ACCOUNTS - Final Accounts

OPERATING PROFIT

The operating profit is stated after charging:

PLANTFORCE RENTALS LTD - Company Information

Caseware UK (AP4) 2018.0.196 2018.0.196 2019-09-302019-09-30The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgments (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements: The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgments (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements: Lease commitments The company has entered into commercial leases as a lessee for the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains of acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position. Depreciation rates As described in note 2.4 to the financial statements, the directors have determined the useful economic life of tangible fixed assets and are recognising a provision for depreciation based on this, which can be seen in note 11. 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Registered number: 02677625

PLANTFORCE RENTALS LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

PLANTFORCE RENTALS LTD

COMPANY INFORMATION

DIRECTORS	C L Trott
	W F Caplan
	S J Mercer
	P L Oldham
	R N Powell
	J L Powles
	J Wilson


COMPANY SECRETARY	C Bruce


REGISTERED NUMBER	02677625


REGISTERED OFFICE	Bristol Depot
	Winterstoke Road
	Weston-Super-Mare
	Bristol
	BS23 3YW


INDEPENDENT AUDITORS	Bishop Fleming Bath Limited
	Chartered Accountants & Statutory Auditors
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

PLANTFORCE RENTALS LTD

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Directors' Responsibilities Statement	4
Independent Auditors' Report	5 - 7
Statement of Comprehensive Income	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 26

PLANTFORCE RENTALS LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2019

BUSINESS OVERVIEW

Ranked 75 in the 2019 Sunday Times Fast Track 100, Plantforce is a national provider of plant hire machinery, tailored to the construction, rail, major project and energy industries. We are a market leader in machine control technology, people plant interface and telematic reporting, we provide self-drive and operators across our entire fleet range, including a dedicated Major Projects workforce.

FINANCIAL KEY PERFORMANCE INDICATORS

The company had another strong year of growth with turnover increasing 28% to £34.92m (2018: £27.18m). During the year we expanded at Hinkley Point C by taking on more than 100 additional plant operators and machinery when Hawk Group entered administration. Plantforce Compact Division was formed in summer 2019 with investment of £2.8m in a new fleet of 0.3 to 5 tonne machinery.
The company significantly invested in capacity with net additions in fixed assets of £22.76m. Increased depreciation reduced Operating Profit but the company is strongly positioned for further expansion and participation in new major infrastructure projects.

RISKS

The implementation of our strategy is subject to a number of key risks:
Industry – The end of 2019 saw a downturn in the construction sector which continued into early 2020. Since the general election market reports suggest increasing confidence, and the approval of HS2 is expected to significantly reduce spare capacity in heavy plant. Points based immigration has the potential to reduce available construction labour. Having invested heavily in plant and operators Plantforce is well positioned to benefit as capacity tightens however timing remains uncertain.
Exchange Rates – Having hit lows in summer 2019, sterling has recovered some strength since the general election. Plantforce has budgeted prudently and manages currency risk by assessing market response to any significant changes.
Interest Rates – Rates are likely to increase in future, but expectations are this will be slow. Plantforce has budgeted in line with economic forecasts and manages its exposure to interest rate volatility.
Credit risk – A credit insurance policy is in place to limit risk. Proactive debt management is in place to control debtor days and minimise queries.
Cash flow – Liquidity is monitored as part of the day to day financial control procedures. Regular cash forecasts are prepared for forward visibility and cash management.

This report was approved by the board on 5 March 2020 and signed on its behalf.

C L Trott

Director

Page 1

PLANTFORCE RENTALS LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2019

The directors present their report and the financial statements for the year ended 30 September 2019.

PRINCIPAL ACTIVITY

Supplier of plant and equipment tailored to the construction and energy industries.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,221,216 (2018: £2,078,478).

No dividend has been proposed or paid during the year (2018: £Nil).

DIRECTORS

The directors who served during the year were:

C L Trott

W F Caplan

S J Mercer

P L Oldham

R N Powell

J L Powles

J Wilson

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditors, Bishop Fleming Bath Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

PLANTFORCE RENTALS LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2019

This report was approved by the board and signed on its behalf.

C L Trott

Director

Date: 5 March 2020

Bristol Depot

Winterstoke Road

Weston-Super-Mare

Bristol

BS23 3YW

Page 3

PLANTFORCE RENTALS LTD

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2019

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 4

PLANTFORCE RENTALS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF PLANTFORCE RENTALS LTD

OPINION

We have audited the financial statements of Plantforce Rentals Ltd (the 'Company') for the year ended 30 September 2019, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 September 2019 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 United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

OTHER INFORMATION

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

PLANTFORCE RENTALS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF PLANTFORCE RENTALS LTD (CONTINUED)

OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement on page 4, 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 is 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Page 6

PLANTFORCE RENTALS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF PLANTFORCE RENTALS LTD (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's shareholders 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 shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders for our audit work, for this report, or for the opinions we have formed.

Andrew Sandiford BCom FCA (Senior Statutory Auditor)

for and on behalf of

Bishop Fleming Bath Limited

Chartered Accountants

Statutory Auditors

Minerva House

Lower Bristol Road

Bath

BA2 9ER

5 March 2020

Page 7

PLANTFORCE RENTALS LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2019

	2019	2018
Note	£	£


Turnover	4	34,923,204	27,181,163
Cost of sales		(26,459,049)	(20,008,658)
GROSS PROFIT		8,464,155	7,172,505
Administrative expenses		(5,242,965)	(3,740,580)
Other operating income	5	30,249	38,189
OPERATING PROFIT	6	3,251,439	3,470,114
Interest payable and expenses	9	(1,773,464)	(894,556)
PROFIT BEFORE TAX		1,477,975	2,575,558
Tax on profit	10	(256,759)	(497,080)
PROFIT FOR THE FINANCIAL YEAR		1,221,216	2,078,478

There were no recognised gains and losses for 2019 or 2018 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2019 (2018:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 8

PLANTFORCE RENTALS LTD

REGISTERED NUMBER:02677625

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2019

		2019		2018
Note		£		£

FIXED ASSETS
Tangible assets	11		55,437,304		36,940,107
			55,437,304		36,940,107
CURRENT ASSETS
Stocks		197,437		148,197
Debtors: amounts falling due within one year	12	8,221,713		5,585,883
Cash at bank and in hand	13	276,243		1,740,264
		8,695,393		7,474,344
Creditors: amounts falling due within one year	14	(22,142,560)		(14,668,037)
NET CURRENT LIABILITIES			(13,447,167)		(7,193,693)
TOTAL ASSETS LESS CURRENT LIABILITIES			41,990,137		29,746,414
Creditors: amounts falling due after more than one year	15		(31,732,696)		(21,168,432)
PROVISIONS FOR LIABILITIES
Deferred tax	19		(1,707,160)		(1,248,917)
NET ASSETS			8,550,281		7,329,065

CAPITAL AND RESERVES
Called up share capital	20	361,457	361,457
Share premium account	21	16,173	16,173
Capital redemption reserve	21	15,040	15,040
Profit and loss account	21	8,157,611	6,936,395
		8,550,281	7,329,065

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C L Trott

Director

Date: 5 March 2020

The notes on pages 12 to 26 form part of these financial statements.

Page 9

PLANTFORCE RENTALS LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2019

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2018	361,457	16,173	15,040	6,936,395	7,329,065

Profit for the year	-	-	-	1,221,216	1,221,216
AT 30 SEPTEMBER 2019	361,457	16,173	15,040	8,157,611	8,550,281

The notes on pages 12 to 26 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2018

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2017	376,003	-	-	5,095,466	5,471,469

Profit for the year	-	-	-	2,078,478	2,078,478
Shares issued during the year	494	16,173	-	-	16,667
Purchase of own shares	(15,040)	-	15,040	(237,549)	(237,549)
AT 30 SEPTEMBER 2018	361,457	16,173	15,040	6,936,395	7,329,065

The notes on pages 12 to 26 form part of these financial statements.

Page 10

PLANTFORCE RENTALS LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

			2019	2018
			£	£

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	1,221,216	2,078,478
ADJUSTMENTS FOR:
Depreciation of tangible assets	7,126,020	4,663,490
Profit on disposal of tangible assets	(175,182)	(109,780)
Interest charge	1,749,002	894,556
Taxation charge	256,759	497,080
(Increase) in stocks	(49,240)	(33,296)
(Increase) in debtors	(2,457,837)	(816,187)
Increase in creditors	2,041,200	239,308
Corporation tax (paid)	(201,485)	(88,580)
NET CASH GENERATED FROM OPERATING ACTIVITIES	9,510,453	7,325,069

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets	(397,413)	(2,984,682)
Sale of tangible fixed assets	6,929,224	4,954,768
HP interest paid	(1,400,609)	(770,456)
NET CASH FROM INVESTING ACTIVITIES	5,131,202	1,199,630
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of ordinary shares	-	16,667
New loans received	-	2,000,000
New/(Repayment of) finance leases	(15,792,810)	(8,549,184)
Loan/bank interest paid	(312,866)	(124,100)
Repurchase of own shares	-	(237,549)
NET CASH USED IN FINANCING ACTIVITIES	(16,105,676)	(6,894,166)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(1,464,021)	1,630,533
Cash and cash equivalents at beginning of year	1,740,264	109,731
CASH AND CASH EQUIVALENTS AT THE END OF YEAR	276,243	1,740,264

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
Cash at bank and in hand	276,243	1,740,264
	276,243	1,740,264

Page 11

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.	GENERAL INFORMATION

Plantforce Rentals Ltd is a limited liability company incorporated in the United Kingdom. The registered office is Bristol Depot, Winterstoke Road, Weston-Super-Mare, Avon, BS23 3YW.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

2.2

GOING CONCERN

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company the continue as a going concern. The directors make this assessment in respect of a period of one year from the date of approval of the financial statements. The directors conclude that it is appropriate to prepare the accounts on a going concern basis for the year ended 30 September 2019.

2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.ACCOUNTING POLICIES (continued)

2.4

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property	-	33% straight line
Plant and machinery	-	5 - 25% straight line
Motor vehicles	-	20% straight line
Fixtures and fittings	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

STOCKS

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

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Page 13

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.ACCOUNTING POLICIES (continued)

2.8

FINANCIAL INSTRUMENTS (CONTINUED)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.9

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.11

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.ACCOUNTING POLICIES (continued)

2.13

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.14

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.15

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

2.16

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 15

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.ACCOUNTING POLICIES (continued)

2.17

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The following judgments (apart from those involving estimates) have had the most significant effect on the
amounts recognised in the financial statements:

Lease commitments

The company has entered into commercial leases as a lessee for the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains of acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position.

Depreciation rates

As described in note 2.4 to the financial statements, the directors have determined the useful economic life of tangible fixed assets and are recognising a provision for depreciation based on this, which can be seen in note 11. The determination of useful economic life was taken on the basis of historical experience of residual values and useful lives of those assets.

Page 16

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

TURNOVER

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.

5.	OTHER OPERATING INCOME
		2019	2018
		£	£

Government grants receivable	30,249	38,189
	30,249	38,189

Depreciation of tangible fixed assets	7,126,021	4,663,490
Fees payable to Company's auditor for the audit of the Company's annual financial statements	12,500	9,856
Fees payable to the Company's auditor for non-audit services	2,350	4,136
Other operating lease rentals	327,490	234,631
Defined contribution pension cost	358,472	119,989
Profit on disposal of fixed assets	(175,182)	(109,780)

Page 17

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Wages and salaries	9,786,949	5,660,668
Social security costs	962,754	622,650
Cost of defined contribution scheme	358,472	119,989
	11,108,175	6,403,307

The average monthly number of employees, including the directors, during the year was as follows:

	2019	2018
	No.	No.

Operators	138	79
Management and administration	74	52

	212	131

8.	DIRECTORS' REMUNERATION
		2019	2018
		£	£

Directors' emoluments	197,589	125,292
Company contributions to defined contribution pension schemes	4,188	3,055
	201,777	128,347

During the year retirement benefits were accruing to 1 director (2018: 1) in respect of defined contribution pension schemes.

9.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2019	2018
		£	£

Loan/bank interest payable	372,855	124,100
Finance leases and hire purchase contracts	1,400,609	770,456
	1,773,464	894,556

Page 18

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

CORPORATION TAX
Current tax on profits for the year	-	201,484
Adjustments in respect of previous periods	(201,484)	25,235
	(201,484)	226,719

TOTAL CURRENT TAX	(201,484)	226,719

DEFERRED TAX
Origination and reversal of timing differences	458,243	292,362
Adjustments in respect of prior periods	-	(22,001)
TOTAL DEFERRED TAX	458,243	270,361


	TAXATION ON PROFIT ON ORDINARY ACTIVITIES	256,759	497,080

Page 19

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

10.TAXATION (CONTINUED)

Profit on ordinary activities before tax

1,477,975

2,575,558

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2018: 19%)	280,815	489,356
EFFECTS OF:
Expenses not deductible for tax purposes	26,345	33,343
Fixed asset differences	6,361	5,542
Adjustments to tax charge in respect of prior periods	(201,484)	25,235
Adjustments to tax charge in respect of previous perids - deferred tax	-	(22,001)
Adjust opening deferred tax to average rate of 19.00% (2018: 19.00%)	146,930	112,536
Adjust closing deferred tax to average rate of 19.00% (2018: 19.00%)	(200,842)	(146,931)
Losses carried back	198,352	-
Other permanent differences	282	-
TOTAL TAX CHARGE FOR THE YEAR	256,759	497,080

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors affecting future tax charges.

Page 20

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

11.	TANGIBLE FIXED ASSETS

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
COST OR VALUATION
At 1 October 2018	408,645	41,962,247	1,751,700	117,996	44,240,588
Additions	63,460	31,042,039	1,185,236	86,524	32,377,259
Disposals	-	(9,329,454)	(235,662)	(48,602)	(9,613,718)
At 30 September 2019	472,105	63,674,832	2,701,274	155,918	67,004,129
DEPRECIATION
At 1 October 2018	258,695	6,433,755	531,518	76,513	7,300,481
Charge for the year on owned assets	86,525	35,950	-	25,618	148,093
Charge for the year on financed assets	-	6,436,168	541,759	-	6,977,927
Disposals	-	(2,673,530)	(150,844)	(35,302)	(2,859,676)
At 30 September 2019	345,220	10,232,343	922,433	66,829	11,566,825
NET BOOK VALUE
At 30 September 2019	126,885	53,442,489	1,778,841	89,089	55,437,304
At 30 September 2018	149,950	35,528,492	1,220,182	41,483	36,940,107

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2019	2018
	£	£


Plant and machinery	53,354,506	35,401,103
Motor vehicles	1,778,841	1,058,974
	55,133,347	36,460,077

Page 21

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

12.

DEBTORS

					2019	2018
					£	£


Trade debtors	7,338,709	5,213,288
Other debtors	180,189	62,809
Prepayments and accrued income	702,815	309,786
	8,221,713	5,585,883

13.	CASH AND CASH EQUIVALENTS
		2019	2018
		£	£

Cash at bank and in hand	276,243	1,740,264
	276,243	1,740,264

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£

Trade creditors	2,775,760	2,146,203
Corporation tax	-	224,976
Other taxation and social security	502,562	191,311
Obligations under finance lease and hire purchase contracts	15,226,021	9,622,034
Other creditors	3,242,732	2,166,617
Accruals and deferred income	395,485	316,896
	22,142,560	14,668,037

Included within other creditors is £3,057,712 (2018: £2,040,955) secured over the company's assets in favour of Santander UK plc relating to the invoice discounting facility.
The hire purchase liability is secured over the corresponding assets.

Page 22

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

15.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2019	2018
		£	£

Other loans	2,024,462	2,003,652
Net obligations under finance leases and hire purchase contracts	29,708,234	19,145,995
Other creditors	-	18,785
	31,732,696	21,168,432

Other loans consists of loan notes from BGF which are being recognised at transaction value of £2,000,000. Interest is being charged on this balance at 8%. It is repayable in equal instalments beginning on 31 March 2023 with the final instalment on 30 September 2026. There is a premium charge on redemption of £166,664.
The hire purchase liability is secured over the corresponding assets.



AMOUNTS FALLING DUE 2-5 YEARS
Other loans	500,000	500,000
	500,000	500,000
AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
Other loans	1,524,462	1,503,652
	1,524,462	1,503,652
	2,024,462	2,003,652

Page 23

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Within one year	15,352,421	9,622,034
Between 1-2 years	14,273,194	8,915,992
Between 2-5 years	15,435,040	10,230,002
	45,060,655	28,768,028

18.	FINANCIAL INSTRUMENTS
		2019	2018
		£	£

FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss	276,243	1,740,264
Financial assets that are debt instruments measured at amortised cost	7,631,952	5,439,600
	7,908,195	7,179,864

	FINANCIAL LIABILITIES
	Financial liabilities measured at amortised cost	(53,207,321)	(35,272,083)

	Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
	Financial assets measured at amortised cost comprise trade debtors, other debtors and accrued income.
	Financial liabilities measured at amortised cost comprise trade creditors, loans, invoice financing, obligations under hire purchase contracts and accruals.

19.	DEFERRED TAXATION

		2019
		£

	At beginning of year	(1,248,917)
	Charged to profit or loss	(458,243)
	AT END OF YEAR	(1,707,160)

Page 24

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

19.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Accelerated capital allowances	(1,725,218)	(1,286,938)
Tax losses carried forward	-	65
Short term timing differences	18,058	37,956
	(1,707,160)	(1,248,917)

20.	SHARE CAPITAL
		2019	2018
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

282,496 (2018: 282,496) Ordinary shares of £1.0000 each	282,496	282,496
78,961 (2018: 78,961) A Ordinary shares of £1.0000 each	78,961	78,961
3,309 (2018: 3,309) B Ordinary shares of £0.0001 each	-	-

	361,457	361,457

21.

RESERVES

Share premium account

The share premium account records the amount above the nominal value received for shares issued, less transaction costs.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

22.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £358,472 (2018: £119,989). Contributions totalling £36,329 (2018: £28,268) were payable to the fund at the balance sheet date.

Page 25

PLANTFORCE RENTALS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Land & Buildings
Not later than 1 year	152,833	182,000
Later than 1 year and not later than 5 years	544,250	585,083
Later than 5 years	65,333	177,333
	762,416	944,416

					2019	2018
					£	£

Other operating leases
Not later than 1 year	594,283	594,283
Later than 1 year and not later than 5 years	365,805	968,717
	960,088	1,563,000

24.	RELATED PARTY TRANSACTIONS
	All related party transactions are on normal commercial rates and normal commercial terms.

		2019	2018
		£	£

Sales to entities under common ownership	7,002,189	4,754,677
Sales to entities associated with close family of a director	-	975
Purchases from entities under common ownership	31,460,554	20,270,350
Owed (to)/from shareholders of the company	(2,000,000)	(2,000,000)
Owed (to)/from entities under common ownership	(512,630)	(361,938)
Repurchase of shares from directors	-	236,364
Purchases with directors	10,432	-

Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation in respect of these individuals is £201,777 (2018: £130,187).

Page 26