Company registration number: 03337954
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
30 JUNE 2022
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GO PLANT FLEET SERVICES LTD
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GO PLANT FLEET SERVICES LTD
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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GO PLANT FLEET SERVICES LTD
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CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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GO PLANT FLEET SERVICES LTD
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The directors present their strategic report for the year ended 30 June 2022.
The company continues to operate within its three main activities:
∙A specialist vehicle rental business that provides medium to long term rental solutions to private and public sector customers. This was formed out of recognising the complimentary cross sale opportunities that exist in selling rental specialist product into the market. The structure of the proposition combines an owned fleet of c180 specialist vehicles (predominantly RCV’s, Gritters and Tippers) with a broker offering via third party providers offering our clients access to thousands of vehicles on national scale as part of a true ‘one stop solution’.
∙A leading provider of specialist vehicle contract hire and workshop inclusive fleet management to a number of local authorities around the UK. The company is included on all the key public sector framework agreements so is well positioned to selectively target new contracts and the renewal of existing contracts at the point they naturally expire. A contract typical duration is 7-10 years and provides fixed revenue streams.
∙With and without maintenance contract hire for public and private sector customers seeking either purely a funding solution or a fleet funding and maintained proposition either through our own workshop or third party managed workshops.
Business review and future developments
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In the year to 30 June 2022 the company achieved a turnover of £22,801,000 (2021: £25,985,000) and an operating profit of £2,604,000 (2021: £3,057,000). Net assets were £8,509,000 (2021: £6,845,000).
KPI and Performance
Note: EBITDA is before exceptional items. 2019 has been adjusted for comparative purposes to remove £2,080,000 relating to pension credit in administration costs.
I am delighted to report that management, following a careful review of its operations, continued to focus and successfully deliver on their strategic improvement plan to bring the company back into sustainable profitability. During the period management focused on driving higher quality revenue, through profitable contracts and the growth of the rental business, this led to a reduction in total revenue as low margin contracts were exited in a controlled and amicable manner. This activity was combined with the optimisation of the overhead cost base. Whilst this has resulted in lower revenue than the prior year, the important KPI of profitability is strong, driven by managements overarching pursuit of more efficient return on investment.
As a prudent cash preservation measure through this uncertain period the company availed itself of the government and bank relationship COVID support schemes made available to most companies at the time, comprising the Job Retention Scheme, Tax Time to Pay (TTP) schemes regarding PAYE and VAT payments and asset finance payment holidays.
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GO PLANT FLEET SERVICES LTD
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
The company continues to follow its right sizing transformation to a simplified and optimised operating model leaving it well positioned for future sustainable profitable growth with positive indicators summarised as follows:
∙A profitable specialised rental fleet, with growth planned for the 2023 financial year, whilst still relatively small it is benefitting from improved national brand reach and awareness. The fleet is predominantly weighted in content to service sustainably ‘in demand’ waste collection services customers across public and private sectors and has a clear growth plan to grow through developing its asset classes around diversified but complimentary waste collection services;
∙A profitable workshop inclusive fleet management business with its activities underpinned by a smaller but profitable long term public sector contracts portfolio;
∙A market leader in local authority contracts with an established track record and excellent customer reputation.
∙The benefit of a streamlined cost base improving our market competitiveness whilst maintaining healthy operating margins;
∙A business model that has proven itself to be highly resilient to pandemic and economic influences in a sector where competitor cost to entry is high and existing competition low;
∙The company has sufficient asset financing facilities, and continues to build on existing and foster new funding relationships in order to meeting its organic growth plan.
∙The business monitors its cash management on a regular basis.
Financial and non-financial key performance indicators (KPIs)
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The company has invested in a central intelligence unit to develop and apply analytics to its key measurements. This will serve as a valuable insight tool to support performance management of the business going forward across cost saving and efficient optimisation.
Section 172 statement
The revised UK corporate Governance Code (2018 Code) was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies Regulation 2019 requires Directors to explain how they considered the interests of key stakeholders and the broader matters set out in Section172(1) (A) to (F) of the Companies Act 2006 (S172) when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement, which is reported for the first time, explains how the Directors of Go Plant Fleet Services Limited have;
• Engaged with employees, suppliers, customers, and others.
• Had regard to employee interests.
• Had regard to the need to foster the company’s business relationships with customers.
• Considered the effect of the above in the principal decisions taken by the company during the financial year.
This Section 172 statement focuses on strategic matters of importance to Go Plant Fleet Services Limited and the level of information disclosed is consistent with the size and complexity of the business.
General Confirmation of Directors Duties
The Board of Go Plant Fleet Services Limited has a clear framework for determining the matters within its remit. The board operates under clear referential guidelines that determines the matters within the remit.
Clear financial and strategic thresholds are determined to identify matters which require Board consideration and approval.
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GO PLANT FLEET SERVICES LTD
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
A clear delegation of authority sets out where the delegation and approval process can be applied in the wider business.
When making decisions, each Director ensures that he/she acts in the way that he/she considers would most likely promote the company’s success for the benefit of its business as a whole, and in doing so have regards (among other matters) to:
S172(1) (a) ‘The likely consequences of any decision in the long term’
The Directors understand the business and the changing environment and industry in which we operate, the economic impact of future Brexit changes and the need for sustainable transport solutions.
The Board operates to deliver in the long term aligned to this strategic direction, generate long term value whilst recognising that any long-term success is dependent on business stakeholders.
The Directors recognise that not all decisions may align with all stakeholder groups interest given the nature of the change in the business and the wider economic challenges. Given the strategic direction and the industry requirements in which we operate the directors have taken decisions they believe support the strategic direction of Go Plant Fleet Services Limited.
S172(1) (b) ‘The interests of the company’s employees’
The Directors recognise that Go Plant Fleet Services Limited employees are fundamental and key to the success of the business. As a service provider the success of Go Plant Fleet Services Limited is dependent on attracting, retaining, and motivating employees. From health and safety, workplace environment, pay and benefits, the directors factor the implications of decisions on employees where relevant and feasible. Being a responsible employer of choice for our workforce is central to the decision-making process.
S172 (1) (c) ‘The need to foster the company’s business relationships with suppliers, customers and others’
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, and tyre manufacturers. Go Plant Fleet Services Limited actively promotes building relationships with all our key partners.
The business regularly assesses levels of confidence from our customer base and actively seeks feedback on performance. Go Plant Fleet Services Limited is engaging with our suppliers on investment decisions and solution proposals to help to drive the company forward.
Any strategic decision is considered in the context of the impact of our external stakeholders and early involvement and communication is actively practised.
The Directors receive regular updates and information on a variety of topics in the day to day business but also on strategic projects to inform how these stakeholders have been engaged and the impact assessed.
S172(1) (d) ‘The impact of the company’s operations on the community and the environment’
As a key part of the UK transport sector, the board of Go Plant Fleet Services Limited ensure that any environmental impact is considered in decision-making processes. The opportunity to maximise carbon offset is sought and is a key part of the decision-making process for the selection of new vehicles.
The directors actively promote supporting both the local communities in the UK and on a national basis. The directors have regular updates on the activities ongoing in the business and have been engaged in how the business is supporting the UK during the COVID-19 pandemic. The business continued to run throughout the pandemic lockdown and support the UK building industry.
S172(1) (e) ‘The desirability of the company maintaining a reputation for high standards of business conduct’
Go Plant Fleet Services Limited works under clear frameworks which are approved by the board including Ethics and Compliance manuals throughout the business. The board works with the wider Go Plant Fleet
Services Limited business to ensure the standards throughout the business are maintained. The Board is informed on a regular basis and monitors compliance on both a monthly and annual basis along with monitoring against the relevant government standards.
S172(1) (f) ‘The need to act fairly as between members of the company’
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GO PLANT FLEET SERVICES LTD
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, our Directors act fairly as between the company’s members but are not required to balance the Company’s interest with those of other stakeholders and this can sometimes mean that certain stakeholders may not be fully aligned.
This report was approved by the board and signed on its behalf.
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GO PLANT FLEET SERVICES LTD
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
Directors' responsibilities statement
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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 profit on ordinary activities before tax for the year ended 30 June 2022 amounted to £1,664,000 (2021: £1,682,000). The result after tax for the year ended 30 June 2022 amounted to £1,664,000 (2021: £1,697,000). The company did not pay a dividend in the year end June 2022 (2021: £nil). No dividends are proposed (2020: £nil).
Financial Risk Management
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The company uses various financial instruments to manage the financial risk in the company. These include loans, cash, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations.
The company finances its operations through a mixture of retained profits, hire purchase and finance lease agreements and bank borrowings. The company’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet its foreseeable needs and to invest cash assets safely and profitably. The directors review the company’s cash projections on a regular basis to ensure the business has adequate liquidity and working capital.
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GO PLANT FLEET SERVICES LTD
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
In order to manage credit risk, the operational management team set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The company has also insured a proportion of its debts having regard to the concentration of debts with the construction sector.
The directors who served during the year were:
G K Hale (resigned 24 February 2022)
P R Quelch (resigned 1 January 2022)
P J Dove was appointed after the year end on 2 May 2023
Director's and Officer's liability insurance has been maintained throughout the year in respect of the directors by the parent company.
Detailed cash flow forecasts are prepared and regularly reviewed by the Board to assess the company’s financial position. The business is forecast to remain cash generative and to have adequate resources to meet its future obligations.
A full ‘base case’ cash flow forecast has been prepared for 12 months following signing of these financial statements based on current business forecast. Based upon the forecast the directors have a reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future. On these grounds the Board has continued to adopt the going concern basis for the preparation of the financial statements. However, as noted in Note 3 to the financial statements, the cash flow forecasts assume access at times through the going concern review period to a financing facility that has been amended post year end to change the maturity date to 1 April 2025. Note 30 in these financial statements provides further details in respect of this facility.
A review of the business and an indication of likely future developments are included in the strategic report.
The company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability, marital status or sexual orientation. The company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the company. In the event of an employee becoming disabled every effort is made to ensure that their employment with the company continues, that appropriate training is arranged, and any reasonable adjustments are made to their working environment.
The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company.
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GO PLANT FLEET SERVICES LTD
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Statement of disclosure of information to auditors
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In the case of each of the persons who are directors at the time when the report is approved under Section 418 of the Companies Act 2006, the following applies:
∙So far as the Director is aware, there is no relevant audit information of which the company’s auditors are unaware; and
∙He/she has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the register, whichever is earlier.
This report was approved by the board and signed on its behalf.
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GO PLANT FLEET SERVICES LTD
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GO PLANT FLEET SERVICES LTD
We have audited the financial statements of Go Plant Fleet Services Ltd (the 'Company') for the year ended 30 June 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 June 2022 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 qualfied opinion
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In respect of interest payable and similar expenses, due to implementation of a new operating and financial system as disclosed in note 11, we were unable to satisfy ourselves regarding the accuracy of the finance lease and hire purchase contracts interest charge in the year of £888,000 and the amount, if any, of this charge that should have been reflected in prior periods financial statements. Where an element of the finance lease and hire purchase contracts interest charge should have been recognised in prior periods this would have a consequential impact on the related finance lease and hire purchase contracts creditors included in the balance sheet as at 30 June 2021 and reserves at 1 July 2020.
Consequently, we were unable to determine whether any adjustment to the finance lease and hire purchases contracts interest charge in the year was necessary and whether there would be a consequential impact on the interest charge in prior periods and the finance lease and hire purchase contracts creditors included in the balance sheet at 30 June 2021 and 30 June 2020. In addition, were any adjustment to the finance lease and hire purchase contracts interest charge to be required the Strategic Report would also need to be amended.
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 qualified opinion.
Conclusion relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GO PLANT FLEET SERVICES LTD
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GO PLANT FLEET SERVICES LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Qualified opinion on other matters prescribed by the Companies Act 2006
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In our opinion, except for the possible effect of the matter described in the basis for qualified opinion section, 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
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Except for the matter described in the basis for qualified opinion section of or report, 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.
Arising solely from the limitation on the scope of our work relating to the finance lease and hire purchase contracts expense, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we were unable to determine whether adequate accounting records have been kept.
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:
∙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.
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GO PLANT FLEET SERVICES LTD
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GO PLANT FLEET SERVICES LTD (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 5, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
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GO PLANT FLEET SERVICES LTD
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GO PLANT FLEET SERVICES LTD (CONTINUED)
∙As a result of the above 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:
°Posting of unusual journals and complex transactions;
°Revenue recognition; and,
°Risk of fictitious employees.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /Our-Work/Audit/Audit -and-assurance/Standards -and-guidance /Standards-and-guidance -forauditors /Auditors-responsibilities -for-audit/Description -of-auditors -responsibilities -for-audit.aspx.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Cook FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Centrum House
36 Station Road
Egham
Surrey
TW20 9LF
8 September 2023
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GO PLANT FLEET SERVICES LTD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income for the year
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Actuarial gains on defined benefit pension scheme
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Tax on actuarial losses on defined benefit pension schemes
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Other comprehensive income for the year
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Total comprehensive income for the year
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There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.
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The notes on pages 15 to 32 form part of these financial statements.
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GO PLANT FLEET SERVICES LTD
REGISTERED NUMBER:03337954
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BALANCE SHEET
AS AT 30 JUNE 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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GO PLANT FLEET SERVICES LTD
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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At 1 July 2020 (as previously stated)
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Prior year adjustment - correction of error
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At 1 July 2020 (as restated)
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Comprehensive income for the year
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Other comprehensive profit
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At 1 July 2021 (as previously stated)
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Prior year adjustment - correction of error
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At 1 July 2021 (as restated)
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Comprehensive income for the year
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The notes on pages 15 to 32 form part of these financial statements.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Go Plant Fleet Services Ltd (the company) provides specialised transport solutions to local authorities and corporate companies in the UK. The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is 1A Franks Road, Bardon Hill, Coalville, Leicestershire, LE67 1TT.
The financial statements of Go Plant Fleet Services Ltd have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (“FRS102”) and the Companies Act 2006.
3.Accounting policies
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Basis of preparation of financial statements
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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.
All financial information is presented in GBP rounded to the nearest thousands, except as otherwise noted.
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 4).
The financial statements have been prepared on a going concern basis which assumes that the company is able to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
The directors have considered the appropriateness of the going concern assumption applied to the company. A full ‘base case’ cash flow forecast has been prepared for 12 months following signing of these financial statements based on current business forecasts. The directors have considered those cash flow forecasts alongside the funding facilities available to the Company, which include invoice discounting, plant and machinery loan facility, lending under finance lease arrangements, shareholder loans and revolving cash facility which reflects the support provided by Endless LLP as evidenced in the post balance sheet event (note 30).
Having assessed the Company’s liquidity outlook on the basis of the detailed forecasting process described above the Board has a reasonable expectation that the company will be able to operate within the facilities available to it for at least 12 months from the date of approval of these financial statements.
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Related party transactions
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The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.
The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its parent company, Alpha Topco 1 Limited includes the company’s cash flows in its own consolidated financial statements.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
3.Accounting policies (continued)
The turnover shown in the profit and loss account represents amounts receivable for the provision of goods and services supplied to customers during the year, exclusive of Value Added Tax.
Turnover arising from the supply of vehicles, plant and maintenance services is recognised on a weekly basis once the supply of vehicles or maintenance services has been provided to the customer.
Software
Software costs associated with maintaining software programmes are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique software products are recognised as intangible assets.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use over a period of between 3 and 5 years
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.
Land is not depreciated. Depreciation on other assets 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:
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between 10% and 33% straight line
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between 10% and 33% straight line
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between 10% and 33% straight line
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Residual values on vehicles are subject to a review on an annual basis to identify any potential impairment.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
3.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks comprise of work in progress for projects undertaken for customers where payment is received on completion. Costs comprise direct materials and where applicable, direct labour costs that have been incurred in bringing the stocks to their present location and condition. The cost of purchase is determined on a first in first out basis.
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Hire purchase and finance lease agreements
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Assets held under hire purchase and finance lease agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a sum of digits basis.
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Operating lease agreements
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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.
In respect of the defined benefit pension scheme, the cost of providing benefits is determined using the projected unit method, with actuarial valuations being carried out at each reporting date. Hence actuarial gains and losses are recognised in full in the period in which they occur through the statement of comprehensive income. The liability recognised in the balance sheet is the present value of the defined benefit obligations less the fair value of plan assets. Associated interest credits are included within finance income and charges within finance costs. The current service cost incurred during the period to provide retirement benefits to employees is charged to operating profit. Pension scheme surpluses, to the extent that they are recoverable from a reduction in future contributions, or deficits are recognised in full and presented on the face of the balance sheet net of related deferred tax.
In respect of the defined contribution pension schemes, the contributions paid by the company and the employees are invested within the individual funds in the month following the month of deduction. The employer contribution rates are determined by reference to an age, service or grade related scale or are at a fixed, level percentage. The amounts contributed by the company are charged to the income statement as the contributions fall due. Certain contracts require that employees transfer with protected pension rights and the company are responsible for the pension liability that exists.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
3.Accounting policies (continued)
Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.
The company has chosen to adopt section 11 and section 12 of FRS 102 in respect of financial instruments. The Company classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and held-to-maturity. The classification depends on the nature of the asset and the purpose for which the assets were acquired. Management determines the classification of its financial assets at initial recognition
(i) Financial assets, at fair value through profit or loss, these are financial assets held for trading, A financial asset is classified as held for trading if it is acquired principally for the purpose of selling in the short term.
(ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as fixed assets. Loans and receivables are presented as “trade and other receivables” and “cash and cash equivalents” on the balance sheet.
(iii) Financial assets, held-to-maturity financial assets, held-to-maturity are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group’s management has the positive intention and ability to hold to maturity.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classed as financial liabilities.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to profit and loss reserves
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements 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 company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
See note 14 for the carrying amount of property plant and equipment and note 3.7 for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of debtors and associated impairment provision.
(iii) Impairment of non-current assets
The company makes an estimate of the recoverable amount of the Company and compares this against the carrying amount of non-current assets. Any impairment would be booked in the year that it is indicated.
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An analysis of turnover by class of business is as follows:
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Contract hire and fleet management services
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Passenger carrying services
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Restructuring and other non-trading costs
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Exceptional pension costs
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Exceptional pension costs relate to the accrual of additional costs relating to historic defined contribution pension scheme payments.
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The operating profit is stated after charging:
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Depreciation of owned fixed assets
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Depreciation of assets held under hire purchase and finance lease agreements
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Amortisation of intangibles
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Loss on pension scheme amendments
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Profit on sale of plant and machinery
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Amount payable under operating leases
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Services provided by company's auditor
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During the year, the company received £Nil (2021: £101,000) under the UK Government's Job retention Scheme. There are no unfulfilled conditions or other contingencies attaching to the income received. The monies received have been accounted for as a Government Grant and are shown on the face of the Profit and Loss Account as Other Operating Income.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Production and selling staff
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Company contributions to money purchase pension schemes
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The highest paid director received remuneration of £210,000, (2021 - £244,000).
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The value of the Company's contributions paid to a money purchase pension scheme in respect of the highest paid director amounted to £30,000 (2021 - £30,000).
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Certain directors provide services to both Go Plant Fleet Services Ltd and Go Plant Ltd. These directors are remunerated under the group payroll in Go Plant Fleet Services Ltd.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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Following a review of the interest payable charges relating to finance leases and hire purchase contracts, we have reclassified interest charged on bank loans in order to provide clarity in respect of the nature of the charges which were previously combined.
Following the implementation of the new operating and financial system a process review and reconciliation has been undertaken for all finance lease and hire purchase agreements through to closing June 2023 funder statements. The purpose of the review has been to implement robust controls going forwards. An interest expense P&L credit of £300,000 has been recognised in 2022 arising from the reconciliation and whilst the cumulative impact of interest arising from funder agreements has been thoroughly reconciled to funder statements there is potential that an element of the corrections made, including that arising from matters such as the rescheduling of finance with COVID repayment holidays, relates to prior years. We are unable to generate with sufficient certainty the records required to allocate interest corrections and related capital impact to prior years.
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Origination and reversal of timing differences
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Taxation on profit/(loss) on ordinary activities
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
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Expenses not deductible for tax purposes
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Deferred tax asset not recognised
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 on 10 June 2021. These include an increment of the rate of corporation tax to 25% from 19% from 1 April 2023.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Charge for the year on owned assets
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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At 1 July 2021 (as restated)
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At 1 July 2021 (as restated)
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Included within the net book value of £27,997,000 is £15,516,000 (2021: 25,373,000) relating to assets held under hire purchase and finance lease agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £5,149,000 (2021: £5,759,000).
Following a review and re-classification of fixed assets, the opening cost of fixed asset categories have been restated as follows; plant and equipment has increased by £1,543,000, motor vehicles has decreased by £1,459,000 and fixtures and fittings has decreased by £83,000.
As a result of the above reclassification, accumulated depreciation brought forward has been restated as follows; plant and equipment has increased by £687,000, motor vehicles has decreased by £623,000 and fixtures and fittings has decreased by £64,000.
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Raw materials and consumables
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Trade debtors are stated after provisions for impairment of £80,000 (2021: £115,000).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Amounts due under hire purchase and finance lease agreements are secured on the assets to which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Amounts due under hire purchase and finance lease agreements are secured on the assets to which they relate.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Commitments under hire purchase agreements
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Minimum lease payments under hire purchase fall due as follows:
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Carrying amount of liability
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Released to profit or loss
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Other provisions relate to dilapidations.
Onerous contracts relate to losses on exited customer contracts.
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The company has deferred tax assets for which it has not recognised of £1,303,000 (2021 - £1,318,000) represented as £862,000 (2021 - £841,000) in relation to fixed asset timing differences and £441,000 (2021 - £479,000) in relation to tax losses.
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Allotted, called up and fully paid
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1,288,000 (2021 - 1,288,000) Ordinary shares of £0.25 each
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Related party transactions
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The company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the group.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Profit and loss account
Profit and loss account - this reserve records retained earnings and accumulated losses.
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At 30 June 2022 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The Company operates defined contribution schemes in the UK. The assets of the schemes are held separately from those of the Company and are invested in managed funds. Charges during the year amounted to £319,000 (year ended 30 June 2021: £222,000) which includes an additional charge in the year of £150,000 relating to pension costs as detailed in note 6.
The Company is granted Admitted Body status with South Yorkshire Pensions Authority, LGPS Lancashire and Greater Manchester Pension Fund. The Admitted Body status enables ex-Local Authority employees to remain in the Local Authority Pension Schemes, being defined benefit schemes.
The individual schemes are multi-employer and therefore the Company is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis, contributions and obligations are also capped on these schemes. Consequently, the Company accounts for its contributions to the schemes as if they were defined contribution schemes.
The Company previously operated a defined benefit pension scheme, which had been closed to new members since September 2020. Winding up of the scheme was commenced in June 2021 with completion confirmed in August 2021.
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Reconciliation of present value of plan liabilities:
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At the beginning of the year
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Gain/loss on settlement or curtailment
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Reconciliation of present value of plan assets:
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At the beginning of the year
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Gain/loss on settlement or curtailment
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Scheme administrative cost
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The amounts recognised in profit or loss are as follows:
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
26.Retirement benefits (continued)
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Service cost - administrative cost
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Net interest on the net defined beneift surplus
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The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was £NIL (2021 - £77,000).
|
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
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Inflation assumption (RPI)
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Inflation assumption (CPI)
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Pension increases (CPI max 5%)
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Pension increases (RIP max 5%)
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female member aged 45 now
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Commitments under operating leases
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At 30 June 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Guarantees and financial commitments
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The company has cross guaranteed the bank borrowing of it’s fellow group company, Go Plant Limited, at 30 June 2022 to an amount of £2,413,000.
The details of the correction of prior period error is given below:
S652 claim
The company identified errors in VAT record keeping and as a result a S652 claim has been submitted. This claim included amounts totalling £631,134 in respect of periods up to 30 June 2021.
This resulted in the following adjustments;
- an increase in profit and loss reserve at 1 July 2020 of £394,304;
- a reduction in cost of sales for the year ended 30 June 2021 of £236,830; and,
- a reduction in VAT creditor at 30 June 2021 of £631,134.
The net assets and revenue reserves of the company have increased by £631,134 at 30 June 2021 as a result of these adjustments.
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Post balance sheet events
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On 6th December 2022, Endless LLP, as agent and security trustee for and on behalf of the lenders Endless Fund IV A LP and Endless Fund IV B LP, issued a revolving credit facility of £4,000,000 at 12.5% over Bank of England Base Rate to Go Plant Fleet Services Ltd to use as required. On 3rd September 2023, this facility has been amended to change the maturity date to 1st April 2025. Endless LLP have confirmed that they will not be requesting or demanding payment of the interest relating to the revolving credit facility put in place on 6th December 2022 and expiring April 2025 unless long term projections show there is sufficient headroom to do so and all parties to the facility agree.
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GO PLANT FLEET SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The immediate holding company is Alpha Holdco 1 Limited, a company registered the United Kingdom and is the smallest parent undertaking to consolidate these financial statements. The largest parent undertaking to consolidate these financial statements is Alpha Topco 1 Limited, a company incorporated in the United Kingdom. The consolidated financial statements of Alpha Topco 1 Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The Directors consider the ultimate controlling party to be Endless IV, a fund managed by Endless LLP.
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