Cash at bank and in hand | 12,758,451 | 28,937,384 |
| 58,370,144 | 46,417,329 |
| CREDITORS |
| Amounts falling due within one year | 14 | 43,555,632 | 34,629,356 |
| NET CURRENT ASSETS | 14,814,512 | 11,787,973 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
83,516,050 |
53,224,624 |
| CREDITORS |
| Amounts falling due after more than one year | 15 | (28,448,689 | ) | (13,875,469 | ) |
| PROVISIONS FOR LIABILITIES | 17 | (12,778,405 | ) | (6,464,745 | ) |
| NET ASSETS | 42,288,956 | 32,884,410 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 330,000 | 330,000 |
| Share premium | 19 | 2,463 | 2,463 |
| Capital redemption reserve | 19 | 2,012,250 | 2,012,250 |
| Retained earnings | 19 | 38,978,365 | 29,688,709 |
| SHAREHOLDERS' FUNDS | 41,323,078 | 32,033,422 |
| NON-CONTROLLING INTERESTS | 965,878 | 850,988 |
| TOTAL EQUITY | 42,288,956 | 32,884,410 |
| The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2025 and were signed on its behalf by: |
| M E R Llewellyn - Director |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Company Statement of Financial Position |
| 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Share premium | 19 |
| Capital redemption reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 6,509,863 | 2,388,463 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 28 February 2025 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 March 2023 | 330,000 | 22,795,128 | 2,463 |
| Changes in equity |
| Dividends | - | (71,920 | ) | - |
| Total comprehensive income | - | 6,965,501 | - |
| 330,000 | 29,688,709 | 2,463 |
| Transfers due to change of ownership | - | - | - |
| Balance at 29 February 2024 | 330,000 | 29,688,709 | 2,463 |
| Changes in equity |
| Dividends | - | (226,437 | ) | - |
| Total comprehensive income | - | 9,516,093 | - |
| Balance at 28 February 2025 | 330,000 | 38,978,365 | 2,463 |
| Capital |
| redemption | Non-controlling | Total |
| reserve | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2023 | 2,012,250 | 25,139,841 | 721,285 | 25,861,126 |
| Changes in equity |
| Dividends | - | (71,920 | ) | (69,605 | ) | (141,525 | ) |
| Total comprehensive income | - | 6,965,501 | 531,342 | 7,496,843 |
| 2,012,250 | 32,033,422 | 1,183,022 | 33,216,444 |
| Transfers due to change of ownership | - | - | (332,034 | ) | (332,034 | ) |
| Balance at 29 February 2024 | 2,012,250 | 32,033,422 | 850,988 | 32,884,410 |
| Changes in equity |
| Dividends | - | (226,437 | ) | (219,146 | ) | (445,583 | ) |
| Total comprehensive income | - | 9,516,093 | 334,037 | 9,850,130 |
| Balance at 28 February 2025 | 2,012,250 | 41,323,078 | 965,879 | 42,288,957 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Company Statement of Changes in Equity |
| for the Year Ended 28 February 2025 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 March 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 29 February 2024 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 28 February 2025 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 28 February 2025 |
| 1. | STATUTORY INFORMATION |
| Walters Plant Hire Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| The group and individual financial statements of Walters Plant Hire Limited have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (''FRS 102'') and the Companies Act 2006 |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. |
| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are stated in the notes to the accounts. |
| The company has taken advantage of the exemption in section 408 of the Companies Act 2006 from disclosing its individual profit and loss account. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Basis of consolidation |
| The group consolidated financial statements include the financial statements of the company and all its subsidiary undertakings made up to 28 February 2025. |
| The group's consolidated financial statements are also consolidated in the financial statement of its parent, G Walters (Holdings) Limited, a company registered in England and Wales. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
| Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements. |
| Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. |
| Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. |
| Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. |
| All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods. |
| The critical judgements made by the management that have a significant effect on the amounts recognised in the financial statements are described below. |
| 28.02.25 | 29.02.24 |
| £ | £ |
| Amounts recoverable on contracts | 2,677,274 | 2,062,601 |
| Contract accruals | 19,542,322 | 14,452,761 |
| Foreseeable losses | 505,000 | 1,223,000 |
| Plant overhaul provision | 316,906 | 1,573,491 |
| The company uses qualified and experienced Quantity Surveyors to calculate the values earned on contracts and the contract costs to the balance sheet date. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Group and value added tax. |
| Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest. |
| The Group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group's sales channels have been met, as described below. |
| Sale of goods |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Deposits received in advance for goods are included in creditors due within one year. |
| Rendering of services |
| Turnover from the rendering of services under a long term contract is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for the financial year. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. |
| Turnover is recognised from plant hire sales and labour recharges on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled. Any charges made in arrears or advance are adjusted for in accrued or deferred income as appropriate. |
| Rental income |
| Rents receivable on investment properties are recognised on a straight-line basis in relation to the period. Incentives given to enter into an operating lease are debited to the profit and loss account on a straight-line basis over the period of the lease. |
| Interest income |
| Interest income is recognised using the effective interest rate method. |
| Business combinations and goodwill |
| Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
| Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. Where the cost of the business combination is lower than the acquirer's interest in the net fair value of the the identifiable assets and liabilities it is recogonised as negative goodwill. Goodwill is amortised over its expected useful life. The directors have been able to make a reliable estimate of useful life in all cases. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversal of impairment are recognised when the reasons for the impairment no longer apply |
| 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. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Leased assets |
| At inception the Group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. |
| Finance leased assets |
| Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. |
| Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the Group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset. |
| Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
| The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding. |
| Operating leased assets |
| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
| Lease incentives |
| Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. |
| Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Financial assets |
| Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
| Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies 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 receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Functional and presentation currency |
| The Group financial statements are presented in pound sterling and rounded to the nearest pound. |
| The Company's functional and presentation currency is the pound sterling. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance (expense)/ income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'Other operating (losses)/gains'. |
| Translation |
| The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertaking, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income' and allocated to non-controlling interest as appropriate. |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
| Short term benefits |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| Defined contribution pension plans |
| The Group operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds. |
| Annual bonus plan |
| The Group operates a number of annual bonus plans for employees. An expense is recognised in the profit and loss account when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made |
| Exceptional items |
| The Group classifies certain one-off charges or credits that have a material impact on the Group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the Group. |
| Plant refurbishment |
| The company has a legal obligation to carry out the full refurbishment of leased plant and machinery in accordance with their operating lease agreements. Refurbishment expenditure provisions are accrued for in accordance with the stipulation that each item of plant is refurbished by the stated date in each agreement. |
| Any individual plant refurbishment provision is released once either the renovation work has been completed, or if any lease agreement has been terminated during the year or subsequently terminated following the balance sheet date. |
| Provisions |
| Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small. |
| Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
| Contingencies |
| Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. |
| Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 4. | EMPLOYEES AND DIRECTORS |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Wages and salaries | 15,481,203 | 14,443,169 |
| Social security | 1,657,416 | 1,467,666 |
| Pension costs | 776,023 | 714,884 |
| 17,914,642 | 16,625,719 |
| The average number of employees of the company during the year was: |
| 28.2.25 | 29.2.24 |
| Production staff | 203 | 190 |
| Administrative staff | 15 | 16 |
| Directors | 2 | 2 |
| 220 | 208 |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Key management personnel' remuneration | 1,533,938 | 1,151,119 |
| Key management personnel's pension contributions to money purchase schemes | 59,932 | 62,253 |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Directors' remuneration | 639,594 | 553,988 |
| Directors' pension contributions to money purchase schemes | 58,403 | 30,437 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| Information regarding the highest paid director is as follows: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Emoluments etc | 375,396 | 294,462 |
| Pension contributions to money purchase schemes | 48,403 | 10,036 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Leasing charges | 7,858,025 | 8,315,638 |
| Depreciation - owned assets | 9,698,000 | 7,428,605 |
| Profit on disposal of fixed assets | (265,284 | ) | (706,164 | ) |
| Goodwill amortisation | 27,544 | (14,649 | ) |
| Auditors' remuneration | 45,850 | 43,700 |
| Taxation compliance services | 7,067 | 6,686 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Other loan interest | 1,520,889 | 1,010,647 |
| Interest payable | 2,179 | 1,779 |
| 1,523,068 | 1,012,426 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Current tax: |
| UK corporation tax | 1,391,313 | 2,054,680 |
| Under/(over) provision in earlier years | 467 | 395 |
| Tax loss distributed to group | (4,857,944 | ) | - |
| Total current tax | (3,466,164 | ) | 2,055,075 |
| Origination and reversal of timing differences | 6,792,437 | 391,248 |
| Tax on profit | 3,326,273 | 2,446,323 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Profit before tax | 13,176,403 | 9,943,166 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.490 %) |
3,294,101 |
2,435,081 |
| Effects of: |
| Expenses not deductible for tax purposes | 44,998 | 24,248 |
| Capital allowances in excess of depreciation | - | (834 | ) |
| Utilisation of tax losses | (13,293 | ) | - |
| Adjustments to tax charge in respect of previous periods | 467 | 395 |
| Chargeable gains | - | 3,424 |
| Tax losses surrendered to group | 4,857,944 | - |
| Adjustments to deferred tax | - | 7,725 |
| Fixed asset differences | - | (24,765 | ) |
| Other tax adjustments, reliefs and taxes | - | 820 |
| Remeasure of DT for changes in tax rates | - | 229 |
| Receivable for group relief surrendered | (4,857,944 | ) | - |
| Total tax charge | 3,326,273 | 2,446,323 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 9. | DIVIDENDS |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Ordinary shares of £1 each | - | - |
| Ordinary B shares of £1 each | 445,583 | 141,525 |
| 445,583 | 141,525 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 March 2024 |
| and 28 February 2025 | (146,487 | ) |
| AMORTISATION |
| At 1 March 2024 | (303,963 | ) |
| Amortisation for year | 27,544 |
| At 28 February 2025 | (276,419 | ) |
| NET BOOK VALUE |
| At 28 February 2025 | 129,932 |
| At 29 February 2024 | 157,476 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 March 2024 | 1,036,003 | 70,000 | 65,142,703 |
| Additions | - | - | 37,277,153 |
| Disposals | - | - | (2,871,991 | ) |
| At 28 February 2025 | 1,036,003 | 70,000 | 99,547,865 |
| DEPRECIATION |
| At 1 March 2024 | 416,709 | 33,000 | 25,315,603 |
| Charge for year | 28,079 | 1,400 | 9,395,814 |
| Eliminated on disposal | - | - | (2,482,079 | ) |
| At 28 February 2025 | 444,788 | 34,400 | 32,229,338 |
| NET BOOK VALUE |
| At 28 February 2025 | 591,215 | 35,600 | 67,318,527 |
| At 29 February 2024 | 619,294 | 37,000 | 39,827,100 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2024 | 279,350 | 1,514,297 | - | 68,042,353 |
| Additions | 2,338 | 269,505 | 14,188 | 37,563,184 |
| Disposals | - | (223,196 | ) | - | (3,095,187 | ) |
| At 28 February 2025 | 281,688 | 1,560,606 | 14,188 | 102,510,350 |
| DEPRECIATION |
| At 1 March 2024 | 253,864 | 844,002 | - | 26,863,178 |
| Charge for year | 6,984 | 262,979 | 2,744 | 9,698,000 |
| Eliminated on disposal | - | (140,355 | ) | - | (2,622,434 | ) |
| At 28 February 2025 | 260,848 | 966,626 | 2,744 | 33,938,744 |
| NET BOOK VALUE |
| At 28 February 2025 | 20,840 | 593,980 | 11,444 | 68,571,606 |
| At 29 February 2024 | 25,486 | 670,295 | - | 41,179,175 |
| Company |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| Disposals | ( |
) |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Included in cost of freehold property is freehold land of £313,360 (2024 - £313,360) which is not depreciated. |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 March 2024 | 100,000 |
| Disposals | (100,000 | ) |
| At 28 February 2025 | - |
| NET BOOK VALUE |
| At 28 February 2025 | - |
| At 29 February 2024 | 100,000 |
| Company |
| Shares in |
| group | Unlisted |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2024 | 2,279,250 |
| Disposals | ( |
) | (100,000 | ) |
| At 28 February 2025 | 2,179,250 |
| NET BOOK VALUE |
| At 28 February 2025 | 2,179,250 |
| At 29 February 2024 | 2,279,250 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | DEBTORS |
| Group | Company |
| 28.2.25 | 29.2.24 | 28.2.25 | 29.2.24 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 11,239,138 | 10,898,205 |
| Amounts owed by group undertakings | 5,157,800 | 647,466 |
| Other debtors | 693,774 | 705,973 |
| Sales ledger retentions | 1,235,285 | 1,908,107 | - | - |
| Corporation tax debtor | 1,859,800 | 523,729 | 1,520,911 | 523,729 |
| VAT | 1,920,363 | - |
| Accrued income | 22,452 | 159,577 |
| Amounts recoverable on |
| contracts | 2,677,274 | 2,062,601 |
| Prepayments | 490,119 | 377,500 |
| 25,296,005 | 17,283,158 |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings | 20,116,575 | - |
| Sales ledger retentions | 199,113 | 196,787 | - | - |
| 20,315,688 | 196,787 |
| Aggregate amounts | 45,611,693 | 17,479,945 |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 28.2.25 | 29.2.24 | 28.2.25 | 29.2.24 |
| £ | £ | £ | £ |
| Trade creditors | 6,458,689 | 3,709,090 |
| Amounts owed to group undertakings | 14,563,130 | 9,567,114 |
| Corporation taxation | 134,539 | 1,185,779 |
| Social security and other taxes | 476,368 | 440,069 |
| VAT | - | 532,669 | - | 510,868 |
| Other creditors | 15,681 | 7,279 |
| Other creditors | 127,572 | 174,095 | - | - |
| Plant overhaul provision | - | 1,495,808 | - | 1,495,808 |
| Accruals and deferred income | 725,925 | 612,515 |
| Accrued expenses | 21,053,728 | 16,904,938 |
| 43,555,632 | 34,629,356 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 28.2.25 | 29.2.24 | 28.2.25 | 29.2.24 |
| £ | £ | £ | £ |
| Amounts owed to group undertakings | 28,249,576 | 13,678,682 | 28,249,576 | 13,678,682 |
| Retentions provision | 199,113 | 196,787 | - | - |
| 28,448,689 | 13,875,469 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Within one year | 3,404,814 | 1,630,775 |
| Between one and five years | 3,940,172 | 10,006,071 |
| 7,344,986 | 11,636,846 |
| Company |
| Non-cancellable |
| operating leases |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 28.2.25 | 29.2.24 | 28.2.25 | 29.2.24 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 11,956,499 | 5,164,062 | 11,242,488 | 4,488,418 |
| Other provisions |
| Foreseeable losses | 505,000 | 1,223,000 | - | - |
| Plant overhaul provision due after one year | 316,906 | 77,683 | 316,906 | 77,683 |
| 821,906 | 1,300,683 |
| Aggregate amounts | 12,778,405 | 6,464,745 | 11,559,394 | 4,566,101 |
| Group |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 March 2024 | 5,164,062 | 1,300,683 |
| Provided during year | 6,792,437 | (718,000 | ) |
| Released due to refurbishment | - | (1,850,532 | ) |
| Renovation added in the year | - | 593,947 |
| Transferred from/(to) short | - | 1,495,808 |
| term liability |
| Balance at 28 February 2025 | 11,956,499 | 821,906 |
| Company |
| Deferred | Plant |
| tax | overhaulcosts |
| £ | £ |
| Balance at 1 March 2024 |
| Charge to Statement of Comprehensive Income during year |
| Released due to refurbishments | - | (1,850,532 | ) |
| Added for the year | - | 593,947 |
| Transferred from / (to) short | - | 1,495,808 |
| term liability |
| Balance at 28 February 2025 |
| The company has a legal obligation to carry out a full refurbishment of all large items of leased plant at least once every four years, on the date stated in each agreement. |
| Losses on long term contracts are provided for as soon as they are first foreseen. |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 28.2.25 | 29.2.24 |
| value: | £ | £ |
| Ordinary | £1 | 330,000 | 330,000 |
| All shares rank pari passu in terms of voting rights, rights to dividends and to a distribution of capital. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 March 2024 | 29,688,709 | 2,463 | 2,012,250 | 31,703,422 |
| Profit for the year | 9,516,093 | 9,516,093 |
| Dividends | (226,437 | ) | (226,437 | ) |
| At 28 February 2025 | 38,978,365 | 2,463 | 2,012,250 | 40,993,078 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 March 2024 | 10,473,690 |
| Profit for the year |
| At 28 February 2025 | 16,983,553 |
| Called up share capital - represents the nominal value of shares that have been issued. |
| Share premium - includes any premium received on issue of share capital. |
| Other reserves - consists of a capital redemption reserve arising on the historic redemption of preference shares. |
| Retained earnings - includes all current and prior period retained profits and losses. |
| 20. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme for certain directors and contributes to separate individual defined contribution schemes for some employees. The assets of all schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £776,023 (2024 - £714,884). There were £86,032 of outstanding pension contributions at the year end (2024 - £75,288). |
| 21. | ULTIMATE PARENT COMPANY |
| The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in England and Wales. Copies of the group accounts can be obtained from the registered office of Walters Plant Hire Limited. The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited. |
| 22. | OTHER FINANCIAL COMMITMENTS |
| At 28 February 2025, the company and its fellow subsidiaries had active contract bonds of £3,111,042 (2024: £1,891,201). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G Walters (Holdings) Limited, the parent undertaking, Walters Plant Hire Limited and its fellow subsidiary undertakings, Walters UK Limited, Walters Resources Limited, Walters Environmental Limited, G Walters (Leasing) Limited, Walters Land Limited and Headaway (Europe) Limited. It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited. |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 23. | RELATED PARTY DISCLOSURES |
| Walters Plant Hire Limited administered a group VAT scheme during the year on behalf of its parent company G Walters (Holdings) Limited.. At the year end G Walters (Holdings) Limited owed the company £Nil (2024: £Nil). |
| The group has taken advantage of the exemption within FRS 102 which allows transactions entered into between member of a group not to be disclosed on the basis that any subsidiary undertaking party to the transaction is a wholly-owned members of the group. |
| Transactions with subsidiaries not wholly owned within the group and also transaction with fellow group members of Walters Plant Hire Limited's parent company G Walters (Holdings) Limited are shown below. |
| The group both sold to and purchased services from fellow group companies during the year. The total values of these transactions were as follows: |
| 28.2.25 | 29.2.24 |
| Sales | Purchases | Sales | Purchases |
| £ | £ | £ | £ |
| Walters Plant Hire Limited | 1,443,545 | 47,607,178 | 7,025,682 | 30,704,243 |
| G Walters (Holdings) Limited | 36,490 | 1,205,396 | 35,172 | 622,980 |
| Gorrel Equipment Solutions Limited |
7,313 |
2,719 |
7,928 |
6,995 |
| Walters UK Limited | 47,609,897 | 1,450,858 | 30,711,238 | 7,033,610 |
| Walters Environmental Limited | 709,631 | 193,045 | 2,701,942 | 837,202 |
| Walters Land Limited | 582,540 | 184,445 | 470,217 | 174,943 |
| G Walters (Leasing) Limited | 256,858 | 7,869,134 | 264,220 | 8,450,104 |
| Walters Resources Limited | 187,706 | 39,476,678 | 144,433 | 24,835,469 |
| Walters Asset Management Limited |
17,500 |
12,631,745 |
25,650 |
15,394,076 |
| Lloyd Walters Industrial Services Limited |
2,852,029 |
- |
4,658,280 |
- |
| Walters Residential Limited | 4,391 | - | 3,544 | - |
| Pennant Walters Holdings Limited | 197,032 | - | 227,789 | - |
| Pennant Walters Hirwaun Limited | - | - | 6,624 | - |
| Balances due at year end: | 28.2.25 | 29.2.24 |
| Debtor | Creditor | Debtor | Creditor |
| £ | £ | £ | £ |
| Walters Plant Hire Limited | 46,714 | 988,603 | 639,961 | 966,619 |
| Gorrel Equipment Solutions Limited |
1,429 |
390 |
828 |
- |
| Walters UK Limited | 988,993 | 48,143 | 966,619 | 640,789 |
| Walters Environmental Limited | 222,602 | 18,691 | 441,780 | 69,254 |
| Walters Land Limited | 28,003 | 10,636 | 134,403 | 14,331 |
| G Walters (Leasing) Limited | 2,209,553 | 15,183,258 | 166,726 | 11,598,551 |
| Walters Resources Limited | 422,582 | 4,264,092 | - | 2,454,327 |
| Walters Asset Management Limited |
625,825 |
298,952 |
3,000 |
378,930 |
| Lloyd Walters Industrial Services Limited |
163,737 |
- |
1,399,239 |
- |
| Walters Residential Limited | 2,600 | - | 2,600 | - |
| G Walters (Holdings) Limited | 21,729,559 | 23,003,056 | 21,200 | 8,770,661 |
| Pennant Walters Holdings Limited | 119,352 | - | 172,620 | - |
| The group made sales of £NIL (2024: £4,296) during the year to Celtic Energy Limited, which is controlled by Mr R Walters, one of the directors of the ultimate parent company G Walters (Holdings) Limited. At the year end Celtic Energy Limited owed the group £Nil (2024: £3,364). At the year end the group owed Celtic Energy Limited NIL (2024: £NIL). |
| During the year the group made sales and recharges of £Nil (2024: £NIL) to All Terrain Tyres Limited, a company in which Mr PH Richards is a director. At the year end, All Terrain Tyres Limited owed the group £Nil (2024: £NIL). The group made purchases of £623,130 (2024: £642,245) during the year from All Terrain Tyres Limited. At the year end, the group owed All Terrain Tyres Limited £30,454 (2024: £45,084). |
| Walters Plant Hire Limited (Registered number: 02903463) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| During the year the group made sales and recharges of £52,719 (2024: £51,996), the group also made purchases of £976,903 (2024: £1,513,695) from G Walters (Consultancy) Limited a company that is controlled by the directors of the ultimate parent company G Walters (Holdings) Limited. At the year end the group owed G Walters (Consultancy) Limited £134,640 (2024: £57,720) and G Walters (Consultancy) Limited owed the group £NIL (2024: £1,865). |
| The group loaned money in an earlier year to Walters Regeneration Limited, an associated company to the group. Walters Regeneration Limited owed the group £497,433 (2024: £497,433) at the year end. |
| No balances with related parties are secured. |